Mr. Joel Dumaresq reports

CLEANTECH POWER CORP. PROVIDES CORPORATE UPDATE

Cleantech Power Corp. has provided a corporate update.

Frank Carnevale resigned as chief executive officer of the company. The board of directors of the company is actively seeking out a replacement candidate to act as chief executive officer.

Prior to his resignation, Mr. Carnevale was responsible for managing and overseeing the Belgian bankruptcy proceeding against Fuel Cell Power NV, which the company disclosed in a press release dated April 4, 2023, and July 6, 2023. During that time, the Belgian bankruptcy trustee overseeing the bankruptcy proceedings, sold, at auction, certain assets of Fuel Cell Power.

The company is working diligently with its advisers and board to undo the sale of the assets, reacquire the assets and/or oppose the bankruptcy proceedings (collectively, the remediation efforts). The company is in the process of engaging local counsel to assist with the foregoing remediation efforts. The company will provide further update as the remediation efforts materialize.

Further, as announced on June 2, 2023, the company is currently subject to a failure-to-file cease trade order (FTFCTO). 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 chief executive officer certifications. The company is working with its auditor to complete the required documentation.

About Cleantech Power Corp.

Cleantech is a diversified investment platform, developing affordable, renewable and reliable power and cleantech.

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.