Mr. Bernard Tourillon reports

HPQ AND Novacium SIGN MOU WITH U.S. BASED ECELLIX INC, A SILICON-DOMINANT ANODE DEVELOPER AND MANUFACTURER

HPQ Silicon Inc. and its affiliate company based in Lyon, France, Novacium SAS, have signed a memorandum of understanding (MOU) with United States-based silicon-dominant anode developer and manufacturer Ecellix Inc.

Ecellix is a cleantech company based in Seattle, Wash., that has developed eCell, an ultrahigh-capacity porous silicon-carbon anode material that enables a new class of lithium (Li)-ion batteries that offer significantly higher energy density than today's industry standard batteries. The eCell technology presents an easy-to-scale solution that is adaptable to a wide variety of battery formats, applications and specifications. At scale, Ecellix is positioned to be the low-cost market leader (cost per kilowatt-hour (kWh)) in the expanding global advanced battery anode material sector.

"This MOU marks a significant step for HPQ," said Bernard Tourillon, president and chief executive officer of HPQ Silicon and Novacium SAS. "We are excited to have this opportunity to partner with a cleantech sector leader like Ecelllix to explore how we can integrate our innovative silicon technologies into Ecellix's vision to build a Gigafactory in the near future."

"This MOU presents an incredible opportunity to progress Ecellix's mission of providing innovative and cost-effective clean energy storage solutions," said Jerry Schwartz, founder and CEO of Ecellix. "HPQ Silicon and Novacium SAS are global leaders in the renewable energy sector, and we look forward to partnering with them to advance their innovative technologies."

"Our goal is to position HPQ Silicon and Ecellix at the forefront of the energy storage revolution by supplying cutting-edge silicon base materials for next-generation batteries," added Mr. Tourillon and Mr. Schwartz. "This collaboration is a significant step towards achieving this joint vision."

The signed MOU provides a framework and pathway for HPQ and Novacium to become:

• Ecellix silicon technology partner, producing the silicon material needed for the Ecellix battery manufacturing process;
• The dedicated silicon material supplier deploying scalable manufacturing facilities near Ecellix's planned gigafactory locations.

Over the coming months, HPQ and Novacium will be focusing on:

• Manufacturing material to ascertain its alignment with Ecellix requirements;
• Testing Ecellix materials' properties for potential enhancements using Novacium patented carbon layer surface treatment.

"Through this process, we aim to enhance the quality and efficiency of silicon anode material production, a key component in battery manufacturing. This will play a vital role in meeting the growing demand for energy storage solutions," said Jed Kraiem, PhD, Novacium chief operating officer (COO).

"The world needs better batteries, and no one company will do this on their own. It will take dedicated collaboration from experts in numerous fields to bring this change. We're thrilled to enter this MOU that will bring together the materials expertise of HPQ with our ground-breaking approach to silicon anodes," said Dr. Geoff Deane, Ecellix's chief technology officer (CTO).

About Novacium SAS

Novacium is green technology startup based in Lyon, France, started in Q3 2022. It is the result of a partnership between three of France's leading research engineers, Mr. Kraiem, PhD, COO, Oleksiy Nichiporuk, PhD, chief technology officer, and Julien Degoulange, PhD, chief investment officer, who founded Novacium as a new research and development company focused on developing renewable energy technologies, including partnering with HPQ Silicon, a Canadian company, to develop new silicon technologies and other renewable energy projects.

About HPQ Silicon Inc.:

HPQ Silicon is a Quebec-based TSX Venture Exchange Tier 1 industrial issuer.

HPQ is developing, with the support of world-class technology partners PyroGenesis Canada Inc. and Novacium SAS, new green processes crucial to make the critical materials needed to reach net-zero emissions.

HPQ activities are centred around the following four pillars:

1. Becoming a green low-cost (capital expenditures and operating expenditures) manufacturer of fumed silica using the fumed silica reactor, a proprietary technology owned by HPQ being developed for HPQ by PyroGenesis;
2. Becoming a zero-carbon-dioxide low-cost (capex and opex) producer of high-purity silicon (2N+ to 4N) using the company's Purevap quartz reduction reactor (QRR), a proprietary technology owned by HPQ being developed for HPQ by PyroGenesis;
3. Becoming a producer of silicon-based anode materials for battery applications with the assistance of Novacium;
4. HPQ Silicon affiliate Novacium is developing a low-carbon, chemical-base on-demand and high-pressure autonomous hydrogen production system.

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