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Quanergy Announces Expansion of Manufacturing Facility

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Investment will accelerate delivery of LiDAR sensors to meet global
demand

Quanergy Systems Inc., a global leader in the design and development of
LiDAR sensors and smart sensing solutions, today announced the expansion
of its current manufacturing facility located in Sunnyvale, California.
The expanded factory doubles the size of the facility and is part of
Quanergy's strategy to increase its global manufacturing capacity to
meet the increasing demand for the company's products.

Through advanced automation and the reduction of the footprint of each
manufacturing line, Quanergy plans to gradually increase its production
capacity at its newly expanded site by an order of magnitude, taking
into consideration market conditions. The expansion comes as a result of
Quanergy's business growth as well as increased demand for the company's
LiDAR sensors in the transportation, security, industrial automation and
mapping sectors. By adding manufacturing capacity, Quanergy will help
ensure reliable supply for its customers as it addresses the growing
demand for LiDAR sensors in existing markets and new growth segments
including robotics and smart spaces. The demand stems from the worldwide
growth in the LiDAR market as the number of applications that use the
technology increases steadily.

"As a growing number of industries realize the extent to which LiDAR
technology can bring intelligent situational awareness to various
applications, we have seen a dramatic increase in the demand for
Quanergy's LiDAR sensors," said Dr. Louay Eldada, CEO of Quanergy. "This
expansion further positions Quanergy to respond effectively to the
worldwide demand for our best-in-class LiDAR sensors, and helps us
deliver sensors faster to our customers while ensuring the highest
standards of technology and quality."

This announcement marks the latest expansion of the site in less than a
year. In December 2017 Quanergy announced the opening of an automated
production factory to mass produce the company's patented solid state
LiDAR sensors. Quanergy's workforce has grown to approximately 250
employees and the company will be hiring additional employees for the
expanded facility across a broad range of advanced manufacturing
positions, including both technical and non-technical roles.

Quanergy is currently the leader in LiDAR performance, reliability and
price. The expansion of its manufacturing facility positions it to
become the volume leader as well.

About Quanergy Systems, Inc.

Quanergy Systems, Inc. was founded in 2012 and builds on decades of
experience of its team in the areas of optics, photonics,
optoelectronics, artificial intelligence software and control systems.
Headquartered in Sunnyvale, California, in the heart of Silicon Valley,
Quanergy offers smart sensing solutions. It is the leading provider of
LiDAR sensors and perception software for real-time capture and
processing of 3D spatial data and object detection, identification,
classification and tracking. Its sensors are disruptive in price,
performance, reliability, size, weight and power. Its solutions are
applicable in numerous sectors including transportation, security,
industrial automation, 3D mapping, mining, agriculture, drones,
robotics, smart spaces and 3D-aware smart devices for improved safety,
efficiency and quality of life. For more information, visit www.quanergy.com.

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