Mr. John Newman reports

NU E POWER CORP. ANNOUNCES CONVERSION OF PROMISSORY NOTES INTO CONVERTIBLE DEBENTURES

NU E Power Corp. has closed a conversion of existing promissory notes, together with accrued interest, totalling $403,153.37, into unsecured convertible debentures with an aggregate principal amount of $403,153.37.

The debentures will mature on June 23, 2026, and each debenture will bear simple interest at 6.0 per cent per annum, calculated and paid on the maturity date in cash.

Holders of the debentures will be entitled to convert the principal amount of the debentures at any time on or prior to the maturity date into common shares of the company at a conversion price of 15 cents per common share, subject to standard adjustments for up to 2,687,690 common shares.

The debentures (including the underlying common shares) are subject to a statutory hold period of four months plus one day following the closing date of the offering.

About Nu E Power Corp.

Nu E Power is a green energy company focused on the 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 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.