▼Press Release
March 27, 2023
EV Motors Japan, Inc.

Raised additional funds in the Series C roundthrough a third-party allotment of new shares※ Additional funding was raised in the Series C round from the above 14
companies and others.

※We have raised funds in previous rounds from the 19 companies listed aboveand others

EVMotors

Japan,Inc.

(Headoffice:Kitakyushu

City,Fukuoka

Prefecture;

Representative: Yuji Sato) is pleased to announce that it will issue new shares througha third-party allotment to Iyogin Capital Corporation (Head office: Matsuyama City,
Ehime Prefecture; Representative: Toshiki Hamaguchi), Incubate Fund Corporation(Head office: Minato-ku, Tokyo; Representative: Keisuke Wada), Interwars, Inc. (Headoffice: Chuo-ku, Tokyo; Representative: Nobutaka Yoshii), NTT Docomo Ventures (Headoffice: Minato-ku, Tokyo; Representative: Yuko Sasahara), Cygames Capital (Head office:Shibuya-ku, Tokyo; Representative: Aisaku Chikaishi), Shikoku Electric Power Company(Head office: Takamatsu City, Kagawa Prefecture; Representative: Keisuke Nagai),(Head Office: Fukuoka City, Fukuoka Prefecture; Representative: Minoru Shibata), Souei<お問い合わせ先>株式会社 EV モーターズ・ジャパン
電話番号：093-752-2477 プランニング：長(ちょう)広報：岸川 / 甲斐▼Press Release
Corporation (Address: Kitakyushu City, Fukuoka Prefecture; Representative: ShigeyukiKajiwara), PLUS AD GROUP Inc. (Head Office: Kitakyushu City, Fukuoka Prefecture;
Representative: Masayuki Katayama), Mitsubishi UFJ Trust and Banking Corporation(Head Office: Chiyoda-ku, Tokyo; Representative: Itaru Nagashima), (Head office:Chiyoda-ku, Tokyo; Representative: Itaru Nagashima), Morita Holdings Corporation(Head office: Osaka-shi, Osaka; Representative: Masahiro Nakajima), Lester Electronics
Corporation (Address: Minato-ku, Tokyo; Representative: Hideya Yamaguchi), and 14
other companies.
The total amount of funds raised in all rounds totals 4.725 billion yen.

・Purpose of Fundraising
As with previous rounds, this round of funding will be used to fund theconstruction of a plant for the mass production and assembly of commercial EVs
in Japan in order to meet current orders from customers and anticipated large
orders in the future, as well as research expenses for the development ofprototype and demonstration vehicles to accurately meet the needs of the EV
market, The funds will be used to strengthen the company's organizationalstructure.
We will strive to realize a zero-emission society by building a robust commercial
EV mass-production system and further expanding our vehicle lineup.

・出資者コメント※五十音順■Kunihiko Tokunaga, General Manager, Investment Department, Iyogin Capital Co.

EV Motors Japan is developing commercial EVs that reduce power consumption with its
unique charge/discharge control technology and achieve long cruising range withexcellent power consumption. Our No. 7 fund is focusing on environmental energy
startups as an area of investment, and we have invested in EV Motors Japan as our firstproject in recognition of its high technological capabilities and sincere efforts as a top
runner in commercial EVs in Japan.
In our hometown of Matsuyama City, Ehime Prefecture, our EV buses are already inoperation on routes. We are confident that the introduction of our EV buses will continue
to grow in many other areas.

<お問い合わせ先>株式会社 EV モーターズ・ジャパン
電話番号：093-752-2477 プランニング：長(ちょう)広報：岸川 / 甲斐▼Press Release■Keisuke Wada, Managing Partner, Incubate Fund Inc.

We share EV Motors Japan's vision of "aiming to realize a zero-emission society throughJapanese battery safety technology" and are pleased to support the company from thisround.
We hope that EV Motors Japan will leverage the knowledge of lithium-ion batteries andbattery control technology that CEO Sato, the founder of EV Motors Japan, has honed
over the past 30 years on the front lines of the industry to develop the global market as
a leading company in the commercial EV industry from Japan.
Through our support to EV Motors Japan, we are determined to contribute to therealization of a zero-emission society.

■Nobutaka Yoshii, President and Representative Director, Interwars, Inc.

EV Motors Japan, Inc. is aiming to realize a zero-emission society through Japanesebattery safety technology. We are pleased to have invested in the company.
We will contribute to the realization of a better society by providing marketing support,
executive search, and an incubation place, as well as knowledge from our incubation
business that we have been engaged in for 28 years.

■Daichi Amemiya, Director, NTT Docomo Ventures, Inc.

We decided to invest in this project because we share President Sato's strong sense ofmission to promote the potential of EV buses, which can serve as a mobile power sourcefor disaster countermeasures while also supporting local transportation, and to promote
the use of EVs with his own hands.
We are convinced that commercial EVs with low power consumption and long life, which
apply battery inverter control technology, will contribute to solving the issues of vehicle
price, cruising range, and maintenance, which have been challenges up to now, and will
become an indispensable part of the EV movement.
NTT DOCOMO and NTT Group believe that there are various possibilities for co-creationtoward the "realization of a zero-emission society" that EV Motors Japan is aiming for,and together we hope to change the global landscape.

<お問い合わせ先>株式会社 EV モーターズ・ジャパン
電話番号：093-752-2477 プランニング：長(ちょう)広報：岸川 / 甲斐▼Press Release■Hisashi Shirai, Executive Vice President, Shikoku Electric Power Co.

We have high expectations that the EV buses and other electric mobility vehicles
developed and marketed by EV Motors Japan will make a significant contribution to thedecarbonization of society in the future. We are committed to working together with EVMotors Japan and its partners to realize a decarbonized society.
■Minoru Shibata, President and Representative Director, JA Mitsui Leasing Kyushu, Ltd.

JA Mitsui Leasing Group has set "expansion into mobility-related businesses" as a key
initiative in its medium-term management plan "Real Change 2025" and "promotion ofrenewable energy diffusion and transition toward decarbonization" as a key initiative inits sustainability management.
The decision to invest in EV Motors Japan was based on the growth potential and social
significance of EV Motors Japan's commercial EV development, manufacturing, and sales
business and energy management business. Taking this opportunity, JA Mitsui Leasing
Group will accelerate its wide-ranging collaboration, including the provision of its
finance function and sales network, and contribute to the expansion of EV Motors
Japan's business in order to realize a sustainable and prosperous society.

■Shigeyuki Kajiwara, President and Representative Director, Soei Co.

We would like to extend our sincere congratulations to EV Motors Japan on theconstruction of Japan's first assembly plant exclusively for commercial EV vehicles inKitakyushu Wakamatsu, the culmination of many years of development of commercial EV
vehicles and storage batteries.
We are pleased to be associated with the construction of this plant by EV Motors Japan,
a company that promotes the domestic production of environmentally friendly products,
the dissemination of EV technology, and the revitalization of local industry.
Through this capital and business alliance, we will play the role of a conduit to the local
community to realize our motto, "Let your passion take shape," and will utilize ourexperience in the renewable energy business, which is the core of our business, to playa constructive role and build facilities, produce EV vehicles and other products, operate
the plant, sell, and conduct PR activities toward the realization of zero emissions. We will
<お問い合わせ先>株式会社 EV モーターズ・ジャパン
電話番号：093-752-2477 プランニング：長(ちょう)広報：岸川 / 甲斐▼Press Releasetie up our activities to revitalize the region and contribute deeply to the decarbonization
business.

■Masayuki Katayama, Representative Director, Plus Ad Group Inc.

Our group, headquartered in Kitakyushu City, proposes regional development andcomprehensive human resource services throughout Kyushu and Yamaguchi with thesocial mission of "bringing smiles to people's faces and energy to the city". We believethat our contribution to carbon neutrality through investment in EV Motors Japan, which
was established in Kitakyushu City, an Environmental Future City and SDGs Future City,
will lead to the realization of our mission.
In addition, as a participating company in the Kitakyushu Event Staff Association, aregional DMO candidate corporation, we expect that the "Zero Emission e-PARK," ahands-on EV complex that will include Japan's first assembly plant dedicated tocommercial EVs, to be built in Wakamatsu-ku, Kitakyushu City, will attract attention as atourism facility that will explore the SDGs. Taking this opportunity, together with EVMotors Japan, we will join forces with the city's tourism industry and citizens to enliven
the region.
■Atsushi Ikenaga, Director, General Manager, Corporate Market Management Division,
Mitsubishi UFJ Trust and Banking Corporation

We share EV Motors Japan's challenge to realize a zero-emission society through themass production of domestic commercial EVs and energy management business, and weare confident that EV Motors Japan will make a significant contribution to the realizationof a decarbonized society with its technologies cultivated as the top runner incharge/discharge application systems.
We would like to offer our know-how and network and work together to realize "valuableco-creation".

<お問い合わせ先>株式会社 EV モーターズ・ジャパン
電話番号：093-752-2477 プランニング：長(ちょう)広報：岸川 / 甲斐▼Press Release■Kunio Morimoto, Director, Managing Executive Officer, Morita Holdings Corporation

As a leading manufacturer of firefighting vehicles, the MHI Group aims to contributeto the realization of a sustainable society by delivering safety and security to the world
through advanced technologies.
We believe that this capital and business alliance will enable us to provide optimalsolutions to our customers and society by organically combining EV Motors Japan'sadvanced commercial EV technologies with our accumulated firefighting vehicletechnologies.
By promoting the use of EVs in firefighting vehicles, the MHI Group will contribute tothe realization of a decarbonized society.
■Ken Yoshimoto, General Manager, Growth Strategy Division, Lester Electronics Inc.

The Lester Group is involved in a wide range of businesses with its partners, frominformation platforms to renewable energy generation and energy storage systems, andwe share EV Motors Japan's vision to achieve zero carbon emissions not only fordomestically produced EV vehicles but also for energy storage systems and renewableenergy generation. We hope to solve social issues through co-creation in many areas.

・About as
Company name：EV Motors Japan Co.
Head Office：1-18-7 Hakusan,Wakamatsu-ku,Kitakyushu-shi.Fukuoka,Japan
CEO：Yuji Sato
Establishment: April 2019
Capital, etc.: 4,735,200,000 yen (as of March 27)
Business description: Sales and maintenance ofelectric vehicles and charging stations[Vehicles handled] Buses, trucks, trikes, special vehicles, etc.
Leasing, rental, and ESCO business of electric vehicles
Renewable energy business using storage batteries and PV
Phone number：+81-93-752-2477
Inquiry
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HP： https://evm-j.com/en/<お問い合わせ先>株式会社 EV モーターズ・ジャパン
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