Hammond Power Solutions Increases Planned Capital Program Page 1

(Dollar amounts are in thousands, in Canadian currency unless otherwise noted)

GUELPH, Ontario, Aug. 26, 2024 (GLOBE NEWSWIRE) — Hammond Power Solutions Inc. (“Hammond”) (TSX: HPS.A), a leading manufacturer of dry, cast resin transformers and related magnets, today announced that it plans to increase its planned capital program by approximately $20 million over two years.

“Hammond continues to experience favorable industry tailwinds for certain products driven by the electrification of our economy,” said Adrian Thomas, CEO of Hammond Power Solutions. “These investments are being made throughout 2024 and 2025 to expand production in Monterrey and build custom power transformers that will alleviate current capacity bottlenecks and significantly increase our revenue capacity.”