Karma Automotive And Blue World Technologies To Collaborate On Fuel Cell Propulsion System

IRVINE,Calif.and AALBORG,Denmark,Feb. 2,2021 --Karma Automotive today announced that it has agreed to collaborate with Blue World Technologies to explore the viability of a fuel cell system to provide primary propulsion power for a variety of future passenger and light commercial vehicles. Fuel cells enable fast refueling and extremely long driving ranges,and with zero harmful emissions provide a green alternative to the internal combustion engine.

Blue World Technology's fuel cell system will be integrated with Karma Automotive's electric vehicle architecture and piloted in GS-6 development vehicles for evaluation purposes. Testing and validation will take place in the United States and Denmark over the next few months.

An electric vehicle powered by methanol fuel cells provides the same convenience as fueling an internal combustion engine with gasoline. This technology has a methanol reformer to produce hydrogen on board. Methanol is a hydrogen-carrier commodity fuel already traded world-wide and it can be stored and distributed using the existing infrastructure in many countries around the world. As a green alternative to fossil fuels,methanol can be produced using renewable sources ensuring a CO2 neutral proposition.

"We are investing in these types of powertrain technologies now to prepare for an emission-free world by having various extended-range electrification solutions that include hydrogen,ethanol and methanol fuel cells as a propulsion system," said Dr. Lance Zhou,Karma's Chief Executive Officer. "This collaboration brings together Blue World's strength in fuel cell development and our vast expertise in engineering hybrid propulsion systems and integrating electric vehicle technologies."

"We are very excited about the collaboration with Karma and see great potential in combining their expertise within hybridization and powertrain solutions with our flexible fuel cell concept that is suitable for both engine bay or skateboard platform integration," said Mads Friis Jensen,Chief Commercial Officer and Co-founder of Blue World Technologies.

ABOUT KARMA AUTOMOTIVE

Karma Automotive,founded in 2014,is a southern California based producer of luxury electric vehicles. Headquartered in Irvine,California with an assembly plant located in Moreno Valley,Karma sells vehicles via its dealer network comprised of nearly 40 locations in North America,Europe,South America and the Middle East. Karma's Innovation and Customization Center,which opened in 2019 offers world-class engineering,design,customization,and manufacturing services along with electrification platforms. Karma's flagship vehicle,the Revero® GT,Green Car Journal's 2020 Luxury Green Car of the Year™,is an electric vehicle powered by dual electric motors that embodies Karma's goal of offering leading technology with a luxury experience. Every Karma vehicle is created with unparalleled individual care and craftsmanship.

For more information,visit www.karmaautomotive.com,or www.karmanewsroom.com.

ABOUT BLUE WORLD TECHNOLOGIES

Blue World Technologies is an ambitious and visionary developer and manufacturer of methanol fuel cell components and systems for stationary/APU applications and the automotive and heavy-duty transportation sectors around the world. The fuel cells act as a green alternative to combustion engines and diesel generators. As a part of the Power-to-X eco-system the methanol fuel cell technology contributes to solving parts of the green transition which cannot be solved by direct electrification and battery technology alone.

The exclusive fuel for Blue World Technologies' fuel cell systems is methanol – a renewable liquid fuel that simply and cost-effectively can be stored for years and transported around the world while reusing existing infrastructure.

Blue World Technologies is founded on extensive experience from the fuel cell industry and aims towards commercializing the technology through large-scale production. The company is focused on the High-Temperature PEM-technology combined with methanol-reforming. The combination ensures a simple system design with high conversion efficiency and significant benefits including CO2 reduction,fuel cost savings,and zero harmful emissions.

Read more about Blue World Technologies on our website www.blue.world or visit us on social media.

Karma Automotive Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks,uncertainties and assumptions and include Karma Automotive's expectations. Forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although Karma believes that its expectations are reasonable,it can give no assurance that these expectations will prove to have been correct,and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include,among others,general economic conditions,hazards customary in the automotive industry,competition in certain markets,the volatility of battery prices,failure of customers to perform under contracts,changes in government regulation of markets and of environmental emissions,and our ability to achieve the expected benefits and timing of our electric vehicle projects. Karma Automotive undertakes no obligation to update or revise any forward-looking statements,whether as a result of new information,future events or otherwise. The foregoing review of factors that could cause Karma's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Karma Automotive's future results.

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