Polestar launches first bi-directional charging offer to customers

• Polestar takes first step in enabling bi-directional charging, launching vehicle-to-home (V2H) offer to Polestar 3 customers in California
• Innovative technology allows owners to lower total cost of ownership and increase the use of renewable energy
• Further benefits with dcbel’s home energy system mean Polestar 3 customers in California can reduce charging costs and use the car as blackout protection support for their home

Michael Lohscheller, Polestar CEO, says: “Bi-directional charging is a gamechanger, not only for the car industry, but the home energy ecosystem. As it lowers your total cost of ownership and makes your car work for you even when parked, this makes the choice of driving a Polestar even more attractive.”

Bi-directional charging technology allows electric cars to both charge and discharge energy from their batteries, with the capability to send energy to the user’s home or back to the electricity grid. As a result, the car can help reduce energy costs, act as a backup source for your home, support the local grid, and increase the use of renewable energy¹.

This initial bi-directional charging solution uses direct current (DC) and enables V2H functionality for Polestar 3 customers on the 400 Volt electrical architecture. The commercial offer is aimed at residents in California who can take advantage of local state incentives and includes the dcbel home energy system, Ara, and allows customers to reduce charging costs by up to 1,300 USD per year² and use their car as an energy backup during blackouts for up to 10 days³.

California residents can enjoy rebates as part of a California Energy Commission programme administered by dcbel, offsetting large parts of the investment for both the energy system and installation. More information on the V2H offer for Polestar 3 customers in California is available on https://polestar.dcbel.energy/.

Olivier Loedel, Head of Software product management at Polestar, says: “We are very excited to deliver this initial bi-directional charging offer together with our North American partner dcbel. It’s a new technology that requires a sophisticated and intelligent ecosystem, and this marks an important first step as we aim to launch bi-directional charging features to more Polestar customers in more markets.”

Polestar continues the development of bi-directional charging capability and plans to introduce a wider offer in the future. In Germany, with more European markets to follow, Polestar has launched a bi-directional-ready AC home charger together with partner Zaptec; the Zaptec Go2. Compatible with Polestar 3, this charger enables bi-directional charging when the feature becomes available for the car in the future.

1. Because wind and solar energy depend on weather, their electricity supply rarely matches real-time demand. Oversupply lowers prices, so initiating charging when prices are low usually means a higher use of renewable energy. By storing excess electricity from intermittent renewable energy sources, bi-directional charging can enable better utilisation of renewable energy, reducing the need for reliance on fossil fuel-based energy during peaks of demand.

2. Based on a modelled scenario for a PG& E customer on the EV 2-A rate plan. Assumptions include a 2,400 sq. ft. home with average monthly energy consumption of 1,275 kWh, and daily EV discharging at 7. 6 kW for 2 hours (approximately 288 kW h/month). Seasonal electricity rates used: $0.31/kW h in winter and $0.18/kWh in summer. Actual savings may vary depending on utility rates, energy usage, EV battery capacity, and user behaviour. This estimate is for informational purposes only and does not guarantee savings.

3. Based on 30 kWh use per day using the Polestar 3. Rationing power assumes 10 kWh use per day. Your results may vary based on energy usage.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 6 roadster and the Polestar 7 compact SUV. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

Forward-Looking Statements

This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.