Exhibits
Supporting documents and appendices
Overview
The following exhibits are incorporated by reference into this Private Placement Memorandum. Prospective investors should review all exhibits as part of their due diligence process.
Exhibit Index
| Exhibit | Title | Status |
|---|---|---|
| A | Financial Statements | To be attached |
| B | Patent Portfolio Summary | Included below |
| C | License Agreement Summary | Included below |
| D | DSO Validation Study Summary | Included below |
| E | DCF Financial Model Summary | Included below |
| F | Form of Subscription Agreement | To be attached |
| G | Form of Shareholders Agreement | To be attached |
| H | Corporate Documents | To be attached |
| I | Management Biographies | Included below |
| J | Technical Specifications | Included below |
| K | Regulatory Pathway Summary | Included below |
| L | Glossary of Terms | Included below |
Exhibit A: Financial Statements
To be attached separately
Contents
| Statement | Period |
|---|---|
| Balance Sheet | As of most recent date |
| Income Statement | For periods since incorporation |
| Cash Flow Statement | For periods since incorporation |
| Notes to Financial Statements | Accompanying notes |
Notes
- NuBatt Pte. Ltd. was incorporated in 2023
- Financial statements will be prepared in accordance with Singapore Financial Reporting Standards
- Audited statements will be provided when available
Exhibit B: Patent Portfolio Summary
B.1 Patents Owned by NuBatt Pte. Ltd.
Six Singapore patent applications, assigned from inventor Nima Golsharifi on April 25, 2024:
| No. | Application No. | Title | Filing Date | Status |
|---|---|---|---|---|
| 1 | 10202401261U | Liquid Mediator Nuclear Voltaic Semiconductor Pile Device | 2024 | Pending |
| 2 | 10202401262Y | Nuclear Voltaic Pile Device with Non-radioactive Capacitor | 2024 | Pending |
| 3 | 10202401263R | Xenon Gas Nuclear Voltaic Semiconductor Pile Device | 2024 | Pending |
| 4 | 10202401264P | Quantum Spherical Configuration of Nuclear Voltaic Semiconductor Pile | 2024 | Pending |
| 5 | 10202401265W | Internal Resonant Electrodes for Enhanced Nuclear Voltaic Cells | 2024 | Pending |
| 6 | 10202401266T | Pulse Discharge Electrode for Enhanced Current Delivery in Nuclear Batteries | 2024 | Pending |
Patent Technology Coverage
| Patent | Product Application | Key Innovation |
|---|---|---|
| 10202401261U | NuBatt-L1 | Liquid transducer for enhanced energy capture |
| 10202401262Y | All products | Non-radioactive capacitor integration |
| 10202401263R | NuBatt-P1 | Xenon gas energy intermediary |
| 10202401264P | NuBatt-Q1 | Quantum spherical geometry optimisation |
| 10202401265W | All products | Resonant electrode for improved efficiency |
| 10202401266T | All products | Pulse discharge for high current delivery |
Exhibit C: License Agreement Summary
Key Terms of NDB Inc. License Agreement
| Term | Details |
|---|---|
| Effective Date | May 11, 2024 |
| Licensor | NDB Inc. (Delaware, USA) |
| Licensee | NuBatt Pte. Ltd. (Singapore) |
| Licensed Patents | 3 US patents |
Grant of License
| Element | Details |
|---|---|
| Scope | Worldwide |
| Duration | Perpetual (for the life of the patents) |
| Exclusivity | Non-exclusive |
| Revocability | Irrevocable |
| Sublicensing | Permitted |
Rights Granted
Make
Manufacture products using licensed technology
Use
Utilise licensed technology in operations
Sell
Commercialise products incorporating licensed technology
Offer for Sale
Market and promote licensed products
Import
Bring licensed products into any jurisdiction
Develop
Create derivatives and improvements
Commercialise
Full commercial exploitation
Financial Terms
| Item | Details |
|---|---|
| Upfront Fee | None |
| Royalty Rate | 2% of after-tax profit |
| Minimum Royalty | None |
| Audit Rights | Standard audit provisions |
Key Protective Provisions
The license agreement includes significant protective provisions for NuBatt.
| Provision | Benefit |
|---|---|
| Improvements | Owned solely by NuBatt |
| IP Assignment Restriction | NDB cannot assign without NuBatt consent |
| Right of First Refusal | NuBatt has ROFR on licensed IP sale |
| Survival | License survives NDB change of control or insolvency |
| Patent Prosecution | NDB responsible for maintaining patents |
| Infringement Defense | NuBatt controls defense |
Termination
| Event | Effect |
|---|---|
| By NuBatt | May terminate with 30 days notice |
| By NDB | No unilateral termination right |
| Patent Expiration | License continues until last patent expires |
Exhibit D: DSO Validation Study Summary
Study Overview
| Item | Details |
|---|---|
| Study Partner | DSO National Laboratories |
| Contract Reference | PO62504138 |
| Scope | Nuclear battery safety simulation |
| Methodology | Monte Carlo N-Particle (MCNP) simulation |
| Status | Completed |
Study Objectives
| Objective | Description |
|---|---|
| Safety Validation | Verify dose rates below IAEA thresholds |
| Shielding Design | Optimise shielding configuration |
| Technical Feasibility | Confirm design viability |
| Compliance | Demonstrate regulatory compliance path |
Test Configuration
| Parameter | Specification |
|---|---|
| Activity | 4,815 GBq Pm-147 (130 Ci) |
| Configuration | 5×5×3 cell pack (75 cells) |
| Pack Dimensions | 462 × 462 × 360 mm |
| Total Weight | ~21 kg (including shielding) |
| Output | 1.5 W electrical |
Key Findings
DSO National Laboratories validated that NuBatt products achieve a 4.3× safety margin below IAEA dose limits.
Dose Rate Compliance
| Metric | Result | IAEA Limit | Margin |
|---|---|---|---|
| Dose Rate at 1m | <0.1 μSv/h | 0.43 μSv/h | 4.3× below limit |
| Annual Dose (1m exposure) | 0.876 mSv | 1 mSv | Compliant |
Shielding Performance
| Metric | Result | Required | Status |
|---|---|---|---|
| Half-Value Layers (HVL) | 29.8 | 27.7 | Exceeds requirement |
| Attenuation | 99.98% | 99.95% | Exceeds requirement |
Shielding Design
| Layer | Material | Purpose |
|---|---|---|
| Inner | High-Z metal | Primary beta/gamma absorption |
| Middle | Composite | Secondary attenuation |
| Outer | Aluminium | Structural, final shielding |
Conclusions
| Finding | Implication |
|---|---|
| Dose Rate | Products can meet IAEA transport limits |
| Shielding | Multi-layer design effective |
| Form Factor | Practical dimensions achieved |
| Regulatory | Clear path to compliance |
Exhibit E: DCF Financial Model Summary
Model Parameters
| Parameter | Value |
|---|---|
| Projection Period | 2026-2031 (6 years) |
| Terminal Growth Rate | 3% |
| Discount Rate (WACC) | 12% |
| Tax Rate | 17% (Singapore) |
Revenue Projections
| Year | Revenue (US$M) | Growth |
|---|---|---|
| 2026 | — | Pre-revenue |
| 2027 | $50 | First revenue |
| 2028 | $200 | 300% |
| 2029 | $650 | 225% |
| 2030 | $1,400 | 115% |
| 2031 | $2,800 | 100% |
Revenue by Stream (2031 Projected)
| Revenue Stream | 2031 Revenue | % of Total |
|---|---|---|
| Nuclear Batteries | $1,680M | 60% |
| Medical Isotopes | $420M | 15% |
| Industrial Isotopes | $280M | 10% |
| Nuclear Waste Recycling | $280M | 10% |
| SiC Wafers | $112M | 4% |
| Technology Licensing | $28M | 1% |
| Total | $2,800M | 100% |
Profitability Projections
| Year | Gross Margin | EBITDA Margin | Net Margin |
|---|---|---|---|
| 2027 | 45% | 15% | 8% |
| 2028 | 50% | 25% | 15% |
| 2029 | 55% | 35% | 22% |
| 2030 | 58% | 40% | 28% |
| 2031 | 60% | 43.3% | 30% |
Valuation Summary
| Metric | Value |
|---|---|
| Enterprise Value (DCF) | ~$520M |
| Pre-Money Valuation | ~$397M |
| Post-Money Valuation | ~$516M |
| Investment | $119M |
| Equity Offered | 30% |
Key Assumptions
| Assumption | Basis |
|---|---|
| Market Size | Based on TAM/SAM/SOM analysis |
| Pricing | Premium positioning vs. alternatives |
| Margins | Comparable technology companies |
| Growth | Market penetration and expansion |
| CapEx | Facility and equipment investments |
Exhibit F: Form of Subscription Agreement
To be attached separately
Summary of Key Terms
| Term | Description |
|---|---|
| Parties | Investor and NuBatt Pte. Ltd. |
| Investment | Amount subscribed |
| Shares | Number of ordinary shares |
| Price | Price per share |
| Representations | Investor qualifications and acknowledgments |
| Conditions | Closing conditions |
| Governing Law | Laws of Singapore |
Exhibit G: Form of Shareholders Agreement
To be attached separately
Summary of Expected Terms
| Term | Expected Provision |
|---|---|
| Board Composition | Investor representation negotiable |
| Reserved Matters | Major decisions require investor consent |
| Information Rights | Quarterly reports, annual audited statements |
| Pre-emptive Rights | Pro rata participation in future rounds |
| Transfer Restrictions | ROFR, tag-along, drag-along |
| Anti-Dilution | Weighted average protection |
| Liquidation Preference | 1× non-participating |
| Founder Vesting | Standard vesting schedule |
Exhibit H: Corporate Documents
To be attached separately
Documents to be Provided
| Document | Description |
|---|---|
| Certificate of Incorporation | ACRA registration confirmation |
| Constitution | Company's constitutional document |
| Board Resolutions | Resolutions authorizing the Offering |
| Good Standing Certificate | Confirmation of company status |
| Share Register | Current shareholding records |
Exhibit I: Management Biographies
Current Leadership
To be completed with detailed biographies including:
| Element | Content |
|---|---|
| Professional Background | Career history and positions held |
| Educational Credentials | Degrees and certifications |
| Relevant Experience | Nuclear, semiconductor, defence industry |
| Board Positions | Current and prior directorships |
| Publications | Technical papers, patents |
Planned Executive Hires
| Position | Timing | Profile |
|---|---|---|
| Chief Technology Officer | Year 1 | 15+ years nuclear/semiconductor |
| VP Engineering | Year 1 | Manufacturing scale-up experience |
| VP Operations | Year 1 | Defence/aerospace operations |
| CFO | Year 2 | Growth company finance |
| VP Sales | Year 2 | Defence market relationships |
Exhibit J: Technical Specifications
Product Specifications Summary
NuBatt-S1 (Solid State Betavoltaic)
| Specification | Value |
|---|---|
| Technology | Direct betavoltaic conversion |
| Isotope | Nickel-63 |
| Output | 10-100 mW |
| Dimensions | Compact form factor |
| Lifespan | 25-50 years |
| Safety | Fully shielded, sealed |
Semiconductor Materials
| Material | Bandgap | Application |
|---|---|---|
| Silicon Carbide (SiC) | 3.26 eV | Standard converters |
| Diamond | 5.47 eV | High-performance cells |
| Gallium Nitride (GaN) | 3.40 eV | Radiation tolerance |
| Boron Nitride (BN) | 6.0 eV | High voltage |
| Aluminium Nitride (AlN) | 6.20 eV | Extreme environments |
Safety Parameters
| Parameter | Specification | Standard |
|---|---|---|
| Dose Rate | <0.1 μSv/h at 1m | IAEA SSR-6 |
| Containment | Fully sealed | Type A package |
| Shielding | Multi-layer composite | Custom design |
| Operating Temp | -40°C to +80°C | MIL-SPEC |
| Vibration | MIL-STD-810 | Military standard |
Exhibit K: Regulatory Pathway Summary
Singapore Regulatory Requirements
| Authority | Requirement | Status |
|---|---|---|
| NEA | Facility license | To be applied |
| NEA | Import/export permits | To be applied |
| NEA | Radiation worker permits | To be applied |
| ACRA | Corporate compliance | Current |
International Standards
| Standard | Application | Compliance |
|---|---|---|
| IAEA GSR Part 3 | Radiation protection | Design compliant |
| IAEA SSR-6 | Transport regulations | DSO validated |
| ISO 9001 | Quality management | To be certified |
| AS9100 | Aerospace quality | Planned Year 2 |
Defence Market Requirements
| Market | Requirement | Status |
|---|---|---|
| Singapore | DSTA/MINDEF qualification | Targeted |
| International | Export control compliance | Programme established |
| NATO | STANAG compliance | Future |
Regulatory Timeline
Year 1 (2026-2027) - Singapore facility license, ISO 9001
Year 2 (2027-2028) - First export license, AS9100, defence qualification
Year 3+ (2028+) - Additional market approvals
Exhibit L: Glossary of Terms
Document Request List
Prospective investors may request copies of the following documents:
| Document | Availability |
|---|---|
| Full License Agreement | Upon execution of NDA |
| Deed of Assignment | Upon execution of NDA |
| DSO Study Report | Summary available; full report upon NDA |
| DCF Model | Summary included; detailed model upon request |
| Constitution | Upon request |
| Patent Applications | Public filings available |
| Corporate Filings | Public records from ACRA |
Contact for Document Requests
[Company contact information to be provided]
Notes on Exhibits
Confidentiality: Certain exhibits contain confidential business information. Recipients are reminded of their confidentiality obligations under this Memorandum.
Updates
Exhibits may be updated from time to time. Prospective investors will be notified of material changes.
Completeness
This exhibit section provides summaries of key documents. Complete documents will be made available as part of the due diligence process or at closing.
[End of Exhibits]