ion Ventures Update

This is a Reach announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Company's performance. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

24 February 2021

Coro Energy plc

("Coro" or the "Company")

ion Ventures Update

Coro Energy plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, notes the press release issued yesterday by ion Ventures Holdings Limited ("ion" or "ion Ventures"), in which the Company holds a 20.3% interest. ion Ventures is a modern utility and energy storage infrastructure developer with a project pipeline of 300MW under development across South East Asia and the UK & Ireland.

ion has partnered with LiNA Energy ("LiNA"), a solid-state battery technology developer, to conduct a successful trial of LiNA's proprietary solid-state sodium battery platform that concluded last week. The trial was the final milestone of a UK Department of Business, Energy and Industrial Strategy ("BEIS") Award.

Battery storage is a key component in the global transition to renewable energy sources. Batteries manage the grid volatility created by the increasing prevalence of intermittent renewable energy generation. At present, lithium-ion technology is the dominant chemistry for battery storage systems, but the LiNa Platform has potential to disrupt incumbent lithium-ion batteries in grid storage markets, and passenger and commercial electric vehicles (EVs).

The LiNa team have developed the LiNa Platform, an innovative re-engineering of the commercially proven sodium-nickel-chloride (NaNiCl) chemistry. The battery is constructed from easily sourced, low-cost materials and, importantly, does not contain any cobalt or lithium. It operates at a wide range of temperatures and does not require expensive cooling systems. Furthermore, the battery chemistry is inherently safe thus making it highly attractive to a range of different sectors, including the grid storage sector targeted by ion Ventures. E4Tech, a London-based clean-tech specialist consultancy, performed an independent, strategic scoping study of stationary grid storage application based upon LiNa's technology. They identified that LiNa's platform was superior to existing lithium ion-based storage, especially in distribution, generation level storage and behind the meter owing to superior CAPEX, OPEX, Life Cycle Cost, battery self-discharge and safety metrics.

ion Ventures is looking forward to supporting larger trials of the LiNa Platform technology in the near future with a view to deploying the battery into the grid storage market in the coming years.

Further details can be found at ion Ventures website: https://www.ion.ventures/news

Enquiries: