Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce that Superior Propane and Charbone Corporation (“Charbone”) are collaborating to provide green hydrogen to commercial and industrial customers initially in Quebec, Canada. Superior and Charbone will leverage their collective expertise in mobile energy distribution and related logistics and green hydrogen production, respectively, to make hydrogen fuel an affordable and convenient energy option for companies looking to reduce carbon emissions, utilize green sources of energy and achieve sustainability goals across multiple industry sectors.

Under the terms of the letter of intent between the parties, Charbone will provide Superior with green hydrogen from its Sorel-Tracy, Quebec facility with initial deliveries expected as early as the third quarter of 2022. Superior Propane’s industry leading energy distribution business will be responsible for delivering hydrogen directly from Charbone’s facility to Superior’s customers. These customers include mining, power generation, transportation and industrial energy users. The arrangement between Superior Propane and Charbone is subject to negotiation and completion of the terms of definitive agreements and the construction of the Sorel-Tracy, Quebec facility.

“We are excited to be working with Charbone to offer green hydrogen to customers in Quebec, Canada,” said Luc Desjardins, Superior’s President and CEO. “Superior’s safety record, logistics network and best-in-class mobile energy distribution platform will enable Charbone to continue to expand its hydrogen supply business. Superior’s access to Charbone’s green hydrogen production will allow us to sell cost-effective green energy to current and new customers and aligns with our larger strategy to offer alternative energy products, including green and low carbon energy alternatives, to our customers by leveraging our existing energy distribution business.”

“The combination of Superior’s expertise in delivering portable energy solutions to a wide variety of industries with Charbone’s production of green hydrogen, will be a game changer related to the availability of zero carbon energy offerings to customers in Quebec,” said Rick Carron, President of Superior Propane.

“Our agreement with Superior to build an exclusive partnership is a very important milestone in the history of Charbone Corporation,” said Dave Gagnon, Chairman and CEO of Charbone. “The resulting agreement from this partnership will allow both parties to produce, develop, sell and distribute green hydrogen throughout an extensive network and offer Canadian industries a new alternative clean energy solution."

About Superior

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

About Charbone

Charbone Corporation is a Canadian green hydrogen group established in North America. The Company’s strategy consists in developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a provider of an environmentally friendly solution for industrial and commercial enterprises.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: investor-relations@superiorplus.com, Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to the expected commercialization and supply and logistics business opportunities related to green hydrogen, the expected completion of the Sorel-Tracy production facility and the negotiation and completion of definitive agreements between the parties and the expected timing of such events. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; that the Sorel-Tracy, Quebec facility will be constructed and operational in the anticipated time frame; that the successful negotiation of definitive binding agreement(s) will be achieved in the anticipated time frame. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

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