10 August 2026

H-Power plc

("H-Power" or the "Company")

Successful completion of the first phase of Joint Development Agreement with Komatsu Ltd and agreement to commence final phase

H-Power plc (AIM: HPOW), a leading provider of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions at a commercially viable price point, is pleased to announce the successful completion of the first phase of its Komatsu Joint Development Agreement ("JDA") programme. Under the JDA, announced on 10 February 2026, we are working together to design and integrate H-Power's proprietary ammonia cracking technology with a Komatsu industrial internal combustion diesel engine to assess the feasibility of a new ammonia fuelled engine platform capable of scaled production.

The second, and final, phase is to deliver the build out and demonstration of H-Power's ammonia cracker integrated with Komatsu's engine and is scheduled to take place from September 2026 through to December 2027. Successful operational delivery under the JDA would potentially provide Komatsu customers with an alternative, sustainable solution for their fleets of construction and mining plant equipment, thereby introducing H-Power's technology into a further business vertical with a significant addressable market.

As previously announced, the contract value for this project is cUS$2 million.

Komatsu is one of the world's leading manufacturers of construction, mining, forestry, and industrial heavy equipment and is listed in Tokyo and Osaka, Japan, with a market capitalisation of approximately US$ 40 billion.

John Wilson, CEO of H-Power, commented:

"We are delighted to enter into the final phase of this agreement with Komatsu, which further strengthens our partnership and validates the inherent value of our proprietary ammonia cracking technology to global players through helping heavy industry to decarbonise its operations and fleets of equipment."

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ABOUT H-POWER

H-Power plc (formerly known as AFC Energy Plc) is a leading provider of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions. Our market-leading decentralised ammonia cracker and fuel cell generator products are engineered to unlock the low carbon hydrogen market by meeting customers' needs with scalable, reliable supplies of low carbon hydrogen and power. H-Power is enabling customers to decarbonise at a price that is commercially viable.

We are focused on the successful commercial rollout of our core product suite and on creating significant shareholder value by converting our growing opportunity pipeline into contracted orders and delivering sustained revenue growth.

Our core strategy is to develop and deploy products that enable the production of scalable, reliable supplies of clean hydrogen at commercially viable prices and without reliance on government subsidies or incentives. H-Power achieves this through our proprietary, decentralised and modular ammonia cracker technology, and providing low carbon, off‑grid power solutions with our fuel cell generators that are competitive with, and capable of displacing, diesel generators on a total cost of ownership basis.

The Company's modular, decentralised ammonia cracker systems have production capacities of approximately 0.5 and 4 tonnes of hydrogen per day respectively. These enable the generation of scaled volumes of low carbon hydrogen at the point of use within a highly compact footprint. Our systems have the potential to drive substantial revenue growth across a wide range of addressable markets, including hard‑to‑abate industrial facilities, transportation and power generation applications.

H-Power's fuel cell generator systems are currently offered with generation capacities of 30 kW and 200 kW. They are well-suited to off‑grid, decentralised and temporary power applications, including the displacement of diesel generators on construction and infrastructure sites. Further use cases include electric vehicle charging for cars, buses and trucks, as well as charging of battery‑powered non‑road machinery, with additional emerging opportunities in maritime, data centre and rail applications.

H-Power is listed on the London Stock Exchange's AIM Market and headquartered in Dunsfold, Surrey, UK.

Please read more on our website https://h-power.co.uk and follow us on LinkedIn