Dynamic Map Platform to Acquire EnerTech Portfolio Company Ushr

EnerTech’s Vision and Support Recognized as ‘Fundamental’ to Outcome

PHILADELPHIA & TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/HDMaps?src=hash” target=”_blank”gt;#HDMapslt;/agt;–EnerTech
Capital
(“EnerTech”) today announced the signing of a definitive
agreement under which Dynamic Map Platform Co., Ltd. (“DMP”) has agreed
to acquire Ushr, Inc. (“Ushr”). Upon closing, the deal will establish a
single, enhanced platform for accelerated development and delivery of
high-definition (HD) mapping solutions for autonomous vehicles and
advanced driver-assistance systems. DMP and Ushr provide high quality HD
maps in Japan and North America, respectively. EnerTech, a venture
capital firm that invests in energy innovation and technology, is Ushr’s
largest financial investor.

“EnerTech’s strategic vision and leadership were fundamental to the
founding of Ushr and in reaching this agreement,” said Bruce Gordon, CEO
of Ushr. “Their expertise, network, and resources, not to mention their
willingness to roll up their sleeves and work as a partner with
management and stakeholders have been invaluable.”

Ushr was created in 2017 as a spin out of the automotive mapping
business unit of a separate EnerTech portfolio company, GeoDigital, a
Canadian company specializing in geospatial mapping services and
software. Ushr’s market leading HD map technology was integrated into
General Motors’ Super
CruiseTM
, the industry’s first true hands-free advanced
driver assistance system for the highway, and first-to-market in the
2018 Cadillac CT6. When combined with vehicles equipped with sensors and
software enabling autonomous driving, Ushr’s HD maps allow self-driving
cars to safely operate on mapped roadways, providing precise lane
centering, smooth control through curves, and the ability to anticipate
roadway changes.

“The agreement announced by Ushr and DMP is the result of a tremendous
amount of hard work by all stakeholders involved,” said Scott Ungerer,
Founder and Managing Director of EnerTech Capital and Chairman of the
Board of Ushr. “The success we’ve experienced at Ushr since inception in
an extremely dynamic and competitive market environment has been
rewarding and we look forward with excitement to the next chapter of
growth for the combined businesses upon closing.”

In 2017, EnerTech spearheaded the strategy and spinout of GeoDigital’s
automotive mapping business unit to form Ushr, providing the
opportunity, independence and resources needed for success in the
rapidly evolving market for advanced mobility solutions.

“The features and functionality that will redefine ‘driving’ in the
coming years are being sourced from new providers including young
technology companies that may or may not have started life in the auto
industry,” said Bob Lutz, former Vice Chairman of General Motors and
Member of Ushr’s Board of Directors. “Investors like EnerTech, who
provide the vision, resources, expertise, and patience needed to help
these companies recognize and seize new opportunities, are critical to
the success of future developments in advanced mobility markets.”

The transaction is subject to customary closing conditions including
receipt of regulatory approval. Terms of the agreement have not been
disclosed.

About EnerTech Capital

EnerTech Capital is a venture capital firm that invests in energy
innovation and technology, including Digital Networks, Connected
Buildings, Mobility and Optimization. EnerTech was founded in 1996 and
is currently investing from its fourth fund. To date, the firm has
managed over $500 million, invested in 72 companies, and delivered 39
exits. The firm has offices in Philadelphia, Toronto, Delray Beach,
Boston, Montreal, San Francisco, and Calgary. For more information,
please visit www.enertechcapital.com.

About Ushr, Inc.

Ushr Inc. offers automotive manufacturers accurate and comprehensive
high-definition map technology. Located at the epicenter of automotive
development in Detroit, Ushr’s technology and software are shaping the
evolution of self-driving technology by providing customers with the
reassurance that the paths their vehicles travel are safe, smart and
predictable. For more information, please visit www.ushrauto.com.

About DMP

Dynamic Map Platform Co., Ltd. is a company that provides research,
development and commercialization of high precision 3 dimensional (3D)
map data used in the realization of autonomous driving and safe-driving
support systems, beginning with Japan’s motorways and expanding to
overseas markets. For more information, please visit www.dynamic-maps.co.jp/en.

Forward-Looking Statements

This release may contain “forward-looking statements,” which include
information concerning plans, objectives, goals, strategies, future
revenues or performance, capital expenditures and other information that
is not historical information. When used in this release, the words
“outlook,” “forecast,” “estimates,” “expects,” “anticipates,”
“projects,” “plans,” “intends,” “believes,” and variations of such words
or similar expressions are intended to identify forward-looking
statements. All forward-looking statements are based upon current
expectations and beliefs and various assumptions. There can be no
assurance that these benefits or that these expectations will prove
correct. There are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements
contained in this release. Numerous factors, many of which are beyond
control, could cause actual results to differ materially from those
expressed as forward-looking statements. Other risk factors include
those that are discussed in filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date on
which it is made, and no obligation is undertaken to update any
forward-looking statements to reflect events or circumstances after the
date on which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances.

Contacts

EnerTech Capital
Gian Vergnetti
+1 (484) 539-1876
gvergnetti@enertechcapital.com

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