Mr. John Newman reports

NU E POWER CORP. ANNOUNCES FIRST TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND SHARES FOR DEBT AND SERVICES CLOSING

NU E Power Corp. has provided the following corporate updates.

Private placement

The company has closed the first tranche of its non-brokered private placement offering of 1,766,666 units in the capital of the company at a price of 30 cents per unit for gross proceeds of up to $530,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 35 cents per warrant share for a period of 24 months after the closing date of the offering.

The net proceeds from the sale of the units will be used for general working capital and advancing certain solar projects in Canada. In connection with the offering, the company may engage certain arm's-length parties which may receive a cash finder's fee payment and/or warrants to purchase common shares in the capital of the corporation in consideration of securities that are sold to subscribers introduced by such parties. Any cash finder's fee payment and/or warrants will be subject to the approval of, and will be issued in accordance with the rules of, the Canadian Securities Exchange.

The company anticipates closing the balance of the financing in the coming week.

Debt settlement

The company has issued the shares to settle outstanding indebtedness of the company in the aggregate amount of $486,785, pursuant to the terms of debt settlement agreements with certain non-arm's-length and arm's-length creditors. In settlement of the debt, the company has issued an aggregate of 1,216,963 common shares in the capital of the company to the creditors at a price of 40 cents per common share.

Shares-for-services transaction

The company has also issued an aggregate of 1,081,250 common shares at a price of 40 cents per common share to certain staff and directors of the company. The shares for services have been issued in lieu of cash payments for past services rendered and in lieu of cash payments for bonuses in the aggregate of $432,500.

The issuance of shares for debt to Cronin Services Ltd., the principal of which is a director of the company, and the issuance of shares for services to John Newman and Devon Sandford, each an executive officer of the company, will each be considered to be a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security holders in Special Transactions). The issuance of the shares for debt and shares for services, as it relates to the related parties, is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.

All common shares issued under the shares for debt and shares for services are subject to a hold period of four months and one day from the date of issuance (May 8, 2025). The shares for debt and shares for services remain subject to final acceptance by the Canadian Securities Exchange.

About NU E Power Corp.

NU E is a green energy company focused on the developing, construction and operating of 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 renewables 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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