AGORACOM Small-cap Investor Relations Blog

As pressure builds on Western markets to secure reliable, high-performance battery supply chains, HPQ Silicon has achieved a milestone that positions the company for accelerated commercial rollout. With its ENDURA+ lithium-ion cells now fully certified for global transport, HPQ is transitioning from a development-stage innovator into a near-term supplier capable of serving high-value markets underserved by current battery manufacturers.

For investors, the shift is unmistakable: HPQ is no longer simply proving technology—it is preparing to sell it.

A Milestone That Opens the Market

In the interview, CEO Bernard Tourillon confirmed that HPQ’s ENDURA+ 18650 and 21700 cells have passed UN 38.3 certification, the international requirement that authorizes lithium-ion batteries to be shipped by air, sea, and land. Without it, no company can meaningfully commercialize battery cells.

Tourillon called it “the logistical barrier,” explaining that certification now allows HPQ to move from sample-scale shipments to legitimate commercial orders. Even more notable: HPQ passed all eight required tests—shock, vibration, thermal cycling, and more—on the first full test run with zero issues.

“It gives a very high level of confidence that our battery infrastructure is doing things the right way,” he said.

This achievement effectively transforms ENDURA+ from a validated prototype into a globally shippable commercial product.

From Validation to Commercial Scale

With certification secured, HPQ can now support full-scale customer testing programs—an essential step before production orders. The company maintains an initial manufacturing capacity of up to 1.5 million batteries per year, a meaningful entry point for niche premium markets.

During the interview, management outlined several commercialization signals:

• Battery samples already delivered to multiple prospective customers

• Active discussions with buyers evaluating the cells

• At least one strategic customer described as “very close” to ordering

• Initial battery revenue targeted for early 2026

Tourillon emphasized that HPQ intentionally took the time to fully validate safety and quality instead of rushing to market—a decision he believes will reduce risk and strengthen customer trust.

Targeting High-Value Markets Where Reliability Matters

Rather than competing in crowded mass-market battery categories, HPQ is focusing on specialized sectors where cell performance and supply-chain security are crucial. These include:

• E-bikes and small electric mobility platforms

• Industrial, commercial, and defense drones

• Professional-grade power tools

• Stationary energy systems using cylindrical cells

A key trend fueling this interest is the desire for non-Chinese battery suppliers. According to Tourillon, geopolitical concerns are prompting customers to diversify sources of critical components—creating openings for companies like HPQ.

A Better Economic Model: Selling Finished Cells, Not Just Materials

One of the notable strategic insights from the interview is HPQ’s decision to prioritize selling finished battery cells, not only materials such as its silicon-enhanced anode powders.

Tourillon made the economic logic clear: margins are materially higher when selling complete cells, and HPQ now has the capability and certification needed to do so. At the same time, the company retains the flexibility to partner or license its material technologies in the future.

This dual-track approach—materials + finished cells—gives HPQ strategic optionality as markets evolve.

Federal Backing Strengthens HPQ’s Position

HPQ’s commercialization efforts are reinforced by up to $3 million in Canadian federal funding, aimed at strengthening domestic battery manufacturing capabilities. The investment is part validation, part acceleration, positioning HPQ as a contributor to Canada’s growing battery ecosystem.

The Honourable Tim Hodgson, Minister of Energy and Natural Resources, framed HPQ’s progress within a national strategy:

“Projects like HPQ Silicon’s strengthen Canada’s ability to manufacture components for high-performance batteries, and are creating a world-class battery ecosystem.”

This endorsement adds credibility at a moment when global customers are seeking reliable Western suppliers.

Beyond Batteries: Additional Verticals Advancing

While ENDURA+ was the focus of the interview, Tourillon also noted progress in HPQ’s other business lines—particularly hydrogen technologies and fumed silica, both of which recently achieved significant technical validation.

These parallel verticals provide additional long-term upside and reduce dependence on any single revenue stream.

A Company Approaching Inflection

Taken together, the interview highlights a company entering a new phase of execution:

• Certified products

• Real customer engagement

• Government backing

• A clear path to initial revenue

• Multiple growth verticals in progress

HPQ is moving from potential to performance, and the pieces required for commercialization—safety certification, production capacity, early demand, and regulatory support—are falling into place.

For investors seeking a small-cap company with multiple near-term catalysts and a credible pathway to revenue, HPQ Silicon is increasingly positioned as a compelling opportunity.

Watch the full interview with CEO Bernard Tourillon to hear how HPQ is preparing for one of the most important phases in its history.

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WHAT YOU NEED TO KNOW

• Certification secured, enabling global shipment of HPQ’s ENDURA+ lithium-ion battery cells
• Production capacity targeted at up to 1.5 million batteries per year
• Battery samples delivered to prospective customers, with active commercial discussions underway
• Initial battery revenue targeted for early 2026

HPQ Silicon is moving from laboratory validation to real-world commercialization at a pace few early-stage battery companies achieve. CEO Bernard Tourillon outlines how a critical regulatory milestone, early customer engagement, and federal backing are converging to open near-term revenue pathways for the company’s silicon-enhanced lithium-ion batteries.

“Projects like HPQ Silicon’s strengthen Canada’s ability to manufacture components for high-performance batteries, and are creating a world-class battery ecosystem. ” – The Honourable Tim Hodgson, Minister of Energy and Natural Resources

THE MILESTONE THAT CHANGES EVERYTHING

HPQ recently secured UN38.3 certification for its ENDURA+ 18650 and 21700 lithium-ion cells. For investors, this is not a technical footnote. UN38.3 is the global safety standard required to ship lithium batteries by air, sea, or land. Without it, commercial sales at scale are impossible.

Tourillon explains that this certification clears what he calls “the logistical barrier,” allowing HPQ to move from limited sampling to meaningful customer orders and global distribution.

“On our first full test run, we had no issues at all. That gives a very high level of confidence that our battery infrastructure is doing things the right way.”

FROM VALIDATION TO COMMERCIAL SCALE

With certification secured, HPQ now has the ability to ship batteries in volume and support customer testing programs that lead to production orders. Management has confirmed current manufacturing capacity of approximately 1.5 million cells per year, a meaningful starting point for niche but fast-growing markets.

Key commercialization signals discussed in the interview include:

• Battery samples already shipped to potential customers
• Active discussions underway with multiple prospective buyers
• At least one strategic customer described as “very close” to initial orders
• Management targeting the start of battery-related revenue in early 2026

Tourillon emphasized that certification timing was deliberate. Rather than rushing to market, HPQ chose to fully validate safety and quality, reducing the risk of recalls or failures that have derailed competitors.

WHERE THE DEMAND IS COMING FROM

HPQ is not chasing mass-market commodity batteries. Instead, it is targeting applications where performance, longevity, and supply-chain security matter most.

Discussed end markets include:

• E-bikes and electric mobility
• Drones and specialized industrial equipment
• Handheld and professional-grade power tools
• Stationary energy storage systems using 18650 and 21700 cells

A recurring theme in the discussion was growing interest from customers seeking non-Chinese battery supply. According to Tourillon, geopolitical risk and supply-chain concentration are driving new conversations that did not exist even two years ago.

STRONGER ECONOMICS BY SELLING THE FINISHED CELL

One of the more important insights for investors was HPQ’s shift toward selling finished batteries rather than only supplying silicon-based anode material. Tourillon noted that margins on battery cells are expected to exceed those achievable by selling materials alone.

In simple terms, HPQ captures more value by controlling the final product while keeping the option open to partner with larger manufacturers in the future.

FEDERAL BACKING AND STRATEGIC OPTIONALITY

HPQ’s progress is reinforced by up to $3 million in Canadian federal funding to support battery manufacturing infrastructure. Management views this as both validation and leverage, enabling the company to pursue a hybrid strategy: selling batteries directly today while retaining flexibility to license materials or partner at scale later.

The company is also advancing other verticals, including hydrogen technologies and fumed silica, which Tourillon described as opening “unexpected” new market opportunities now that commercial-grade material has been achieved.

THE BIGGER PICTURE FOR INVESTORS

This interview highlights a company transitioning from promise to execution. HPQ now has certified products, early customer traction, government support, and a clear path toward first revenues. While execution risk remains, the pieces required for commercialization are largely in place.

For investors seeking small cap opportunities approaching an inflection point, HPQ Silicon is no longer just a technology story. It is increasingly a commercialization story, with multiple shots on goal and tangible milestones already behind it.