COnovate Secures Successful Seed Round, to Accelerate Completion of Key Commercialization and Development Milestones

FOR IMMEDIATE RELEASE

Wauwatosa, WI – January 27, 2025 – COnovate, Inc., a pioneering nanomaterials startup, is thrilled to announce the successful closure of its seed round with key support from its existing investors. This funding will be instrumental in supporting the team’s deliver their patented eCOphite™ materials as a revolutionary anode material for the battery industry.

Building on this momentum, the COnovate team will turn its focus on attainment of key scaling and commercialization milestones.

The fundraising efforts will complement significant non-dilutive federal funding from the U.S. Department of Energy (DOE) and the National Science Foundation (NSF). These funds, awarded through the DOE’s Advanced Materials and Manufacturing Technologies Office (AMMTO) and the Critical Materials Accelerator Grant, will support the scale-up of eCOphite powder production and advanced battery validation testing.

“Our progress in this seed round is a testament to the confidence our investors and partners have in the transformative potential of eCOphite composites,” said Dr. Carol Hirschmugl, CEO of COnovate. “With the combined support of private investors and federal funding, we are positioned to lead the charge in delivering a sustainable, high-performance alternative to battery-grade graphite.”

Scaling Up Innovation COnovate’s eCOphite active anode materials is groundbreaking for lithium-ion batteries, offering:

• Higher Energy Density: Doubling lithium capacity compared to traditional graphite.

• Faster Charging: Enhancing efficiency for consumer and industrial applications.

• Sustainability: Addressing supply chain challenges with domestically sourced, renewable materials.

COnovate aims to accelerate the commercialization of their eCOphite active anode materials, unlocking new opportunities in clean energy storage. As a domestically bio-sourced solution, eCOphite composites reduce dependence on foreign imports, strengthening U.S. supply chains and supporting local materials innovation.

Join COnovate’s Growth As the COnovate team closes this fundraising round, investors and industry partners are invited to collaborate on this groundbreaking journey. Together, we can redefine the future of energy storage with innovative, sustainable materials.

“Tundra Angels is thrilled to invest in COnovate, which we believe represents the future of battery technology. They have already demonstrated exceptional performance benefits and the timing could not be better.”

About Tundra A Green Bay based angel investor network that delivers capital, connections, and customers to early-stage startups.

About COnovate COnovate’s focus is on reshaping the anode material supply chain for lithium-ion batteries with a clean, higher performing advanced carbon material. This material is made from bio-sourced feedstock mitigating current dependencies on high-risk geographies for graphite, while offering improved performance, safety and seamless adoption with current manufacturing infrastructure and battery designs. The Company is seeking manufacturing partners and investment to scale this eCOphite material and complete validation with its collaborators.

For more information on COnovate and its cutting-edge technologies, visit www.conovateinc.com.

Contact: Dr. Carol Hirschmugl CEO, COnovate Phone: 414-248-0846 Email: dr.carol.h@conovateinc.com