When a company moves from lab validation to a paid commercial order, something fundamental has shifted. HPQ Silicon $HPQ / $HPQFF and its partner Novacium have secured their first commercial battery order from a European drone manufacturer, marking a clear transition from development to revenue. This is not a test or pilot. It is a paid order using next-generation silicon-based batteries that recently delivered over 7,000 mAh in testing, offering higher capacity than traditional graphite batteries.

The order signals a move from promising technology to real-world use. Backed by up to $3 million in Canadian federal funding, HPQ is advancing toward commercial scale with batteries designed to deliver higher energy capacity and longer flight times, while supporting deployment in standardized battery pack formats. The batteries are certified for global transport and have demonstrated strong durability through repeated charge cycles, reinforcing readiness for real-world deployment.

WHAT YOU NEED TO KNOW

Commercial Milestone: First paid commercial battery order secured, marking the shift from R&D to revenue generation

High Performance: Batteries delivered over 7,000 mAh in April 2026 testing, placing them among top performers in their category

Drop-In Solution: Designed to work within existing drone systems, allowing immediate performance improvements without redesign

Proven Durability: Maintains strong performance through repeated use, addressing a key challenge for silicon battery adoption

Global Ready: Certified for international shipping, enabling deployment across multiple markets

Government Backing: Up to $3 million federal funding supports production scale-up and highlights strategic importance

STRATEGIC IMPLICATIONS

For years, silicon-based batteries have promised higher performance but struggled to translate into real-world products. Many technologies achieved strong lab results but failed under repeated use or required costly redesigns. That is why graphite batteries have remained dominant despite lower performance.

HPQ’s approach changes that. By integrating silicon-based materials into formats that work with existing manufacturing and systems, the company removes a major barrier to adoption. Customers do not need to redesign their products. They can upgrade performance immediately.

That advantage is already being demonstrated. The European drone manufacturer did not need to modify its systems. It was able to adopt the new battery packs and gain longer flight time right away. This is the difference between a technology concept and a usable product.

Demand for longer flight time is increasing across commercial, industrial, and defense drone markets, while traditional battery solutions are approaching their limits. Technologies that can deliver better performance without added complexity are well positioned to capture that demand.

Government support reinforces this direction. Federal funding for production scale-up signals growing strategic importance, while also supporting the path toward larger-scale manufacturing.

“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

WORDS FROM THE CEO

“We went from discussions to delivering next-generation batteries in about a month. That’s what happens when the product fits into existing systems. We’re not asking customers to redesign anything—we’re giving them more energy in the same format. And this order is commercial. It’s paid. We’ve moved from ‘will it work’ to ‘we have delivered.’” – Bernard Tourillon

INVESTOR TAKEAWAY

HPQ Silicon has reached a key inflection point. The company now has global shipping certification, government support for scaling production, and its first commercial battery order, all within a short timeframe.

Its battery solutions are designed for immediate use across multiple markets, including Europe and North America, without requiring major system changes. As production expands, the company is positioning itself to meet increasing demand for higher-performance energy storage.

Performance is no longer theoretical. The batteries have demonstrated strong capacity and durability in testing and are now being used in a commercial application.

This marks the shift from a development story to a commercialization story, with early revenue, validated performance, and a clear path toward scale.

When a development-stage technology company raises new capital while simplifying the governance structure of a key technology partner, it can signal a shift in how management plans to advance its programs. In this case, that transition is defined by HPQ Silicon closing a fully subscribed $3 million non-brokered private placement, while simultaneously finalizing its increased ownership and revised governance framework at Novacium SAS.

HPQ Silicon, a Québec-based advanced materials and process development company, intends to use the capital to support general working capital, advance a matching $3 million NRCan-supported silicon-based battery materials program, and continue development of its hydrogen technologies, while the Novacium restructuring is designed to support access to targeted funding programs in France and Europe. Together, these developments provide the company with additional capital and a simplified governance structure as it continues advancing its technology platforms.

WHAT YOU NEED TO KNOW

• $3M Financing Closed: HPQ raised $3M CAD byissuing approximately 18.18 million units.
• NRCan Program Advancement: Participation in the NRCan-supported silicon battery materials program requires HPQ to incur eligible costs before reimbursement.
• Novacium Governance Update: Ownership in Novacium increased to 36.8%, while HPQ converted its Category P priority share into common shares, simplifying governance.

STRATEGIC IMPLICATIONS

Energy transition technologies and advanced materials development often require significant capital and long development timelines. As electrification expands and demand grows for higher-performance batteries and alternative energy systems, companies are exploring new materials and delivery technologies designed to improve performance and reliability.

Through Novacium, HPQ is advancing silicon-based anode materials. According to previously reported testing results released by the company, Novacium’s GEN3 silicon-based anode batteries demonstrated more than 1,000 charge cycles and approximately a 30% cumulative energy gain compared with graphite-based benchmark batteries under reported testing conditions.

Novacium is also advancing METAGENE, a hydrogen technology platform focused on enabling on-demand energy generation. HPQ holds exclusive North American rights related to that technology through its partnership structure with Novacium.

During the interview, management stated it believes the company now has clearer visibility on potential commercialization pathways, including specialized battery applications, partner-financed fumed silica production facilities, and hydrogen deployments aligned with remote energy needs and critical-minerals development.

The $3M financing, completed with an investor outside Canada, is intended to provide working capital and allow the company to continue advancing its development programs while pursuing potential partnerships, government support, and commercial opportunities.

CEO BERNARD TOURILLON

“We’ve reached the point where the fly-by-the-seat-of-your-pants structure just doesn’t work anymore. We believe we know where our revenues are going to come from, and we needed to stop thinking quarter to quarter and fund the plan.”

INVESTOR TAKEAWAY

For investors, the interview outlines management’s view that the financing and Novacium governance changes provide additional capital and structural clarity as HPQ advances its technology platforms.

The private placement supports continued work on the NRCan-supported silicon-anode battery materials program, while also supporting hydrogen technology development and general corporate initiatives.

At the same time, Novacium’s simplified governance structure may help align the company with potential European energy and innovation funding programs, while HPQ’s ownership position in Novacium increases to 36.8%.

Management also indicated that fumed silica commercialization may be pursued through partner-financed plant structures, which could allow HPQ to focus its capital on battery materials and hydrogen technologies.

Overall, management believes the company is positioned to continue advancing its technologies as it works toward potential commercialization opportunities across its battery materials and hydrogen platforms.

What You Need To Know

• Independent third-party validation confirms commercial-grade 150 fumed silica produced at pilot scale
• Validation performed by a potential customer under an existing Letter of Intent
• Results support ongoing commercialization discussions, including with the party under LOI
• Performance metrics, including viscosity, meet or exceed benchmark specifications
• Planning initiated for a potential dedicated production site as demand visibility improves

Here’s how HPQ Silicon Inc. is positioning its proprietary process as a simplified, lower-barrier alternative with the potential to materially change production economics in a legacy industrial materials market.

A NEW APPROACH TO A LEGACY INDUSTRIAL MATERIAL

Fumed silica is a critical additive used to control thickness and stability in products ranging from toothpaste and cosmetics to adhesives, coatings, inks, and advanced industrial formulations. Despite its broad use, the industry has relied for decades on complex, fossil-fuel-intensive, multi-step manufacturing processes that are costly, environmentally burdensome, and dominated by a small number of global suppliers.

HPQ’s approach is fundamentally different. Its process converts quartz directly into fumed silica in a single step, eliminating several traditional intermediates. The result is a simplified production pathway that has the potential to reduce complexity and materially alter the cost structure associated with fumed silica manufacturing.

WHY INDEPENDENT VERIFICATION MATTERS

While HPQ had previously demonstrated promising lab-scale results, commercialization in industrial materials depends on more than internal testing. Customers must confirm that a product performs within their own application and process requirements.

That hurdle has now been cleared.

Independent testing conducted by a potential customer under LOI confirmed that HPQ’s pilot-scale material meets commercial-grade 150 specifications, including surface area and viscosity—two of the most important performance metrics buyers evaluate.

“Until we had gotten this result, we were making a big claim. Now, we have the data to prove it.”
— Bernard Tourillon, CEO, HPQ Silicon Inc.

FROM TECHNICAL PROOF TO COMMERCIAL DISCUSSIONS

Commercial-grade 150 is not an experimental specification. It is a sellable, widely used product grade in today’s market. Importantly, HPQ’s material demonstrated viscosity performance above standard benchmarks for the 150 grade, a key factor in real-world applications where fumed silica is purchased specifically for its thickening and rheological properties.

With validation in hand, HPQ reports that commercialization discussions have continued in parallel, including dialogue around the steps required to move toward an initial commercial-scale facility. While execution of the first plant remains the primary remaining risk, management emphasized that the most difficult technical transition—moving from lab to pilot scale—has already been completed.

STRATEGIC STRUCTURE AND PARTNERSHIP FOUNDATION

The fumed silica initiative is supported by a joint operating structure with PyroGenesis Inc., combining HPQ’s commercial strategy with PyroGenesis’ engineering and process expertise. This structure is designed to reduce execution risk as the project advances toward continuous operation and commercial-scale deployment.

In addition, the LOI framework under discussion contemplates a model where HPQ focuses on production while its partner leverages established downstream capabilities such as packaging and market access—an approach intended to reduce capital intensity and support a more efficient path to market.

MARKET SCALE AND REPLICATION POTENTIAL

Management highlighted that the Canadian fumed silica market alone is estimated at 10,000–15,000 tonnes per year, with material 150 representing a meaningful portion of that demand. Once an initial commercial system is operational, the pathway to growth becomes largely replicative—scaling by adding additional systems rather than reinventing the process.

Beyond grade 150, HPQ believes its technology can be optimized to produce higher-value grades over time, but the current milestone confirms that commercial entry does not depend on future enhancements.

THE OUTLOOK: A PROCESS MOVING FROM VALIDATION TO EXECUTION

With independent customer validation, a defined commercialization pathway, and early planning for a dedicated production site, HPQ has moved its fumed silica initiative into a new phase. The remaining challenge is execution—building and operating the first commercial system—but the company now approaches that step with verified performance data, active industrial engagement, and a clearer line of sight to market demand.

For investors seeking small-cap opportunities where technical risk has been substantially reduced and commercialization discussions are grounded in disclosed customer validation, this interview captures a moment where HPQ’s fumed silica strategy begins to transition from promise to potential production.

What You Need To Know

• Commercial-grade fumed silica achieved at pilot scale, triggering inbound interest
• New technology demand could push fumed silica beyond existing global capacity
• UL 1642 cell-level certification opens U.S. battery commercialization pathways
• Hydrogen is advancing toward defined remote and industrial energy use cases

Here’s how HPQ Silicon is moving from technical validation toward commercial execution across three advancing platforms.

FROM LAB RESULTS TO MARKET PULL

In this wide ranging discussion, Bernard Tourillon joins usto unpack what management describes as a turning point year. After years of development across three advanced material platforms, the conversation makes clear that HPQ is no longer operating in a purely R&D driven phase.

The shift began when HPQ successfully replicated commercial grade fumed silica at pilot scale. That milestone did more than validate the process. It triggered unsolicited outreach from multiple external groups tied to advanced technology infrastructure.

FUMED SILICA MOVES INTO STRATEGIC TERRITORY

Management outlined why fumed silica is increasingly being viewed as a strategic material rather than a niche industrial input. Emerging technology infrastructure requires materials that can withstand higher performance thresholds, and existing supply chains may not be positioned to respond quickly.

Today, roughly half of global fumed silica supply is produced in China. At the same time, traditional producers face long construction timelines, complex permitting, and high energy intensity when adding new capacity.

HPQ’s process takes a different approach by converting quartz directly into fumed silica in a single step. This enables faster permitting, simpler plant construction, and modular expansion once the first commercial facility is built.

The company believes this structural advantage could become increasingly relevant if demand accelerates faster than incumbents can scale.

BATTERY MATERIALS CROSS A COMMERCIAL GATE

On the battery side, HPQ achieved UL 1642 cell level certification, which management repeatedly described as a critical inflection point. Without this certification, customers face barriers related to insurance, transportation, and regulatory compliance.

With certification now in place, discussions can move from technical interest to practical execution.

According to Tourillon, this allows conversations to advance into customer qualification, volume planning, and partnership structures, particularly in the U.S. market. The company is now developing multiple battery iterations tailored to different performance profiles, including applications such as drones and mobility platforms.

Government involvement was also highlighted as a form of validation rather than dependence. Funding is structured to support ongoing scale up as milestones are met, rather than requiring full capital commitment in advance.

HYDROGEN SHIFTS FROM CONCEPT TO USE CASE

While hydrogen remains earlier in its commercialization timeline, management emphasized that its role is becoming more concrete. The technology is designed for decentralized energy environments where diesel remains the default option due to logistics and reliability constraints.

Examples discussed include northern housing developments, mining camps, and remote industrial sites. HPQ’s approach uses recycled aluminum as a stable energy carrier that can be stored indefinitely and activated on demand to produce energy and heat.

Tourillon noted that economics and demand visibility are improving, with expectations that early 2026 will begin to demonstrate clearer commercial validation for this platform.

THE SUM OF THE PARTS QUESTION

One of the most consequential moments in the interview came during a candid discussion about corporate structure. With all three platforms advancing simultaneously, management acknowledged that the current structure may not fully reflect underlying value.

“The reality is that the sum of our parts is bigger than the company.”

Tourillon confirmed that 2026 is likely the year when formal separation processes begin, with fumed silica identified as the most probable first candidate for independence. The company is already structurally prepared for this outcome through existing subsidiaries.

THE INVESTOR TAKEAWAY

This conversation was not about distant promise. It was about technologies that have reached validation, are attracting real world interest, and are now moving into monetization focused execution.

For investors, the key shift is not just progress within each vertical, but management’s willingness to address structure, prioritization, and value realization head on. HPQ is entering a phase where market results, not just technical milestones, are expected to define the next chapter.