Quanergy Announces Preliminary Q3 Financial Results

SUNNYVALE,Calif.,Nov. 1,2021 -- Quanergy Systems,Inc.,a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT,today announced preliminary financial results for the third quarter ended September 30,2021 and the achievement of 160 meter detection range for its solid-state LiDAR.

In June,Quanergy entered into a definitive merger agreement with CITIC Capital Acquisition Corp. (NYSE: CCAC) ("CCAC"). Upon closing of the transaction,the combined company will be named Quanergy Systems,Inc. and is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol "QNGY." The transaction is expected to close in the fourth quarter of 2021,subject to satisfaction of customary closing conditions.

Today,Quanergy announced preliminary revenue for the third quarter ended September 30,2021 of $1.137 million,representing year-over-year revenue growth of 20% compared to the third quarter of 2020. Sequentially,third quarter 2021 revenue rose by 26% versus second quarter 2021 revenue. Improved demand for the company's flow management solutions drove much of the growth. The company currently expects full year revenue of $3.6 million for 2021. Quanergy ended the third quarter with $34.2 million in cash and cash equivalents.

Quanergy also announced today that its OPA-based solid-state LiDAR technology has successfully achieved a 160 meter detection range in outdoor bright sunlight conditions. The test was carried out on an S3 LiDAR technology development platform with a single scanning beam. A target with 10% reflectivity was chosen to simulate hard-to-see objects and moved from nearby to 160 meters away with continuous detection by the sensor.

Quanergy's S3 Series LiDAR sensor is designed to meet the most stringent automotive requirements for object detection and collision avoidance. The sensor's unique electronic beam steering without any moving parts offers significant resistance to shock and vibration. The S3 Series LiDAR provides over 100,000 hours MTBF (mean time between failures),with a targeted price of $500 for mass-market production.

"The innovative OPA-based LiDAR architecture from Quanergy has been capturing the interest of automakers,AV companies,and Tier 1 suppliers since its inception," said Dr. Tianyue Yu,Quanergy Co-founder and Chief Development Officer. "It took many generations of silicon iterations,process optimization and close teamwork to unlock its potential towards relevant use cases for IoT and mobility applications. In the past two years,Quanergy's solid-state platform developmenthas rapidly evolved,with the next milestones expected to be announced at CES 2022."

About Quanergy Systems,Inc.

Quanergy Systems' mission is to create powerful,affordable smart LiDAR solutions for automotive and IoT applications to enhance people's experiences and safety. Quanergy has developed the only true 100% solid-state CMOS LiDAR sensor built on optical phased array (OPA) technology to enable the mass production of low-cost,highly reliable 3D LiDAR solutions. Through Quanergy's smart LiDAR solutions,businesses can now leverage real-time,advanced 3D insights to transform their operations in a variety of industries including industrial automation,physical security,smart cities,smart spaces and much more. Quanergy solutions are deployed by over 350 customers across the globe. For more information,please visit us at www.quanergy.com.

Important Information about the Business Combination and Where to Find It

In connection with the proposed transaction (the "Business Combination"),CCAC filed with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (as amended,the "Registration Statement") (File No. 333-257962),which includes the preliminary proxy statement/prospectus of CCAC. CCAC's stockholders and other interested persons are advised to read the Registration Statement and the preliminary proxy statement/prospectus which forms a part of the Registration Statement,as well as any amendments previously filed and to be filed,and the effective Registration Statement and the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the Business Combination when available,as these materials will contain important information about the parties to the Merger Agreement. After the registration statement is declared effective by the SEC,the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of CCAC as of the record date established for voting on the proposed business combination and will contain important information about the proposed business combination and related matters. Shareholders of CCAC and other interested persons are advised to read,when available,these materials (including any amendments or supplements thereto) and any other relevant documents in connection with CCAC's solicitation of proxies for the meeting of shareholders to be held to approve,among other things,the proposed business combination because they will contain important information about CCAC,Quanergy and the proposed business combination. Shareholders of CCAC and other interested persons are advised to read these materials (including any amendments or supplements thereto) and any other relevant documents in connection with CCAC's solicitation of proxies for the meeting of shareholders to be held to approve,the proposed business combination because they contain important information about CCAC,Quanergy and the proposed business combination. Shareholders can also obtain copies of the preliminary proxy statement/prospectus,the definitive proxy statement/prospectus and other relevant materials in connection with the transaction without charge at the SEC's website at www.sec.gov or by directing a request to: CITIC Capital Acquisition Corp.,28/F CITIC Tower,1 Tim Mei Avenue,Central,Hong Kong,Attention: Fanglu Wang,telephone: +852 3710 6888. The information contained on,or that may be accessed through,the websites referenced in this press release is not incorporated by reference into,and is not a part of,this press release.

Participants in the SolicitationCCAC,Quanergy and their respective directors and executive officers may be deemed participants in the solicitation of proxies from CCAC's shareholders in connection with the proposed business combination. CCAC's shareholders and other interested persons may obtain,without charge,more detailed information regarding the directors and officers of CCAC,including their ownership of CCAC's securities in the Registration Statement. Information regarding the persons who may,under SEC rules,be deemed participants in the solicitation of proxies to CCAC's shareholders in connection with the proposed business combination are set forth in the Registration Statement,which includes the preliminary proxy statement/prospectus of CCAC. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination are included in the Registration Statement,which includes the proxy statement/prospectus that CCAC filed with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy,consent or authorizationwith respect to any securities or in respect of the potential transaction and shall not constitute anoffer to sell or a solicitation of an offer to buy the securities of CCAC or Quanergy,nor shallthere be any sale of any such securities in any state or jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualification under the securitieslaws of such state or jurisdiction. No offer of securities shall be made except by means of aprospectus meeting the requirements of Section 10 of the Securities Act.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements generally areaccompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate,""intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future,""outlook," "project," "will likely result" and similar expressions that predict or indicatefuture events or trends or that are not statements of historical matters. All statements,other thanstatements of present or historical fact included in this press release,including those regardingour expectations for full year 2021 revenue,the ability of our OPA-based solid state technology to achieve 160-meter detection in outdoor bright sunlight conditions,the ability of our S3 Series LiDAR to meet automotive standards for object detection and collision avoidance and its resistance to shock and vibration,the ability of our S3 Series LiDAR to achieve mean time between failure (MTBF) performance of 100,000 hours and target pricing of $500,the potential use cases for our technology in IoT and mobility applications,the achievement of new milestones in the future,CCAC's ability to consummatethe proposed business combination,anticipated timing of the proposed business combination,and the combined company's future products are forward-looking statements. These statementsare based on various assumptions,whether or not identified in this press release,and on thecurrent expectations of the respective management of CCAC and Quanergy and are notpredictions of actual performance. These forward-looking statements are provided for illustrativepurposes only and are not intended to serve as,and must not be relied on as,a guarantee,anassurance,a prediction or a definitive statement of fact or probability. Actual events andcircumstances are difficult or impossible to predict and will differ from assumptions. Many actualevents and circumstances are beyond the control of CCAC or Quanergy. Potential risks anduncertainties that could cause the actual results to differ materially from those expressed orimplied by forward-looking statements include,but are not limited to,changes in domestic andforeign business,market,financial,political and legal conditions; the inability of the parties tosuccessfully or timely consummate the proposed business combination,including the risk thatany regulatory approvals are not obtained,are delayed or are subject to unanticipatedconditions that could adversely affect the combined company or the expected benefits of theproposed business combination or that the approval of the shareholders of CCAC or Quanergyis not obtained; the inability to complete the PIPE offering in connection with the businesscombination; failure to realize the anticipated benefits of the proposed business combination;risk relating to the uncertainty of the projected financial information with respect to Quanergy;the amount of redemption requests made by CCAC's shareholders; the overall level ofconsumer demand for Quanergy's products; general economic conditions and other factorsaffecting consumer confidence,preferences,and behavior; disruption and volatility in the global currency,capital,and credit markets; the ability to maintain the listing of Quanergy's securitieson the New York Stock Exchange; the financial strength of Quanergy's customers; Quanergy'sability to implement its business strategy; changes in governmental regulation,Quanergy'sexposure to litigation claims and other loss contingencies; disruptions and other impacts toQuanergy's business,as a result of the COVID-19 global pandemic and government actionsand restrictive measures implemented in response; stability of Quanergy's suppliers,as well asconsumer demand for its products,in light of disease epidemics and health-related concernssuch as the COVID-19 global pandemic; the impact that global climate change trends may haveon Quanergy and its suppliers and customers; Quanergy's ability to protect patents,trademarksand other intellectual property rights; any breaches of,or interruptions in,Quanergy'sinformation systems; fluctuations in the price,availability and quality of electricity and other rawmaterials and contracted products as well as foreign currency fluctuations; Quanergy's ability toutilize potential net operating loss carryforwards; changes in tax laws and liabilities,tariffs,legal,regulatory,political and economic risks. The foregoing list of potential risks and uncertainties isnot exhaustive. More information on potential factors that could affect CCAC's or Quanergy'sfinancial results is included from time to time in CCAC's public reports filed with the SEC,including its Annual Report on Form 10-K,Quarterly Reports on Form 10-Q,and CurrentReports on Form 8-K as well as the other documents CCAC has filed,or will file,with the SEC,including the final amended registration statement on Form S-4 that will include proxystatements/prospectus that CCAC will file with the SEC in connection with CCAC's solicitation ofproxies for the meeting of shareholders to be held to approve,the proposedbusiness combination. If any of these risks materialize or CCAC's or Quanergy's assumptionsprove incorrect,actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither CCAC nor Quanergy presentlyknow,or that CCAC and Quanergy currently believe are immaterial,that could also cause actualresults to differ from those contained in the forward-looking statements. In addition,forward-looking statements reflect CCAC's and Quanergy's expectations,plans or forecasts of futureevents and views as of the date of this press release. Neither CCAC nor Quanergy givesassurance that either CCAC or Quanergy,or the combined company,will achieve itsexpectations. CCAC and Quanergy anticipate that subsequent events and developments willcause their assessments to change. However,while CCAC and Quanergy may elect to updatethese forward-looking statements at some point in the future,CCAC and Quanergy specificallydisclaim any obligation to do so,except as required by law. These forward-looking statementsshould not be relied upon as representing CCAC's or Quanergy's assessments as of any datesubsequent to the date of this press release. Accordingly,undue reliance should not be placedupon the forward-looking statements.