Durapower signs MOU with EST Floattech to co-develop products for marine electrification

- Launch of a co-developed Marine Battery Solution expected by end 2022

SINGAPORE,April 6,2022 -- Durapower,a global leader in performance lithium battery storage solutions,has signed a Memorandum of Understanding ("MOU") with EST Floattech B.V. ("EST") that establishes a partnership between Durapower and EST to co-develop battery solutions for marine vessel electrification,and to jointly market the solutions in each of their respective regions.

Thejointly developed battery solution is envisaged to come in both high-energy -and high-power configurations using modular battery building-blocks,making it versatile for different marine applications (the "Marine Battery Solution"). The Marine Battery Solution is expected to be launched by the end of 2022,

"In choosing a co-development partner in Asia,we had to choose one that had not only had track record of proven technology,but also one who had the right networks in place to help open the Asian market for us. Naturally,Durapower was the leading choice and we are excited to see how the European and Asian markets respond to our new solution once it is launched",remarked Mr Hans Visser,CEO of EST-Floattech.

Maritime Decarbonisation Trend

The Marine Battery Solution comes at an opportune time,with the global maritime industry going through a decarbonisation. The shipping sector currently produces approximately 2-3% of CO2 emissions and the International Maritime Organisation ("IMO"),which regulates the shipping industry,has initially set a target to cut the sector's carbon emissions in half by 2050 compared to 2008 levels,with the aim of eliminating carbon emissions altogether. This has placed a tight deadline for the industry's energy transition,meaning that the technologies and infrastructure using new alternative fuels for example,must be ready by 2030 for widespread adoption in order to meet the 2050 target set by IMO.

Singapore,as a leading global port and international maritime centre,is also committed to the industry's decarbonisation. The Maritime Singapore Decarbonisation Blueprint: Working Towards 2050 blueprint developed by the Maritime and Port Authority of Singapore ("MPA") in consultation with industry partners,outlines ambitious and concrete long-term strategies to build a sustainable Maritime Singapore that will contribute to Singapore's commitments under the United Nations' 2030 Sustainable Development Agenda,Paris Agreement and the Initial IMO Strategy on reduction of greenhouse gas emissions from ships.

Durapower's Support of Marine Electrification

Since 2011,Durapower has been supporting transport electrification and has delivered solutions to power electric buses,heavy off-road vehicles and stationary storage solutions,with its key markets in China,Europe,India and Southeast Asia. It has been supporting the Port of Singapore since 2021 with its initial fleet of hybrid Automated Guided Vehicles ("AGVs") to the now fully electric AGV fleets operating within the port.

With marine decarbonisation becoming a key focus and a growing global trend towards marine vessel electrification,Durapower entered the marine sector in 2020 to deploy its high performance,heavy duty battery solution for electric vessels. Today,Durapower is one of the few battery companies in the world to have battery solutions that are both automotive and marine certified,as it strives to be the first mover and leader for marine battery solutions in the region. Durapower's jointly developed Marine Battery Solution with EST can help to accelerate marine decarbonization in the region and enhance Durapower's leadership position in region's marine sector while providing greater access into the European market.

Mr Tan Wah Jin,Business Development Director,of Durapowercommented: "We are pleased to collaborate with EST-Floattech,a world leader in maritime battery power solutions,on a cutting edge new marine battery solution that due to its modular building-block nature,can be customised for a wide variety of marine vessels. This new marine battery solution will help to augment our product offerings and help us capitalise on our first mover advantage in the marine space in Asia."

About Durapower Group(www.durapowergroup.com)

Headquartered in Singapore,Durapower offers closed-loop,end-to-end energy storage solutions for the electric mobility and renewable energy applications including on and off-road Electric,Hybrid and Plug-in Hybrid Electric Vehicles,electric marine vessel and stationary energy storage solutions. Since 2009,Durapower has been a leading innovator of Lithium-Ion cell technology,focusing on the research and development of battery materials,of battery cell manufacturing and system integration. With a global presence spanning 22 countries and 47 cities,including European Countries,China,India and Southeast Asia. Durapower Group strives to make scalable,sustainable batteries that support the circular economy,empowering lives and transforming the future towards a carbon neutral economy.

About EST-Floattech (www.est-floattech.com)

EST-Floattech is a Dutch energy technology company that develops and supplies energy storage solutions for maritime and land-based applications. From its Headquarters and Production Centre in Badhoevedorp (the Netherlands) and from Sales Offices in Germany and Norway,EST-Floattech serves its clients worldwide. With a track record of 200+ projects,EST-Floattech is one of the strongest maritime battery-power suppliers worldwide.