Energy Harbor Announces Great Lakes Clean Hydrogen Partnership

AKRON, Ohio, Sept. 13, 2022 /PRNewswire/ -- Energy Harbor Corp. announced today they are joining forces with the University of Toledo, major industrial companies in the region, several DOE national laboratories and others to form a new industry-led coalition, Great Lakes Clean Hydrogen (GLCH), to transition the Midwest into a leading low-carbon fuel production center, attracting major investment, new businesses and job creation.

"This industry-led Hydrogen Hub coalition intends to ensure that the Midwest is a leader in a decarbonization transition so that regional industries and supply chains are globally competitive, and opportunities are created for workers and their communities," said Frank Calzonetti, vice president for research at The University of Toledo.

Utilizing the carbon free nuclear power generated by Energy Harbor's Davis-Besse Power Station, GLCH will produce clean hydrogen through water electrolysis aligned with the DOE's Hydrogen Shot goals and will result in near-term cost-effective decarbonization, pollutant reductions and high-paying employment opportunities. The focus on clean hydrogen production through electrolysis avoids the challenge of capturing and sequestering carbon dioxide.

Energy Harbor's, Chief Operating Officer and Chief Nuclear Officer, David Hamilton said, "We appreciate the opportunity to join this industry-led effort with so many other forward-thinking organizations. The development of the Great Lakes Clean Hydrogen project is an important step in the transformation of northwest Ohio and the regions around our nuclear plants into Clean Energy Centers (CECs) that will be the necessary 24/7 carbon free, infrastructure backbone of the US economy."

"This agreement and projects like the carbon free data infrastructure project at our Beaver Valley Nuclear Station, demonstrate that clean energy infrastructure development near our nuclear facilities will create additional jobs and economic growth for our local communities while generating tangible value for our shareholders. We look forward to the culmination of these efforts as we pursue Clean Energy Center (CEC) projects at our nuclear facilities in Ohio and Pennsylvania," said Energy Harbor President and Chief Executive Officer, John Judge.

About Energy Harbor

Energy Harbor is a highly reliable provider of carbon free baseload electricity committed to Environmental, Sustainability and Governance (ESG) principles critical to meeting the nation's emissions goals and accelerating the country's clean energy transition. Our success is driven by our unwavering employee commitment to safe, reliable operations, financial stability and best in class service to meet the energy and sustainability needs of our customers.

For more information on Energy Harbor visit www.energyharbor.com

Forward Looking Statements and Further Information

This press release contains "forward-looking statements." All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the "Company") expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "are expected to," "could" and "will continue"), are forward-looking statements. Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under "Risk Factors" available on the Investor Website (as described below) and the following important factors, among others, that could cause the Company's actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company's territories and markets; the Company's ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers' demand for power; and weather conditions affecting future sales, margins and operations.

Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.

Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the "Investor Website"). The Company advises that holders of the Company's securities should review all available information before making any decisions whether to buy or sell any of the Company's securities. Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.

SOURCE Energy Harbor