Mr. Nick Blitterswyk reports

UGE ANNOUNCES NEW CHIEF OPERATING OFFICER, BOARD APPOINTMENT, AND KEY LEADERSHIP HIRES

UGE International Ltd. has appointed its new chief operating officer, member of the board of directors and other key hires.

Brandon McNeil joins as chief operating officer

Mr. McNeil has joined UGE as the company's chief operating officer, overseeing UGE's corporate operations. Mr. McNeilbrings over 18 years of energy transition experience and is a dedicated team builder and cultural architect.

Prior to joining UGE, Mr. McNeil served as the vice-president of energy and insights at Lightning eMotors, a leading commercial electric vehicle manufacturer. Mr. McNeil's team focused on building a full fleet electrification package, simplifying the process for fleets looking to electrify at scale. Mr. McNeil also served as the executive director of operations in his time at Lightning eMotors, building out the company's operations, supply chain and customer service organizations. Before joining Lightning, Mr. McNeil served as executive vice-president of manufacturing and operations for Ice Energy, a distributed energy storage company.

The company would like to thank Trevor Weed, who had previously been serving as UGE's COO, for his numerous contributions and wish him all the best in his new endeavours.

Scot Melland appointed to board of directors

Mr. Melland has been appointed to UGE's board of directors. Mr. Melland has over 30 years of experience investing in, growing, and operating technology companies in HR software, e-commerce and digital media. Mr. Melland is the former chairman and chief executive officer of DHI Group (NYSE: DHX), a global on-line recruiting firm, where he led the company through a successful turnaround, public offering and global expansion. He was co-founder and CEO of Vcommerce, an early e-commerce software company and has held executive positions at Cendant (CxLoyalty) and Ameritech (AT&T). Mr. Melland began his career as a management consultant with McKinsey & Company. He currently is on the board of BlueGrace Logistics and the advisory board of Stepstone GmbH. Mr. Melland holds a BS in economics with high honours from the University of Pennsylvania and an MBA from the Harvard Business School. Mr. Melland will occupy the seat previously held by Steve Markscheid, who served on UGE's board from August, 2021, to July, 2023. The company thanks Mr. Markscheid for his years of dedication and service to the company.

Leadership strengthened in key business areas

In addition to the company's new COO, UGE made three additional key hires in recent months, adding to the leadership capacity needed to bring its increasing project backlog to fruition as operating assets. The three department heads who recently joined UGE are Oceana Lamberto-Egan, managing director of engineering; Kristin Lundquist, director of projects; and Annalise Reichert, senior manager of project development. All three have already made positive impacts on the cohesion and efficiency of their respective teams and have demonstrated the significant value they each bring to UGE's operation as a whole.

Green bond oversubscribed

UGE is also pleased to announce that its overnight marketed green bond, announced July 31, 2023, has been oversubscribed. The company anticipates closing the offering within August, 2023.

About UGE International Ltd.

UGE develops, owns and operates commercial and community solar and battery storage projects. The company's distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 megawatts of global experience, the company works daily to power a more sustainable world.

We seek Safe Harbor.