UPDATES FROM THE GDRC- ALTe PROJECT

BUSINESS UPDATES

Idan Kovent was recently appointed the new Chief Operating Officer of ALTe and reports on its business development as follows:

1) We are pleased to report that the Department of Energy (DOE) gave ALTe a “substantially complete” letter for the ATVM Loan application. ALTe will move on to the next step in completing its due diligence process. ALTe will soon offer Ford F-150 battery electric vehicle (BEV) and Ford Transit BEV powertrains quick-to-market solutions to its customer.

2) ALTe is pleased to announce the offering of a newly designed and patented battery module, the ALTe Brick. The new design releases ALTe from any dependency in specific and expensive battery manufacturers and allows ALTe to make large cost cuts on its design.

3) Samsung Climate Control in South Korea has signed a Letter of Intent with ALTe to develop a 1-ton EV truck for the Korean market. The due diligence is still in process.

4) Most recently, the South Korean Jeju Consortium through Begins Corporation is interested in a Joint Venture (JV) with ALTe. Begins is a quasi-government entity that is the general contractor for many electrification developments in Korea. The JV will allow ALTe to start manufacturing of the battery bricks described above. The JV will develop and produce battery packs for vehicles in Jeju Island, South Korea with other cities to follow.

5) Continental Automotive Systems has shown interest in ALTe’s engineering capabilities. Continental and ALTe are discussing a possible 2 year engineering services contract.

6) VLF Automotive and ALTe are discussing a partnership. ALTe hopes to provide battery bricks to various VLF platforms.

About ALTe:

ALTe is a leading developer of the plug-in electric and hybrid powertrian systems used to propel automobiles launching initially in the commercial vehicle segment. The system is engineered for use in both new vehicle applications as well as being able to be retrofit into existing vehicles resulting in dramatic increases in fuel economy and lower emissions. Designed to replace the traditional internal combustion engine powertrain, the Company’s patented technology improves fuel economy from 80 percent to 200 percent. Based in Auburn Hills, Michigan, the company engineers and assembles its powertrains that will be installed in customer vehicles across North America and the world.

For more information, visit http://www.altept.com.

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