Press release

HPS Home Power Solutions GmbH announces first closing of its financing round at EUR 7.5 million

- HPS closes first part of its financing round at EUR 7.5 million

- Participation of existing and new investors, including German and international family offices

- Funds to be invested in the ramp-up of sales and marketing activities of Picea

Berlin, January 24, 2019 - HPS Home Power Solutions GmbH (HPS), the Berlin-based energy solutions provider for single-family homes which fulfils the need of energy independence, today announced the first closing of its current financing round. New and existing investors, including German and international family offices, have invested EUR 7.5 million through equity and loan conversions. The capital raised will be used, among other things, in the ramp up of sales and marketing activities of the first generation of commercial Picea systems.

"This first closing of our financing round is an important recognition for the team, the technology and the product. Together with our investors, we share the firm belief that HPS, with its Picea product, will for the first time completely satisfy the growing needs for entirely independent and sustainable energy and to open up the enormous market potential. This financing coincides with the first commercial deliveries of our Picea systems and will provide exceptional opportunities for HPS and its investors in the independent energy supply and residential energy storage market. Our unique position and leading technology were pivotal for this successful funding", commented Zeyad Abul-Ella, Managing Director of HPS Home Power Solutions GmbH.

Henrik Colell, Managing Director of HPS Home Power Solutions GmbH, added: "We will invest the funds in the expansion of our sales team and the ramp-up of the production and delivery of our first commercial products. This enables us to consistently process the large number of customer enquiries more efficiently than expected. We would like to thank all customers who have registered on our pre-reservation list for their interest and patience."

Picea is an all-in-one energy storage system, which combines energy storage, heating support and indoor ventilation in one compact system. Based on its high-performance energy management system, Picea is able to meet the complete electrical energy needs of a single family home. In addition, all waste heat produced is used to provide the house with heat, thus lowering the costs of heating. Picea can be combined with all commercially available heating units and technologies. Compared to commercially available battery solutions, Picea has a hundred times more storage capacity with twice the output. Picea is energy efficient and provides energy in all seasons. This allows Picea to provide complete energy self-supply and independence from the grid.

About HPS Home Power Solutions GmbH (HPS):
HPS develops and produces integrated systems for storing and using solar energy in single- and multi-family homes. HPS stands for reliability, independence and sustainability in decentralized energy supply. The first system from HPS, Picea, combines energy storage, heating support and indoor ventilation in one compact product. Thanks to its high-performance energy management system, Picea is able to meet the complete electrical energy needs of a single-family home. In addition, all waste heat produced is used to provide the house with heat and hot water, thus lowering the cost of heating. Compared to commercially available batteries, Picea has a hundred times more storage capacity with twice the output. Picea is energy efficient and provides power all year round, enabling complete energy self-sufficiency and independence from the grid. The energy produced by the photovoltaic installation on sunny days can either be used straightaway, or converted into hydrogen and stored. This energy is then made available at night, or during winter when there is limited sunshine. The HPS system's fuel cell converts the energy stored as hydrogen back into electrical energy and heat as needed. HPS is based in Berlin. For more information, please visit: http://www.homepowersolutions.de/en

Business contact:
HPS Home Power Solutions GmbH
Zeyad Abul-Ella, Managing Director
Tel.: +49 30 516958 110
E-mail: zeyad.abul-ella@homepowersolutions.de

Media contact:
MC Services AG
Andreas Riedel
Tel.: +49 89 210 228 44
E-mail: homepowersolutions@mc-services.eu