Market Overview

AEV Technologies and Club Car Form Partnership to Expand All-Electric Utility Vehicle Innovation for Commercial Markets

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AEV
Technologies, Inc
., designer and manufacturer of compact, light-duty
emissions-free electric vehicles for urban, commercial, consumer and
government markets, together with Club
Car®
, a global leader in golf, consumer and
utility vehicles and a brand of Ingersoll Rand, announce a partnership
that will provide new, all-electric utility vehicle opportunities for
both companies.

The partnership leverages AEV Technologies' expertise in manufacturing
and designing high quality, automotive-grade electric vehicles, and its
established and proven international supply chain, with Club Car's
extensive dealer network and more than 60 years of experience in
providing innovative solutions that meet ever-evolving customer needs.

AEV and Club Car's first collaboration includes a light duty, compact,
all-electric and emissions-free utility truck vehicle, initially branded
the Club Car 411. The vehicle is designed for a multitude of
applications ranging from campus environments, warehouse and logistics,
city government, utilities, and university markets.

"AEV Technologies is excited to partner with Club Car to provide
cost-effective, clean energy fleet alternatives that optimize budgets
and increase efficiencies," said Rod Keller, CEO, AEV Technologies.
"Together we can expand our offerings by building vehicles that require
significantly less maintenance, are more affordable to acquire or lease
and deliver a lower cost of ownership."

With speeds up to 45 mph and a range of up to a 50-miles, the Club Car
411 offers the conveniences of traditional automobiles, including
DOT-compliant parts, automotive-style suspension and drive systems,
standard steering wheels, and braking/acceleration pedals.

"Club Car offers a wide range of reliable and long-lasting utility and
transportation vehicles with innovative technology and progressive
solutions," said Brant Mitchell, Club Car's portfolio leader for
commercial utility. "Our partnership with AEV and its established and
experienced domestic and international automotive supply chain partners
reinforces Club Car's commitment to provide new and sustainable vehicle
options for our customers and the many markets we serve."

About Club Car, a brand of Ingersoll Rand

Ingersoll Rand (NYSE:IR) advances the quality of life by creating
comfortable, sustainable and efficient environments. Our people and our
family of brands – including Club
Car®
Ingersoll
Rand®
Thermo
King®
 and Trane® –
work together to enhance the quality and comfort of air in homes and
buildings; transport and protect food and perishables; and increase
industrial productivity and efficiency. We are a global business
committed to a world of sustainable progress and enduring results. Club
Car has been one of the most respected names in the golf industry for
more than half a century. The Club Car product portfolio has grown to
include much more than golf cars, now encompassing golf and commercial
vehicles, multi-passenger shuttle vehicles, rough-terrain and off-road
utility vehicles and street legal low-speed vehicles for commercial and
consumer markets. For more information, visit www.clubcar.tvwww.clubcar.com or www.ingersollrand.com.

About AEV Technologies

Founded in 2017, Texas-based AEV Technologies, Inc. designs and
manufactures compact, sustainable electric vehicle solutions for urban
and community transport, local on-demand and last mile delivery, closed
campus mobility, recreational, and government use. One hundred percent
emissions-free, multi-purpose and capable of accommodating a broad range
of commercial and consumer requirements, AEV Technologies' vehicles are
the emerging leaders of safe, affordable, efficient, and sustainable
logistical transportation solutions. Discover more about AEV
Technologies at aevgo.com.

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