/C O R R E C T I O N -- XCharge/

In the news release, XCharge Showcases Net Zero Series Charger at Australia's National Bus & Coach Show 2024 Partnered with BYD Australia Commercial Vehicles, issued 10-Oct-2024 by XCharge over PR Newswire, we are advised by the company that 1, the 1st paragraph, 1st sentence, should read "[XCHG Limited ("XCharge" or the "Company") (NASDAQ: XCH), a global leader in integrated EV charging solutions, proudly presented its battery-integrated DC Charger, the Net Zero Series (NZS), at the National Bus & Coach Show 2024 in Brisbane, Australia. ]" rather than "[XCharge, a global leader in integrated EV charging solutions headquartered in Hamburg, Germany, proudly presented its battery-integrated DC Charger, the Net Zero Series (NZS), at the National Bus & Coach Show 2024 in Brisbane, Australia.]"; 2, The 4th paragraph should read "[Since its launch, the NZS has been commercially deployed in Europe, the Americas and Asia.]" rather than "[Since its launch, the NZS has been rapidly adopted worldwide, with partnerships across Europe, North America, and Pan-Asia. Over the past 12 months, 130 NZS units have been installed in Europe with key players such as EDP, one of the biggest utility companies committed to the e-mobility ecosystem.]"; 3, In the second paragraph under title "[Accelerating the Transition to a Net Zero Future]", removed the sentence "[This advancement significantly propels Australia toward its sustainability goals.]"; 4, Removed the 3rd paragraph under title "[Accelerating the Transition to a Net Zero Future]"; and 5, added company website and the Safe Harbor Statement at the end of the release as originally issued inadvertently. The complete, corrected release follows:

XCharge Showcases Net Zero Series Charger at Australia's National Bus & Coach Show 2024 Partnered with BYD Australia Commercial Vehicles

BRISBANE, Australia, Oct. 10, 2024 /PRNewswire/ -- XCHG Limited ("XCharge" or the "Company") (NASDAQ: XCH), a global leader in integrated EV charging solutions, proudly presented its battery-integrated DC Charger, the Net Zero Series (NZS), at the National Bus & Coach Show 2024 in Brisbane, Australia. This exhibition marked the beginning of a strategic partnership between XCharge and BYD, including BYD New Energy Passenger Vehicles and BYD Electric Buses in Australia, emphasizing both companies' commitment to accelerating the energy transition towards a clean-energy future in the Australian and New Zealand markets.

NZS EV Charging Solution – High Power Output with Less Input

The NZS offers a highly efficient and flexible charging solution. With its integrated battery of 233kWh capacity, the NZS provides an impressive output power of up to 210kW while requiring only 30-60kW input. This makes high-power charging accessible in more locations, even where power limits have hindered the expansion of charging networks.

The energy storage system allows the NZS to stabilize the grid by storing energy during valley periods and releasing it during peak times. This capability also helps operators maximize revenue by purchasing energy at lower prices and selling it at higher rates. Additionally, the NZS ensures more reliable energy flow by using its battery as a buffer, capable of supplying energy during unexpected power outages.

Since its launch, the NZS has been commercially deployed in Europe, the Americas and Asia.

Accelerating the Transition to a Net Zero Future

As Australia intensifies its efforts to achieve Net Zero by 2050, the challenge lies in upgrading charging infrastructure across its vast and sparsely populated regions. In response, the National Electric Vehicle Strategy (NEVS) was announced last year, outlining commitments to enhance EV charging infrastructure and promote electric vehicle adoption.

The NZS offers a tailored, cost-effective solution for the Australian market, particularly in rural and regional areas where charging infrastructure is underdeveloped. With the NZS, these areas can bypass costly grid upgrades and lengthy administrative processes, facilitating the deployment of high-power EV chargers to meet growing demand. 

About XCharge

XCharge, founded in 2015, is a global leader in integrated EV charging solutions. The Company offers comprehensive EV charging solutions which primarily include the DC fast chargers, the advanced battery-integrated DC fast chargers, as well as its accompanying services. Through the combination of XCharge's proprietary charging technology, energy storage system technology, and accompanying services, the Company enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working towards establishing a global green future that is critical to long-term growth and development.

For more information, please visit: https://investors.xcharge.com/

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to", or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.