PARTIAL WARRANT EXERCISE $1MM 2021-03-08

Partial Warrant Exercise and Loan Repayment: Cielo also announces that the Company’s largest secured lender, BJK Holdings Ltd. (the “Lender”), has exercised 10,000,000 of its warrants for approximately $1M in proceeds. Cielo has applied this payment against the approximately $3.85M owing to the Lender. It is Cielo’s intention to pay off the full balance of the loan by the end of March 2021. “We are pleased to demonstrate our ongoing confidence in Cielo and its leadership team by way of this initial warrant exercise”, said David Thiessen of BJK Holdings Ltd. “We are excited to be part of a company that is commercializing innovative green technology that has the potential for transformational global impact, and we look forward to continuing to deepen our relationship with Cielo in the months and years to come”.