ALUULA Secures Funding to Advance Maritime Defence and Coast Guard Materials

ALUULA secures a CAD $730,000 ITB-backed R&D project for marine defence materials, co-funded with IBERCISA and UBC’s Composites Research Network.

Rhea-AI Summary

ALUULA Composites (AUUAF) signed a milestone-based funding agreement on September 17, 2026 tied to Canada's Industrial and Technological Benefits (ITB) Policy.

Under ITB requirements linked to Seaspan Shipyards' Coast Guard vessel contract, Seaspan’s partner IBERCISA Deck Machinery will fund 50% of a CAD $730,000 research and development project at ALUULA, with ALUULA providing the other 50%. ALUULA will conduct the R&D with the University of British Columbia’s Composites Research Network to optimise, test and validate its high-performance composite materials for defence shelter and cover applications on land and at sea. The project supports ALUULA’s focus on ultra-light, strong, recyclable marine materials and broader commercial and industrial uses.

Positive

• CAD $730,000 R&D project funded 50% by IBERCISA and 50% by ALUULA
• Collaboration with UBC’s Composites Research Network to advance defence and marine materials

Negative

• None.

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Victoria, British Columbia--(Newsfile Corp. - September 21, 2026) - ALUULA Composites Inc. (TSXV: AUUA) (OTCQB:AUUAF) ("ALUULA" or the "Company") announces that on September 17, 2026, it has signed a milestone staged funding agreement as a result of Canada's Industrial and Technological Benefits ("ITB") Policy. The ITB Policy contractually requires companies that have been awarded coast guard or defence procurement contracts to undertake business activity in Canada equal to the value of the contracts won. Through this program, a major contract has been awarded to Seaspan Shipyards to design and build six new vessels for the Coast Guard.

As part of the ITB Policy requirements within Seaspan's contract, Seaspan's Spanish partner IBERCISA Deck Machinery has agreed to fund 50% of a $730,000 CAD research and development project to be undertaken by ALUULA. ALUULA will fund 50% of the project and conduct R&D in collaboration with the University of British Columbia's (UBC) Composites Research Network (CRN). Together, as part of this project and other ongoing work, ALUULA and CRN will explore further optimisation, testing and validation of ALUULA's high-performance composite materials for defence shelter and cover applications on land and at sea. All parties related to the funding agreement are at arm's length.

Advancing Canadian businesses

"We appreciate the ITB program and Seaspan for supporting a performance-driven, innovative, and sustainable business like ALUULA," said Sage Berryman, CEO & President of ALUULA. "Initiatives like these are vital to building a resilient, prosperous future for Canadian industry. Funding like this will help accelerate our ability to bring leading-edge, recyclable composite solutions for maritime defence, while strengthening Canadian talent, R&D, and manufacturing capacity."

ALUULA Marine - developing recyclable materials to meet the ocean's demands

This investment marks a milestone in helping to advance ALUULA's mission to develop innovative and sustainable composite materials, aligning with the Company's focus on commercial industrial applications. This includes defence projects, such as ultra-light, ultra-strong, sustainable portable shelters, particularly for extreme cold or challenging environments. ALUULA's patented materials are eight times stronger than steel for equivalent weight and are recyclable. They are purpose-built to meet the rigorous demands of the sea-being strong, lightweight, waterproof and high-performing, even under extreme cold, ultraviolet exposure and saltwater conditions.

About ALUULA Composites

ALUULA is an ultra-light, high-performance and recycle-ready composite materials brand that enhances the performance of outdoor gear as well as commercial and industrial equipment. Proudly owned and manufactured on the Canadian west coast, ALUULA's innovation is driven by a deep understanding that equipment does not need to sacrifice performance for sustainability. ALUULA's materials are known for their unique construction capabilities and their ability to make products lighter, stronger, and more sustainable.

aluula.com | (TSXV: AUUA) & (OTCQB: AUUAF)

About Seaspan

Seaspan is a key partner to Canada's National Shipbuilding Strategy, with a track record of supporting domestic innovation through responsible investment in Canadian companies. By upholding its ITB obligations, Seaspan fosters a thriving innovation ecosystem benefitting Canada's economy and environment.

About IBERCISA Deck Machinery

Ibercisa Deck Machinery S.A. is a Spanish technology company specializing in the design and manufacturing of naval deck machinery for all types of vessels, including fishing, merchant, tug, navy and oceanographic ships.

On behalf of the Board of Directors for ALUULA,
Sage Berryman
Chief Executive Officer
1-888-724-2470

For ALUULA investor inquiries, please contact:

1-888-724-2470, ext. 4
IR@aluula.com

For ALUULA media relations, please contact:

media@aluula.com

TSX Venture Exchange

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements, including, but not limited to: the ITB Policy, the collaboration with CRN, funding commitments by Ibercisa and ALUULA and the Company's defence projects. These statements are based on assumptions subject to significant risks and uncertainties as described in the Company's management discussion and analysis. Because of these risks and uncertainties and as a result of a variety of factors, performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315319

FAQ

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What is the purpose of the new R&D project involving ALUULA?

The project will support further optimisation, testing and validation of ALUULA’s high-performance composite materials for defence shelter and cover applications on land and at sea, including maritime environments.

How does Canada’s Industrial and Technological Benefits (ITB) Policy relate to this funding?

The ITB Policy requires companies awarded coast guard or defence procurement contracts to undertake business activity in Canada equal to the value of the contracts. As part of Seaspan Shipyards’ ITB obligations on its Coast Guard vessel contract, its partner IBERCISA Deck Machinery agreed to fund 50% of ALUULA’s CAD $730,000 R&D project.

Who are ALUULA’s partners in this project and what are their roles?

IBERCISA Deck Machinery will provide 50% of the CAD $730,000 funding, ALUULA will provide the remaining 50% and carry out the research, and the University of British Columbia’s Composites Research Network will collaborate with ALUULA on optimisation, testing and validation of the composite materials.

What performance characteristics does ALUULA highlight for its composite materials?

ALUULA states that its patented materials are eight times stronger than steel for equivalent weight, are recyclable, and are designed to be strong, lightweight, waterproof and high-performing under extreme cold, ultraviolet exposure and saltwater conditions.