AmmPower Signs Memorandum of Understanding with the Port of Corpus Christi to Provide Green Hydrogen Energy Solutions

Toronto, ON – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce that it has entered into a Memorandum of Understanding with the Port of Corpus Christi Authority (“PCCA”) to explore the development of a green hydrogen used as feedstock for green fuel and green derivatives production, storage and distribution facility. As previously announced on January 10, 2023, AmmPower has been named as one of the Private Sector Partners in the Port of Corpus Christi Authority’s Horizons Clean Hydrogen Hub.

PCCA has emerged as the nation’s preeminent gateway for exporting low carbon energy to international markets due to PCCA’s ability to provide access to a deep draft channel, land for site location and close proximity to renewable energy. PCCA has voluntarily purchased electricity from 100% renewable sources since 2017 and has also been an Environmental Protection Agency Green Power Partner since 2021.

“This is an important step forward for AmmPower to be able to work with the Port of Corpus Christy Authority with the aim of creating one of the leading clean energy ports in the world. The green fuel made with hydrogen feedstock is intended to be produced by AmmPower’s facility and will be used as fuel for next generation ships as well as a medium to transport green energy on a global basis,” said Dr. Gary Benninger, AmmPower CEO and Executive Chairman.

AmmPower is evaluating the feasibility of working with PCCA to explore the development of a large green hydrogen feedstock for green fuel facility, to produce, store and distribute these derivatives for use as a carbon free fuel and a carrier of hydrogen energy. The facility will produce green hydrogen rich derivatives for domestic and export markets. AmmPower possess an expert team, led by Dr. Zhenyu Zhang, whom are global experts in hydrogen feedstock and transfer to green fuel production.

This project, led by Maarten Mobach, President of AmmPower Maritime and long-time industry veteran, will be one of the first renewable energy projects of this scale, at one of the larger working ports in the world. Mr. Mobach states, “having been involved in a number of large port construction and infrastructure projects over the past 40 years, I can truly say this is a remarkable moment. The pivotal shift to green energy is a very important one. This will be the first of many projects in the maritime industry that will help transition towards green energy.”

On Behalf of the Board of Directors

Gary Benninger, Ph.D.

Chief Executive Officer

About AmmPower

AmmPower is a clean energy company focused on the production of green ammonia. The Company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking’, or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. AmmPower currently holds several LOIs with ports in Brazil, the United States, and is currently completing its IAMM™ prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.

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Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s development of proprietary technologies. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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