Mr. Paul Cataford reports

LOOP ENERGY ANNOUNCES ABILITY TO ENGAGE POTENTIAL NEW COUNTERPARTIES

All provisions relating to Loop Energy Inc.'s ability to solicit and consider alternative bids in the amalgamation agreement between Loop Energy, H2 Portable Power Corp. and 1465123 B.C. Ltd. dated Feb. 9, 2024, have been waived by H2P, allowing the company to reach out to and consider alternative bids from new counterparties without consequences.

As outlined in the amalgamation agreement, which is posted on SEDAR+, the outside date to complete the transaction with H2P is April 30, 2024, and as Loop Energy previously disclosed, the transaction with H2P cannot be completed without an amendment. As at the date of this announcement, no amendment has been proposed or agreed to. Accordingly, there can be no assurance that such transaction or a similar transaction will be completed on or prior to the outside date.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow technology in the fuel cell stack's bipolar plates. eFlow technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cell stacks, which lowers operating cost for end-users while enabling original equipment manufacturers to achieve lower capital cost and faster time to market. Loop Energy works closely with its partners to enable the production of hydrogen electric solutions.

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