SRIVARU (SVMH) Announces Battery Test Completion and Approval for the Indian Market

Receives AIS 156 Certification for Lithium Iron Phosphate Battery Pack Ahead of Schedule

Pioneering State-of-the-Art Battery Technology through BYD Collaboration

GRAND CAYMAN, Cayman Islands and COIMBATORE, India, April 17, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a prominent provider of premium electric motorcycles, today announced the successful completion of AIS 156 testing and certification for its innovative lithium iron phosphate (LFP) battery pack.

The approval, a standard requirement for high-speed electric vehicles in India, marks a significant milestone for SRIVARU, demonstrating the Company’s dedication to delivering first-in-class products to consumers. Collaborating with BYD, one of the world's largest battery suppliers, provides SRIVARU access to premium-quality components and cutting-edge technology. The relationship with BYD also ensures a continuous and uninterrupted supply of key components for SRIVARU's flagship product, the Prana electric motorcycle.

Unlike traditional aluminum battery packs, which are prone to breakage when impacted at high speeds, SRIVARU's steel-based design offers significantly enhanced resilience. Additionally, the incorporation of lithium iron phosphate technology sets SRIVARU apart from competitors in India, providing superior power output and extended lifespan. With an 8.5KW output, we expect our new lithium iron phosphate batteries to deliver greater range and reliability than our previous batteries (and our competitors’ current batteries), ensuring optimal performance throughout the vehicle's lifetime.

Mohanraj Ramasamy, CEO of SRIVARU, commented, "SRIVARU achieved AIS 156 certification ahead of schedule—in just 21 days, compared to an industry average of 40 days. This extraordinary achievement is a testament to the company's dedication to quality and adherence to regulations, as well as the rigorous testing processes that resulted in zero failures – a remarkable feat in the market. Importantly, our powder-coated and waterproof steel-based battery packs set a new standard for durability and performance. Moreover, our collaboration with BYD provides us with a reliable component supplier to support our anticipated growth."

"SRIVARU's battery technology raises the bar for the Indian electric vehicle market. Our focus on innovation and customer satisfaction drives every aspect of our design process. By utilizing LFP technology and steel-based construction, we prioritize safety, efficiency, and longevity, offering riders an unparalleled experience on the road. With zero testing failures throughout the approval process, SRIVARU's battery pack exemplifies excellence in quality control and regulatory compliance. This achievement also aligns with our product mission of Silent, Strong & Seriously Fun, and reinforces our reputation as an industry leader, dedicated to exceeding expectations and redefining the EV landscape, both in India and around the world," concluded Mr. Ramasamy.

About SRIVARU Holding Ltd.

SRIVARU is the parent company of SRIVARU Motor Private Ltd., a prominent provider of premium e-motorbikes in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. Additional information about the company is available at: http://www.srivarumotors.com/.

Forward Looking Statements

This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business will generate returns for shareholders. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards; (c) the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) changes in applicable laws or regulations; (e) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (f) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (g) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time under “Risk Factors” in documents filed or to be filed with the SEC by SRIVARU. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.

Investor & Media Contact

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Tel: +1-212-671-1020
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0f64f38-7727-48d8-9f74-c5277eb5cb9d

Srivaru Announces Battery Test Completion and Approval for the Indian Market

Receives AIS 156 Certification for Lithium Iron Phosphate Battery Pack Ahead of Schedule