Thank you to everyone who posted the fix with clear instructions. There are just a few notes I like to share. I fixed my Elitebook 9470m so I can give it as a gift to an aunt.
These are the steps I followed:
- Format 3 USB Drives to FAT32. One of them is for the HP tools (less than 8 GB), another for unlocking MPM (less than 200MB) and another for Windows. I used a lot of operating systems and tools for formatting these but you can just Windows and Linux Mint.
- Install FreeDos via Rufus on Windows. Use latest version.
- Copy files to drive and overwrite AUTOEXEC.BAT.
- Take note of all information asked. Refer to next section.
- Install Windows 10 on an MBR USB drive. I used WinToUSB.
- The boot option can be UEFI hybrid but drive for Windows must be MBR so remember to choose MBR.
- Set the correct time by booting the USB with HP tools. I recall I didn't type anything for this work.
- Clear the BIOS password if any and unlock MPM by copying FSMC.bat to a 200MB USB FAT32. Run once with windows key, up and down arrow keys pressed before booting. Press power button and you will see MPM unlocked!
- Use wndmifit64.exe to enter all information and commit.
- Lock MPM or just let it be until it autolocks. Done!
You can probably get Windows running on a good SD card but please choose an SSD/USB. I only used an SD Card for running Linux Mint which I used to format the drives. For Windows, I used an external SSD.
I was able to retrieve all important data and fix the "product information not valid." It also helps to read HP docs attached on the zip file posted here.