Industry Value Chain

Cellforce Group: The Rise, Ambition, & Strategic Retreat Ideation Pre-2021

Ramping Up 2022

Concept initiated by P3 Group Stuttgart consultancy)

Site: 28,151 m2 facility in Reutlingen/Kirchentellinsfurt

P3 Customcells applied for EU IPCEI EuBatIn funding

Oct 2022 High-tech Dürr coating line commissioned (double-sided electrode coating)

Porsche AG joined as automotive lead Founded Cellforce Group CFG as a JV between Porsche and Customcells

Construction: Foundation stone laid Oct 2022 Pilot Capacity: 100 MWh/year

Technology: High-performance silicon-anode pouch cells (high energy density + fast charging) Received public funding of €60M total (incl. €17M from Baden-Württemberg)

Source: next slide, company announcements

Scaling up to 1 GWh

Meltdown 20232025 2023 Porsche takes full ownership of Cellforce Expansion Vision: Plans floated for up to 20 GWh capacity Business model deemed not economically viable due to slow EV market growth, insufficient volumes, and intense price pressure from Asian suppliers Battery-related special expenses rise April 2025 Porsche halts independent scale-up

Restructuring 2025 Aug 25, 2025 Porsche formally ends production expansion plans New Role: CFG becomes an independent R&D unit (cell + system development only) VW Integration: Expertise to support PowerCo via development contracts Financial Impact: €295M depreciation on production assets FY 2025 Workforce: 200 of 286290 jobs cut 70% reduction), effective Nov 30, 2025

Extracted from the PDF; charts and images may read imperfectly.