U.S. DEPARTMENT OF DEFENSE AWARDS CANOO BATTERY MODULE CONTRACT FOR ADVANCED TESTING

“We’re very proud to be chosen by the Division of Protection and to contribute to our nation’s international protection know-how management. This award is one other instance of our focus and dedication to innovation. We have labored laborious and proceed to develop our patented applied sciences and skill to ship versatile, on demand power options which might be multi-purpose succesful, to serve America’s pursuits and its allies around the globe,” stated Tony Aquila, Chairman & CEO at Canoo.   

Canoo’s proprietary battery system is modular to help totally different automobile configurations and engineered to supply trade main power density. The system is designed to be versatile and suitable with cells from main battery suppliers and engineered to evolve with adjustments in cell measurement and chemistry because the trade matures, scales and reduces prices.

This contract follows Canoo’s supply of a Light Tactical Vehicle (LTV) to the U.S. Military in November, and its choice to supply NASA with crew transportation autos to help the Artemis lunar touchdown missions.

About Canoo 

Canoo’s mission is to deliver EVs to Everybody. The corporate has developed breakthrough electrical autos which might be reinventing the automotive panorama with daring improvements in design, pioneering applied sciences, and a singular enterprise mannequin that spans the total lifecycle of the automobile. Distinguished by its skilled workforce from main know-how and automotive corporations – Canoo has designed a modular electrical platform purpose-built to ship most automobile inside house that’s customizable throughout all homeowners within the automobile lifecycle to help a variety of auto purposes for shoppers and companies.

Canoo has groups in California, Texas, Michigan, Oklahoma and Arkansas. For extra data, please go to www.canoo.com. For Canoo press supplies, together with pics, please go to press.canoo.com. For traders, please go to www.investors.canoo.com.

Ahead-Trying Statements 

The knowledge on this press launch contains “forward-looking statements” inside the which means of the “secure harbor” provisions of america Non-public Securities Litigation Reform Act of 1995. Ahead- wanting statements could also be recognized by means of phrases similar to “estimate,” “plan,” “undertaking,” “forecast,” “intend,” “will,” “count on,” “anticipate,” “imagine,” “search,” “goal” or different related expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. These forward-looking statements embody, however will not be restricted to, statements concerning estimates and forecasts of economic and efficiency metrics, expectations and timing associated to business product launches and the achievement of operational milestones, together with the power to fulfill and/or speed up anticipated manufacturing timelines, Canoo’s potential to capitalize on business alternatives, present or anticipated buyer orders, and expectations concerning the event of services. These statements are based mostly on numerous assumptions, whether or not or not recognized on this press launch, and on the present expectations of Canoo’s administration and will not be predictions of precise efficiency. These forward-looking statements are offered for illustrative functions solely and will not be meant to function, and should not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of reality or chance. Precise occasions and circumstances are tough or unattainable to foretell and can differ from assumptions. Many precise occasions and circumstances are past the management of Canoo. These forward-looking statements are topic to a variety of dangers and uncertainties, together with adjustments in home and international enterprise, market, monetary, political and authorized circumstances; Canoo’s potential to entry future capital, through debt or fairness markets, or different sources; the rollout of Canoo’s enterprise and the timing of anticipated enterprise milestones and business launch; future market adoption of Canoo’s choices; dangers associated to Canoo’s go-to-market technique and manufacturing technique; the consequences of competitors on Canoo’s future enterprise, and people elements mentioned underneath the captions “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in Canoo’s Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2021 filed with the U.S. Securities and Trade Fee (the “SEC”) on March 1, 2022, in addition to its previous and future Quarterly Studies on Kind 10-Q and different filings with the SEC, copies of which can be obtained by visiting Canoo’s Buyers Relations web site at traders.canoo.com or the SEC’s web site at www.sec.gov. If any of those dangers materialize or our assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. There could also be extra dangers that Canoo doesn’t presently know or that Canoo presently believes are immaterial that would additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements replicate Canoo’s expectations, plans or forecasts of future occasions and views as of the date of this press launch. Canoo anticipates that subsequent occasions and developments will trigger Canoo’s assessments to vary.

Nevertheless, whereas Canoo could elect to replace these forward-looking statements sooner or later sooner or later, Canoo particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press launch. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.

SOURCE Canoo