Press release June 8,2010: Grand Opening Varkaus factory

PRESS RELEASE June 8th, 2010

FREE FOR PUBLICATION

Europe’s first independent large battery factory celebrates its grand opening in Varkaus, Finland

One of Finland’s most significant new industrial projects reached a new milestone today as European Batteries factory held its grand opening in Varkaus, Finland. The factory manufactures large, lithium-ion based battery packs and systems, the demand of which has recently been accelerated by electric vehicle industry as well as strict environmental regulations. No other company in Europe manufactures large battery cells of similar type, and even from a global perspective other production facilities are owned and earmarked by equipment manufacturers. In this perspective, strong grounds can be found for the 40-million-euro Varkaus project, and there is every reason for European Batteries to aim for profitable results even in the near future.

At the moment, European Batteries employs 65 persons, 44 of which work at the 10.000 square meter Varkaus factory. The annual production capacity is 100 MWh – an amount enough for 3.000 full-electric cars, for example. Plans have already been made to triple both production capacity and the number of employees as the factory extension is completed.

At the grand opening, CEO Jukka Koskinen emphasized the versatile opportunities of the Varkaus project. European Batteries aims to be one of the leading operators of the industry, and thus a significant contributor in developing and introducing new forms of energy. At the same time, the company is one of the significant new employers in Varkaus, showing an example that can boost the entire national economy.

Factory images and other information of European Batteries can be downloaded at the company website: www.europeanbatteries.com

For further information, please contact:

CEO Jukka Koskinen, tel. +358 40 749 9402

jukka.koskinen@europeanbatteries.com

COO Mikko Vuoristo, tel. +358 50 597 7076

mikko.vuoristo@europeanbatteries.com