BioPower engages Signet Capital as its lead financial advisor to arrange a $450m private placement for the POWGEX-HYFI JOINT VENTURE

Aventura, Florida, May 19, 2023 (GLOBE NEWSWIRE) -- BioPower Operations Corporation (OTC Pink: BOPO) d/b/a as HYFI Corp., today announced Signet Capital has agreed to be the lead financial advisor of record and will arrange a $450 Million private placement for the first trance(s) of a green electricity generation project of the Joint Venture with POWGEX ENERGY called POWGEX-HYFI which intends to build, own and operate green electricity generating facilities for the next 45 years.

BioPower will own up to 19.99% of the joint venture and received a $50m equity investment in exchange for various deliverables including providing initial structured finance for $450 Million and our OEM relationships. BioPower has put together a consortium of Banks, Investment Banks and Institutions approved to provide Structured Project Finance BioPower owns 19.99% of the joint venture and BioPower has put together a consortium of Banks, Investment Banks and Institutions approved to provide Structured Project Finance for Electricity guaranteed by the Power Purchase Agreements from established off-takers. In the first year it is contemplated that the electricity installations will begin in the fourth quarter for approximately 1 gigawatt of power at a cost of approximately $2.25 Billion and subsequent years will target up to 5 GW of installed capacity, per year. A market leading Solar PV and Battery Storage OEM has been selected for the first GW deliverables to be provided and installed. BioPower will arrange via the HyFi Signet financial consortium the structured finance capital for these facilities and receive project development and advisory fees as a result.

A portion of the use of proceeds will enable, subject to certain terms and conditions, POWGEX Energy to buy 15% of BioPower Common Stock or 7,500,000 shares at $6.67 per share at a $333 Million valuation for $50,000,000 and get one Board of Director seat. HYFI will have one Board of Director seat on the JV and POWGEX will have 2 seats.

About BioPower Operations Corporation/ HYFI Corp.

BioPower Operations Corporation (OTC Pink: BOPO) is focused on project funding solutions and consultancy services in the green energy, environmental and infrastructure market.

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About Signet Capital

Signet Capital, LLC, is a boutique investment banking and structured finance services firm with extensive structuring and distribution capabilities for debt and equities securities. Signet Capital is able to effectively place and syndicate securities through our strong relationships with financial institutions, private equity firms and other investors providing access to unique sources of capital. Securities transaction execution is provided by Signet Securities, a FINRA, SIPC, and MSRB member broker dealer.

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POWGEX is a leading provider of ground-breaking and highly innovative green energy solutions for environmental issues, and the development of renewable power and infrastructure projects.

The management of POWGEX has a wide body of highly relevant knowledge and has vast experience creating relationships with numerous stakeholders to construct utility-scale renewable energy projects including hydrogen, solar, wind, and a broad variety of other renewable energy solutions. Innovative methods for protecting the environment and greener forms of energy.

POWGEX Energy provides a variety of carbon offsetting solutions for a broad variety of industries, including commercial, industrial, transportation, mining, and manufacturing applications. These carbon offsetting solutions may be found in POWGEX Energy's portfolio of products.

POWGEX Energy offers comprehensive solutions for the stabilisation of the renewable energy grid. These systems may incorporate generation, storage, intelligent control, and smart metering.

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This press release contains forward-looking statements that are subject to many risks and uncertainties. The forward-looking statements are not historical facts and constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from those expressed or implied. The words “will,” “contemplate,” “believe,” “expect,” “intend,” “may,” “can,” “could,” "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are not guarantees of the future as there are a number of meaningful factors that could cause the Company’s actual results to vary materially from those indicated by such forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate in the circumstances. Factors which could cause actual results to differ from expectations, many of which are beyond the Company’s control are discussed in the Company’s filings with the Securities and Exchange Commission (the “Commission”) including those identified under the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1, filed with the Commission on December 7, 2022, and as updated in subsequent filings with the Commission. The Company disclaims any obligation to update the information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

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