TIDEWATER RENEWABLES LTD. RELEASES ITS INAUGURAL ESG REPORT

CALGARY, AB, April 24, 2023 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce the release of its inaugural ESG Report summarizing the Corporation's performance on several key environmental, social, and governance ("ESG") topics and highlighting its commitment to responsible energy development and the energy transformation.

"Tidewater Renewables is excited about our role in creating clean energy solutions for a more sustainable future," said Rob Colcleugh, Chairman and Interim Chief Executive Officer. "Tidewater Renewables was created in response to the increasing global demand for renewable fuels and alternative energy solutions.  We are in the business of turning waste materials into biofuels in the form of Renewable Diesel, Renewable Natural Gas, and Renewable Hydrogen.  These reliable and affordable energy solutions help reduce waste pollution and decrease greenhouse gas emissions to reduce the carbon intensity of fuels used across Canada."

The ESG Report features Tidewater Renewables' progress to date including:

• Building Canada's 1^st Renewable Diesel and Renewable Hydrogen (HDRD) facility
• Total Recordable Injury Frequency (TRIF) of 0.31 for construction of the HDRD facility
• Produced Renewables Diesel at the HDRD facility is expected to reduce consumer carbon intensity by 80-90% compared to fossil fuel-based diesel
• 25% of Tidewater Renewables' Board of Directors are women
• The Corporation's team has grown from three to 35 employees in only 18 months
• Over $16 million in Provincial and Federal Government funding provided through clean technology grants

The ESG Report can be found on the Corporation's website www.tidewater-renewables.com.

About Tidewater Renewables

Tidewater Renewables is traded on the TSX under the symbol "LCFS". Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel, renewable hydrogen, and renewable natural gas, as well as carbon capture through future initiatives. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become one of the leading Canadian renewable fuel producers. The Corporation is pursuing this objective through the ownership, development, and operation of clean fuels projects and related infrastructure, that utilize existing proven technologies. Organically, Tidewater Renewables seeks to leverage the existing infrastructure and engineering expertise of Tidewater Midstream and Infrastructure Ltd., regarding the development of the Corporation's portfolio of greenfield and brownfield capital projects as well as the expansion of the Corporation's product offerings. Additional information relating to Tidewater Renewables is available on SEDAR at www.sedar.com and at www.tidewater-renewables.com.

Advisory Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively referred to herein as, "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to future events, conditions or future financial performance of Tidewater Renewables based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan" and similar expressions. These statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.

In particular, this news release contains forward-looking statements pertaining to, but not limited to, the following: the Corporation's estimates of reductions in carbon intensity relative to conventional diesel resulting from the HDRD facility; and the success and timing of the HDRD facility‎.

Although the forward-looking statements contained in this news release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Corporation has made assumptions regarding, but not limited to: Tidewater Renewables' ability to execute on its business plan; general economic and industry trends; timing and cost of completion of the HDRD facility, including that the project will remain on schedule; the ownership and operation of Tidewater Renewables' business; regulatory risks, including changes or delay to the BC LCFS credits or CFR credits; the future pricing of BC LCFS credits and CFR credits; future commodity and renewable energy prices; sustained or growing demand for renewable fuels; the ability for the Corporation to successfully turn a wide variety of renewable feedstocks into low carbon fuels; changes in the credit-worthiness of counterparties; the Corporation's future debt levels and its ability to repay its debt when due; the Corporation's ability to continue to satisfy the terms and conditions of its credit facilities; the continued availability of the Corporation's credit facilities; foreign currency, exchange, inflation and interest rate risks;‎ ‎and the other assumptions set forth in the Corporation's most recent annual information form ‎available under the Corporation's profile on SEDAR at www.sedar.com.‎

The foregoing lists are not exhaustive. Additional information on these and other factors which ‎could affect the Corporation's operations or financial results are set forth in the Corporation's most recent MD&A and annual information form ‎and in other documents on file with the Canadian Securities regulatory authorities‎ available under the Corporation's profile on SEDAR at www.sedar.com.

The Corporation's actual results could differ materially from those anticipated in the forward-looking statements, as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to: general economic, political, market and business conditions, including fluctuations in interest rates, foreign exchange rates, supply chain pressures, inflation, stock market volatility and supply/demand trends; risks of health epidemics, pandemics and similar outbreaks, which may have sustained material adverse effects on the Corporation's business, financial position, results of operations and/or cash flows; risks and liabilities inherent in the operations related to renewable energy production and storage infrastructure assets, including the lack of operating history and risks associated with forecasting future performance; competition for, among other things, third-party capital, materials, equipment, labour, and skilled personnel; risks related to the environment and changing environmental laws in relation to the operations conducted with the Corporation's other capital projects; risks related to and the other risks set forth in the Corporation's most recent MD&A and annual information form available under ‎the Corporation's profile on SEDAR at www.sedar.com.‎

The foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Corporation's operations or financial results are included in the Corporation's most recent Annual Information Form and in other documents on file with the Canadian Securities regulatory authorities at www.sedar.com.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Corporation's expectations only as of the date of this news release. The purpose of the financial outlooks contained in this news release are to give the reader information about management's current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes and is given as of the date of this news release. Tidewater Renewables disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Tidewater Renewables Ltd.

Robert Colcleugh, Chairman and Interim CEO, Tidewater Renewables Ltd., Phone: [phone], Email: [email protected]; Ray Kwan, CFO, Tidewater Renewables Ltd., Phone: [phone], Email: [email protected]