Company Announcements

DAYTON, Ohio, June 25, 2024 (GLOBE NEWSWIRE) -- Solidion Technology, Inc. (NASDAQ ticker symbol “STI”), an advanced battery technology solutions provider, today announced its plan to begin expanding the production capacity of silicon-rich graphene composite materials in early 2025.

The amount of energy that a lithium-ion battery can supply to an electric vehicle (EV) is limited by the amount of charges stored in its anode and cathode materials. Although graphite has been the preferred anode material during the past 30 years, silicon oxide (SiO_x) and silicon (Si) are two evolving anode materials capable of improving the energy density of EV batteries and extending the EV range by 20-40%. However, the higher-capacity gain of both silicon and silicon oxide is limited by the technical issue of large volume change-induced rapid capacity decay and processing difficulty.

Solidion has overcome this technical obstacle and has established a Dayton, Ohio-based facility for manufacturing silicon oxide (SiO_x) and silicon (Si). The Solidion team is ready to expand the production capacity for these two types of high-capacity anode materials.

Industry-leading EV OEMs have concluded that silicon and silicon oxide anodes are required to drive EV battery technology to lower cost and provide higher energy density, significantly extending the EV driving range. Today, Solidion’s innovative Si anodes can deliver this technology and more as a drop-in solution. This has been recently validated by a third-party, which provides the following comments:

1. "This coating went surprisingly well. In all of the silicon work that we've done this year, we've not had a single coating that goes well."
2. "You didn't see any streak or see any agglomeration through the whole coating. The coating thickness dialed in very quickly. It's almost like coating graphite."
3. "I think this is a huge advantage of your material. Manufacturers are not going to tolerate problems with coating like those. Machines just have to run 24/7 perfectly. They're not going to have people there dealing with coating issues. So I think it's a huge advantage of your material."

Solidion is well-positioned to become a leading North American supplier of battery anode materials, including graphite from sustainable sources, silicon oxide (SiO_x), and silicon (Si). Solidion’s predecessor company (G3) was recognized as a global leader in the patent landscape of silicon anode for lithium-ion batteries.¹ This report ranked G3 No. 1 in the USA in terms of Si anode patent portfolio. Among US-based companies, G3 was No. 1 (having 131 patent families in the Si anode), followed by GM (90) and two other US-based battery start-ups. Quite significantly, G3 was ranked No. 1 among all the battery start-ups in the world.

Solidion has developed anode materials which precisely fulfill requirements for next-generation EV batteries now specified by the industry. Solidion seeks to establish partnerships for expanding manufacturing capacity of its advanced anode materials.

About Solidion Technology, Inc.

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion’s core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Recognized as a global IP leader in both the high-capacity anode and the high-energy solid-state battery, Solidion is uniquely positioned to offer two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anodeless lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion’s solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities; this feature enables fastest time-to-market of safe solid-state batteries. Solidion batteries are designed to deliver significantly extended EV range, improved battery safety, lower cost per KWh, fastest time-to-market, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (Nasdaq: STI) (the “Company,” “Solidion,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include (i) the lack of a third party valuation in determining to pursue the business combination, (ii) the effect of the announcement or closing of the business combination on Solidion’s business relationships, operating results and business generally, (iii) risks that the business combination disrupts current plans and operations of Solidion and potential difficulties in Solidion employee retention as a result of the transaction, (iv) the outcome of any legal proceedings that may be instituted against Honeycomb Battery Company or against Nubia Brand International Corp. (“Nubia”) related to the transaction, (v) the ability to maintain the listing of Solidion’s securities on a national securities exchange, (vi) volatility of the price of Solidion’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Solidion operates, variations in operating performance across competitors, changes in laws and regulations affecting Solidion’s business and changes in the combined capital structure, (vii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (viii) the risk of downturns and a changing regulatory landscape in the highly competitive EV battery industry, and the Risk Factors contained within our filings with the SEC, including Nubia’s definitive proxy statement filed with the SEC November 8, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Solidion Technology Inc. Contacts

For Investors: ir@solidiontech.com

For Media: press@solidiontech.com

¹ Source: Silicon Anode for Li-ion Batteries - Patent Landscape 2022 - FLYER (knowmade.com)