Mr. Paul Cataford reports

LOOP ENERGY ANNOUNCES TERMINATION OF AMALGAMATION AGREEMENT AND STATUS OF STRATEGIC REVIEW

Loop Energy Inc. has terminated the amalgamation agreement between Loop Energy, H2 Portable Power Corp. and 1465123 B.C. Ltd. entered into on Feb. 9, 2024, and the transaction contemplated therein will not be completed. Discussions with H2P continue, and the company intends to undertake a very limited marketing process; however, there can be no assurance that Loop Energy will be able to conclude a sale transaction or strategic combination or obtain additional financing. If the company is unable to conclude a sale transaction, strategic combination or raise additional funds, it will be required to consider alternatives that may not see Loop Energy continue as a going concern. The board of directors of Loop Energy intends to provide an update prior to the end of May.

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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