GRID ELECTRIC CONSUMER STRUCTURAL VEHICLES ELECTRONICS STORAGE

Technology for ultra-fast charging

GRID ELECTRICVEHICLES

CONSUMERELECTRONICS

STRUCTURALSTORAGE

© Carbon-Ion Energy 2020 - CONFIDENTIAL

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DisclaimerThis presentation contains confidential and proprietary non-public information regarding the issuer. It was prepared solely for informational purposes and is beingdelivered to potential parties interested in learning about the Company. This presentation does not purport to be comprehensive or contain all of the information that may be required to evaluate all of the factors that would be relevant to a recipient considering entering into any potential investment in the Company. It is being delivered with the express understanding that the recipient will use it only for the purposes set forth above, and for no other purpose. This presentation is not intended to form the basis of any investment decision and does not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company in any circumstances under which the offer or solicitation is unlawful. This presentation is not to be construed as a prospectus or an offering memorandum.

Neither the Company nor any of its affiliates or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted or made available to any recipient. The Company and its affiliates and representatives expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. Only those representations and warranties that are made in a definitive written agreement relating to a Transaction, when and if executed, and subject to any limitations and restrictions as may be specified in such definitive agreement, shall have any legal effect. In addition, this presentation includes certain forward-looking statements provided by the Company. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. Such forward-looking statements reflect various assumptions of management of the Company concerning the future performance of the Company, and are subject to business, technological, economic, industry, political, legal and competitive uncertainties and contingencies, many of which are beyond the control of the Company. Accordingly, there can be no assurance that such projections and forward-looking statements will be realized.

Any forward-looking statement made in this presentation speaks only as of the date on which it is made. The actual results may vary from the anticipated results and such variations may be material. No representations or warranties are made as to the accuracy or reasonableness of such assumptions or the projections or forward-looking statements based thereon. The Company undertakes no obligation to update any forward-looking statement, whether a result of new information, future developments or otherwise, except as may be required by law.


“The belief is that supercapacitors will replace more batteries and make more things possible that were previously impossible” IDTechEx

Company

• Established in July 2020 to acquire the assets of ZapGo Ltd which has developed a new category of energy storage device called Carbon-IonTM or C-Ion®

• Charges 50x faster than lithium-ion batteries

• Carbon-Ion radically improves the performance of supercapacitors by using high surface area carbons and ionic electrolytes

• 30+ patents

• Manufactured Gen 3 Products at scale

• Gen 4 in pre-production

• 3x increase in Energy

• 20% cost reduction

• 50% Weight reduction

3© Carbon-Ion Energy 2020 - CONFIDENTIAL

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Timeline

2000Research begins at

University of Oxford

2013ZapGo

founded with licenses to

Oxford University patents

2014

Gen 1Carbon-Ion

cells

2017 Gen 2

products launched at Consumer Electronics Show in Las

Vegas

2019 Parallel

manufacturing of Gen 3 cells

in Asia and Europe, TRL 7

$25m invested, 30+ patents, significant know-how in manufacturing Manufacturing partners in place for Gen 4, Plan to file 5+ additional patents

Q42020Carbon-IonEnergy,Incseeksequitycapitalinconjunctionwithreversemergerwithpublicvehicle.


Better batteries

v 100% safe – do not catch firev Charge 50x fasterv Last 30 yearsv 100% recyclablev 50% Lighter

ü 0% rare earthü 0% Lithiumü 0% Cobaltü 0% Nickelü 0% Vanadiumü 0% Lead

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Superiorproperties

• Noexoticmaterials• Simplesupplychain• Noenvironmentaltoxicity


Activatedcarbon Lithium&Activatedcarbon

Organicelectrolyte&chemicalsolvents

Lithium-ionBatteryLiB

Lithium,cobalt,nickel,

aluminium,graphite


Organicelectrolyte&

chemicalsolvents

Carbon-IonC-Ion

SupercapacitorEDLC

Activatedcarbon Highsurfaceareacarbon

Organicelectrolyte&

chemicalsolventsIonicelectrolyte

Why is Carbon-Ion different ?E = 1/2CV2

E Energy (Joules)C Capacitance (Farads)V Voltage (Volts)


Energy density = (½CV2 )/volume of cell

Current state of the art Supercapacitor C-IonCapacitance C • Activated carbon

fluorinated polymers• solvent based process

• Nano-carbon• polyolefins and naturally

derived materials • water based process

Voltage V • Organic (VOC) based electrolyte

• 2.7V to 3V• Limited by electrolyte

• Ionic electrolyte• >3V capability• Wide voltage range for

electrolyte

Electrolyte/Electrode matching

Synthetic Carbon

Pseudocapacitance

Remove Passive Material

Improved Capacitance

New Electrolyte Chemistries

Solid State/ Polymer

Electrolytes

Remove Impurities

High Purity Carbon

Higher Voltage

Electrode surface texturing

Remove separator

Reduce / remove current collector

Thinner electrolyte layer

Denser structure


Activatedcarbon Lithium&Activatedcarbon


Energy v Power


Activatedcarbon

Organicelectrolyte&

chemicalsolvents

Long cycle life 100,000 +

Capacitance

1,000 to 10,000 cycles

Electrochemical

ü Non-flammableü Recyclableü 0% lithium ü 0% cobalt

0% to 100%40% to 60%

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Li-C

MediumEnergyMediumPower

C-Ion

MediumEnergyHighPower

Li-ion

HighEnergyLowPower

Supercapacitor

LowEnergyHighPower


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Grid market – smoothing the duck curveMore than energy storage, C-ion offers energy management. Adding more

renewables to the grid cause the neck and the belly of the duck to expand. Adding fast reacting high power energy storage manages the duck.


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Grid market – Dynamic ContainmentCarbon-Ion reacts 100x faster than lithium-ion, providing firm frequency response

(FFR) or Dynamic Containment to keep all the grid ducks in a row


1MWh or 1,000kWh

Time to charge Car Van Truck

Regular wall socket 3kW 2 days 1 week 1 month

Standard EV charger 30kW 4 hours 12 hours 2 days

Tesla supercharger 120kW 1 hour 3 hours 10 hours

Carbon-Ion powered 350kW charger 15 minutes 45 minutes 3 hours

Carbon-Ion powered 1MW charger 5 minutes 15 minutes 1 hour

Gasoline or Diesel 5 minutes 10 minutes 15 minutes

100kWh

300kWh

Electric Vehicles

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Energy required to drive 300 miles at motorway speeds with air conditioning on ?


Drivers of electric vehicles want them to cost the same and perform just like combustion engine vehicles.

• 5 minute charge

• Same sticker price

• Filling station equivalents are needed to charge multiple vehicles at the same time

Electric Vehicles


Intellectual property

30+internationalpatentsfilled

IPstrategy

Electrolyte

Nano-Carbons

IntegratedC-Ion

intoM

aterials

Thecompany’sstrongIPportfolioprotectsitspositionasaninnovativeleaderinenergystorage

ProtectedTerritories:focusonwheresupercapacitors aremanufactured:

ü USü Europeü Chinaü Japanü Indiaü SouthKoreaü Taiwan

CoreIP– Patents&Know-how• Fundamentalscience

Applications– Patents&DesignRights• Hightemperaturesupercapacitors• Highvoltagesupercapacitors• Batterychargers

Markets• Useofsupercapacitors inportableelectronicdevices• Electrostaticchargeforaircraft• Gridcontainersystems• Wearableelectronicdevices


StructuralEnergy

• Carbon-Ioncanbebuiltintobodystructurestosignificantlyreducecost


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“Thebeliefisthatsupercapacitorswillreplacemorebatteriesandmakemorethingspossiblethatwerepreviouslyimpossible”

• Hybrid and electric vehicles – addressable market over $2 billion yearly at peak

• Large supercapacitor variants with 60-100Wh/kg, with 16x energy density of existing supercapacitors with 16 times the energy density can replace urban bus batteries with no extra infrastructure. Addressable market over $1 billion dollars yearly and no peak

IDTechEx:,“Supercapacitor Markets, Technology Roadmap, Opportunities 2021-2041”


Competition

• ZapGo(previousentity)raised$20mandreceived$5mingrants.OffertoacquirecompanyinOctober2019for$65m

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Company Country Raised Valuation Keypartners/investors

Maxwell US Nasdaq $218m AcquiredbyTeslain2019

Nawa France €13m ?? EITInnoEnergy,CEA.Total,BPI,CAAP

Nanotech US $27m $227m– planstoIPO

UCLA&Mercedes

Skeleton Estonia €87.7m ?? EITInnoEnergy,FirstFloor,MMGrupp

Superdielectrics UK £13m £200m– planstoIPO

SurreyUniversity&RollsRoyce

QuantumScape US NYSE $1.06BSPAC KensingtonCapitalAcquisitionCorp


CustomerDevelopment


Andrew Sispoidis – CEO

A seasoned business operator, Andrew has led 10 high-growth, middle-market and start-up companies through progressivestages of development (series A through mezzanine) and advised on many more. He has managed up to 180 direct-reportsand $132MM in revenue with a $52MM operating budget. Andrew has been recognized as an “Innovator” by the ConnecticutTechnology Council and the MIT Enterprise Forum. He has been a TEDx speaker on cybersecurity and has been a guestlecturer at: Fordham, Columbia, Stanford, Yale, NYU, and the University of Connecticut. Previously sold 3 companies, raisedmore than $250 million in capital, and returned over $1.4 billion in value. Demonstrated ability improving performance of multi-million-dollar businesses and I have an extremely strong record of revenue and profit growth. Educated at New York Universityand University of Connecticut.

Jack Brooks – Senior Advisor

Jeb Brooks began his professional career in 1990 at the Management Associate training program at Citicorp. He was thenassigned to Citi’s branch in Taiwan, managing the relationships of multi-national corporations doing business in Taiwan. Later,he moved to London as A.V.P. of equity sales from Asia to European institutional investors. In 1997, Jeb moved to Texas wherehe worked at a retail bank, substantially improving Net Income and successfully selling the bank in 1999. Jeb then foundedMerlin Engine, a private portfolio management and small business consulting firm. In 2017, Jeb founded the Jack BrooksFoundation as an apolitical non-profit focused on increasing citizen participation in The Voting Process. Brooks’ educationalbackground includes a master’s degree from University of Chicago and a B.A. from Wesleyan University in Connecticut. Jebwas an early investor in ZapGo and a major influencer in the recent journey to establish CES.


Stephen Voller – Head of Engineering

Stephen is an experienced business leader and a recognised authority on energy storage technologies. He is the inventor ofCarbon-Ion that is designed to produce the next generation of energy storage devices based on this technology platform, withfour core values: to be faster charging, safer, longer lasting and more recyclable than lithium batteries. Stephen has takenseveral technology businesses through concept, design and then into production. He launched the first ever CE-markedhydrogen fuel cell product. He previously ran a $1bn business unit at IBM. He is a member of the Institute of Electrical andElectronic Engineers (IEEE) and is a Freeman of the Guild of Entrepreneurs in the City of London.

Tim Walder – Head of Operations

An experienced COO with an Electric Vehicle, National ID and Secure Smart Card background, Tim has worked as managingdirector or finance director with innovative engineering and manufacturing businesses helping to improve their productivity andperformance. In addition to operational management he leads on the specification, design and build of the world leading R&Dfacility at Harwell, Oxford UK.

Adrian Jones, ACA – CFO

Adrian is an associate member of the Institute of Chartered Accountants in England and Wales qualifying in 1982. Adrian hasextensive knowledge and experience in the areas of finance, start-ups, fund raising, and turnarounds achieved throughassignments in software, energy, telecoms (fixed and mobile) and in hospitality. He has been a board director for companies inthe UK and Europe at both finance and general management roles and acts as a consultant advisor in operational and financedue diligence related to M&A activities, Adrian has worked at KPMG London (as in its predecessor business ThomsonMcLintock & Co London), Boole and Babbage UK, IntelliCorp Europe, Intergraph UK, PSI Network, Infonet, Via Networks,Connectivity and Mesaplexx. Adrian is CFO at SRS Works.


Dr. Hugh Sutherland – VP R&D

Hugh is a highly experienced technical leader and scientist with a track record of delivering complex developmentprogrammes. His broad expertise includes fundamental research into low-carbon energy devices, polymer synthesis and otherrelevant technologies. He has also worked on technology, market and business strategies to facilitate the spin-out of low-carbon energy businesses from leading UK research institutions. Since then (2016), Hugh has augmented research anddevelopment capabilities allowing his team to accelerate toward Carbon-Ion’s ambitious technology targets. In addition to hisdoctorate in polymer chemistry, he holds an MBA from Henley Business School.


Contactus

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Carbon-Ion EnergyUnits 2 & 3, Genesis Building, Library Avenue, Harwell, Oxford, OX11 0SG, UK

[email protected]


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GRID ELECTRIC CONSUMER STRUCTURAL VEHICLES ELECTRONICS STORAGE