Mr. Frank Carnevale reports

CLEANTECH POWER CORP. PROVIDES UPDATE ON STATUS OF MCTO AND CORRECTION ON WARRANT AMENDMENTS

Cleantech Power Corp. (formerly Alkaline Fuel Cell Power Corp.) is providing this update on the status of a management cease trade order granted on April 3, 2023, by the British Columbia Securities Commission under National Policy 12-203 -- Management Cease Trade Order (NP 12-203). On April 3, 2023, the company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements, and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2022, beyond the period prescribed under applicable Canadian securities laws.

The company reports that the audit is progressing and will provide a further update on the timing of its annual filings on or about May 29, 2023. The company is also progressing on completion of its interim financial statements and accompanying management's discussion and analysis for the first quarter ended March 30, 2023, and will provide a further update on or about May 29, 2023. Further updates on timing will be provided by the company as necessary.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's common shares.

Other than as disclosed in this news release, there are no material changes to the information contained in the default announcement. The company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue biweekly default status reports for so long as it remains in default of the annual filings requirement.

On May 5, 2023, the company previously announced that the company applied to the NEO Exchange to amend the terms of 44,163,554 common share purchase warrants issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021, and May 7, 2021. The company would like to revise the number of warrants to 44,196,506 warrants. The 44,196,506 warrants' expiry date has been extended to Aug. 7, 2023.

The exercise price of the warrants will remain at 20 cents. The company does not view the warrant amendments as material, and, therefore, disinterested shareholder approval is not required pursuant to the policies of the exchange, and the exchange has accepted the extension. The warrant amendments were passed unanimously by the board of directors of the company.

About Cleantech Power Corp.

Cleantech is a diversified investment platform developing affordable, renewable and reliable power and cleantech. The company brings "power to the people" today, combining a stable revenue stream with a future- forward vision to commercialize its advanced hydrogen fuel cell technology to meet the massive global market need and ultimately generate compelling returns for investors.

Cleantech is well positioned to deliver "power to the people" in the global energy transition while offering a diversified cleantech growth platform for investors.

We seek Safe Harbor.