Nu E Power Corp. Enters into a Letter of Intent to Acquire Diloo Energy Corp

Calgary, Alberta--(Newsfile Corp. - September 18, 2024) - Nu E Power Corp. (CSE: NUE) (the "Company" or "Nu E") is pleased to announce that it has entered into a Letter of Intent ("LOI") on the 18th of September, 2024 to acquire 49.0% of the issued and outstanding shares (the "Acquisition") of privately-held Diloo Energy Corp. ("Diloo"), a Canadian Green Hydrogen developer that is majority owned and operated by Indigenous Canadians. Diloo is developing 120MW of clean energy in Alberta by permitting and constructing green hydrogen infrastructure. Through this acquisition, Nu E is afforded a strategic opportunity to expand both its asset base and development focus to include a broader range of green energy production, representing a key source of power to support the green energy transition.

As consideration for the Acquisition, the Company will issue common shares in the capital of Nu E (the "Consideration Shares") to certain shareholders of Diloo based on a transaction valuation of CAD$4.0m and at an exchange ratio to be determined at the time of signing the definitive agreement.

The transaction contemplates that Diloo and Nu E will enter into an operating agreement and shareholders agreement which will provide for the funding of Diloo projects in accordance with their ownership ratio.

The Company also wishes to announce that Mr. Brock Stewart has resigned as the Chief Executive Officer (the "CEO") effective immediately and will be continuing on as Nu E's Chief Development Manager. Mr. John Newman, who is presently the Chief Financial Officer of the Company, has been appointed as the interim Chief Executive Officer.

On completion of the Acquisition, Devon Sandford will be appointed to the role of CEO. Mr. Sandford brings expertise in operations and finance with a proven track record of founding and building high-growth businesses. Mr. Sandford is the CEO of Diloo and through has been involved in various stages of the construction of Nu E's flagship project in Alberta, Lethbridge One. "The natural evolution of a solar asset owner is to look for the green molecule solution. I firmly believe that the world has decided on hydrogen and I look forward to bringing my expertise and knowledge of both solar and hydrogen to the NU E team," said Devon Sanford.