Hybrid Power Solutions Secures Government Test Order for Innovative Battery Power Systems & Amends Outstanding Secured Convertible Debentures

Rhea-AI Summary

Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) has received a test order for two Batt Pack Energy (BPEs) from a prominent U.S. government agency focused on emergency response. This order, facilitated through a strategic distribution partner, marks a significant step in Hybrid's relationship with key government bodies. The Batt Pack Energy offers clean, portable energy solutions suitable for various applications.

Key features of Hybrid's battery power systems include zero emissions, high portability, durability, reliability, and versatile application. This test order is an important milestone in Hybrid's efforts to supply clean energy solutions to government and emergency management sectors.

Additionally, Hybrid has amended the terms of its outstanding secured convertible debentures representing a principal amount of approximately $141,111. The maturity date has been extended by 30 days to November 16, 2024, and the conversion price has been decreased from $0.14 per share to $0.05 per share for the remainder of the principal amount.

Positive

• Received test order for two Batt Pack Energy systems from a U.S. government agency
• Potential for larger future orders in government and emergency management sectors
• Extended maturity date of convertible debentures by 30 days

Negative

• Decreased conversion price of convertible debentures from $0.14 to $0.05 per share, potentially leading to increased dilution

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) - Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) (FSE: E092) ("Hybrid" or the "Company"), a leading provider of clean energy solutions, is pleased to announce that it has received a test order for two Batt Pack Energy (BPEs) from a prominent U.S. government agency focused on emergency response. This order, facilitated through one of the Company's strategic distribution partners, marks a significant step in Hybrid's growing relationship with key government bodies.

The Batt Pack Energy, designed for highly efficient and sustainable power delivery, offers clean, portable energy solutions suitable for a wide range of applications. The test order signifies a potential shift in the adoption of greener, battery-powered solutions by government agencies in critical operations for rapid power deployment.

"We are excited about this initial test order and the opportunity to demonstrate the value of our technology in real-world, mission-critical environments where simplicity of operation and multiple charging sources is important," said Francois Byrne, CEO of Hybrid Power Solutions. "Our Batt Pack Energies are designed to provide reliable, zero-emission power in challenging conditions, and we believe this test could pave the way for larger orders in the future."

Key Features of Hybrid Power Solutions' Battery Power Systems

• Zero Emissions: Completely battery-powered for environmentally friendly operations.

• High Portability: Compact design that allows for easy deployment in the field.

• Durable & Reliable: Built for rugged environments and extreme conditions.

• Versatile Application: Can power a wide range of equipment, from communications to medical devices.

This test order is an important milestone in Hybrid's efforts to supply clean energy solutions to government and emergency management sectors. As the demand for sustainable, portable power grows, Hybrid Power Solutions is well-positioned to meet the needs of various sectors looking to transition away from traditional fossil fuel-based energy systems.

In addition, Hybrid Power Solutions Inc. announces that it has amended the terms of its outstanding secured convertible debentures representing a principal amount of approximately $141,111 (the "Debentures"). The Debentures are held by one arm's length party (the "Debentureholder") and were originally purchased in August, 2023 and amended in August, 2024 (see the Company's news releases dated August 29, 2023 and August 19, 2024 for more information). Pursuant to the previous amendment, the Debentures were set to mature on October 17, 2024, and the Debentureholder has agreed to extend this maturity date by 30 days to November 16, 2024. In addition, the conversion price of the previously amended Debentures has been decreased from $0.14 per share to $0.05 per share for the remainder of the principal amount. Other than the amendments disclosed above, the original terms of the Debentures remain in full force and effect.

On behalf of the Company:

Francois Byrne
CEO and Director

invest@hybridps.ca
1 (866) 549-2743
www.investhps.com

About Hybrid Power Solutions Inc.

Hybrid Power Solutions Inc. is a Canadian clean energy innovator listed on the Canadian Securities Exchange under the symbol "HPSS". The company specializes in developing sustainable energy solutions that redefine power access and storage across industries. With a focus on innovation and environmental responsibility, Hybrid continues to lead the charge in providing scalable, cost-effective power solutions for a greener future.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224287

FAQ

What is the test order Hybrid Power Solutions (HPSIF) received from the U.S. government agency?

Hybrid Power Solutions received a test order for two Batt Pack Energy (BPEs) systems from a prominent U.S. government agency focused on emergency response.

What are the key features of Hybrid Power Solutions' (HPSIF) battery power systems?

The key features include zero emissions, high portability, durability, reliability, and versatile application for powering a wide range of equipment in challenging conditions.

How has Hybrid Power Solutions (HPSIF) amended its outstanding secured convertible debentures?

Hybrid Power Solutions has extended the maturity date of the debentures by 30 days to November 16, 2024, and decreased the conversion price from $0.14 to $0.05 per share for the remaining principal amount of approximately $141,111.