Mr. Frank Carnevale reports

CLEANTECH POWER CORP. ENTERS INTO LETTER OF INTENT FOR COLLABORATIVE ENERGY PROJECT DEVELOPMENT

Cleantech Power Corp. has entered into a non-binding letter of intent (LOI) with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp., to explore a collaborative energy project development. PowerTap Hydrogen Fueling is a leading provider of on-site hydrogen fuelling stations. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low-carbon-intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within 180 days, setting out the terms and conditions of the collaboration. The company does not anticipate issuing any securities in connection with a potential transaction unless the FTFCTO (failure-to-file cease trade order) (as defined below) has been lifted by the British Columbia Securities Commission (BCSC).

Under the LOI, Cleantech and PowerTap intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies' value propositions with customers by combining PowerTap's hydrogen fuelling technology with Cleantech's fuel cells and power development projects.

"The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America," said Frank Carnevale, chief executive officer of Cleantech Power. "By delivering hydrogen to customers' sites, we bridge the divide that enables hydrogen to be used on our combined heat and power (CHP) systems and other proprietary technology."

Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling, stated: "We are excited about the opportunity to integrate Cleantech Power Corp.'s assets into our product stack. This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions."

Corporate update

As announced on June 2, 2023, the company is currently subject to a failure-to-file cease trade order. The FTFCTO will remain in effect until the receipt by the BCSC of all filings the company is required to make under British Columbia securities law, including the annual financial statements for the year ended Dec. 31, 2022, and the related management discussion and analysis, as well as the requisite chief financial officer and CEO certifications (the required documents). The company is working with its auditor to complete the required documentation.

Further, as announced on April 4, 2023, Cleantech is currently working toward securing certain fuel cell assets which are currently under administration by a Belgian bankruptcy trustee.

Two thousand twenty-three priorities

On March 6, 2023, the company announced 2023 priorities, and the ability to deliver hydrogen more immediately to potential customers in North America greatly enhances Cleantech's ability to market long-term renewable CHP projects for customers.

Cleantech will utilize this opportunity to further enhance financing opportunities with low-to-no-carbon power solutions, as well as approaching existing sales prospects with the need for long-term baseload affordable renewable and reliable power.

About Powertap Hydrogen Capital Corp.

PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States. PowerTap's patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refuelling needs of the automotive and long-haul trucking markets that lack hydrogen fuelling infrastructure.

Cleantech Power Corp.

Cleantech Power is a diversified investment platform developing affordable, renewable and reliable power assets and clean technology. 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 Power is well positioned to deliver power to the people in the global energy transition while offering a diversified clean tech growth platform for investors.

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