NA National Bank of Canada

Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions for renewable and low carbon gases, announced today that it has secured credit facilities with National Bank of Canada’s Technology and Innovation Banking Group for a total value of up to $59.25 million CAD. The expanded facilities will provide Xebec with greater financial flexibility and cash management to pursue its growth trajectory and its acquisition strategy aimed at developing a North American and European Cleantech Service Network for its increasing renewable natural gas and hydrogen installations.

"We’re pleased to partner with National Bank of Canada, which is committed to building lasting relationships with its clients and to supporting sustainable development. The confidence placed in Xebec by National Bank of Canada to increase our credit facilities shows that the team has a growth and development plan that adequately responds to the decarbonization needs around the world,” said Stéphane Archambault, CFO of Xebec Adsorption Inc. “Xebec is an innovative cleantech company developing solutions to help our customers reduce their emissions while simultaneously reducing the cost of their industrial and renewable gas purchases. The economy is changing at a rapid pace and the need to reconcile economic development with the fight against climate change has never been greater. Xebec is playing an increasingly important role in the transition to a net zero carbon economy.”

“Our Technology and Innovation Banking Group offers specialized support to fast-growing technology businesses like Xebec, which is on its way to becoming a renewable gas leader. We’re proud to partner with a home-grown company that has provided clean energy solutions to thousands of customers around the world and has seen tremendous growth in its activities over the last few years. It’s very exciting for us to support Xebec in its future development and acquisition strategy,” added François-Pierre Dionne, Senior Director, Technology and Innovation Banking at National Bank of Canada.

These credit facilities represent the broadest access to debt financing available to the company to date.

Related links:https://www.xebecinc.comMedia Inquiries:Public Relations for XebecVictor Henriquez, Senior Partnervictor@publicsc.com+1 514.377.1102

Investor Relations:Xebec Adsorption Inc.Brandon Chow, Director, Investor Relationsbchow@xebecinc.com+1 450.979.8700 ext 5762

About Xebec Adsorption Inc.Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with five manufacturing facilities, eight Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

About National Bank of CanadaWith $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

Cautionary Statement Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec's public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebec’s capacity to meet all its other commitments and business plans, Xebec’s limited number of customers, the potential loss of key employees, changes in the use of proceeds relating to the loan, share price volatility, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.