Path2 Hydrogen AG: Path2 Hydrogen Enters Into Exclusive Option Agreement to Acquire ProtonH2

Lowest-Cost Low-CO2 Hydrogen Production for Leading Midstream Technology and Equipment

Path2 Hydrogen AG Enters Into Exclusive Option Agreement to Acquire ProtonH2

The planned acquisition will give Path2 Hydrogen the lowest-cost low-CO2 hydrogen production to complement its leading midstream technology and equipment.

Munich, Germany / Vancouver, Canada – October 30, 2025 – Path2 Hydrogen AG ("Path2 Hydrogen" or the "Company") (FRA:PTHH.DE), a listed German company focused on critical hydrogen technology, equipment and infrastructure, today announced that it has entered into a definitive option and exclusivity agreement to acquire ProtonH2, a private company with patented technology to produce large amounts of hydrogen from depleted oil reservoirs.

The agreement grants Path2 Hydrogen an exclusive right to acquire 100% of ProtonH2 within a defined option period, subject to customary closing conditions and due diligence, as well as shareholder and regulatory approvals. During this exclusivity phase, both companies will continue to work closely on strategic initiatives.

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ProtonH2's ISHG™ platform — a patented form of stimulated geologic hydrogen production — positions the company at the forefront of large-scale sub-USD1 hydrogen supply. The economics of the platform unlock rapid penetration into adjacent markets including hydrogen-to-power for data centers, fuel cell deployment, and hydrogen as an energy carrier for industrial supply chains — dramatically expanding the total addressable market.

The transaction would bring ProtonH2's technology platform, patents, pipeline, and commercialization roadmap under the Path2 Hydrogen umbrella — strengthening the Company's leadership in scalable, low-cost hydrogen production and supporting its long-term growth strategy in North America, Europe, the Middle East and Asia. ProtonH2's upstream capabilities are a uniquely positive match with GenH2, Path2 Hydrogen's existing midstream hydrogen portfolio company.

"This agreement represents a major step forward by combining scalable low-CO2 hydrogen production at less than USD 0.75/kg with the leading liquid hydrogen midstream technology," said Josh McMorrow, CEO of Path2 Hydrogen AG. "ProtonH2's advanced hydrogen production and power generation process complements our existing infrastructure and investment roadmap, adding both technological depth and global reach. Proton's ability to produce ultra-low carbon intensity hydrogen at a world-leading price, paired with GenH2's expertise in liquefaction, transfer and storage of hydrogen creates a compelling vertically integrated hydrogen company."

"Our planned combination with Path2 Hydrogen gives us the platform, balance sheet capacity and public-market visibility to scale what we believe is the most economic pathway to hydrogen and low-carbon power," said Paul Sandhu, CEO of ProtonH2. "Our ISHG™ process enables sub-USD 0.75/kg hydrogen production and ultra-low carbon intensity power capable of directly serving AI datacenters, industrial hydrogen offtake, and grid-integrated power needs. By aligning with Path2 Hydrogen and GenH2's liquid hydrogen infrastructure, we are positioned to move from a breakthrough technology to a global deployment platform."

The transaction is expected to be finalized upon completion of customary due diligence and regulatory review within the coming months.

About Path2 Hydrogen AG

Path2 Hydrogen AG (FRA: PTHH.DE) is a management holding company with a focus on the hydrogen infrastructure sector. The Company aims to create a vertically integrated hydrogen ecosystem supporting global energy transition objectives. In early 2025, Path2 Hydrogen acquired GenH2 Corp., a company specializing in liquid hydrogen technology and equipment.

About GenH2

GenH2 Corp. is a subsidiary of Path2 Hydrogen AG (FRA: PTHH.DE), a German company listed on the Frankfurt Stock Exchange. GenH2 is a technology leader in liquid hydrogen infrastructure systems, including Zero-Loss Controlled Storage and advanced hydrogen liquefaction. The company focuses on the production of standardized equipment to speed midstream infrastructure buildout for hard-to-decarbonize sectors. The technology team includes former NASA Hall-of-Fame scientists with decades of experience researching, engineering, and building hydrogen solutions.

About ProtonH2

ProtonH2 is a Canadian private company pioneering in-situ hydrogen production and low-carbon power generation. Its proprietary process and flagship Project Apollo aim to deliver hydrogen at costs below USD 0.75/kg while generating electricity with ultra-low carbon intensity — bridging the gap between industrial-scale hydrogen and next-generation power demand.