SINGAPORE and LUXEMBOURG,Sept. 2,2024 -- Armacell,a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams,along with its joint venture partner JIOS Aerogel ("JIOS"),a global leader in silica aerogel technology,announced today that Armacell has acquired all JIOS shares in Armacell JIOS Aerogels Limited ("AJA"). This transaction is the outcome of the joint venture's runaway success and comes at a time when JIOS is focussing its efforts on the electric vehicle market,and Armacell is continuing to invest in scaling up its aerogel capacities.

The joint venture,AJA,was established in 2016 to produce silica aerogel products using JIOS's patented manufacturing process,with sales and marketing handled by Armacell's global network. Since its inception,AJA has built a strong presence in the energy industry,with its highly successful ArmaGel® product line for high-temperature and cryogenic insulation. Aerogel is the world's lowest density solid material with high-level insulation efficiency. AJA's manufacturing facility in Cheonan,South Korea,boasts an annual production capacity of over 700 tonnes of aerogel powder,with plans for immediate expansion to support the continued growth of its business.

Stephen Kang,CEO and Co-Founder of JIOS,expressed his enthusiasm: "We are thrilled to have supported the inception and growth of a profitable company,and to have now realised the value of this investment. The joint venture has demonstrated the exceptional performance and value of JIOS technology in producing silica aerogels at scale."

As Laurent Musy,President and CEO of Armacell,stated: "This acquisition acknowledges the success of the joint venture that began eight years ago. It represents a major step forward in Armacell's strategy to strongly grow its energy and industry business,in particular through technological innovations,increased capacity in aerogel manufacturing and outstanding service capabilities."

With this transaction,AJA becomes a wholly-owned subsidiary of Armacell and continues to operate under an evergreen licence agreement from JIOS for the use of its patented aerogel powder production technology. Divesting from the AJA joint venture will enable JIOS to sharpen its focus on providing aerogel solutions that mitigate thermal runaway in electric vehicles.

The terms of the transaction remain confidential.

ArmaGel® is a trademark of the Armacell Group.

About JIOS Aerogel

JIOS Aerogel (JIOS) is the world's leading manufacturer of silica aerogel powder. Headquartered in Singapore,the company was founded in 2013 to pioneer a new process that dramatically lowers the cost of aerogel production. JIOS is on a mission to accelerate the adoption of aerogels to improve the safety and performance of electric-vehicle (EV) batteries. Recognised globally as the premier technology for mitigating thermal runaway in lithium-ion batteries,aerogels provide an ultra-thin insulation layer between battery cells,offering exceptional thermal protection at high temperatures. For more information,visit www.jiosaerogel.com

About Armacell

As the inventor of flexible foam for equipment insulation and a leading provider of engineered foams,Armacell develops innovative and safe thermal and mechanical solutions that create sustainable value for its customers. Armacell's products significantly contribute to global energy efficiency,making a difference around the world every day. With more than 3,300 employees and 25 production plants in 19 countries,the company operates two main businesses,Advanced Insulation and Engineered Foams,and generated net sales of EUR 836 million and an adjusted EBITDA of EUR 155 million in 2023. Armacell focuses on insulation materials for technical equipment,high-performance foams for acoustic and lightweight applications,recycled PET products,next-generation aerogel technology and passive fire protection systems. For more information,visit: www.armacell.com

Media & Investor Contacts

JIOS Aerogel

Armacell

Stephen Hodson

Tom Anen

Chief Commercial Officer

Director Corporate Communications & IR

MediaRelations@jiosaerogel.com

press@armacell.com