The Board of Directors of Sersol Berhad (“Sersol” or “the Company”) wishes to announce that the joint venture company of Sersol Energy Sdn. Bhd., a wholly owned subsidiary of the Company, namely Sersol Takuni (Thailand) Co. Ltd., had on 30 January 2023 entered into a Memorandum of Understanding (“MOU”) with Umorie Graphene Technologies Sdn. Bhd. (collectively referred as “the Parties”) with the following business objectives:

a) The Parties have been in a discussion for joint business participation and co-operation for the supply and commercialisation of Graphene-Based Battery and Electric Vehicles in Malaysia, Thailand and Indonesia (“Project”); and

b) The Parties hereby agree to enter into this MOU with the intention of setting out the objectives and responsibilities of the Parties to pursue the Project upon the terms and conditions in the MOU.

This announcement is dated 31 January 2023.