Pineapple Power Corporation plc (LSE:PNPL) announced that as of November 3, 2023 it has entered into a non-binding heads of terms with Ilios Hydrogen Canada Limited ("Ilios" or "Ilios Hydrogen"), based in Vancouver, B.C., Canada, to acquire 100% of the outstanding shares in Ilios in an all-share transaction, subject to legal, financial and other due diligence and entry into a legally binding sale and purchase agreement (the "Proposed Acquisition"). As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will complete.