Welcome

Dear Shareholders
As we reflect on the year 2024, I am pleased to share with you the remarkable progress and achievements ELEQTRION has made. This year has been transformative for our company, marked by significant advancements in our aluminium-ion battery technology and strategic partnerships that position us for continued growth and innovation.

Technological Advancements 
One of our most notable achievements this year was the substantial increase in the energy density of our aluminium-ion batteries. Starting the year, development of our HydroCell product started with an energy density of 160 Wh/kg. We successfully enhanced this to 380 Wh/kg by June, representing a 130% improvement. In addition, we have developed UltraCell, our power battery, that has energy densities like LFP batteries, but 60 times the charging rate. These breakthroughs underscore our commitment to pushing the boundaries of energy storage technology and delivering superior solutions to our customers.

Strategic Collaborations 
In 2024, we forged several key partnerships that will drive our future success. ÉTS Montreal, renowned for its successful collaboration with industry, is providing resources for product development. Our co-development service agreement with Hydro Québec’s Centre d’Excellence en Électrification des Transports et en Stockage d’Énergie and our collaboration with Sakuu and the Quebec Metallurgy Center are pivotal in advancing our technology and expanding our market reach.

Industry Recognition 
Our efforts have not gone unnoticed. We are proud to have been recognized for our innovative approach and contributions to the energy storage industry. These accolades are a testament to the hard work and dedication of our team, and they motivate us to continue striving for excellence. Our selection by the Cycle Momentum Climate Tech Acceleration Program highlights our leadership in the clean energy sector.

Looking Ahead
As we move into 2025, we remain focused on our mission to revolutionize energy storage and e-mobility taht support a sustainable, lower-carbon economy. We are currently negotiating an MOU with our first customer and will begin prototype pouch cell production of our HydroCell and UltraCell products.

We are excited about the opportunities ahead and are confident that our strategic initiatives will drive long-term value for our shareholders. Thank you for your continued support and trust in ELEQTRION. Together, we are shaping the future of energy storage.

Sincerely,
William Reynolds
President & CFO
ELEQTRION