Mr. Ian Clifford reports

CIPHER NEUTRON AND FUELPOSITIVE FORGE STRATEGIC PARTNERSHIP FOR MULTIPLE AEM ELECTROLYSER TECHNOLOGY ORDERS

Fuelpositive Corp. has placed its first purchase order with Canadian company Cipher Neutron Inc. for its unique anion exchange membrane (AEM) electrolyzer technology.

Cipher Neutron's green hydrogen AEM electrolyzers and reversible fuel cell technology can produce hydrogen without using any platinum group metals (PGMs), including platinum, iridium and ruthenium. This makes CN AEM electrolyzers one of the most affordable and sustainable solutions available commercially to produce high-volume and high-pressure green hydrogen. Cipher Neutron reversible fuel cells technology can be operated bidirectionally to generate electricity from hydrogen and hydrogen from water. Cipher Neutron reversible fuel cells offer a compelling alternative to conventional storage options like batteries, eliminating the need for frequent recharging and reducing long-term maintenance expenses.

Cipher Neutron's commercial technology, now available worldwide, is attracting interest from both strategic investors and end-users of the most efficient electrolyzers in multimegawatt and gigawatt projects across the globe.

Fuelpositive is manufacturing modular, containerized green ammonia production systems, with its first commercial system, the FP-300, capable of producing 100 tonnes of green ammonia on site, per year.

Fuelpositive has selected CN AEM green hydrogen electrolyzer technology as one of the most innovative and sustainable green hydrogen solutions in the world today. Upon successful testing and benchmarking by Fuelpositive, the Cipher Neutron AEM technology will be used to make green hydrogen to produce green ammonia in its commercial systems.

A Fuelpositive FP300 system can produce up to 300 kilograms of green ammonia per day, which requires 30 normal cubic metres of hydrogen produced by the AEM electrolyzer stacks. Fuelpositive plans to manufacture 30 FP300 systems over the next 12 to 18 months. Fuelpositive's integration of Cipher Neutron's electrolyzers for 30 FP300 systems would equate to 4.5 megawatts of commercial deployment of AEM electrolyzer stacks.

Ian Clifford, Fuelpositive's chief executive officer and chair, stated: "We are very excited to work with Canadian green hydrogen innovator and manufacturer Cipher Neutron. Fuelpositive is testing and benchmarking green hydrogen technologies worldwide for our systems. We were happily surprised to find out that one of the most promising and impressive green hydrogen technologies was here, right in our neighbourhood! Teaming up with Canadian technology companies and supporting the Canadian economy as we build our green ammonia solutions aligns with our mission as a company. If everything works out as expected, we hope this is the first of many transactions with Cipher Neutron."

Nelson Leite, chief operating officer and director of Fuelpositive, stated: "Cipher Neutrons AEM green hydrogen electrolyzer technology has the potential to be an essential component in operating our FP300 systems and beyond. Fuelpositive has built a world-class technology and manufacturing team, and this alliance positions the company for accelerated growth. Fuelpositive has successfully operated our core technology within our first pilot system."

Gurjant Randhawa, MEng, PEng, president and CEO of Cipher Neutron, concluded: "Cipher Neutron supports Fuelpositive in their commercialization of green ammonia. We are eager to work with Fuelpositive toward successfully integrating our AEM technology into their systems. Cipher Neutron and Fuelpositive share an understanding of the imperatives around global food security and sustainability and a desire to make conscious choices toward a sustainable future in agriculture and other critical sectors. Fuelpositive's green ammonia system and business model stand alone, reframing the status quo of a multibillion-dollar commodity industry. Cipher Neutron is excited to be part of this journey."

About Fuelpositive Corp.

Fuelpositive is a Canadian technology company committed to providing commercially viable and sustainable, cradle-to-cradle clean technology solutions, including an on-farm/on-site, containerized green ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia.

By focusing on technologies that are clean, sustainable, economically advantageous and realizable, Fuelpositive aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The Fuelpositive on-farm/on-site, containerized green ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green ammonia is also considered a key enabler of the hydrogen economy.

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