Volt Carbon Technologies Inc. announced the release of test results on the performance of its solid-state lithium-metal batteries. The batteries were fabricated at Volt Carbon's subsidiary Solid Ultrabattery in Guelph, Ontario. These results reflect the accomplishments of Solid Ultrabattery's new facility during its first full year of operation in 2022.

The battery cells were fabricated using the company's proprietary technology which include; a metal organic framework (MOF) membrane which utilizes nanotechnology to achieve high ionic conductivity; composite electrolytes that improve cycle life and battery stability. The Company's own electrolytes and membranes were assembled with the high energy cathode NMC811 and lithium metal to make the battery cells. In 2022, the Company successfully developed, tested and implemented a proprietary non-flammable composite electrolyte intended to improve fire safety of lithium metal batteries.

The test data presented in this press release include the newly developed non-flammable electrolyte which was used in the battery batch builds. The new non-flammable composite electrolyte is expected to positively impact the safety of the Company's lithium metal battery by reducing probability of thermal runaway and battery fires. In summary; Lithium metal coin cell batteries have achieved 400 cycles at 81.6% capacity.

The lithium metal pouch cell batteries have achieved 265 cycles at 81.8%. Next Steps - The Company's goal is to exceed 800 cycles and 80% capacity with its safe lithium metal battery technology. The initiatives in progress to reach this goal include: Further development and testing of proprietary MOF nanotechnology; Development and testing of new proprietary composite electrolyte that promote cycle stability; and State of the art upgrades to the battery fabrication equipment at the Guelph facility.

In addition to the battery cells fabricated with the high energy NMC811 cathode, the Company successfully fabricated battery cells using the lower energy lithium iron phosphate cathode. LFP is generally considered safer with higher cycle life but with lower energy density compared to NMC811. The LFP cells are currently in cycle testing and those results will be reported after a substantial number of cycles are completed.

The Company will continue to develop both LFP and NMC811 product lines which are interchangeable with its proprietary membrane separator and composite electrolytes.