Mr. Kyler Hardy reports

NU E POWER CORP. ENTERS INTO A LETTER OF INTENT TO ACQUIRE DILOO ENERGY CORP

NU E Power Corp. entered into a letter of intent on Sept. 18, 2024, to acquire 49.0 per cent of the issued and outstanding shares of privately held Diloo Energy Corp., a Canadian green hydrogen developer that is majority owned and operated by indigenous Canadians. Diloo is developing 120 megawatts of clean energy in Alberta by permitting and constructing green hydrogen infrastructure. Through this acquisition, Nu E is afforded a strategic opportunity to expand both its asset base and development focus to include a broader range of green energy production, representing a key source of power to support the green energy transition.

As consideration for the acquisition, the company will issue common shares in the capital of Nu E to certain shareholders of Diloo based on a transaction valuation of $4.0-million and at an exchange ratio to be determined at the time of signing the definitive agreement.

The transaction contemplates that Diloo and Nu E will enter into an operating agreement and shareholders agreement, which will provide for the financing of Diloo projects in accordance with the ownership ratio.

The company also wishes to announce that Brock Stewart has resigned as the chief executive officer, effective immediately, and will be continuing on as Nu E's chief development manager. John Newman, who is currently the chief financial officer of the company, has been appointed as the interim chief executive officer.

On completion of the acquisition, Devon Sandford will be appointed to the role of CEO. Mr. Sandford brings expertise in operations and finance with a proven record of founding and building high-growth businesses. Mr. Sandford is the CEO of Diloo and has been involved in various stages of construction of Nu E's flagship project in Alberta, Lethbridge One.

"The natural evolution of a solar asset owner is to look for the green molecule solution. I firmly believe that the world has decided on hydrogen, and I look forward to bringing my expertise and knowledge of both solar and hydrogen to the NU E team," said Mr. Sandford.

"The acquisition of Diloo and retention of its key management and partnerships with indigenous Canadians helps to position Nu E as a responsible contributor to North America's energy supply," said Kyler Hardy, non-executive chairman of Nu E. "The strategic transaction is expected to rapidly increase the breadth and scale of production of energy by Nu E in the coming 12-month period by introducing near-to-construction green hydrogen to a complementary solar portfolio that will have its first project energized early in [fourth quarter] of 2024."

The acquisition is subject to standard closing conditions, including the approval of the Canadian Securities Exchange. Subject to receiving the approval of the CSE and the satisfaction of other closing conditions, including the completion of due diligence and execution of a definitive agreement, the acquisition is expected to close in Q4 2024. There are no assurances the Diloo transaction will be completed on the terms outlined herein, or at all, as there is no definitive agreement at this time.

About NU E Power Corp.

NU E is a green energy company focused on developing, construction and operating clean and renewable energy infrastructure across North America. The company has a partnership with Low Carbon Canada Solar Ltd., a subsidiary of the United Kingdom-based renewable major, Low Carbon Investment Management Ltd., to facilitate non-dilutive investment into the company with the goal of developing up to two gigawatts of renewable energy projects in Canada by 2030.

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