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MESA, Ariz., March 15, 2023 (GLOBE NEWSWIRE) — Atlis Motor Vehicles (Nasdaq: AMV), a vertically integrated electric vehicle technology ecosystem company, and battery cell manufacturer fully owned and operated in the US, today unveiled battery cell data for its proprietary pouch cell.
Atlis’ NMC pouch cells successfully meet the targets necessary to enable 15-min charging and ensure consistent performance. Internal testing shows cells with up to 254 Wh/kg energy density, 1.74 mAh average internal resistance, and the ability to maintain 80% usable capacity after 2,000 cycles.
“We’re on track to meet one of our first goals – to develop a battery cell capable of high performance,” said Mark Hanchett, Founder and CEO of Atlis Motor Vehicles. “Our next step is to put these in a battery pack for delivery to our first set of customers. As an execution focused company, generating revenue in 2023 is a critical goal for the company and we’re proud to be hitting projected targets along the way.”
The Company has continued to scale battery manufacturing capability since mass production trials of the AMV cell began in November 2022. The Company is working diligently to meet more than 2 gigawatt-hours (GwH) worth of customer demand. Atlis hopes the data will enable customers and industry professionals to better understand the capabilities of its proprietary battery cell technology and encourages peers to share similar battery cell specs.
Successful development of Atlis battery cells should inspire confidence in the Company’s ability to deliver battery packs to customers in the near future. Atlis battery packs will have a projected energy density of up to 317 Wh/L. This includes structure, cooling and heating solutions, electronic system, battery management and control systems, and necessary support hardware.
Atlis intends to ship its first battery packs during the first half of 2023.
For more on Atlis battery cell technology, please visit https://bit.ly/AMVcelldata
About Atlis Motor Vehicles
Atlis Motor Vehicles is a technology company driving cutting-edge innovation in electrification and infrastructure. For more information, visit www.atlismotorvehicles.com.
Forward Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook, amount of reservation interest and related potential sales, future capital expenditures and other operating expenses, expectations and timing related to product launches, production and delivery volumes, the range and performance of the XP platform and XT truck, estimates of the length of time its existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of deliveries, future manufacturing capabilities and facilities, ability to mitigate supply chain and logistics risks, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, the potential success of our go-to-market strategy and future vehicle programs, and the promise of the electric vehicle battery technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Atlis and Atlis management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in our Post-Qualification Amendment No. 11 on Form 1-A POS (“Form 1-A”) filed with the SEC on September 22, 2022, as well as other documents Atlis has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Atlis’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Atlis does not currently know or that Atlis currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Atlis’s expectations, plans or forecasts of future events and views as of the date of this communication. Atlis anticipates that subsequent events and developments will cause Atlis’s assessments to change. However, while Atlis may elect to update these forward-looking statements at some point in the future, Atlis specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Atlis’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts:
Mary Trout
Atlis Motor Vehicles
info@atlismotorvehicles.com
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5de6c622-68e7-4d7c-b83c-451e3293732f
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