BUILDS ON TURTLE’S PARTNERSHIP WITH CADENZA INNOVATION TO DELIVER NEXT-GENERATION LITHIUM-ION BATTERY TECHNOLOGY AND ENERGY STORAGE SOLUTIONS

LINDEN, N.J., October 4, 2022 – Turtle & Hughes, one of the nation’s leading electrical and industrial distributors, today announced a strategic investment in Cadenza Innovation, a growth-stage company that has developed a patented technology platform – the ‘superCell’ – which is enabling a new generation of safe, high-performing, low-cost lithium-ion (Li-ion) batteries and energy storage solutions. Turtle’s investment builds on its existing supplier partnership with Cadenza Innovation and reinforces the company’s commitment to delivering greener business solutions that empower customers to achieve their sustainability goals. The terms of the deal were not disclosed.

With the recent signing into law of the historic Inflation Reduction Act (H.R. 5376), there is an increased level of urgency to develop the U.S. battery manufacturing base and supply chain infrastructure to enable grid modernization, expand EV charging infrastructure and support renewable energy growth. Aligning with that mission, Turtle’s investment will help facilitate Cadenza Innovation’s future plans to significantly expand its domestic and international manufacturing capacity for Li-ion batteries.

“Strategic partnerships show their value when they advance as ours has with Cadenza Innovation, both in market opportunities and financial growth,” commented Kathleen Shanahan, Turtle & Hughes CEO. “Like Turtle, Cadenza Innovation has proven to be an industry leader by developing groundbreaking technology that will help solve our critical environmental challenges. As a woman-owned diversity business ourselves, we are proud to partner with Cadenza Innovation, which was founded and is operated by CEO Dr. Christina Lampe-Onnerud, one of the world’s pre-eminent battery experts.”

Among her industry roles, Dr. Lampe-Onnerud serves as the chair of the DOE-appointed Li-Bridge Commercialization and Competitiveness committee, a U.S. Department of Energy initiative committed to accelerating the development of a robust, secure domestic supply chain for lithium-based batteries. A two-time World Economic Forum Technology Pioneer and former co-chair of its Global Future Councils, she is a board director with the New York Battery and Energy Storage Technology (NY-BEST™) Consortium, a coalition working to build a vibrant, world-class, advanced battery and energy storage sector in New York State.

“Together, we will penetrate the urban market for safe and cost-effective lithium-ion energy storage batteries,” said Dr. Lampe-Onnerud. “When combining Turtle’s deep customer relationships with Cadenza Innovation’s cutting-edge battery systems, we will enable U.S. leadership and also solutions to climate change.”

Eliminating risk of fires and explosions, Cadenza Innovation’s award-winning, U.S. Department of Defense-tested and UL registered superCell technology platform fuels urban deployments due to its safe, flexible and space-efficient design, bolsters utility grid resilience and powers a range of uses in the transportation and commercial and industrial sectors. Later this year, Cadenza Innovation will unveil its cloud solution that enables customers to manage deployed distributed energy resources, an end-to-end battery manufacturing execution system and equipment automation to support the expansion of its battery manufacturing in the U.S. and abroad.

Turtle & Hughes entered the energy storage market in 2019 under the leadership of Ken McCauley, Executive Vice President (C: 732-540-5710). It was a natural extension of Turtle’s expertise in building sustainable resilient redundancy in the delivery of energy services. It also aligned with the company’s focus on expanding its sustainable solutions to customers, which include: microgrids, EV charging, lighting upgrades, and solar and wind balance of systems.

About Cadenza Innovation, Inc.

Founded in 2012 by lithium-ion battery experts with more than 125 patents, Cadenza Innovation is capitalizing on its intellectual property, field-proven operational and mass production expertise and partner network to establish itself as a leader in safe, low-cost and energy-dense storage solutions. The founding team has held key roles at lithium-ion battery cell, pack and system provider Boston-Power, investment firm Bridgewater Associates, consulting firm Arthur D. Little and other globally respected organizations. Cadenza Innovation is funded by the U.S. Department of Energy, Golden Seeds, the states of New York, Connecticut and Massachusetts, Rockwell Automation and private investors. The company’s corporate headquarters and advanced technology development labs are based in Connecticut. For more information, visit www.cadenzainnovation.com.

About Turtle & Hughes

Turtle & Hughes will celebrate its 100th year in business in 2023. It is an independent, woman-owned business that services the industrial, construction, commercial, electrical contracting, export and utility markets. Turtle & Hughes Integrated Supply division (THIS), services Fortune 100 companies operating nationwide, and in Canada, Puerto Rico and Mexico.