YMAT · J-Star Holding Co., Ltd. Ordinary Shares

J-Star Holding has advanced its Baytown, Texas solid-state battery project through a non-binding MOU with Singapore-based White Group Ptd., Ltd., positioning the company to secure $100 million from U.S. private equity investors. This financing targets completion of a fully automated 100 MWh production line for high-density polymer-based batteries aimed at the expanding drone, UAV, aerospace, and defense sectors. The MOU builds directly on prior milestones: a strategic partnership with Patriot Green Energy Technology Co., Ltd. (PSSB), backed by Taiwan’s Industrial Technology Research Institute; a joint U.S. Department of Energy grant application; and a site commitment in TGS Cedar Port Industrial Park from the Baytown Economic Development Foundation. Proceeds will fund customized automation systems, technology transfer, workforce training, infrastructure, and technical milestones for federal funding and customer qualifications. CEO Jonathan Chiang emphasized this as a key step in capital structure formation, combining Taiwanese battery innovation with U.S. manufacturing to establish a secure domestic supply chain. For investors, this de-risks project execution, enhances U.S. production capabilities, and taps into high-growth defense and mobility markets, though the non-binding nature and reliance on external partners and grants introduce execution risks.