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Ampwell strengthens its position in the battery industry by acquiring a majority stake in Cellect Energy. This strategic move paves the way for a more environmentally conscious future, combining advanced software technologies with renewable energy projects.

Ampwell Acquires Majority Stake in Cellect Energy

#### Arendals Fossekompani's daughter company Ampwell Strengthens Battery Industry Position with Majority Stake Acquisition of Cellect! ####

We are thrilled to announce that Ampwell, a leading provider of clean energy solutions, has acquired a majority stake in Cellect Energy. This strategic move is set to open up pathways for a more environmentally conscious future.

Founded in November 2021 by CEO Leon Gosh, Cellect has gained recognition for optimizing energy storage systems and real-time monitoring of battery systems. With innovative and comprehensive software solutions, Cellect is focused on ensuring reliable and profitable battery operations. 

Ampwell's incorporation of Cellect's advanced software technologies will significantly enhance its renewable energy projects' performance and reliability. This acquisition positions Ampwell as a sustainable energy solutions provider, reinforcing its commitment to a cleaner and more sustainable future.

Since its inception, Cellect has made remarkable strides, culminating in successfully launching its first commercial project in July 2023 with Volkwagen's Elli. In 18 months, They've developed a supplier-independent software platform that offers asset managers a standardized interface to control batteries remotely. As the sole European company serving as a data analytics platform and battery system operator, they provide a distinctive value proposition. By identifying a promising niche in the market, they are actively working towards transforming the energy storage sector using their turnkey solutions and versatile product portfolio. 

Established in 2022 by Arendals Fossekompani, Ampwell is a battery technology company committed to maximizing the economic, environmental, and resiliency value of energy assets and portfolios. Through strategic collaborations with Commeo, Volue, and ENRX, Ampwell has created an ecosystem for battery technology and introduced a novel Battery-as-a-Service business model.