LONDON, UK: Pineapple Power Corporation has entered into a non-binding heads of terms to acquire 100% shares in Ilios Hydrogen Canada Limited, based in Vancouver, B.C., subject to legal, financial and other due diligence and entry into a legally binding sale and purchase agreement.

Illios Hydrogen is a privately held, Canadian based, international developer of green hydrogen production plants with an existing portfolio of five sites being developed in Italy and other development activities in Canada, with a pipeline of additional international sites already identified for further expansion, including in the United Kingdom.

Led by highly regarded industry leaders in the alternative energy sector with a strong track record, llios is an early entrant in the green hydrogen sector with a distinct advantage, having secured several valuable sites.  The high ROI plants being developed will utilise proven technology that will initially produce a carbon-neutral supply of 20MW per plant in Italy, and will be modular, allowing for expansion to a maximum capacity of 100MW per site.

The Company has engaged certain advisers, and will engage other professionals, to rapidly progress the requisite due diligence and the preparation of transaction documentation including the sale and purchase agreement and the prospectus.

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