Exploits Valley Renewable Energy Corporation Successfully Advances to Stage 2 of Crown Lands Call for Bids for Wind Energy Projects As One of Nine Chosen Projects Out of a Proposed 24 Projects

Exploits Valley Renewable Energy Corporation

Exploits Valley Renewable Energy Corporation

Update on Stage One of Crown Land Call for Bids for Wind-Hydrogen Development

TOWN OF BOTWOOD, Newfoundland, July 18, 2023 (GLOBE NEWSWIRE) — EXPLOITS VALLEY RENEWABLE ENERGY CORPORATION (“EVREC”) is pleased to announce its successful passage of stage one of the Crown Lands Call for Bids for wind-hydrogen development in Newfoundland & Labrador.

Under the bid process of the Ministry of Industry, Energy and Technology of Newfoundland & Labrador (“IET”), EVREC has demonstrated its ability to bring a world-class team with proven execution capability, a commitment to environmental stewardship, technological innovation and leadership and a strong community engagement process in its successful outcome of the stage one process.

The stage two review will further assess EVREC’s experience, the proposed project, financing plan, electricity, and infrastructure requirements (energy, water, other infrastructure), community and Indigenous engagement, and social and economic benefits to Newfoundland & Labrador.

If EVREC is successful in the Crown Land Call of Bids process, it will be granted an exclusive right to pursue the proposed project’s development through the Government of Newfoundland and Labrador’s Crown land application and approval process. The relevant crown lands will be held in reserve until that process is completed.

Stage two is expected to be completed by the end of August 2023.

As a father of three children, I take my role as an investor and leader in the energy transition as not only my profession but a duty and legacy to pass on to our future generations. As a Canadian, I am honored to be given a chance to support Canada’s global policy leadership and its execution manifested through the current process in Newfoundland and Labrador. I would like to thank the IET team for all their hard work in analyzing the 20,000+ pages of submitted materials over the 24 project applications these past months. We are confident in the work we have done to support our project’s feasibility and look forward to working with the IET team through the balance of the defined process.

Most importantly, I would like to thank our local partners, the Town of Botwood, Exploits Valley Port Corporation, and Qalipu Holdings LP, a wholly owned company of the Qalipu First Nation. I would also like to thank the 14 separate groups which wrote letters in support of our application and the 450+ people who allowed us into their communities and provided their honest and constructive feedback at our outreach meetings held as part of our submission process. Together, these groups make up the social fabric of Central Newfoundland.

Over the past year, we have worked closely with the groups mentioned above and other community leaders and engaged with people one-on-one in many forums. It is clear to me that Central Newfoundlanders are very proud of their region and its history as an economic engine for the province, understand the benefits of a project like EVREC’s and what it will mean for their communities. Our constructive engagement has shown me that Central Newfoundland is open to participating in this industry with a partner that can adequately demonstrate its commitment to responsible stewardship of the region’s assets. We look forward to continuing the discussion in Central Newfoundland, reaching out to everyone we can about our project and demonstrating that we are that partner for Central.”

James Colter Eadie, Founder and Chief Executive Officer, EVREC
jceadie@evrec.energy, +40736372724

“We are pleased that the EVREC proposal for wind-hydrogen development in our region has advanced to the next stage. The EVREC team has worked tirelessly to develop this project; they should be commended for their diligence and engagement with the community. We know the potential of our region – we are very excited about what the future holds.”

James Sceviour, Mayor, Town of Botwood
jfsceviour@gmail.com, 1-709-486-6040

Qalipu Holdings is extremely pleased to hear EVREC has successfully moved on to the second stage of the province’s proposal review process. This company has assembled an exceptional international team and has worked diligently with Qalipu Holdings to ensure inclusion in a world-class, environmentally sustainable project. We have been extremely impressed by their commitment to ensuring Qalipu engagement at every level.”

John Davis, CEO, Qalipu Holding LP
john.davis@qalipudevelopment.com, (709) 634-1053

About Qalipu First Nation

Qalipu First Nation is part of the Mi’kmaq Nation, whose territory extends from Maine to Quebec, through the Maritime Provinces and into Ktaqmkuk (Newfoundland). This territory is also known as Mi’kma’ki. The band, one of the largest in Canada, has a membership of some 25,000 people and is made up of 67 traditional Mi’kmaq communities on the island.

About Qalipu Holdings

Business and commercial development for the Qalipu First Nation is led by Qalipu Holdings LP, an arms-length business owned by the band. Its primary mandate is to manage its existing business operations and seek new investment and joint-venture opportunities. Functioning primarily as a holding company, it liaises extensively with members, business organizations, stakeholders, and government. Its predominant mandate is to prospect for new opportunities and business partnerships which can be established to generate new revenue for the band.

About the Town of Botwood/Exploits Valley

Botwood is a town of 2,800 residents situated on the shores of the beautiful Bay of Exploits in Central Newfoundland. Located just over 10 km off the TCH, Botwood is a twenty-minute drive from Grand Falls-Windsor and four hours from the provincial capital, St. Louis. John’s.

Essential amenities are close at hand – schools, health care, recreation facilities, shopping, churches, and even a local airstrip for smaller aircraft. With many community groups, organized activities, and a strong connection to nature, Botwood has much to offer those looking for a quiet place to live.

The Exploits Valley Region has a population of over 22,000 and more than 500 businesses. Properties in the region remain quite affordable, as is the general cost of living and the cost of doing business. The Exploits Valley is a great place to do business.

About Exploits Valley Port Corporation (“EVPC”) and Port of Botwood

EVPC is the owner/operator of the Port of Botwood. Botwood Harbor has hosted vessels worldwide for over 200 years and has been the industrial gateway to Central’s historic resource-based industry since the late-1880s. Botwood’s large sheltered deep-water harbor that is ice-free year-round makes it ideal for many marine activities and commercial enterprises. With modern wharf facilities and a strategic location, the Port of Botwood is poised once again to become a hub for the new frontier opportunities at the forefront of Canada’s global leadership in the energy transition.

Scott Scivior, Chair, EVPC,
sceviour33@gmail.com,
1-709-486-3033

About Exploits Valley Renewable Energy Corporation

EVREC is a leading renewable energy transition company focused on large-scale, complex energy transition projects with its current focus on Newfoundland and Labrador.

CAUTIONARY NOTES

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding EVREC’s anticipated development of a project in Central Newfoundland, the Company’s strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied, or forecast in such forward-looking statements. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences. to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events, or circumstances or otherwise, except as required by law.

For more information, please contact:

J. Colter Eadie
Chief Executive Officer
Exploits Valley Renewable Energy Corporation
+40 736-372-724
jceadie@evrec.energy

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