Cipher Neutron and Western University Collaborate on Demonstration of Renewable Hydrogen With Support from IESO's Hydrogen Innovation Fund

Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - Cipher Neutron Inc. ("Cipher Neutron" or "CN") is pleased to announce that Western University has been selected to receive funding from the Government of Ontario (Canada) through the Hydrogen Innovation Fund of the Independent Electricity System Operator of the Canadian Province of Ontario (the "IESO"). This project is in close collaboration with Cipher Neutron.

Overall Project Scope

Cipher Neutron and Western University are working together on the project titled "Negative Emissions Technology for Pale Blue Hydrogen Production" (the "CN-UWO Project"). This demonstration study involves Cipher Neutron's proprietary AEM Electrolyser technology, integration of our AEM Electrolysers with Photovoltaic ("PV") solar panels and other technology advancements at Western University.

Project Milestones

The CN-UWO Project's opportunity provided by IESO will enable Cipher Neutron and Western University to accelerate the development of hydrogen technologies and benefit Ontario's electricity system, including use of hydrogen storage and generation to more efficiently balance supply and demand on the electricity grid, and potentially blending hydrogen into natural gas-fired turbines to be used at peak capacity of the grid.

Installation of Single Cell AEM System at Western University

Cipher Neutron has installed a proprietary single cell AEM stack which is now operational at Western University. As a result, Cipher Neutron and Western University have already established a good working relationship which will enhance the success of the CN-UWO Project.

Gurjant Randhawa, President and CEO of Cipher Neutron, stated, "We are very pleased and thankful that Cipher Neutron has been selected by IESO, along with Western University, to advance an innovative hydrogen technology project that is important for the Government of Ontario, Canadians, and global advocates of the fast-growing Hydrogen Economy. Our AEM Electrolysers are designed to deliver Green Hydrogen at affordable prices. Accordingly, with our new CN-UWO Project, we continue to improve our proprietary technology to expand its applications in diverse Green Hydrogen situations across the entire globe. We are very pleased to be collaborating with Dr. Amarjeet Bassi and his team at Western University to meet the project goals."

About The Hydrogen Innovation Fund

The Hydrogen Innovation Fund enables the IESO and project proponents to test existing and emerging technologies with a view to objectively determine how hydrogen resources can support reliability, affordability and sustainability.

In 2022, the Ministry of Energy of the Government of Ontario (Canada) asked the IESO to investigate and propose options to integrate low-carbon hydrogen technologies into Ontario's electricity grid for the purposes of balancing and strengthening the reliability of the electricity system and contributing to broader decarbonization.

The IESO works at the heart of Ontario's power system ensuring there is enough power to keep the lights on, today and into the future. The IESO is the coordinator and integrator of Ontario's electricity system. IESO system operators monitor the energy needs of the province in real time, 24 hours a day, 7 days a week, balancing supply and demand and directing the flow of electricity across Ontario's transmission lines. Based on a jurisdictional scan of comparable programs, discussions with stakeholders and the identified potential projects, the IESO proposed a total program budget of $15 million over three years.

The Hydrogen Innovation Fund enables the IESO and project proponents to test existing and emerging technologies with a view to objectively determine how hydrogen resources can support reliability, affordability, and sustainability.

About Western University

Western University is a public research university in London, Ontario, Canada. Western University is one of Canada's top research-intensive universities, ranking #1 in Canada and #3 in the world for sustainable development according to the 2022 Times Higher Education Impact Rankings.

About Cipher Neutron Inc.

Cipher Neutron is a rapidly growing disruptive technology company focused on AEM Electrolysers for Green Hydrogen production and Reversible Fuel Cells for power generation and Energy Storage Solutions. Cipher Neutron is a global group of scientists, engineers, technology developers, experts in hydrogen technology, investment bankers and people that have worked in hydrogen for decades. Cipher Neutron's innovative products, such as AEM Electrolysers and Reversible Fuel Cells have unique advantages over other Green Hydrogen production, power generation and energy storage solutions currently available in the global market. Please see: https://cipherneutron.com

For more information, please contact:

Gurjant Randhawa, CEO & President
Cipher Neutron Inc.
101 - 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (647) 803-0002
grandhawa@cipherneutron.com

Nancy Massicotte
Vice-President Corporate Development
Cipher Neutron Inc.
+1 (604) 507-3377
nancy@irprocommunications.com

Forward-Looking Statements: This news release may contain forward-looking statements regarding future events, financial performance, or business strategies of Cipher Neutron Inc. These statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in possible forward-looking statements. Cipher Neutron Inc. undertakes no obligation to update or revise any such forward-looking statements, if any, whether as a result of new information, future events, or otherwise. Cipher Neutron Inc. reserves the right to modify, amend or update any information in this news release without prior notice. Cipher Neutron Inc. is not required and may not inform readers of any such changes or any updates to this news release to reflect subsequent developments.

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