Universal Hydrogen and Avmax Announce Firm Order for Hydrogen Conversion and Fuel Services for 20 Regional Aircraft

"Canada is the largest regional turboprop market in the world putting a responsibility on companies like Avmax to identify and adopt the technologies that enable us to thrive while reducing environmental impact," said Scott Greig, SVP and head of Avmax Aircraft Leasing Inc. Today, Universal Hydrogen Co., the leader in hydrogen fuel services and aircraft conversions, announced that Avmax Aircraft Leasing Inc. placed a firm order to convert 20 regional aircraft to run on green hydrogen. Within this order, Avmax has the flexibility to select between Universal Hydrogen's ATR 72-600 and Dash 8-300 conversion kits. Further, Universal Hydrogen will provide hydrogen fuel to power both Avmax's leased and owned fleets. Avmax, a large regional lessor, engineering house, MRO, and global aircraft operator, could also become a maintenance and MRO partner to Universal Hydrogen given the company's solid North American operating footprint and aircraft conversion capabilities.

"This order is an important step for Canada's sizable regional aviation market, which is home to the largest turboprop fleet in the world with nearly 300 Dash-8s and 50 ATRs servicing over 120 airports," said Paul Eremenko, co-founder and CEO of Universal Hydrogen. "As air travel volumes return to pre-pandemic levels, expansive nations like Canada are revitalizing regional routes to reconnect communities and spur economic activity. We're excited to collaborate with Avmax to bring hydrogen to Canadian skies."

"Rapidly curtailing our contribution to aviation's carbon impact requires looking at how we operate our fleets. Universal Hydrogen's regional conversion kits allow our existing and future fleet to run on green hydrogen, and Universal Hydrogen is simultaneously unlocking cost-competitive and scalable logistics for hydrogen fuel," continued Greig. "Offering our customers true-zero-emissions products and services sets us apart, and we hope to see other airlines in Canada follow suit. We see green hydrogen as the only solution to fully decarbonizing the industry and we're thrilled Universal Hydrogen started its work by tackling regional aircraft solutions."

About Universal Hydrogen

Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites directly to the airplane anywhere in the world. The company is targeting regional and narrowbody/single aisle airplanes as the near-term and most impactful decarbonization opportunities. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen.

About Avmax Aircraft Leasing Inc.

??Avmax Group Inc. ("Avmax") strives to simplify its customers' aviation needs through dependable, globally integrated services with trusted results. Established in 1976, Avmax has continuously grown its capabilities to include Aircraft Leasing, Spares, MRO, Airline Operations, Engine Sales & Leasing, Aerospace Insurance, Avionics, Component Repairs, Engineering, and Paint. Avmax is a global company with locations in Australia, Canada (HQ), Chad, Kenya, Mexico, Singapore, the United Kingdom, and the USA.

Avmax's Engineering division is a Transport Canada authorized Design Approval Organization (DAO), and the Maintenance division is a Transport Canada authorized Maintenance, Repair, and Overhaul (MRO) organization. Visit our website at www.Avmax.com for more information.