Press Release

Edison Motors Receives Environmental Approval To Sell Hybrid Trucks, Files Annual Financial Statements and Updates Financing

May 5, 2026 Donald, British Columbia

Donald, British Columbia, May 5, 2026 - Edison Motors Ltd. (“Edison” or the “Company”) is pleased to announce that it has received approval from Environment and Climate Change Canada (ECCC) to manufacture its class 8 heavy-duty hybrid vehicles in Canada with diesel-electric drivetrain. This long-awaited approval comes after the Company had already received approval to manufacture the equivalent truck in a diesel-only format and allows the Company to build both formats for its customers from its new fabrication facilities in British Columbia. The new facilities are well advanced and expected to be completed during Q3 2026 and will allow the Company to ramp-up to a capacity of 125 vehicles per annum, depending on orders. To date, one Class 8 prototype vehicle and one Class 5 conversion have been successfully delivered to demonstration partners for testing and another 3 vehicles are expected to be delivered in 2026.

The Company is also pleased to report that it has recently filed its audited consolidated financial statements for the fiscal years ended December 31, 2025 and 2024, prepared in accordance with International Financial Reporting Standards (IFRS). As a result, the Company has updated its Offering Memorandum (“OM”) for non-qualifying issuers under Form 45-106F2, such that non-accredited investors in Canada may have an opportunity to subscribe to its ongoing private placement financing (the “Offering”). The Offering consists of up to 363,637 common shares of the Company (“Common Shares”) issued at a price of $55 CAD per Common Share for gross proceeds of up to $20 million CAD.

To date, Edison has raised a total of approximately CAD $14M under the Offering, which represents the Company’s broader financing initiative launched in 2025. The ongoing OM portion of its Offering is being conducted through an online investment platform operated by FrontFundr Financial Services Inc. (“FrontFundr”).

The Company intends to use net proceeds from the Offering to (i) complete construction of the necessary production facilities in Donald B.C. in order to build and commission additional vehicles, including prototypes and eventual commercial orders, and (ii) increase its general working capital. The Company’s objective is to bring Class 8, Heavy Duty, Speciality Service Vehicles and Class 5 Chassis kits into production using Electric, Hybrid Electric & Diesel propulsion. Further details regarding the proposed use of proceeds and the Company’s business objectives are set out in the OM, available online at the Company’s dedicated offering page at: www.frontfundr.com/edisonmotors.

Compensation will be paid in respect of the Offering to FrontFundr in its capacity as selling agent, as more particularly described in the OM. No other commissions or agent fees are expected to be paid as part of the Offering.

The OM portion of the Offering is only open to Canadian investors, who need not be accredited investors. The Company may open additional investment opportunities under the Offering for Canadian investors who qualify as eligible or accredited investors under National Instrument 45-106, accredited investors in the United States pursuant to Rule 506(c) and Regulation D under the United States Securities Act of 1933, as amended, and investors in other international jurisdictions in accordance with applicable local laws. The Company will provide an update should the scope of the Offering be expanded.

The Company is not a reporting issuer in any province or territory in Canada and its securities are not listed on any stock exchange in Canada and there is currently no public market for its securities to be resold. As such, the common shares will be subject to a hold period pursuant to applicable statutory exemptions, until the date that is four months and one day, after the date the Company becomes a Reporting Issuer in any province or territory of Canada (subject to any control person distribution restrictions) in accordance with National Instrument 45-102 – Resale of Securities.

Readers can find additional information about the Company on our website https://www.edisonmotors.ca/investing. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful, including in the United States of America.

About Edison Motors

Edison Motors Ltd., is a Canadian based company whose principal business activity is the prototyping, commercialization and manufacturing of EV heavy duty trucks & drivetrains. In 2023, Edison built North America’s first EV Plug-in Hybrid Class 8 semi truck prototype, fully assembled in British Columbia, that was successfully tested and licensed on Canadian public roads in 2024. The Company continues to build prototypes for customers that are seeking vehicles to add to their fleets that offer durability, lower operating costs and higher capacity.

For further information, visit edisonmotors.ca.

Cautionary Statement: This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the size and use of proceeds of the Offering, the timing and ability of the Company to close the Offering, if at all, the Company carrying out a private placement under the OM exemption, the payment of any commissions or agent fees in connection with the Offering, the proposed use of proceeds from the Offering, the completion of its fabrication facilities and timing thereof, and the potential for the development, commercialization and sale of Class 8, speciality service, electric, electric-hybrid, diesel, commercial vehicles and electric conversion kits for existing light, medium and heavy duty trucks and its objective to bring Electric, Hybrid Electric & Diesel Commercial Vehicles and Conversion kits into production in 2026 or later (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, including but not limited to, the Company’s ability to successfully complete the Offering on terms favorable to the Company, its ability to obtain necessary regulatory approvals and to comply with applicable laws, market acceptance of its products, the ability to secure key personnel and resources, and the absence of material adverse changes in economic conditions, laws, or regulations affecting its business operations. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended.

There are numerous risk factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information in this news release. These risks include, but are not limited to, the inability to raise the full amount of the Offering, the Company’s failure to comply with all applicable laws, potential regulatory action, risks related to the Company’s ability to execute its business strategy, changes in market conditions, fluctuations in demand for the Company’s products or services, the availability of financing on acceptable terms, competition, regulatory changes, and other risks inherent in the Company’s industry. In addition, unforeseen events or circumstances could arise that may impact the Company’s operations or financial performance. For a comprehensive discussion of these and other risks, readers are encouraged to review the risk factors set forth in the OM.

The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as required by law.