Voltabox is to take over the North American market leader for lithium-ion battery systems in the intralogistics segment and to enter into the production of battery cells

- Purchase of a 100 percent stake in Navitas Systems for US$ 43 million resolved

- Major step on the path to becoming the world market leader for lithium-ion battery systems in intralogistics

- Access to broad customer base, including many Fortune 500 companies

- Navitas utilizes a fully automated system from the German manufacturer MANZ for the production of highly specialized lithium battery cells

- Navitas' Research & Development group is at the forefront of several advanced lithium and "beyond-lithium" battery developments

- In the future, Voltabox is able to cover every stage of the e-mobility value chain, from cells to electrical drives

- This acquisition is still subject to the approval of the American authorities

Delbrück, Germany, June 29, 2018 - The Management Board of Voltabox AG (ISIN DE000A2E4LE9) today decided, subject to the approval of the Supervisory Board, to purchase all shares in Navitas Systems, LLC, the US market leader for battery systems in the intralogistics market segment, for the equivalent of EUR 37 million (US$ 43 million). Voltabox, in which paragon AG holds a majority stake, will thus increase its access to the North American intralogistics market while also expanding its own value chain by entering into the production of highly specialized battery cells.

Navitas Systems LLC, with headquarters in Woodridge, Illinois, is a manufacturer of battery systems and modern lithium-ion battery cells. It was founded in 2010. This company, which expects to realize revenue in the range of US$ 25 million in fiscal year 2018 with around 80 employees, operates a 50,000 squarefeet research, development, and manufacturing center in Ann Arbor, Michigan. In addition to battery systems for the intralogistics market, Navitas produces standard and starter lithium batteries for clients in various industries. The company utilizes a fully automated system from the German manufacturer MANZ for the manufacturing of various cell types. This state-of-the-art production line was installed just at the start of the year. The company's cell production capacity currently stands at 600,000 units per year. In the near future, this will increase to 1.5 million units per year. While Voltabox will continue to meet most of its battery cell needs through its long-term partners in China, South Korea, Japan and the USA, it expects direct access to battery cell technology to provide it with substantial benefits when special demands are made of an application. Cell researchers at Navitas are working on projects including innovative solid-state battery cells and Lithium Sulfur cells with increased power density and a longer service life.

Voltabox recently reported the expansion of its partnership with Triathlon Batterien in the intralogistics segment. It will once again significantly increase its portfolio of lithium-ion battery systems through its acquisition of Navitas: While Voltabox has previously focused on battery systems for particularly challenging applications, Navitas also produces systems for a broader use in forklifts. Navitas' North American sales network also has key strategic significance. This company has several strategic partnerships with various forklift OEMs, including an agreement very recently signed with the Hyster Yale Group. Navitas' customers include a large number of Fortune 500 companies.

"Through Navitas Systems, we will considerably accelerate our growth in the market for intralogistics," says Jürgen Pampel, Chief Executive Officer of Voltabox AG. "We will gain very valuable resources and production capacities. Moreover, our entry into cell R&D and production represents a significant expansion of our value chain, enabling us to align our battery systems even more closely with our customers' requirements. We will thus take a major step closer to our goal of becoming the world market leader in the mass market for intralogistics."

"The combination of Voltabox's proven capabilities coupled with Navitas' battery technologies and product designs together represent a powerful offering in the material handling marketplace," adds Alan ElShafei, the founder of Navitas Systems. "By bundling our collective strengths, Voltabox and Navitas have an outstanding starting position to gain additional market share in an operating segment that is already enjoying dynamic growth. We are very excited to be joining the Voltabox team and expanding our battery offerings around the world."

Alan ElShafei will serve on the board of Voltabox's American subsidiary and advise the company. The founder of Navitas has more than 30 years of experience in the market for battery systems and power electronics. Before launching Navitas in 2010, he had previously founded MicroSun Technologies and established it as a leader in the specialized portable lithium battery market.

In the future, Voltabox will supply the global market for intralogistics from its three sites Delbrück (Germany), Austin (USA) and Kunshan (China). At the company's Ann Arbor site, it will step up its battery system development activities along with the cell production. The company will expand its existing cable and electronics production facilities at this location, which will also supply its Austin site. Ann Arbor remains also the site to produce Navitas' standard and starter lithium batteries.

The acquisition of Navitas is still subject to the approval of various US authorities. Voltabox will assess and publish the impact of this transaction on its forecast for 2018 only after it has closed.

About NAVITAS Systems, LLC

Navitas Systems is a US leader in integrated design, technology development and manufacturing of innovative, energy-efficient system solutions and energy storage products. Navitas Systems' product portfolio ranges from customer-specific energy storage solutions to integrated energy systems for renewable energy and lithium-ion standard batteries as a replacement for conventional lead-acid batteries. Navitas Systems is headquartered in Woodridge, Illinois. This company acquired parts of the lithium-ion battery manufacturer A123 Systems in 2012, including a 50,000 square-meter research, development and manufacturing center in Ann Arbor, Michigan. More information on Navitas Systems is available at www.navitassys.com.

About Voltabox AG

Voltabox is a high-growth e-mobility system provider for industrial applications. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion batteries that are modular and in serial production. The battery systems are used in buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion batteries for selected mass market applications, such as high performance motorcycles. Voltabox has production sites at its headquarters in Delbrück, Germany, and in Austin, Texas, as well as a development site in Aachen, Germany. Additional information about Voltabox can be found at www.voltabox.ag/en/.

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