Ms. Natalie Arseneau reports

LOOP ENERGY PROVIDES UPDATE AND ANNOUNCES EARNINGS RELEASE DATE

Loop Energy Inc. has provided a corporate update, including an update on the previously announced review and evaluation of strategic alternatives, and has released the earnings release date for its third quarter financial results.

Corporate update: Following its corporate update on Sept. 19, 2023, wherein the company announced the continuation of its previously disclosed strategic review process combined with a cost reduction program, including a reduction in its work force, as well as a greater business development focus on fuel cell stack design, development, production and testing, Loop Energy wishes to provide a further update:

• Divestiture of the module business: The company has executed its first non-binding letter of intent and is considering other non-binding proposals for the acquisition of components of its module business. It is anticipated that any potential acquirers may become customers of its hydrogen fuel cell stack business.
• Third party development engagements: The company has responded to a request for a proposal to develop a new hydrogen fuel cell stack and is actively in discussions with a number of other parties with respect to fuel cell stack engineering and design services.
• New investment: The company is engaged in discussions with potential new investors interested in supporting a smaller and more tightly focused company.
• Update on strategic alternatives: The change in ownership of the company's financial adviser and the strategic direction of its new owner has required a termination of its engagement as financial adviser to Loop Energy for the strategic alternative review process. Going forward, interested parties are encouraged to contact the company directly.

Earnings release date: The company will be releasing its third quarter results after the close of markets on Nov. 9, 2023.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow technology in the fuel cell stack's bipolar plates. eFlow technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cell stacks, which lowers operating cost for end-users while enabling original equipment manufacturers to achieve lower capital cost and faster time to market. Loop Energy works closely with its partners to enable the production of hydrogen electric solutions.

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