Source: United States House of Representatives – Congressman August Pfluger (TX-11)
Pfluger Fly-By: May 23, 2025Washington, May 23, 2025
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Category: Energy
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MIL-OSI USA: Pfluger Fly-By: May 23, 2025
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MIL-OSI: SEALSQ Corp, a member of the WISeKey Group, Signs a Share Purchase Agreement to Acquire 100% of IC’ALPS
Source: GlobeNewswire (MIL-OSI)
SEALSQ Corp, a member of the WISeKey Group, Signs a Share Purchase Agreement to Acquire 100% of IC’ALPS
Geneva, Switzerland – May 27, 2025 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or “the Company”), a global leader in cybersecurity, digital identity, and IoT technologies, today announced the signing of a Share Purchase Agreement (“SPA”) between SEALSQ Corp (“SEALSQ”), , a leading developer and provider of Semiconductors, PKI, and Post-Quantum technology hardware and software solutions, a member of the WISeKey Group of Companies, and the shareholders of IC’ALPS SAS (the “Sellers”)1, an Application-Specific Integrated Circuit (“ASIC”) design and supply specialist based in Grenoble, France (“IC’ALPS”) for the acquisition of 100% of the share capital and voting rights of IC’ALPS(“the Acquisition”).
The SPA is the result of a period of exclusive negotiations between SEALSQ CORP and the Sellers, announced by SEALSQ on February 27, 2025. The main terms and conditions of the SPA announced by WISeKey on May 22, 2025 remain applicable. The proposed strategic Acquisition is now solely subject to the satisfaction of certain closing conditions including among others, approval of the Acquisition by the French Ministry of the Economy in accordance with articles L.151-3 and R.151-1 et seq of the French Financial and Monetary Code (code monétaire et financier).
The Transaction is expected to be completed in the third quarter of 2025, subject to satisfying the conditions to closing, including the necessary regulatory approval by the French Ministry of the Economy.
About IC’ALPS:
IC’ALPS is your one-stop-shop ASIC partner. Based in France (HQ in Grenoble, two design centers in Grenoble and Toulouse), the company provides customers with a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to the management of the entire production supply chain. Its 100+ engineers’ areas of expertise include analog, digital and mixed-signal circuits (sensor/MEMS interfaces, ultra-low power consumption, power management, high-resolution converters, high voltage, signal processing, ARM and RISC-V based multiprocessors architectures, hardware accelerators) on technologies from 0.18 µm down to 1.8 nm, and from multiple foundries (TSMC, Global Foundries, Tower Semiconductor, X-FAB, STMicroelectronics, Intel Foundry, etc.). The company is active worldwide in medical, industrial, automotive, IoT, IA, mil-aero, and digital identity & security sectors. IC’ALPS is ISO 9001:2015, ISO 13485:2016, EN 9100:2018, Common Criteria certified, IATF16949-ready, member of TSMC Design Center Alliance (DCA), Intel Foundry Accelerator Design Services Alliance and Value Chain Alliance (DSA & VCA), ams Osram Preferred Partner and X-FAB’s partner network.
More information: www.icalps.com and https://www.linkedin.com/company/ic-alpsAbout SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.
For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the actual adjustments that arise upon conversion of the financial information of IC’ALPS to US GAAP in relation to net sales, operating expenses and income tax income in the income statement for twelve months ended December 31, 2024 and 2023, and in relation to intangible assets, current liabilities, and pension and debt liabilities in the balance sheet as at December 31, 2024 and 2023, in comparison with the French GAAP ; the entering into of definitive documents, the authorization by French regulatory authorities and the successful closing of the Acquisition; and the risks discussed in WISeKey’s filings with the SEC. Risks and uncertainties are further described in reports filed by WISeKey with the SEC.This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Press and Investor Contacts
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.comWISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@theequitygroup.com
1 The Sellers are Doliam SA, Mrs. Lucille Engels and Mr. Jean-Luc Triouleyre.
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MIL-OSI: Soitec Reports Fourth Quarter Revenue and Full-Year Results of Fiscal Year 2025
Source: GlobeNewswire (MIL-OSI)
SOITEC REPORTS FOURTH QUARTER REVENUE AND
FULL-YEAR RESULTS OF FISCAL YEAR 2025- Q4’25 revenue reached €327m, stable at constant exchange rates and perimeter compared to Q4’24
- FY’25 revenue amounted to €891m, down 9% both on a reported basis and at constant exchange rates and perimeter, in line with revised guidance
- Soitec accelerated diversification confirmed with POI becoming Soitec’s fourth product to generate annual revenue of around $100m or more
- Robust FY’25 EBITDA1margin2at 33.5%, current EBIT margin at 15.2%
- Positive FY’25 Free Cash Flow, at €26m, while maintaining strong R&D and industrial investments
- Q1’26 revenue, impacted by the anticipated phase-out of Imager-SOI, is expected down around 20% year-on-year at constant exchange rates and perimeter (Imager-SOI Q1’25 revenue: $25m)
- FY’26 Capex cash-out expected around €150m, down from €230m in FY’25
- Strong technology megatrends and Soitec’s innovative engineered substrates continue to sustain Soitec addressable market growth from ~5m wafers (200mm equivalent) in 2024 to ~12m in 2030
- Given the current reduced visibility and market uncertainties, the Group withdraws any guidance, whether related to all or part of its activities. This includes the projection of a quite limited growth for FY’26, as well as the medium-term ambition to reach a revenue target of $2bn with an EBITDA margin of approximately 40%. Going forward, the Group will only provide revenue guidance on a quarterly basis
Bernin (Grenoble), France, May 27th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced its revenue for the fourth quarter of fiscal year 2025 and its full-year results of fiscal year 2025 (ended on March 31st, 2025). The financial statements3 were approved by the Board of Directors during its meeting today.
Pierre Barnabé, Soitec’s CEO, commented: “On the back of strong sales in the fourth quarter, we closed fiscal year 2025 in line with our revised guidance, with a high-single digit decline in full-year revenue. In this context, strict cost management enabled us to deliver a robust EBITDA margin, generate positive free cash flow, and continue investing both in innovation and in our industrial capacity – all while maintaining a very healthy balance sheet.
In a volatile and uncertain economic environment, we are focusing on parameters within our control to strengthen our fundamentals and accelerate our diversification beyond RF-SOI and beyond Mobile Communications. With the growing adoption of our new products by industry leaders – POI becoming an industry standard for innovative smartphones and Photonics-SOI gaining traction among industry leaders to equip the next generation of AI Datacenters – we have been able to partially offset the ongoing RF-SOI inventory correction and mitigate the impact of the weakness in the automotive industry. While RF-SOI remains by far the first contributor to our revenue, three other products – FD-SOI, Power-SOI and POI – are now each generating around or above 100 million US dollars in revenue.
This environment however provides limited visibility. We have therefore decided to suspend all previously issued guidance and to only provide revenue guidance on a quarterly basis. We expect Q1’26 to reflect the impact of the Imager-SOI phase out, which we had already anticipated and prepared for. Q1’26 revenue is hence expected to be down around 20% year on year, Imager-SOI contributing 25 million dollars in Q1’25.
We remain confident in our solid fundamentals and in our ability to accelerate growth as soon as our end markets begin to recover. Our strong technology megatrends – 5G, Energy Efficiency and Artificial Intelligence – and our unique expertise in engineered substrates continue to support the expansion of our Addressable Market from around 5 million wafers (200-mm equivalent) in 2024 to around 12 million in 2030”, added Pierre Barnabé.
Fourth quarter FY’25 consolidated revenue
Q4’25 Q4’24 Q4’25/Q4’24 (Euros millions) change reported chg. at const. exch. rates & perimeter Mobile Communications 220 222 -1% -2% Automotive & Industrial 45 44 +1% 0% Edge & Cloud AI 63 70 -11% +2% Revenue 327 337 -3% -1% Soitec revenue reached 327 million Euros in Q4’25, down 3% on a reported basis compared with revenue of 337 million Euros achieved in Q4’24. This reflects a 1% year-on-year decline at constant exchange rates and perimeter, a negative scope4 effect of 3% related to the divestment of Dolphin Design’s businesses, and a positive currency impact of 1%.
Each one of Soitec’s three divisions recorded an almost stable organic change in revenue in Q4’25 compared to the high base achieved in Q4’24. The slight organic decline in Mobile Communications revenue was partly offset by a small increase in Edge & Cloud AI revenue, while Automotive & Industrial was stable. This is however reflecting different dynamics per product, with further strong traction in POI wafers for smartphone filters and in Photonics-SOI wafers for data centers.
Mobile Communications
In the context of a moderately recovering smartphone market and with a progressively improving inventory situation across the supply chain, Mobile Communications revenue reached 220 million Euros in Q4’25, down 2% at constant exchange rates and perimeter year-on-year.
On RF-SOI wafers, Soitec benefited, as expected, from a usually strong seasonal stock rebuilding at the beginning of the calendar year. Volumes of RF-SOI wafers sold were higher in Q4’25 than in Q4’24, with a slightly negative price / mix effect, thus partly mitigating a significant decrease in 200-mm RF-SOI volumes.
Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continued to grow sequentially from one quarter to another, translating into a sharp year-on-year increase in Q4’25. The adoption of Surface Acoustic Wave (SAW) filters on POI continued to accelerate. Ten customers are in volume production, and thirteen others in qualification phase.
Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have been slightly growing in Q4’25 compared to Q4’24.
Automotive & Industrial
Automotive & Industrial revenue reached 45 million Euros in Q4’25, flat at constant exchange rates and perimeter compared to Q4’24, despite the ongoing difficulties of the automotive market.
After the particularly low level reached in Q3’25, volumes of Power-SOI wafers were significantly higher in Q4’25 than in Q4’24, although with a slightly negative price effect. Sales benefited from customer restocking at the beginning of their calendar year. Despite very low visibility, OEMs were keen to avoid stockouts in the event of a market rebound, but this most likely came at the expense of volumes in H1’26. As the Automotive market recovers, the outlook for Battery Management Systems remains strong and supports Soitec’s product roadmap towards 300-mm, further strengthening its positioning.
Conversely, after a very strong performance in Q3’25, FD-SOI wafer sales recorded a slight year-on-year decline in Q4’25 compared to Q4’24. Automotive FD-SOI continues to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering superior performance and greater power efficiency compared to other existing technologies.
Regarding SmartSiCTM, while Soitec initiated a sixth customer qualification process early Q4’25, the slower-than-expected growth of the electric vehicle market, combined with the longer than initially anticipated customers’ qualification cycles confirm the previously mentioned delay in the initially expected wafer production ramp-up.
Edge & Cloud AI
Edge & Cloud AI revenue reached 63 million Euros in Q4’25, up 2% at constant exchange rates and perimeter compared to Q4’24. On a reported basis revenue went down 11% as a result of the divestment of Dolphin Design’s businesses.
Sales of Photonics-SOI wafers recorded another high sequential increase in Q4’25, as Soitec continues to benefit from a strong momentum in Cloud infrastructure investments across the Big Tech and Artificial Intelligence supply chains. On a year-on-year basis, sales were much higher than in Q4’24. As the exponential growth of AI-related computing power capabilities drives the need for more powerful and more energy-efficient data centers, Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers. Photonics-SOI are adopted in pluggable optical transceivers and used for the development of Co-Packaged Optics.
In Q4’25 sales of FD-SOI wafers were above the level reached in Q3’25 but slightly down year-on-year compared to the high level recorded in Q4’24. This is mainly the consequence of deliveries requests put on hold by a couple of customers. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.
Sales of Imager-SOI wafers for 3D imaging applications tapered off in Q4’25 due to the phase out of this product, as expected.
FY’25 consolidated revenue
FY’25 FY’24 FY’25/FY’24 (Euros millions) change reported chg. at const. exch. rates & perimeter Mobile Communications 546 611 -11% -12% Automotive & Industrial 129 163 -21% -22% Edge & Cloud AI 216 204 +6% +11% Revenue 891 978 -9% -9% Consolidated revenue reached 891 million Euros in FY’25, down 9% on a reported basis compared to 978 million Euros in FY’24. This reflects a 9% decline at constant exchange rates and perimeter, in line with Soitec’s latest guidance, a negative scope4 effect of 1% and a slightly positive currency impact of 1%.
Overall, the sharp increase in sales of Photonics-SOI and POI wafers partly offset the drop in revenue recorded both in RF-SOI and in Power-SOI.
- Mobile Communications revenue reached 546 million Euros in FY’25, down 11% on a reported basis and down 12% at constant exchange rates and perimeter year-on-year. Revenue was impacted by weaker RF-SOI volumes in connection with further inventory adjustment at customer level, especially in H1’25. RF-SOI performance was partly offset by a strong growth in POI wafer sales throughout the fiscal year and by slightly higher FD-SOI wafer sales. Mobile communications represented 61% of total revenue, almost stable vs FY’24.
- Automotive & Industrial revenue amounted to 129 million Euros in FY’25, down 21% on a reported basis and down 22% at constant exchange rates and perimeter compared to FY’24. This revenue decline was primarily driven by lower Power-SOI volumes, reflecting weakness in the automotive market. Revenue from SmartSiC™ technology in connection with the initial phase of Soitec’s cooperation agreement with STMicroelectronics have also decreased year-on-year. This was partially offset by higher FD-SOI wafer sales. Automotive & Industrial represented 15% of total revenue against 17% in FY’24.
- Edge & Cloud AI revenue reached 216 million Euros in FY’25, up 6% on a reported basis and up 11% at constant exchange rates and perimeter compared to FY’24. The organic increase in revenue was driven by higher sales of Photonics-SOI wafers, which benefit from sustained investment in Cloud infrastructure. Sales of FD-SOI went slightly down but remained at a high level, supported by the need for low-power computing devices and edge-AI applications. Imager-SOI sales were almost flat year-on-year despite the phase out of this product from early H2’25 onward. Edge & Cloud AI represented 24% of total revenue against 21% in FY’24.
EBITDA1margin2maintained at a robust level
Consolidated income statement (part 1)
(Euros millions) FY’25 FY’24 % change Revenue 891 978 -9% Gross profit 286 332 -14% As a % of revenue 32.1% 34.0% Net research and development expenses (85) (61) +39% Selling, general and administrative expenses (65) (63) +4% Current operating income 136 208 -35% As a % of revenue 15.2% 21.3% EBITDA1,5 298 332 -10% As a % of revenue 33.5% 34.0% Current operating income went down from 208 million Euros in FY’24 (21.3% of revenue) to 136 million Euros in FY’25 (15.2% of revenue). This reflects the weaker activity recorded in FY’25, but also higher R&D investment and higher depreciation expenses, as Soitec continues to invest to secure its competitiveness.
- Gross profit reached 286 million Euros, down from 332 million Euros in FY’24. Gross margin declined by 1.9 points to 32.1% of revenue. This was essentially due to the lower sales volumes, of RF-SOI in particular, leading to a lower utilization of some of the industrial capacities, combined with an overall slightly negative price / mix effect. In addition, depreciation costs went up, reflecting the Group’s investment profile. These factors were mitigated by strong discipline in cost management, including lower purchase prices, by some agility in resource allocation between plants, and by higher subsidies.
- Net R&D expenses increased from 61 million Euros in FY’24 (6.3% of revenue) to 85 million Euros in FY’25 (9.5% of revenue). Gross R&D expenses before capitalization went up 11% to 152°million Euros, as part of Soitec’s innovation strategy aimed at further investing in the next generation of SOI products, in compound semiconductors, as well as in new engineered substrates. In addition, Soitec booked a much lower amount of capitalized development costs in FY’25 (12 million Euros against 31 million Euros in FY’24). This was only partly offset by the recognition of higher R&D subsidies and higher prototype sales.
- Selling, general and administrative (SG&A) expenses amounted to 65 million Euros in FY’25 (7.3% of revenue), up from 63 million Euros in FY’24. This slight increase is essentially due to non-recurring positive effects on labor costs recorded in FY’24 and higher depreciation expenses, notably related to recent IT investments in cybersecurity. On the other hand, lower share-based compensation and the divestment of Dolphin Design both had positive effects.
EBITDA1,5 amounted to 298 million Euros in FY’25 compared to 332 million Euros in FY’24. EBITDA1,5 margin2 remained at a robust level, reaching 33.5%, only 50 basis points below the level of 34.0% recorded in FY’24. The combination of a lesser absorption of fixed costs due to lower volumes and higher level of R&D investments was offset by higher non-cash items, notably depreciation and amortization expenses and inventory valuation effects.
Consolidated income statement (part 2)
(Euros millions) FY’25 FY’24 % change Current operating income 136 208 -35% Other operating income / (expenses) (16) (3) Operating income 119 205 -42% Net financial expense (9) (5) Income tax (19) (23) Net profit from continuing operations 91 178 -49% Net profit from discontinued operations 1 0 Net profit, Group share 92 178 -48% Basic earnings per share (in €) 2.57 5.00 -49% Diluted earnings per share (in €) 2.56 4.88 -48% Weighted average number of ordinary shares 35,670,651 35,655,679 Weighted average number of diluted ordinary shares 35,868,688 37,710,587 Other operating expenses amounted to 16 million Euros in FY’25, mainly reflecting a 13 million Euros loss on the divestment of Dolphin Design’s businesses.
Consequently, the operating income stood at 119 million Euros, down from 205 million Euros in FY’24.
The net financial result came as an expense of 9 million Euros in FY’25 compared to an expense of 5 million Euros in FY’24. Net financial expenses were 2 million Euros higher than in FY’24, reflecting new financing arrangements, while a net foreign exchange loss of 2 million Euros was recorded in FY’25 against a gain of 1 million Euros in FY’24.
The income tax expense amounted to 19 million Euros in FY’25, down from 23 million Euros in FY’24. The effective tax rate, however, increased from 11% in FY’24 to 17% in FY’25, as a result of specific one-off items.
In line with the decline in operating income, the net profit amounted to 92 million Euros in FY’25 (10.3% of revenue), down from 178 million Euros in FY’24 (18.2% of revenue).
Positive Free Cash Flow generation
Consolidated cash-flows
(Euros millions) FY’25 FY’24 Continuing operations EBITDA1,6 298 332 Inventories (38) (19) Trade receivables (30) (94) Trade payables (15) (45) Other receivables and liabilities 4 17 Change in working capital requirement (79) (142) Tax paid (17) (25) Net cash generated by operating activities 202 165 Net cash used in investing activities (176) (208) Free Cash Flow 26 (43) New loans and debt repayment (including finance leases), drawing on credit lines (36) (15) Financial expenses (14) (12) Liquidity contract and other items (1) (7) Net cash used in financing activities (50) (33) Impact of exchange rate fluctuations 4 (3) Net change in cash (21) (80) The Group generated a positive Free Cash Flow of 26 million Euros in FY’25, which represents a 69 million Euros improvement compared to the 43 million Euros negative Free Cash Flow recorded in FY’24. Despite a lower EBITDA1,5, this strong increase essentially comes as a result of a better change in working capital. It also benefited from lower tax paid and from reduced capital expenditure.
Change in working capital remained under control with a cash outflow at 79 million Euros in FY’25, compared to a cash outflow of 142 million Euros in FY’24. FY’25 cash outflow is essentially reflecting:
- a 38 million Euros increase in inventories as a couple of customers requested to put some deliveries on hold while some late changes in product mix also resulted in an increase in bulk material inventories,
- a 30 million Euros increase in trade receivables, explained by a different customer mix,
- a 15 million Euros decrease in trade payables.
The net cash used in investing activities amounted to 176 million Euros in FY’25, compared to 209 million Euros in FY’24. It takes into account financial income from cash investment of 19 million Euros (17 million Euros in FY’24). Including new production equipment under leases (31 million Euros in FY’25 vs. 51 million Euros in FY’24), total cash out related to capital expenditure amounted to 230 million Euros as expected. It compares with 276 million Euros spent in FY’24. Capital expenditure was essentially related to industrial investments, including:
- additional POI manufacturing tools in Bernin to increase capacity,
- production capacity for new SOI products (RF-SOI and Photonics-SOI) in Singapore and 300-mm SOI refresh capacity in Bernin,
- the ongoing extension of Singapore 300-mm facility (for the part already started),
- completion of the 200-mm SmartSiCTM pilot line in Bernin.
Capital expenditure also included IT investments as well as investments supporting the Group’s innovation strategy and its environmental policy.
Net cash used in financing activities amounted to 50 million Euros in FY’25 (33 million Euros in FY’24) essentially reflecting a net decrease in borrowings and related interest paid.
In total, including a 4 million Euros positive impact of exchange rate fluctuations (3 million Euros negative impact in FY’24), the net cash outflow reached 21 million Euros in FY’25 (80 million Euros in FY’24) resulting in a steady strong cash position of 688 million Euros on March 31st, 2025.
Strong balance sheet maintained
Soitec maintained a strong balance sheet as of March 31st, 2025.
Shareholders’ equity stood at 1.6 billion Euros on March 31st, 2025, up 100 million Euros from March 31st, 2024.
Financial debt on March 31st, 2025, was slightly up, at 782 million Euros against 747 million Euros on March 31st, 2024. Taking into account the 21 million Euros cash outflow recorded in FY’25, the net debt position6 was kept at a moderate level, at 94 million Euros on March 31st, 2025, up from 39 million Euros on March 31st, 2024.
FY’26 outlook
Given the current reduced visibility and market uncertainties, the Group withdraws any guidance, whether related to all or part of its activities. This includes the projection of a quite limited growth for FY’26, as well as the medium-term ambition to reach a revenue target of $2bn with an EBITDA margin of approximately 40%. Going forward, the Group will only provide revenue guidance on a quarterly basis.
Q1’26 revenue, impacted by the anticipated phase-out of Imager-SOI, is expected down around 20% year-on-year (Imager-SOI Q1’25 revenue: $25m). FY’26 Capex cash-out is expected around €150m, down from €230m in FY’25.
Operating model at scale
Soitec continues to pursue its long-term growth strategy, supported by structural trends in its end markets and the accelerated diversification of its product portfolio.
In this context, Soitec has defined an operating model at scale, representing the financial profile the Group could achieve when operating at a higher volume level. This model reflects the Group’s internal assessment of the efficiencies and profitability enabled by its current industrial and technological platform.
Based on its market assessment and competitive positioning, Soitec continues to grow its manufacturing capacity, in line with market growth and customer demand. The Group anticipates investing ~€770m to scale its production capacity to enable a $2bn revenue run-rate, which should yield significant operating leverage and cash generation improvement. Given ongoing reduced visibility and market uncertainties, the Group will not guide on a specific timing, which will be influenced by external factors beyond its control.
This operating model and the associated ambitions and financial information are not guidance and should not be interpreted as a financial objective or forecast. Actual results will depend on market dynamics, customer adoption, and execution.
Key events of Q4 FY’25
Divestment of Dolphin Design’s main businesses
Dolphin Design’s mixed-signal IP activities have been acquired on October 31st, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30th, 2024.
Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs. The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.
A 13 million Euros loss on the divestment of Dolphin Design’s businesses was recorded in other operating expenses in FY’25. There will be no further impact on Soitec financial statements from FY’26.
Soitec contributes to accelerated development of integrated optical connectivity solutions for AI data centers with its silicon photonics SOI technology
On March 19th, 2025, Soitec welcomed recent industry steps to accelerate development and commercialization of co-packaged optics (CPO) solutions for data centers. The rapidly rising data requirements of AI and high-performance computing (HPC) are driving demand for silicon photonics-based CPO architectures. For data centers, CPO adoption enables energy savings of around 30% compared with current optical transceiver-based solutions. The momentum for widespread CPO adoption is building up. Following the earlier introduction of groundbreaking CPO products and demonstrators by Broadcom, Intel, and Marvell, NVIDIA unveiled its first CPO products, Spectrum-X and Quantum-X. Soitec is at the forefront of the transition from electrical to optical interconnects. CPO components are reliant on specialist silicon-on-insulator (Photonics-SOI) substrates, in which Soitec is a leader. The coming shift to CPO-based data center architectures is a major opportunity for Soitec.
Soitec joins the SEMI Silicon Photonics industry alliance
Soitec also announced on March 19th, 2025, that it has joined the SEMI Silicon Photonics Industry Alliance (SEMI SiPhIA), a group of more than 100 semiconductor industry partners, with TSMC and ASE serving as the alliance’s advocates. The alliance’s mission is to drive silicon photonics innovation and applications, advance industry standards, and foster knowledge-sharing, resource integration, and technical exchange. Through its membership, Soitec will contribute to strengthening supply chain partnerships and fostering international collaboration on the deployment of key next-generation technologies, including CPO.
Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking
On March 31st, 2025, Soitec once again demonstrated its excellence in innovation through its rise in the 2024 ranking of patent filers published by the INPI (the French National Institute of Industrial Property). This recognition highlights Soitec’s unwavering commitment to innovation and confirms its central role in the development of disruptive technologies, driven by a global strategy and a network of research centers spread across several continents. With 76 patents filed in France in 2024, compared to 62 the previous year, Soitec confirms its 1st place among the most innovative mid-sized companies, for the second consecutive year, and rises to 22nd place nationally, up three places. With approximately 400 patents filed worldwide each year, Soitec has established itself as an essential technology leader.
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FY’25 results will be commented during an analyst and investor meeting in Paris on May 28th, 2025, at 2pm CET. The meeting will be held in English.
The live webcast will be available on: https://channel.royalcast.com/landingpage/soitec/20250528_1/
The investor presentation is available for download on:
https://www.soitec.com/home/investors/full-year-results-of-fiscal-year-2024—2025# # #
Annual General Meeting
At its meeting today, the Board of Directors decided to convene the Annual General Meeting of shareholders on July 22nd, 2025. On this occasion, it decided to renew three of the four directors’ terms of office due to expire (Bpifrance Participations, CEA Investissement and Fonds Stratégique de Participations). Regarding Kai Seikku, the latter did not wish to be re-elected.
Q1’26 revenue
Q1’26 revenue is due to be published on July 22nd, 2025, after market close.
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Disclaimer
This document is provided by Soitec (the “Company”) for information purposes only.
The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.
Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.
This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.
This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.
The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.
The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.
This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.
Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.
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About Soitec
Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,200 patents.
Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.
For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official
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# # #
Financial information and consolidated financial statements in appendix include:
– Consolidated revenue per quarter
– FY’25 consolidated income statement
– Balance sheet at March 31st, 2025
– FY’25 consolidated cashflows
Consolidated revenue per quarter
Quarterly revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 FY’24 FY’25 (Euros millions) Mobile Communications 89 169 130 222 48 124 154 220 611 546 Automotive & Industrial 37 38 44 44 26 33 25 45 163 129 Edge & Cloud AI 31 37 65 70 46 61 47 63 204 216 Revenue 157 245 240 337 121 217 226 327 978 891 Change in quarterly revenue Q1’25/Q1’24 Q2’25/Q2’24 Q3’25/Q3’24 Q4’25/Q4’24 FY’25/FY’24 (vs. previous year) Reported
changeOrganic change1 Reported
changeOrganic change1 Reported
changeOrganic change1 Reported
changeOrganic change1 Reported
ChangeOrganic change1 Mobile Communications -45% -46% -27% -25% +18% +11% -1% -2% -11% -12% Automotive & Industrial -29% -31% -13% -11% -43% -47% +1% 0% -21% -22% Edge & Cloud AI +49% +47% +62% +66% -28% -30% -11% +2% +6% +11% Revenue -23% -24% -11% -9% -6% -10% -3% -1% -9% -9% 1 At constant exchange rates and comparable scope of consolidation:
- there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24
- in Q3’25 there is a negative scope effect related to the divestment of Dolphin Design’s mixed signal IP activities (completed on October 31st, 2024)
- in Q4’25, in addition to Dolphin Design’s mixed signal IP activities, the negative scope effect also includes the divestment of Dolphin Design’s ASIC activities (completed on December 30th, 2024).
Consolidated financial statements for FY’25
As previously reported, Soitec’s refocus on Electronics operations decided in January 2015 was nearly completed on March 31st, 2016. Consequently, the FY’25 residual income and expenses relating to Solar and Other activities are reported under ‘Net result from discontinued operations’, below the ‘Operating income’ line, meaning that down to the line ‘Net result after tax from continuing operations’, the consolidated income statement fully and exclusively reflects the Electronics activity as well as the Group’s corporate functions expenses. This was already the case in FY’24 financial statements.
Consolidated income statement
FY’25 FY’24 (Euros millions) (ended March 31st, 2025)
(ended March 31st, 2024)
Revenue 891 978 Cost of sales (605) (646) Gross profit 286 332 Research and development expenses (85) (61) General, sales and administrative expenses (65) (63) Current operating income 136 208 Other operating expenses (16) (3) Operating income 119 205 Financial income 19 21 Financial expenses (28) (25) Net financial expense (9) (5) Profit before tax 110 201 Income tax (19) (23) Net profit from continuing operations 91 178 Net profit from discontinued operations 1 0 Consolidated net profit 92 178 Net profit, Group share 92 178 Basic earnings per share (in €) 2.57 5.00 Diluted earnings per share (in €) 2.56 4.88 Weighted average number of ordinary shares 35,670,651 35,655,679 Weighted average number of diluted ordinary shares 35,868,688 37,710,587 Balance sheet
Assets March 31st, 2025 March 31st, 2024 (Euros millions) Non-current assets Intangible assets 130 156 Property, plant and equipment 1,003 913 Non-current financial assets 30 19 Other non-current assets 73 70 Deferred tax assets 59 62 Total non-current assets 1,295 1,220 Current assets Inventories 231 209 Trade receivables 463 448 Other current assets 124 101 Current financial assets 7 7 Cash and cash equivalents 688 708 Total current assets 1,512 1,472 Total assets 2,807 2,692 Equity and liabilities March 31st, 2025 March 31st, 2024 (Euros millions) Equity Share capital 71 71 Share premium 228 228 Reserves and retained earnings 1,280 1,180 Other reserves 15 15 Equity-Group share 1,595 1,495 Total equity 1,595 1,495 Non-current liabilities Non-current financial debt 375 669 Provisions and other non-current liabilities 94 79 Total non-current liabilities 469 748 Current liabilities Current financial debt 406 78 Trade payables 153 169 Provisions and other current liabilities 185 202 Total current liabilities 743 449 Total equity and liabilities 2,807 2,692 Consolidated cash flows
FY’25 FY’24 (Euros millions) (ended
March 31st, 2025)(ended
March 31st, 2024)Consolidated net profit 92 178 of which continuing operations 91 178 Depreciation and amortization expense 140 126 Provision expense/(reversals), net 6 4 Provisions expense / (reversals) for retirement benefit obligations, net 0 0 (Gains)/losses on disposals of assets 15 0 Income tax 19 23 Net financial expense 9 5 Share-based payments 11 14 Other non-cash items 7 (17) Non-cash items related to discontinued operations (1) (1) EBITDA1 298 332 of which continuing operations 298 332 Inventories (38) (19) Trade receivables (30) (94) Trade payables (15) (45) Other receivables and payables 4 17 Income tax paid (17) (25) Changes in working capital requirement and income tax paid related to discontinued operations (0) (0) Change in working capital requirement and income tax paid (96) (167) of which continuing operations (96) (167) Net cash generated by operating activities 201 165 of which continuing operations 202 166 FY’25 FY’24 (Euros millions) (ended
March 31st, 2025)(ended
March 31st, 2024)Net cash generated by operating activities 201 165 of which continuing operations 202 166 Purchases of intangible assets (27) (48) Purchases of property, plant and equipment (172) (177) Interest received 19 17 Disposals/(acquisitions) of financial assets 4 (1) Divestment flows related to discontinued operations 1 0 Net cash used in investing activities (1) (176) (208) of which continuing operations (1) (176) (209) Loans and drawdowns on credit lines 45 55 Repayment of borrowings and lease liabilities (81) (70) Interest paid (14) (12) Liquidity agreement – (8) Change in interest in subsidiaries without change of control (1) (0) Other financing flows – 2 Financing flows related to discontinued operations (0) (0) Net cash used in financing activities (50) (33) of which continuing operations (50) (33) Effects of exchange rate fluctuations 4 (3) Net change in cash (21) (80) of which continuing operations (21) (80) Cash at beginning of the period 708 788 Cash at end of the period 688 708 (1) Net cash used in investing activities is net of leases and interest received. Total cash out related to capital expenditure amounted to 230 million Euros in FY’25 compared to 276 million Euros in FY’24.
1 The EBITDA represents operating income before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. EBITDA is not a financial indicator defined by IFRS and may not be comparable to EBITDA as reported by other groups. It represents additional information and should not be considered as a substitute for operating income or net cash generated by operating activities.
2 EBITDA margin = EBITDA from continuing operations / Revenue.
3 Audit procedures were completed and the audit report is in the process of being issued.
4 The scope effect is related to the divestment of Dolphin Design’s mixed-signal IP activities (completed on October 31st, 2024) and that of Dolphin Design’s ASIC activities (completed on December 30th, 2024)
5 EBITDA from continuing operations.
6 Financial debt less cash and cash equivalentsAttachment
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MIL-OSI: Fusion Fuel Green PLC Signs Non-Binding Heads of Terms for Strategic UK Energy Distribution Acquisition
Source: GlobeNewswire (MIL-OSI)
DUBLIN, May 27, 2025 (GLOBE NEWSWIRE) — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a provider of integrated energy solutions, today announced that it has executed non-binding Heads of Terms (“Heads of Terms”) with a privately-held United Kingdom-based fuel distribution business (“Target”) to acquire 100% of the equity of Target and certain related companies from their existing shareholders. The signing of the Heads of Terms follows the signing of a non-binding Letter of Intent between the parties, which was previously announced by the Company on April 9, 2025.
For the fiscal year ending April 30, 2024, Target generated revenues of approximately $50 million and net income of approximately $5 million. Target showed strong growth in the following fiscal year ending April 30, 2025, achieving revenues of approximately $58 million and net income of approximately $7 million. As of April 30, 2025, Target had no debt except for approximately $1 million under a revolving credit line. 1
Under the Heads of Terms, subject to execution of one or more definitive agreements with the existing shareholders of Target, Fusion Fuel will acquire the entire share capital of Target for total consideration of £50 million, consisting of £40 million in debt-financed cash and £10 million in Fusion Fuel ordinary shares in accordance with certain shareholder approval and securities registration requirements.
The Heads of Terms include equity value protection provisions with respect to the equity portion of the purchase price, consisting of certain downside price protection terms for the sellers, a buy-back option, and an upside cap provision.
It is anticipated that the definitive agreements will contain customary representations, warranties and covenants made by Fusion Fuel, Target, and Target’s shareholders, including covenants relating to the parties using their commercially reasonably efforts to cause the transactions contemplated by the agreement to be satisfied, covenants regarding obtaining the requisite approvals of directors and shareholders, indemnification of directors and officers, and Fusion Fuel and Target’s conduct of their respective businesses between the date of signing of definitive agreements and the closing, and other customary conditions to closing. It is anticipated that definitive agreements will also contain certain termination rights for both Fusion Fuel and Target, and, in connection with the termination of any such definitive agreements under certain circumstances, Fusion Fuel and Target may be required to pay the other party a termination fee. Entry into definitive agreements will also be subject to: (i) legal, tax and accounting structuring advice, (ii) the satisfactory completion of due diligence investigation by the parties on all aspects of business, operations, financial condition and other assets and liabilities appropriate for a transaction of this nature, and (iii) the satisfaction of the conditions described in the Heads of Terms.
Although generally non-binding, the Heads of Terms contain certain binding exclusivity and confidentiality terms and other binding terms and provisions. The Heads of Terms provides that Target will not solicit or negotiate with other parties for 90 days from signing of the Heads of Terms.
John-Paul Backwell, CEO of Fusion Fuel, commented: “The Heads of Terms mark another significant step in our growth journey. Target represents a strong and profitable business that complements our strategy of building a synergistic, diversified portfolio across the energy value chain. In particular, Target has a complimentary business to our Al Shola Gas brand, and has the potential to support and expand its service offerings.”
About Fusion Fuel Green PLC
Fusion Fuel Green PLC (NASDAQ: HTOO) is a growing energy company providing engineering, advisory, and fuel distribution solutions through its brands Al Shola Gas and BrightHy. The Company services clients across commercial, residential, and industrial sectors and is actively expanding into new verticals and geographies to support energy transition and infrastructure resilience.
Forward-Looking Statements
This press release contains “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company’s ability to enter into a definitive share purchase agreement with the shareholders of Target, the ability of the parties to complete their due diligence and all other closing conditions, the Company’s ability to complete the proposed acquisition and integrate Target’s business, the parties’ ability to obtain all necessary regulatory and other consents and approvals in connection with the transaction, the ability of Target to complete the audit process and the possibility that the reported results of its operations for its fiscal years ended April 30, 2025 and 2024 will change materially upon completion of the audit process, and those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on May 9, 2025, which could cause actual results to differ from the forward-looking statements. These risks, uncertainties and other factors are, in some cases, beyond the parties’ control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if these underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Investor Relations Contact
ir@fusion-fuel.eu
www.fusion-fuel.euWire Service Contact:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com____________________
1 Target’s financial results for the fiscal years ended April 30, 2025 and 2024 are subject to audit or re-audit, and actual results are subject to adjustment following completion of the audit process. There is no assurance that the audited or re-audited results of Target will not differ materially from those stated herein.
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MIL-OSI Africa: Infrastructure, jobs and Growth: Inside South Africa’s construction revolution
Source: South Africa News Agency
South Africa is on a path of accelerated progress with infrastructure development fuelling economic growth and job creation.
This according to Minister of Public Works and Infrastructure, Dean Macpherson, who spoke to SAnews on the sidelines of the Sustainable Infrastructure Development Symposium South Africa, being held in Cape Town.
Macpherson cited the second edition of the Construction Book which showcases 250 fully funded infrastructure projects – worth at least R238 billion – as one example of government’s commitment to turning South Africa into a construction site.
“We are actively putting our money into those projects to ensure that they are prepared on time and on budget and that they have the best chance of success. We heard from the President and his commitment to driving infrastructure growth in the country, the R1 trillion that’s been committed by Minister [Enoch] Godongwana in the budget, record levels of investment in public infrastructure.
“You can start to see that this country is on the move, that infrastructure is at the heart of our growing economy and job creation plans,” he said.
Furthermore, Infrastructure South Africa (ISA) has announced the new top seven infrastructure priorities for 2025/26. These are:
- Boegoebaai Port and Rail Development in the Northern Cape;
- Project Alpha 300MW Gas to Power Project;
- City of Ekurhuleni Wastewater Conveyance and Treatment System Regionalisation;
- Coega SEZ 100MW Solar Farm – ground mount;
- South Africa Water Reuse Programme (WRP);
- Regional Energy Infrastructure, Storage and Distribution Programme by Limpopo Energy User Association; and
- Gauteng Urban Upgrade Programme, Johannesburg CBD.
The Minister highlighted the critical role that ISA has to play in the next few years.
“We are very optimistic about the role that [ISA] will play in being the central point of coordination, planning and preparation to make sure that budgets are spent; to make sure that projects are delivered [and] to make sure that our economy grows to create jobs,” the Minister told SAnews.
On Monday, Macpherson led a Leaders Forum at SIDSSA, which included Ministers from across the African continent, Premiers and local government leaders.
The Minister described discussions at the forum as “hugely important”.
“We were able to discuss and conceptualise how we need to find commonality in how we approach infrastructure projects on the continent…the language that we use, technical specifications and the agreements, the partnerships.
“You could really see a blossoming of cooperation in that room and so these are now conversations that we will want to take forward to the AU [African Union]; that we want to take forward into regional blocs and on a country-to-country basis,” he said.
Improving Municipal infrastructure
On the Adopt-A-Municipality initiative, Macpherson hailed it as an opportunity to improve the coalface of service delivery in South Africa.
The initiative – which is in its pilot phase at three municipalities – paves the way for ISA to work with municipalities to introduce rapid infrastructure interventions and assist with the delivery of infrastructure projects.
The scope of ISA’s work with the three – Free State, KwaZulu-Natal and Mpumalanga – based municipalities will include:
- Project preparation and planning;
- Collaboration with municipalities and strategic partners to efficiently package projects and programmes;
- Assisting municipalities in developing robust and bankable business cases to attract funding from both public and private sectors;
- Streamlining approvals, authorisations, licences, and permissions to expedite project implementation and address regulatory bottlenecks that may hinder progress; and
- Implementing effective monitoring mechanisms to track project progress, ensuring accountability and the timely completion of infrastructure developments.
“We know that local government is really battling in the infrastructure space and that’s where communities really feel it the most. We have put together a plan to partner with municipalities over 24 months to have help with their project preparation and to help them deliver in those municipalities about R3.5 billion worth of infrastructure which is really big.
“That is hugely exciting and it came from the Presidential Infrastructure Coordinating Council in November. [But] it shows that we’re not just talking about things. We’re actually getting them moving and getting them going and I’m looking forward to showing the President those results in 24 months’ time about what the net result of properly planned and prepared infrastructure can be,” he said. – SAnews.gov.za
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MIL-OSI: For Every Crypto Futures Trader: BexBack Launches 100x Leverage, Double Deposit Bonus, and $50 Welcome Gift—No KYC
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) — With Bitcoin prices hovering above $100,000, analysts believe that the cryptocurrency market will remain in a state of high volatility for a long time. For investors, holding spot positions may no longer be enough to make a significant profit. In view of this, BexBack exchange has launched a groundbreaking offer to empower traders: 100% deposit bonus, $50 new user welcome bonus, and 100x leverage on cryptocurrency trading – all without KYC.
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- Assume Bitcoin is priced at $100,000. By opening a long position with 1 BTC and applying 100x leverage, your trade controls a position worth 100 BTC.
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MIL-OSI: Apollo Capital Calls Out MediPharm Chairman Chris Taves (Managing Director, BMO Capital Markets) for Failure to Properly Communicate to Shareholders Details of David Pidduck’s Past as CEO and VP of Marketing for OxyContin® Manufacturer Purdue Pharma
Source: GlobeNewswire (MIL-OSI)
Opioid-Pusher Pidduck, Chairman Chris Taves and the Current MediPharm Board Have Presided Over $1 Billion in Shareholder Value Destruction while funneling $5,587,059 of the Shareholders’ Money Directly into Pidduck’s Pocket
Apollo Capital’s Six Director Nominees Are Committed to Restoring Transparency and Value to MediPharm’s Shareholders
URGES SHAREHOLDERS TO DISREGARD MEDIPHARM LABS’ GREEN PROXY CARD AND VOTE THE GOLD PROXY CARD “FOR” APOLLO CAPITAL’S SIX DIRECTOR NOMINEES
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”), which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a statement regarding CEO David Pidduck’s background as former CEO & President of Purdue Pharma Canada (“Purdue Pharma”).
Fellow shareholders deserve to know the truth regarding CEO David Pidduck. As stewards of a publicly traded company, MediPharm’s Board of Directors (the “Board”) have a responsibility to uphold transparency, accountability, and good governance. The current Board, which has overseen $1 billion of shareholder value destruction, and which has presided over an eye-watering 99% share price decline, is focused on downplaying Mr. Pidduck’s past, rather than its responsibilities to shareholders. Indeed, there was absolutely no reference to Pidduck’s role at Purdue Pharma, or of Purdue Pharma’s culpability in creating the opioid epidemic, in the Company’s press release announcing Mr. Pidduck’s appointment as CEO.
Let’s look at the facts:
From 2014 until December 2021, David Pidduck served as VP of Marketing, and then CEO & President of Purdue Pharma.
As reported in the Globe and Mail, “More than 34,000 Canadians have died from opioids between January 2016, and September 2022, according to federal government data.”1
In 2017, Purdue Canada agreed to pay $20 million to settle a class-action lawsuit involving allegations about how its pain pills were over-marketed, with the suit claiming that Purdue Pharma had engaged in deceitful marketing practices. In an interview with the CBC, Dr. David Juurlink, a drug safety researcher at the University of Toronto posited that, “the fair question that might be asked is did Purdue engage in questionable or even illegal activities in the marketing of OxyContin® in Canada.”2
In 2020, Purdue Pharma’s U.S. entity pleaded guilty to three criminal charges over the handling of its painkiller OxyContin®, including conspiring to defraud officials and paying illegal kickbacks to doctors in a bid to keep prescriptions flowing.3
In 2022, it was announced that Purdue Pharma agreed to pay a $150 million settlement in a proposed class action launched in 2018 on behalf of all provincial, territorial and federal governments, alleging that opioid manufacturers and distributors engaged in deceptive marketing practices that amplified addiction, destroying countless lives and killing of thousands of people. This remains the largest settlement of a governmental health claim in Canadian history.4
Apollo Capital asks its fellow Shareholders – do you feel like Medipharm Chairman Chris Taves fulfilled his fiduciary duty, and even his moral duty to you, to make you aware of Opioid- Pusher Pidduck’s past with Purdue Pharma when he hired him as the CEO to steward your investments?
Apollo Capital asks its fellow Shareholders – do you feel like Medipharm Chairman Chris Taves properly represented Pidduck’s past to you when he asked you on multiple occasions to vote on Opioid-Pusher Pidduck’s outrageous and off-market compensation package?
Apollo asks its fellow Shareholders – do you feel like the details of Pidduck’s very recent past were MATERIAL facts that Medipharm Chairman Chris Taves should have made crystal clear to you so that you could have made a more informed decision before voting for nearly SIX MILLION DOLLARS of YOUR money to end up in Opioid-Pusher Pidduck’s pocket?
While Shareholders have suffered immense losses with no path to stop the bleeding, Mr. Pidduck has benefited from the Board’s largesse with an excessive and off-market compensation package that has funneled $5,587,059 of Shareholders’ money directly to Pidduck, despite MediPharm’s share price plummeting nearly to zero.
Shareholders should demand accountability from the Board at the 2025 Annual and Special Meeting of Shareholders on June 16, 2025. Apollo Capital has nominated six highly qualified individuals; namely, Regan McGee, Scott Walters, David Lontini, Demetrios Mallios, John Fowler and Alan D. Lewis (the “Apollo Nominees”) to replace the incumbents and hold the Board accountable for destroying one billion dollars of shareholder value, enriching themselves at your expense, and enabling a CEO whose actions have driven operational and strategic failure and arguably much, much worse.
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The opioid crisis continues to be devastating for people across the country in terms of lives lost, families torn apart and the impact on our health care frontline staff.
Victims who before February 28, 2017 were prescribed in Canada and ingested OxyContin® tablets and/or OxyNEO® tablets, can visit https://oxycontinclassactionsettlement.com/ for more information.
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MediPharm Labs Shareholders can visit www.CureMediPharm.com, to sign up for important campaign updates.
To access Apollo Capital’s Circular and related proxy materials, including a proxy or voting instruction form, visit SEDAR+ at www.sedarplus.ca.
Contacts
For Shareholders:
Carson Proxy
North American Toll-Free Phone: 1-800-530-5189
Local or Text Message: 416-751-2066 (collect calls accepted)
E: info@carsonproxy.comFor Media:
CureMediPharm@gasthalter.comLegal Disclosures
Information in Support of Public Broadcast Exemption under Canadian Law
In connection with the Annual Meeting, Apollo Capital has filed an amended and restated dissident information circular (the “Circular”) in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.
SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.
Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.
The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.
This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.
Apollo Capital has entered into an agreement with Carson Proxy Advisors (“Carson Proxy”) for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo Capital’s nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses.
No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Apollo Capital nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors, the election of directors, the appointment of auditors and the approval of the ordinary resolution approving, among other things, the Company’s amended and restated equity incentive plan dated May 8, 2025 and the unallocated awards available thereunder.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo Capital disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law.
Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP
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1 Source: The Globe and Mail, “McKinsey pitched Purdue Pharma Canada on plan to boost opioid sales in 2014, memo reveals”, 6/19/2023, https://www.theglobeandmail.com/politics/article-mckinsey-opioid-lawsuit-purdue-pharma/.
2 Source: CBC, “OxyContin maker agrees to $20M settlement in Canadian class-action case”, 5/1/2017, https://www.cbc.ca/news/health/oxycontin-class-action-1.4093781
3 Source: U.S. Department of Justice, “Opioid Manufacturer Purdue Pharma Pleads Guilty to Fraud and Kickback Conspiracies”, 11/24/2020, https://www.justice.gov/archives/opa/pr/opioid-manufacturer-purdue-pharma-pleads-guilty-fraud-and-kickback-conspiracies
4 Source: Ontario Minitstry of the Attorney General, Opioid Damages Settlement Secured with Purdue Pharma (Canada), 6/29/2022, https://news.ontario.ca/en/bulletin/1002169/opioid-damages-settlement-secured-with-purdue-pharma-canada -
MIL-OSI United Kingdom: Landmark mine water heat scheme goes live in Wales
Source: United Kingdom – Executive Government & Departments
Press releaseLandmark mine water heat scheme goes live in Wales
Wales’ first commercial mine water heat scheme goes live in Ammanford to provide low-carbon heat to a nearby industrial site.
Heat exchangers being installed into the treatment lagoons.
Previously untapped heat from a mine water treatment scheme in Wales is now being harnessed to provide low-carbon heating for a nearby business.
Reducing carbon emissions from traditional fossil fuel heating remains a significant challenge in the fight against climate change.
Wales, with its industrial heritage and coal mining past, has recognised the potential of mine water heat, through its Heat Strategy for Wales, as a viable option to support a just transition to renewables.
As part of this commitment, the Mining Remediation Authority identified an opportunity for low-carbon heat recovery at our Lindsay treatment scheme near Ammanford, Carmarthenshire, as part of our work to map areas of Wales most suited for mine water heat schemes, which was commissioned by the Welsh Government.
Landmark mine water heat scheme goes live in Wales
We operate more than 80 treatment schemes across Great Britain and at Lindsay we pump and treat an average of 25 litres of mine water per second – nearly enough to fill an Olympic-sized swimming pool every day.
This process removes approximately 28 kilograms of iron each day, preventing it from entering local watercourses, protecting the Ffrwd Brook, which flows into the River Loughor, safeguarding aquatic ecosystems and contributing to cleaner, healthier rivers in the region.
Now, for the first time in Wales, the heat from mine water is being harnessed to provide secure, low-carbon heating at an industrial site.
The mine water is naturally warm due to geothermal energy from the earth’s crust and heat retained from its time circulating through underground rock layers and former coal mines.
Working in collaboration with local business Thermal Earth Ltd, the renewable heat project secured funding through Innovate UK’s New Innovators in Net Zero Industry, South West Wales initiative.
Constructed in just two weeks, the innovative project utilises heat exchangers submerged in one of the settlement ponds at the Lindsay scheme to recover heat from mine water, which is then transferred to a nearby industrial unit to supply low-carbon heating and hot water, and is predicted to save 17.5 tonnes of CO2 per year.
How the Lindsay scheme cleans water and also provides heat
Andrew Simpson, head of Innovation, By-Products and Services at the Mining Remediation Authority, said:
It’s been incredibly rewarding to see this forward-thinking project, transforming part of our mining legacy into a source of clean, renewable heat.
It’s a powerful example of how innovation, collaboration and technical expertise can work together to deliver real-world solutions to the climate challenge.
This scheme demonstrates how Wales’ industrial heritage can be repurposed to support a low-carbon future.
By unlocking the potential of mine water heat, we’re not only reducing emissions but also creating a blueprint for sustainable energy that can be replicated across the country.
We hope this success inspires others to explore the untapped potential of mine water heat as a reliable, renewable energy source.
Nick Salini, managing director of Thermal Earth Ltd, said:
Completion of this demonstration project marks a monumental step forward in sustainable energy innovation.
By harnessing the untapped thermal energy from mine water, we’re not only pioneering the first commercial use of heat from a mine water treatment scheme in Wales but also redefining what’s possible for renewable heating.
Thermal Earth’s heat pump system
Since establishing Thermal Earth in 2006, Mr Salini has been a strong advocate for sustainable heating solutions. Growing up in Ammanford, a town with a long mining history, he recognised the potential of abandoned mine water as a heat source.
By completing this demonstration system, Thermal Earth has successfully converted its facility away from liquefied petroleum gas, reducing dependence on fossil fuels and showcasing the possibilities of innovative renewable solutions.
Mr Salini added:
This project wouldn’t have been possible without the collaboration of the team at the Mining Remediation Authority and Innovate UK, who shared our ambition to turn the Lindsay site into a sustainable asset. Together, we have proven that innovation can thrive with collaboration.
We hope this project is just the beginning. This model can be scaled and replicated to provide local communities with heat networks offering low-cost heating for residents and businesses, with the potential to create jobs within the green economy.
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:
This innovative project is a perfect example of how Wales is turning its industrial heritage into sustainable solutions. By harnessing heat from former mine workings, we’re not just reducing carbon emissions but creating new economic opportunities in our communities.
The mine water maps, commissioned by the Welsh Government, recognised the significant role mine water heat can play in our journey to net zero. This scheme demonstrates what’s possible and creates a model that could be replicated across Great Britain, utilising local expertise and supply chains.
This is exactly the kind of collaborative approach that will help us build a more sustainable, prosperous Wales for future generations.
Heat exchangers being installed into the treatment lagoons.
The Lindsay scheme has been successfully treating mine water since 2003 and the pioneering the concept of adding heat recovery features to treatment sites is part of our wider geothermal energy research.
This new development follows the success of the privately-funded project at Lanchester Wines warehouses, which has been successfully using mine water to provide low-carbon space heating since 2018, and the Gateshead scheme, the UK’s first large-scale mine water heat network, which began providing heat to homes and businesses in March 2023.
The Thermal Earth scheme serves as a powerful operational demonstrator, showcasing another innovative way to access mine water heat and inspiring confidence in future projects across Wales and Great Britain.
It is hoped that the data from the scheme will help build investor confidence and encourage other organisations to explore this technology, furthering knowledge-sharing within the sector.
For media enquiries contact the community response team
Email communityresponse@miningremediation.gov.uk
Telephone 0800 288 4211
For emergency media enquiries (out of hours) call: 0800 288 4242.
Only urgent media calls will be attended to.Updates to this page
Published 27 May 2025 -
MIL-OSI: NANO Nuclear Energy Announces Pricing of $105 Million Private Placement of Common Stock
Source: GlobeNewswire (MIL-OSI)
The offering includes primary participation from fundamental institutional investors, including a leading long-only mutual fund and a preeminent global investment manager
Company total cash position expected to be over $200 million following closing
New York, N.Y., May 27, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company, today announced that it has entered into a definitive securities purchase agreement with institutional investors for the purchase and sale of 3,888,889 shares of common stock in a private placement at a purchase price of $27.00 per share, for total gross proceeds of $105 million.
Participants in the private placement include several fundamental institutional investors, including a leading long-only mutual fund and a preeminent global investment manager.
The closing of the offering is expected to occur on or about May 28, 2025, subject to the satisfaction of customary closing conditions.
With the anticipated net proceeds from the private placement, NANO Nuclear would have over $200 million in cash on hand, which it expects to use to more readily advance its cutting-edge micro nuclear reactors and auxiliary nuclear energy-related businesses, as well as to seek complimentary acquisitions and drive growth towards initial revenue generation.
Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offering.
The securities issued in the private placement described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. NANO Nuclear has agreed to file a resale registration statement with the SEC for purposes of registering the resale of the shares of common stock issued in connection with the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
For more corporate information please visit: https://NanoNuclearEnergy.com/
About NANO Nuclear Energy, Inc.
NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.
Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.
HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.
NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.
For more corporate information please visit: https://NanoNuclearEnergy.com/
For further information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy TWITTERCautionary Note Regarding Forward Looking Statements
This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the closing, and the anticipated benefits to the Company, of the private placement described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop, gain registered intellectual property protection for, and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
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MIL-OSI: Indonesia Energy Provides Update on Operations and Reserves and Planned Drilling During the Remainder of 2025
Source: GlobeNewswire (MIL-OSI)
2024 investments in seismic and other work and Kruh contract extension increased reserves at Kruh Block by over 60%
JAKARTA, INDONESIA AND DANVILLE, CA, May 27, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today provided an update on IEC’s planned drilling activity for the second half of 2025.
During 2024, IEC scaled back drilling activity at its Kruh Block asset and invested in seismic and other exploration work intended to maximize the prospects for new drilling. With that work now completed, new drilling is expected to commence at Kruh Block in the second half of 2025, as IEC plans to drill at least one new well this year as part of its multi-year program to drill 18 new wells at Kruh Block.
In its recently filed Annual Report on Form 20-F, IEC updated its proved gross reserves at Kruh Block, noting that IEC’s proved reserves increased over 60% to approximately 3.3 million barrels as a result of the additional seismic and other work conducted in 2024 and the 5-year contract extension granted in late 2023 by the Indonesian government.
Mr. Frank Ingriselli, IEC’s President, commented “We are pleased that our investments in Kruh Block and the 3D seismic work we have now completed resulted in a 60% increase in our proved gross reserves (even without any additional drilling activity). After attending meetings with the technical and operating teams in Jakarta and meetings with the drilling and operating teams in Sumatra, we are finalizing the drilling plans for later this year. With a successful result from our next well, we are hopeful that a further increase in reserves will be forthcoming. We believe our seismic data in hand will make our drilling even more effective and help us maximize the returns from this important asset”
More information regarding IEC’s planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC’s Annual Report on Form 20-F which was filed last month with the Securities and Exchange Commission and is available on IEC’s website at: https://ir.indo-energy.com/sec-filings/
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “could,” “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com -
MIL-OSI: Zeo Energy Corp. Reports Fourth Quarter and Full Year 2024 Financial Results
Source: GlobeNewswire (MIL-OSI)
NEW PORT RICHEY, Fla., May 27, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024.
Recent Financial and Operational Highlights
- Reported $73.2 million of revenue in 2024 despite pricing challenges from a prolonged, higher interest rate environment
- Reported $2.0 million of adjusted EBITDA in 2024, driven by the Company’s flexible operating model and disciplined cost management
- Completed the integration of Lumio’s assets, which were acquired in November 2024 as part of Zeo’s market expansion plan
- Secured $4.0 million in December to develop a year-round sales force and expand market presence, accelerating the Company’s growth trajectory heading into the second half of 2025
- Achieved 6th straight year of positive adjusted EBITDA
Management Commentary
“While 2024 was a challenging year for the solar business as a whole, we are entering 2025 with a sense of renewed optimism around the opportunities ahead,” said Zeo Energy Corp. CEO Tim Bridgewater. “In a consolidating market, we remain positioned to acquire compelling renewable energy assets at attractive valuations to fuel our growth and gain market share over the intermediate term. Our November transaction with Lumio is an example of our ability to identify targets that offer Zeo accretive value with improved geographic and strategic positioning.“Financially, thanks to our continued focus on efficiency as well as the flexibility in our operating model, we drove our sixth straight year of positive adjusted EBITDA. At the same time, our topline performance largely stabilized quarter-over-quarter, which was encouraging to see as we move through our traditionally slower seasons with limited sales in Q4 and Q1. As of today, our expanded recruitment initiatives remain on target as we begin our peak summer sales season in the second quarter of 2025. Put together, we believe we have the right strategy to operate sustainably today and to thrive over the long term.”
Full Year 2024 Financial Results
Results compare the full year ended December 31, 2024 to the full year ended December 31, 2023.
- Total revenue was $73.2 million in 2024, a 33.2% decrease from $109.7 million in 2023. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar sales throughout 2024.
- Gross profit decreased to $34.4 million (47.0% of total revenue) in 2024 from $49.8 million (45.4% of total revenue) in 2023. The decrease in gross profit was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor, a reduction in materials costs, and an increase in sales volume from our internal sales teams.
- Net loss was $9.9 million in 2024 compared to net income of $4.8 million in the comparable 2023 period. The decrease was primarily due to stock compensation, increased headcount, and costs incurred as a result of becoming a public company.
- Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, remained positive, but decreased to $2.0 million (2.7% of total revenue) in 2024 from $7.0 million (6.4% of total revenue) in 2023. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar sales in 2024.
Fourth Quarter 2024 Financial Results
Results compare the 2024 fourth quarter ended December 31, 2024 to the 2024 fourth quarter ended December 31, 2023.
- Total revenue was $18.6 million in Q4 2024, an 18.9% decrease from $23.0 million in the comparable 2023 period. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar direct sales throughout 2024.
- Gross profit decreased to $11.2 million (60.1% of total revenue) in Q4 2024 from $12.7 million (55.1% of total revenue) in the comparable 2023 period. The decrease was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor and a reduction in materials costs.
- Net loss for Q4 2024 was $1.1 million compared to $1.6 million in the comparable 2023 period. The improvement was primarily related to a $0.7 million tax benefit.
- Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, increased to $3.1 million (16.8% of total revenue) in Q4 2024 from approximately $(0.9) million (4.1% of total revenue) in the comparable 2023 period. The change was primarily related to a $3.0 million change in depreciation and amortization.
For more information, please visit the Zeo Energy Corp. investor relations website at investors.zeoenergy.com.
About Zeo Energy Corp.
Zeo Energy Corp. is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy Solar business unit, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.
Non-GAAP Financial Measures
Adjusted EBITDA
Zeo Energy defines Adjusted EBITDA, a non-GAAP financial measure, as net income (loss) before interest and other expenses, net, income tax expense, and depreciation and amortization, as adjusted to exclude stock-based compensation. Zeo utilizes Adjusted EBITDA as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of Zeo’s results of operations to other companies in the industry. Adjusted EBITDA should not be viewed as a substitute for net loss calculated in accordance with GAAP, and other companies may define Adjusted EBITDA differently.The following table provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:
Year Ended December 31, Quarter Ended December 31, 2024 2023 2024 2023 Net income (loss) $ (9,872,358 ) $ 4,845,069 $ (1,135,513 ) $ (1,596,773 ) Adjustment: Other income, net (233,151 ) 183,401 (44,822 ) 190,383 Change in fair value of warrant liabilities (69,000 ) – 759,000 0 Interest expense 333,539 110,857 39,282 47,937 Income tax benefit (988,802 ) – (753,450 ) 0 Stock compensation 7,951,248 – 849,430 0 Depreciation and amortization 4,836,538 1,841,874 3,423,464 410,392 Adjusted EBITDA 1,958,014 6,981,201 3,137,391 (948,061 ) Adjusted EBITDA Margin
Zeo Energy defines Adjusted EBITDA margin, a non-GAAP financial measure, expressed as a percentage, as the ratio of Adjusted EBITDA to revenue, net. Adjusted EBITDA margin measures net income (loss) before interest and other expenses, net, income tax expense, depreciation and amortization, as adjusted to exclude stock-based compensation and is expressed as a percentage of revenue. In the table above, Adjusted EBITDA is reconciled to the most comparable GAAP measure, net income (loss). Zeo utilizes Adjusted EBITDA margin as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of the Company’s results of operations to other companies in Zeo’s industry.
The following table sets forth Zeo’s calculations of Adjusted EBITDA margin for the periods presented:
Year Ended December 31, Quarter Ended December 31, 2024 2023 2024 2023 Total Revenue $ 73,244,083 $ 109,691,001 $ 18,647,750 $ 22,985,981 Adjusted EBITDA 1,958,014 6,981,201 3,137,391 (948,061 ) Adjusted EBITDA margin 2.7 % 6.4 % 16.8 % (4.1 ) % Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; (ix) the Company’s ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2023 and in its subsequent periodic reports and other filings with the SEC.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.
Zeo Energy Corp. Contacts
For Investors:
Tom Colton and Greg Bradbury
Gateway Group
ZEO@gateway-grp.comFor Media:
Zach Kadletz
Gateway Group
ZEO@gateway-grp.com-Financial Tables to Follow-
ZEO ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETAs of December 31, As of December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 5,634,115 $ 8,022,306 Accounts receivable, including $191,662 and $396,488 from related parties, net of allowance for credit losses of $1,165,336 and $862,580, as of December 31, 2024 and 2023, respectively 10,186,543 2,905,205 Inventories 872,470 350,353 Contract assets 64,202 4,915,064 Prepaid expenses and other current assets 2,131,345 40,403 Total current assets 18,888,675 16,233,331 Other assets 314,426 62,140 Property, equipment and other fixed assets, net 2,475,963 2,289,723 Right of use operating lease assets 1,268,139 1,135,668 Right of use financing lease assets 447,012 583,484 Intangibles, net 7,571,156 771,028 Related party note receivable 3,000,000 Goodwill 27,010,745 27,010,745 Total assets $ 60,976,116 $ 48,086,119 Liabilities, mezzanine equity and stockholders� (deficit) equity Current liabilities Accounts payable $ 2,780,885 $ 4,699,855 Accrued expenses and other current liabilities, including $3,359,101 and $2,415,966 with related parties at December 31, 2024 and 2023, respectively 8,540,188 4,646,365 Current portion of long-term debt 291,036 294,398 Current portion of obligations under operating leases 583,429 539,599 Convertible promissory note 2,440,000 – Contract liabilities, including $2,000 and $1,160,848 with related parties as of December 31, 2024 and 2023, respectively 203,607 5,223,518 Total current liabilities 14,969,609 15,522,151 Obligations under operating leases, non-current 799,385 636,414 Obligations under financing leases, non-current 348,807 479,271 Warrant liabilities 1,449,000 – Long-term debt 496,623 825,764 Total liabilities 18,063,424 17,463,600 Commitments and contingencies (Note 14) Redeemable noncontrolling interests Convertible preferred units 16,130,871 – Class B Units 115,693,900 – Stockholders’ (deficit) equity Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 35,230,000 and 33,730,000 shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively 3,523 3,373 Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 13,252,964 and no shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively 1,326 – Additional paid in capital 14,523,963 31,152,491 Accumulated deficit (103,440,891 ) (533,345 ) Total stockholders’ (deficit) equity (88,912,079 ) 30,622,519 Total liabilities, redeemable noncontrolling interests and stockholders’ (deficit) equity $ 60,976,116 $ 48,086,119 ZEO ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSYear Ended December 31, 3 Months Ended December 31, 2024 2023 2024 2023 Revenue, net $ 51,088,065 $ 94,226,149 $ 14,630,831 $ 7,521,129 Related party revenue, net 22,156,018 15,464,852 4,016,919 15,464,852 Total revenue 73,244,083 109,691,001 18,647,750 22,985,981 Operating costs and expenses: Cost of goods sold (exclusive of depreciation and amortization shown below) 38,021,519 59,436,674 7,216,364 10,190,953 Depreciation and amortization 4,836,538 1,841,874 3,423,464 410,392 Sales and marketing 19,587,073 30,324,059 3,408,698 10,510,080 General and administrative 21,628,725 12,949,067 5,734,727 3,233,009 Total operating expenses 84,073,855 104,551,674 19,783,253 24,344,434 (Loss) income from operations (10,829,772 ) 5,139,327 (1,135,503 ) (1,358,453 ) Other (expenses) income, net: Other income, net 233,151 (183,401 ) 44,822 (190,383 ) Change in fair value of warrant liabilities 69,000 – (759,000 ) – Interest expense (333,539 ) (110,857 ) (39,282 ) (47,937 ) Total other income (expense), net (31,388 ) (294,258 ) (753,460 ) (238,320 ) Net (loss) income before taxes (10,861,160 ) 4,845,069 (1,888,963 ) (1,596,773 ) Income tax benefit 988,802 – 753,450 – Net (loss) income (9,872,358 ) 4,845,069 (1,135,513 ) (1,596,773 ) Net (loss) attributable to Sunergy Renewables LLC prior to the Business Combination (523,681 ) 4,845,069 – (1,596,773 ) Net (loss) income subsequent to the Business Combination (9,348,677 ) – (1,135,513 ) – Net (loss) income attributable to redeemable non-controlling interests (6,679,788 ) – (700,167 ) – Net (loss) income attributable to Class A common stock $ (2,668,889 ) $ – $ (435,346 ) $ – Basic and diluted net (loss) income per common unit $ (0.48 ) $ – $ (0.04 ) $ – Weighted average units outstanding, basic and diluted 5,546,925 – 11,057,312 – ZEO ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended December 31, 2024 2023 Cash Flows from Operating Activities Net (loss) income $ (9,872,358 ) $ 4,845,069 Adjustment to reconcile net (loss) income to cash (used in) provided by operating activities Depreciation and amortization 4,836,538 1,841,874 Gain on disposal of asset (91,684 ) – Change in fair value of warrant liabilities (69,000 ) – Provision for credit losses 2,815,633 1,531,223 Noncash operating lease expense 705,293 550,425 Stock based compensation expense 7,951,248 – Deferred tax asset (997,702 ) – Changes in operating assets and liabilities: Accounts receivable (8,785,973 ) (3,475,661 ) Accounts receivable due from related parties 204,826 (396,488 ) Inventories (131,898 ) (63,207 ) Contract assets 4,850,862 (4,795,309 ) Prepaids and other current assets (1,757,354 ) 61,852 Other assets (13,795 ) – Due from related party – (104,056 ) Accounts payable (2,512,834 ) 4,501,798 Accrued expenses and other current liabilities (1,140,780 ) 1,536,287 Accrued expenses and other current liabilities due to related parties 943,135 2,415,996 Contract liabilities (3,861,063 ) 2,913,623 Contract liabilities due to related parties (1,158,848 ) 1,160,848 Operating lease payments (630,963 ) (547,140 ) Net cash (used in) provided by operating activities (8,716,717 ) 11,977,134 Cash flows from Investing Activities Purchases of property, equipment and other assets (369,137 ) (1,034,666 ) Investment in related party (3,000,000 ) – Lumio asset purchase (4,000,000 ) – Net cash used in investing activities (7,369,137 ) (1,034,666 ) Cash flows from Financing Activities Proceeds from the issuance of debt – 311,029 Principal payment of finance lease liabilities (118,416 ) (84,678 ) Proceeds from private placement 2,716,000 – Proceeds from the issuance of convertible preferred stock, net of transaction costs 9,221,649 – Repayments of debt (332,503 ) (241,423 ) Proceeds from convertible promissory note, net of debt issuance costs 2,440,000 – Dividends paid to Convertible preferred units (139,067 ) Distributions to members (90,000 ) (5,173,396 ) Net cash provided by (used in) financing activities 13,697,663 (5,188,468 ) Net (decrease) increase in cash and cash equivalents (2,388,191 ) 5,754,000 Cash and cash equivalents, beginning of period 8,022,306 2,268,306 Cash and cash equivalents, end of the period $ 5,634,115 $ 8,022,306 Supplemental Cash Flow Information Cash paid for interest $ 124,488 $ 103,421 Accrual of distribution to owners $ – $ 325,000 Cash paid for income taxes $ – $ – Noncash finance lease expense $ 136,472 $ 98,881 Non-cash transactions Right-of-use assets obtained in exchange for operating lease liabilities $ 837,764 $ – Deferred equity issuance costs $ 2,769,039 $ – Issuance of Class A common stock to vendors $ 891,035 $ – Issuance of Class A common stock to backstop investors $ 1,569,463 $ – Preferred dividends $ 9,275,795 $ – -
MIL-OSI USA: EIA counts U.S. electricity generation in different ways
Source: US Energy Information Administration
In-brief analysis
May 27, 2025
Data source: U.S. Energy Information Administration, Hourly Electric Grid Monitor
At EIA, we publish U.S. electricity net generation from two different perspectives:
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In-brief analysis
May 22, 2025
Data source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update, and the U.S. Bureau of Labor Statistics
Note: Real prices are adjusted to May 2025 dollars.
The retail price for regular-grade gasoline in the United States on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon (gal), 11% (or 41 cents/gal) lower than the price a year ago. After adjusting for inflation (real terms), average U.S. retail gasoline prices going into Memorial Day weekend are 14% lower than last year, largely because crude oil prices have fallen.
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In-brief analysis
May 21, 2025
Data source: United Nations Statistics Division, UN Comtrade
Note: Excludes trade within regions.
China has a major role at each stage of the global battery supply chain and dominates interregional trade of minerals. China imported almost 12 million short tons of raw and processed battery minerals, accounting for 44% of interregional trade, and exported almost 11 million short tons of battery materials, packs, and components, or 58% of interregional trade in 2023, according to regional UN Comtrade data.
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In-depth analysis
May 20, 2025
Colorado State University’s hurricane forecast estimates the 2025 hurricane season will exceed the 1991–2020 average, with an estimate of 17 named storms, compared with a historical average of 14 storms. Meteorologists expect 13–18 named storms, including 3–6 storms with direct impacts on the United States, during this year’s Atlantic hurricane season, according to reports from AccuWeather in April.
Read More ›
In-brief analysis
May 19, 2025
We expect U.S. hydropower generation will increase by 7.5% in 2025 but will remain 2.4% below the 10-year average in our May Short-Term Energy Outlook (STEO). Hydropower generation in 2024 fell to 241 billion kilowatthours (BkWh), the lowest since at least 2010; in 2025, we expect generation will be 259.1 BkWh. This amount of generation would represent 6% of the electricity generation in the country.
Read More ›
In-brief analysis
May 15, 2025
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), May 2025, and Oxford Economics
Note: Excludes 2020 and 2021 as outlier years because of the COVID-19 pandemic.
We forecast consumption growth of crude oil and other liquid fuels will slow over the next two years, driven by a slowdown in economic growth, particularly in Asia, in our May Short-Term Energy Outlook (STEO).
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In-depth analysis
May 14, 2025
Retail electricity prices have increased faster than the rate of inflation since 2022, and we expect them to continue increasing through 2026, based on forecasts in our Short-Term Energy Outlook. Parts of the country with relatively high electricity prices may experience greater price increases than those with relatively low electricity prices.
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In-brief analysis
May 13, 2025
In our latest Short-Term Energy Outlook, we forecast U.S. annual electricity consumption will increase in 2025 and 2026, surpassing the all-time high reached in 2024. This growth contrasts with the trend of relatively flat electricity demand between the mid-2000s and early 2020s. Much of the recent and forecasted growth in electricity consumption is coming from the commercial sector, which includes data centers, and the industrial sector, which includes manufacturing establishments.
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In-brief analysis
May 12, 2025
The average electric monthly bill for U.S. residential customers was $144 in 2024, but average costs for customers in some states were much higher or lower. Customers in states such as Hawaii and Connecticut, where retail electricity prices are relatively high, paid more than $200 per month for electricity, or more than twice as much as customers in states such as New Mexico and Utah.
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In-brief analysis
May 7, 2025
Data source: FracFocus
Note: To calculate the number of wells completed per location, we grouped wells within a 50-foot radius into single locations. We then identified wells completed by their completion start and end dates, counting concurrent completions when their completion periods overlapped.
We estimate that the average number of wells completed simultaneously at the same location in the Lower 48 states has more than doubled, increasing from 1.5 wells in December 2014 to more than 3.0 wells in June 2024. By completing multiple wells at once rather than sequentially, operators can accelerate their production timeline and reduce their cost per well. The increasing number of simultaneous completions reflects significant technological advances in hydraulic fracturing operations, particularly in equipment capabilities and operational strategies.
Read More ›
In-brief analysis
May 6, 2025
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly; company announcements and trade press
Note: Other Biofuels includes sustainable aviation fuel (SAF), renewable heating oil, renewable naphtha, renewable propane, renewable gasoline, and other emerging biofuels that are in various stages of development and commercialization. SAF production capacity is an estimate based on company announcements and trade press and only includes hydroprocessed esters and fatty acids (HEFA) SAF. We do not publish SAF production capacity data.
Sustainable aviation fuel (SAF) production is growing in the United States as new capacity comes online. U.S. production of Other Biofuels, the category we use to capture SAF in our Petroleum Supply Monthly, approximately doubled from December 2024 to February 2025.
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In-brief analysis
May 5, 2025
Data source: AAA
Retail prices for regular grade gasoline in California are consistently higher than in any other state in the continental United States, often exceeding the national average by more than a dollar per gallon. Several factors contribute to this high price, including state taxes and fees, environmental requirements, special fuel requirements, and isolated petroleum markets.
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In-brief analysis
May 1, 2025
Data source: CME Group, Bloomberg L.P.
Note: Refinery margin is calculated as the 3-2-1 crack spread on the U.S. Atlantic Coast, which represents two barrels of gasoline and one barrel of distillate fuel oil minus three barrels of Brent crude oil. 1Q25=first quarter of 2025
During the first quarter of 2025 (1Q25), crude oil prices generally decreased while U.S. refinery margins initially increased before decreasing in the final month of the quarter. In this quarterly update, we review petroleum markets price developments in 1Q25, covering crude oil prices, refinery margins, biofuel compliance credit prices, and natural gas plant liquids prices.
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In-brief analysis
Apr 30, 2025
Data source: Evaluate Energy
Note: Production expenses include costs of goods sold, operating expenses, and production taxes from company income statements. Interest expenses are in 2024 dollars and deflated using the Consumer Price Index.
Higher oil prices, increased drilling efficiency, and structurally lower debt needs have contributed to lower interest expenses for some publicly traded U.S. oil companies over the past decade, despite the level of interest rates across the economy being relatively high.
Read More ›
In-brief analysis
Apr 29, 2025
U.S. imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased.
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MIL-OSI: Ormat Technologies Announces $62 Million Hybrid Tax Equity Partnership for Two Energy Storage Facilities
Source: GlobeNewswire (MIL-OSI)
RENO, Nev., May 27, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced the signing of a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. The partnership’s transaction covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, which are expected to achieve COD by the end of 2025.
“This Hybrid Tax Equity partnership is the first of its kind for our Energy Storage portfolio and highlights the innovative efforts we are taking to optimize the projects’ economics and the Company’s profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetizing $160 million of tax benefits this year,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “By continuing to effectively monetize the benefits of ITCs for our growing Energy Storage project portfolio through 2026, we are strengthening our ability to further invest in our development pipeline and ensure that we remain well-positioned to support the growing demand for energy storage projects.”
Ormat was represented in the transaction by Sheppard Mullin Richter & Hampton, LLP and Morgan Stanley Renewables Inc. was represented in the transaction by Willkie Farr & Gallagher LLP.
ABOUT ORMAT TECHNOLOGIES
With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.comInvestor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com -
MIL-OSI: LIS Technologies Inc. Appoints Leading Regulatory Expert Julie Olivier as its Regulatory Affairs and Licensing Director
Source: GlobeNewswire (MIL-OSI)
Oak Ridge, Tennessee, May 27, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has appointed Julie Olivier as its Regulatory Affairs and Licensing Director.
Julie Olivier brings more than twenty‑five years of experience across the commercial energy sector, with primary focus on the nuclear fuel cycle and ash management at coal sites. Her expertise covers environmental protection, facility siting, decommissioning, waste management, risk assessment, security, material control and accountability, quality assurance, performance improvement, emergency preparedness, and chemical safety.
“This is a really exciting time for the nuclear industry and the US government’s commitment to build back nuclear, including a robust domestic fuel supply chain, suggests that it is only the beginning,” said Julie Olivier, Director of Regulatory Affairs and Licensing of LIS Technologies Inc. “I am delighted to join LIST at this pivotal moment for the Company amidst the nation’s nuclear renaissance. The future of this technology is bright, and I am very excited to help steer it through the licensing process and toward commercialization.”
Figure 1 – LIS Technologies Inc. Appoints Julie Olivier as its Director of Regulatory Affairs and Licensing.
Ms. Olivier began her career as a Safety Analyst at the DOE’s West Valley Demonstration Project before spending nine years at the Nuclear Regulatory Commission in Fuel Cycle Safety and Safeguards, New Nuclear Licensing, and the Chairman’s Office. She later became the Regulatory Affairs Manager for Global Laser Enrichment, then Nuclear Fleet Licensing Manager at Duke Energy, where she was promoted to Director within the Coal Combustion Products team. Most recently, she consulted on advanced‑nuclear facility siting and licensing for the Tennessee Valley Authority.
As Regulatory Affairs Manager, Ms. Olivier secured the NRC’s first license for a uranium laser‑enrichment technology. She holds a Six Sigma Lean Green Belt, a B.S. in Chemistry from the University of New Orleans, and an M.S. in Environmental Engineering from Virginia Tech.
“We are very pleased to welcome Julie to this critical role in the future of LIST,” said Christo Liebenberg, CEO and Co-Founder of LIS Technologies Inc. “Her depth of experience will be essential as we strengthen our engagement with government, regulatory stakeholders and to help move our CRISLA technology to the next stage of development, while also preparing for commercial deployment. I look forward to working with her as we advance our leadership in U.S. domestic uranium enrichment.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of radioisotopes isotopes for medical and scientific research, and the production of stable isotopes with applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
In Dec 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.
For more information please visit: LaserIsTech.com
For further information, please contact:
Email: info@laseristech.com
Telephone: 800-388-5492
Follow us on X Platform
Follow us on LinkedInForward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Attachment
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MIL-OSI: Urgently Promotes Michael Port to Chief Financial Officer
Source: GlobeNewswire (MIL-OSI)
VIENNA, Va., May 27, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the appointment of Michael Port as Chief Financial Officer, effective June 6, 2025. Mr. Port assumes the role from Timothy C. Huffmyer, who is stepping down as Chief Financial Officer to pursue other opportunities.
Mr. Port previously served as Senior Vice President of Finance of Urgently. Prior to joining Urgently, Mr. Port served as Vice President of Finance and Controller of Lordstown Motors Corp. (“Lordstown”), an electric vehicle original equipment manufacturer and innovator, from September 2021 until June 2023, then Mr. Port consulted with Lordstown’s successor company, Nu Ride, Inc. (“Nu Ride”), providing transition services to Nu Ride’s management team. Mr. Port previously served as Chief Financial Officer of Energy Focus Inc., a manufacturer of LED lighting products and as an operational and strategic advisor to various manufacturing and service companies through MHPort Consulting LLC.
“We are delighted to have Mike join Urgently at this very exciting time in our Company’s growth,” said Matt Booth, CEO of Urgently. “Mike’s wealth of experience in various senior level financial positions across the automotive industry and other high growth industries make him a great match for Urgently. We appreciate Tim’s many contributions to Urgently, are grateful for his extended help in transition and wish him all the best in his future endeavors.”
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.
For media and investment inquiries, please contact:
Press: media@geturgently.com
Investor Relations: investorrelations@geturgently.com
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MIL-OSI Africa: APO Group Reveals its Role as Architect Behind Catholic Church in Africa’s Groundbreaking Communications Volunteer Programme
Source: Africa Press Organisation – English (2) – Report:
Text copied to clipboard.
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MIL-OSI: Axi launches ‘Tunnel of Triumph’ campaign with Manchester City star, John Stones
Source: GlobeNewswire (MIL-OSI)
SYDNEY, May 27, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi has unveiled their second activation with Man City star and Brand Ambassador, John Stones. Their latest campaign, Tunnel of Triumph, builds on the success of last year’s Axi spread-betting campaign, once again featuring John Stones. This year, the City star relives some of his biggest moments on the pitch and reveals what those experiences have meant to him and the team.
Hannah Hill, Head of Brand and Sponsorship at Axi, expressed her enthusiasm for their new campaign, stating, “We’re thrilled to be launching the Tunnel of Triumph campaign featuring our Brand Ambassador, John Stones. John is a remarkable player who brings relentless edge, ambition, and never settles for less on the pitch – qualities that perfectly mirror our own. When it comes to what we deliver for our clients, we continually aim to excel, whether it’s through our super competitive trading conditions, our excellent customer service, or our offerings. Focusing exclusively on the UK audience, our latest campaign promotes our Spread Betting account, highlighting how our clients can trade the markets tax-free*.”
Axi’s Tunnel of Triumph campaign complements the broker’s ‘Four Years’ campaign, launched in March 2025, which featured City star players Ruben Dias, Bernardo Silva, and John Stones. The campaign celebrated four remarkable years of collaboration, shared achievements, and reaching new heights together.
Further to the broker’s long-term partnership with Manchester City and having John Stones as their Brand Ambassador, Axi is also the Official LATAM Online Trading Partner of LaLiga club, Girona FC, and the Official Online Trading Partner of Brazilian club, Esporte Clube Bahia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
*Applies to UK spread betting. Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK. Axi does not provide tax advice.
About Axi
Axi is a global online FX and CFD trading brand, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.
For more information or additional comments from Axi, please contact: mediaenquiries@axi.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08aae059-82a9-4097-921e-3fb8c451ea98
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MIL-OSI Africa: South Africa’s Independent Power Producers (IPP) Office backs Youth Energy Summit
Source: Africa Press Organisation – English (2) – Report:
CAPE TOWN, South Africa, May 27, 2025/APO Group/ —
We are proud to welcome the Independent Power Producers Office (IPP) as the overall Summit Sponsor of the 2025 Youth Energy Summit (YES!). The event, happening from 18-20 June in Cape Town, will unite more than 3,000 graduates, emerging professionals, and young entrepreneurs in tackling Africa’s most pressing 21st-century energy challenges.
For a full programme and to join the debate, visit: https://apo-opa.co/4jkJTZq
With more than 50% of Africa still lacking access to electricity, and a vast untapped potential in renewable energy, the continent has the opportunity to create up to 100 million green jobs by 2050. But how can we meet this demand? How do we bridge the skills gap? And how can youth voices be integrated into energy decision-making at the highest levels? These are just a few of the critical questions that will be explored at YES!, the world’s largest gathering of youth in the energy sector.
Enabling South Africa’s energy sector through youth and community development has always been at the heart of the IPP office’s activities. This investment into Africa’s youth is testament to the importance the IPP Office places on youth and community engagement throughout the deals and work they are tasked to do by the government.
Joining the IPP Office to open the Youth Energy Summit on Wednesday 18th June will be Andry Rajoelina, the President of Madagascar, African Development Bank nominee for President, Amadou Hott, and African Union Commissioner for Energy and Infrastructure, His Excellency Lerato D. Mataboge.
Dzunani Makgopa, IPP’s chief financial officer, says: “Renewable energy is the way to go, not just nationally, but globally. YES! is a great platform to introduce young professionals to the sector. This is the place to be, and we need to empower a lot of youth to the opportunities that exist within the energy sector.’
Simon Gosling, EnergyNet Managing Director, adds: “It’s an exciting time for young people looking to take a more productive role in energy. The IPP Office puts community engagement and job creation at the heart of its mission. This commitment to sponsor the Youth Energy Summit is an extension of its policies and aims to expose thousands of young people to the many vast and varied opportunities within the South African IPP and energy universe.”
Established in 2023, YES! is dedicated to empowering African youth and institutions by providing resources, training, and networking opportunities within the energy sector. The summit brings together thousands of entrepreneurs, early-career professionals, educators, and students from across the continent. With the goal of building a network of 100 million young energy leaders by 2035, YES! is accelerating the transition to a sustainable energy future.
This year’s summit will feature dynamic sessions on energy careers, skill development, and opportunities within the sector, as well as insights from recruiters, energy entrepreneurs, and industry experts. YES! also partners with top academic institutions, including the University of Cape Town, the University of the Western Cape, Eduvos, Kenyatta University, and Harambee.
QUOTES
“DBSA’s mission is to build Africa’s prosperity, and we’re delighted to be working with YES! to help ensure the Youth take part in and benefit from the Energy Transition. Empowering the next generation is one of the most valuable actions anyone can take.”
Foundation sponsor Development Bank of Southern Africa (DBSA)
“The Youth Energy Summit is more than a gathering – it’s a movement. Africa has the youngest population in the world, and the youth is our greatest asset in the drive towards a more sustainable, inclusive energy future.”
Anél Bosman, Group Managing Executive, Nedbank CIB
“Siemens Energy is at the YES Summit because we believe the bold dreams of the next generation of energy leaders can ignite a global energy revolution with real-world impact.”
Neveen Hussein, Sustainability Leader, Middle East & Africa | Siemens Energy
“At Pele Energy Group, we believe the true power behind the energy transition isn’t just in technology or infrastructure – it’s in people. That’s why partnering with YES! felt like more than a decision; it felt like a calling.
Melissa Wilkinson, Chief People Person, Pele Energy Group
“I said yes to the YES! Summit, not because of panels or speeches, but because it calls for ownership. The future of this country will not be built by someone else. It’s us, the youth, who must roll up our sleeves, lean into the discomfort, and change South Africa ourselves.”
Layton Nenzinane, Chief Financial Officer, Seriti Green
“EWSETA says YES to YES! because the Summit aligns with our strategic mandate to empower youth, graduates, and entrepreneurs with future-focused skills for the energy and water sectors. It offers a powerful platform to amplify our training programmes, bursaries, and impact on over 4,000 young professionals across Africa.”
The Energy and Water Sector Education Training Authority (EWSETA)
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MIL-OSI Russia: Exclusive: ASEAN, GCC, China cooperation to benefit global trade and investment: Malaysian expert
Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
KUALA LUMPUR, May 27 (Xinhua) — Amid the rise of protectionism and unilateralism, closer cooperation between China and the Association of Southeast Asian Nations (ASEAN) and Gulf Cooperation Council (GCC) countries will boost global trade and investment, Bunn Nagara, director and senior fellow at the Belt and Road Initiative Conference for Asia-Pacific, an independent think tank based in the Malaysian capital, told Xinhua on Saturday.
“China, as well as ASEAN and GCC countries, share common development aspirations and face the same global challenges. So it makes sense for us to work more closely than before in many sectors,” the expert noted.
Energy, food security and supply chain resilience offer the greatest potential for trilateral cooperation, according to Nagara, who said the GCC is a leader in oil and gas, China in renewable energy and electric vehicles, and ASEAN is a key consumer market and manufacturing hub.
“Strengthening resilience can be achieved by starting to work together more closely and then addressing any challenges along the way,” the source said. “An open approach is important, receptive to new areas and ways of working together, while remaining sensitive to the needs of other partners,” the expert noted.
B. Nagara views the Belt and Road Initiative as a key mechanism for developing trilateral cooperation. “The Belt and Road is a large-scale project covering many related areas, including the digital economy and green transition,” he said.
The Belt and Road Initiative is closely linked to the three parties’ shared interests in sustainable growth, providing fertile ground for interaction among ASEAN, the GCC and China.
Against the backdrop of strong barriers to global trade from protectionism and unilateralism, ASEAN-GCC-China cooperation serves as a model for the Global South, says B. Nagara. “China and the ASEAN and GCC states are also countries of the Global South, not just Asia,” he noted. The interaction between them can stimulate similar initiatives among African and Latin American countries that share common aspirations, the expert is sure.
“What we do is to protect our legitimate development interests, not to threaten other countries or regions. We prefer non-confrontation because it is the best way to ensure mutual benefit,” the agency’s source said.
“Part of our interest is to protect global trade, on which our national development programs depend. This will also benefit other countries and regions around the world,” Nagara said. “We should now look forward to several more decades of development, underpinned by complementarity,” he concluded. –0–
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MIL-OSI Europe: OSCE launches Regional Task Force on Education for Just and Inclusive Energy Transition in Central Asia
Source: Organization for Security and Co-operation in Europe – OSCE
Headline: OSCE launches Regional Task Force on Education for Just and Inclusive Energy Transition in Central Asia
As the renewable energy sector in Central Asia grows, so does the need for a skilled and inclusive workforce to support it. In response, the OSCE and the Regional Environmental Centre for Central Asia (CAREC) officially launched the OSCE Regional Task Force on Education for Just and Inclusive Energy Transition (RTEET) in Central Asia with a kick-off meeting in Almaty, Kazakhstan, on 22 and 23 May.
The RTEET initiative brings together key stakeholders from across Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, including representatives from ministries of energy and education, universities, technical colleges, private sector actors and development partners. Its main goals are to develop pilot curricula in renewable energy and foster long-term collaboration between the education and energy sectors.
“Education plays a critical role in accelerating the energy transition — but it must be inclusive and adaptable” said Giulia Manconi, Senior Energy Security Adviser at the OSCE. “The OSCE is committed to supporting countries in building the human capital needed for a green and just future. This includes helping to align education systems with evolving energy demands, and empowering women and young professionals in the renewable energy sector”,
At the two-day meeting, government officials, academic leaders, energy experts, and international partners discussed how renewable energy education can be better aligned with labor market needs, while advancing gender equality and inclusivity within the energy transition.
Participants also reviewed the preliminary findings of a regional needs assessment conducted by the OSCE, which identified key skill gaps, institutional challenges, and priorities for curriculum development across the five Central Asian countries. The event also included site visits to the scientific laboratories of Kazakh-British Technical University and Satbayev University, where cutting-edge energy technologies were showcased.
The RTEET initiative will run from March 2025 to May 2026. Major milestones include the development of a regional renewable energy course, pilot implementation in selected institutions, and policy consultations to help mainstream renewable energy education throughout the region.
The initiative is part of the OSCE extrabudgetary project “Promoting Women’s Economic Empowerment in the Energy Sector in Central Asia”, funded by Austria, France, Germany, Italy, Norway and Poland.
Further resources, materials, and updates about RTEET will be posted here. -
MIL-OSI Africa: Ivanhoe Mines President and Chief Financial Officer (CFO) to Speak at African Mining Week 2025
Source: Africa Press Organisation – English (2) – Report:
CAPE TOWN, South Africa, May 27, 2025/APO Group/ —
Marna Cloete, President and Chief Financial Officer (CFO) of Canadian mining firm Ivanhoe Mines will speak at the upcoming African Mining Week.
During the event, Cloete will participate in the Women in Leadership Forum, Highlighting the vital role women are playing in driving sustainability, innovation, and inclusive growth within the mining sector. African Mining Week serves as a critical platform for advancing gender inclusivity in the sector, uniting policymakers, investors, academics, and mining stakeholders to foster a sustainable future for the industry.
African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
Cloete will join a high-level panel discussion titled Mergers, Acquisitions, and Partnerships: Building Resilience in a Consolidating Industry, exploring the role of partnerships in ensuring supply chain resilience. Under Cloete’s financial leadership, Ivanhoe Mines has achieved several milestones, including partnerships with global players such as Zijin Mining, CITIC Metal, and Itochu; raising $490 million through equity in December 2023; and securing a $750 million debt package in early 2024 to support expansion.
Her leadership has also been instrumental in the advancement of Ivanhoe Mines’ flagship projects, including the Kamoa-Kakula Copper Complex – the world’s highest-grade copper project – in the Democratic Republic of Congo (DRC). Ivanhoe Mines also reopened the Kipushi Mine, one of the largest copper deposits globally, in the DRC while expanding its African footprint by entering Zambia’s copper-rich North-Western Province and developing the Flatreef platinum group metals project in South Africa. Ivanhoe’s $75 million exploration budget for 2025, with a strong focus on Africa, further underscores its commitment to unlocking the continent’s mineral potential.
African Mining Week represents an ideal platform for Cloete to share Ivanhoe Mines’ strategic investment approach, champion partnerships, and discuss the firm’s ongoing contribution to African economic growth, employment, and industrialization. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
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MIL-OSI Economics: Huawei’s New Single SitePower Solution Creates Four Synergies to Accelerate Site Intelligence
Source: Huawei
Headline: Huawei’s New Single SitePower Solution Creates Four Synergies to Accelerate Site Intelligence
[Dubai, UAE, May 27, 2025] During the 9th Global ICT Energy Efficiency Summit in Dubai, Huawei showcased its next-generation digital and intelligent site power facility solution Single SitePower, which is set to drive the intelligent transformation of ICT energy infrastructure. Themed “Green Site, Building an Intelligent Future,” the Summit brought together industry leaders and energy experts from leading operators, tower companies, and industry organizations worldwide gathered at the event to discuss the energy transition for greener ICT.
Global operators and tower companies are facing a wide range of energy challenges. The communications industry consumes 2.5% of the world’s electricity, with base stations accounting for over 60%. Along with the rapid development of new technologies such as AI, network traffic and energy consumption are surging. Additionally, power shortages, aging infrastructure, and natural disasters put immense strain on network resilience and evolution. To help overcome these challenges, the Single SitePower solution leverages technological innovations to build four intelligent synergy systems, helping operators build simple, green, resilient, and safe sites.Single SitePower
Solar-Battery Synergy: Based on Huawei’s iSolar green site solution, solar systems and lithium batteries can be deployed at sites to ensure diverse energy supplies, reducing the risk of site breakdown due to external energy environment changes. Moreover, the Solar-Battery Synergy technology enables the 100% integration of surplus solar energy, increasing the energy yield by 55% compared with the traditional solution.
Power-Grid Synergy: Huawei’s iGrid grid adaptation technology helps base stations run stably even in the case of frequent power outages and weak grids. In Africa, the technology has helped operators improve the site power availability (PAV) from 60% to 99.9% in areas with frequent power outages.
Power-RAN Synergy: Huawei’s unique adaptive power backup technology doubles the power backup time for communication services without changing the battery configuration. In Europe, the solution has helped operators cope with large-scale power outages, with the power backup time drastically extended from 2.5 hours to more than 7 hours.
Power-Service Synergy: Huawei’s O&M management system integrates AI diagnosis to implement proactive analysis, risk prediction, precise fault locating, rapid root cause analysis, and precise energy scheduling. This improves network O&M efficiency and fault recovery speed, enhances network resilience, and reduces OPEX by 50%.James Chen, President of Huawei’s Carrier Business
According to James Chen, President of Huawei’s Carrier Business, the levelized costs of electricity (LCOE) of solar systems and batteries keep declining, and their payback periods have become shorter, presenting tremendous opportunities for operators and tower companies to achieve the green energy transition. Huawei integrates digital and power electronics technologies, drives intelligent transformation through high-quality products, and continuously develops innovative energy infrastructure solutions for the digital industry. These efforts will accelerate the green energy transition and promote the sustainable development of operators and tower companies, paving the way for a better, greener future.
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MIL-OSI: Golar LNG Limited Interim results for the period ended March 31, 2025
Source: GlobeNewswire (MIL-OSI)
Highlights and subsequent events
- Golar LNG Limited (“Golar” or “the Company”) reports Q1 2025 net income attributable to Golar of $8 million, Adjusted EBITDA1 of $41 million and Total Golar Cash1 of $678 million.
- Concluded the 20-year charter of FLNG Hilli for Southern Energy S.A. (“SESA”) in Argentina.
- Signed definitive agreements for a 20-year charter for the MKII FLNG to SESA. Combined with the FLNG Hilli charter, the project will be for 5.95 mtpa of nameplate capacity – one of the world’s largest FLNG development projects.
- FLNG Gimi in final stages of commissioning on the GTA field, Commercial Operations Date (“COD”) expected within Q2.
- MKII FLNG conversion vessel Fuji LNG arrived at the shipyard for conversion works, conversion project on schedule for Q4 2027 delivery.
- FLNG Hilli maintained market-leading operational track record and delivered its 132nd LNG cargo since contract start-up.
- Sold minority shareholding in Avenir LNG Limited.
- Completed exit from LNG shipping segment with sale of Golar Arctic.
- Declared dividend of $0.25 per share for the quarter.
- Progressed FLNG growth opportunities with commercial leads, shipyard availability and long lead equipment timing.
FLNG Hilli: Maintained leading operational track record with 132 cargoes offloaded to date and over 9 million tons of LNG produced since operations commenced.
Final Investment Decision (“FID”) for the 20-year redeployment of FLNG Hilli to Southern Energy in Argentina concluded (further details provided in the SESA charter agreements section). A dedicated team has progressed detailed work on Hilli’s re-deployment scope, vessel upgrade and transit to her new location.
Following the conclusion of FLNG Hilli’s re-deployment contract, we will initiate discussions for debt optimization that reflects the strong earnings visibility for the FLNG unit.
FLNG Gimi: In January 2025, the bp operated FPSO provided feedgas from the GTA field allowing for full commissioning to commence, triggering the final upward adjustment to the commissioning rate under the commercial reset agreed in August 2024. First LNG was achieved in February and in April 2025, FLNG Gimi completed the offload of its first full LNG cargo. This introduced Mauritania and Senegal as LNG exporters to the international gas market and triggered the final pre-COD milestone bonus payment to Golar under the terms of the commercial reset. COD, which remains on schedule for Q2 2025, triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog1 (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.
As of May 2025, Golar has invoiced $195.9 million of pre-COD fees under the commercial reset arrangements, with this amount currently recognized on the balance sheet.
On March 20, 2025, a $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of leading Chinese leasing companies. The contemplated sale and leaseback facility features a tenor of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million. This amount includes the release of existing interest rate swaps. Golar stands to benefit from 70% of these proceeds, equivalent to approximately $371 million. The transaction remains subject to customary closing conditions and third party stakeholder approvals. Golar has also progressed a rating process to further evaluate debt optimization alternatives for the vessel during the quarter.
MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. The conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025 and in April the vessel was successfully separated into forward and aft sections. A mid-ship section housing the liquefaction unit will be inserted between and attached to the refurbished forward and aft sections later in the conversion process. Fabrication of the topsides for the mid-ship section is also underway. As of March 31, 2025, Golar has spent $0.7 billion on the MKII FLNG conversion, all of which is equity funded. The MKII FLNG is expected to be delivered in Q4 2027.
With a definitive agreement that contemplates a 2H 2025 FID now secured, Golar will consider alternatives for asset level MKII FLNG financing.
Southern Energy charter agreements: On May 2, 2025, Golar announced a FID for the 20-year charter of FLNG Hilli. The vessel will be chartered to SESA offshore Argentina. Golar and SESA also signed definitive agreements for a 20-year charter of the MKII FLNG. The MKII FLNG charter remains subject to FID and the same regulatory approvals as those granted to the FLNG Hilli project, expected within 2025.
Key commercial terms for the respective 20-year charter agreements include:
- FLNG Hilli (nameplate capacity of 2.45mtpa): Expected contract start-up in 2027, expected Adjusted EBITDA1 to Golar of $285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu; and,
- MKII FLNG (nameplate capacity of 3.5mtpa): Expected contract start-up in 2028, expected Adjusted EBITDA1 to Golar of $400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu.
The two FLNG agreements are expected to add $13.7 billion in Adjusted EBITDA backlog1 to Golar over 20 years, before inflationary adjustments (30% of U.S. CPI from year 6) to the charter hire, and before the commodity linked tariff upside. Where achieved FOB prices exceed the $8/MMBtu reference price, Golar will receive 25% of the excess amount (this reference price is subject to the same 30% US CPI adjustment from year 6). The commodity linked element in the FLNG charter provides an upside of $70 million per year to Golar for every $ 1/MMBtu the achieved FOB price is higher than the USD 8/MMBtu reference price. The upside calculation is based on monthly achieved FOB prices.
While the commodity linked tariff component is upside oriented, the Company has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below $7.5/MMBtu, down to a floor of $6/MMBtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of $210 million, and any outstanding discounted charter hire amounts will be recovered through additional upside sharing if FOB prices return to levels above $7.5/MMBtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism. The upside calculation is based on monthly achieved FOB prices, whilst the downside adjustment is based on annual average achieved FOB prices. The downside mechanism is based on annual average achieved FOB prices.
SESA, a company formed to export Argentinian LNG, is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%). The four gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements at a fixed price per MMBtu. Golar’s 10% shareholding in SESA provides additional commodity exposure. The 10% equity stake equates to approximately $28 million in annual additional commodity exposure to Golar for every $1/MMBtu change in achieved FOB prices versus SESA’s cash break even.
With the combination of the fixed charter hire with 30% of U.S. CPI inflation from year 6, operating expenses pass through, 25% commodity exposure in the FLNG tariff for FOB prices above $8/MMBtu and Golar’s 10% shareholding in SESA, Golar believes it has secured a highly attractive risk-reward in the SESA charters. For every $1 FOB price above $8/MMBtu, Golar’s total commodity upside is approximately $100 million, versus approximately $28 million in downside for every $1/MMBtu that realized FOB prices are below SESA’s cash break even.
Located offshore in close proximity of each other in Rio Negro’s Gulf of San Matias, the FLNG’s will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in Argentina’s Neuquen province. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate the construction of a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.
The charters are also subject to strong legal and regulatory protections including:
- both charter agreements are subject to English Law with dispute resolution pursuant to ICC arbitration in Paris, France;
- hire and other payments under both contracts are fully paid in U.S. dollars;
- SESA has obtained Argentina’s first ever 30-year non-interruptible LNG export license for FLNG Hilli, providing security of exports, necessary for the significant upstream and midstream investments, as well as securing offtake contracts; and
- MKII FLNG is expected to obtain a similar term export license within 2025.
FLNG Hilli has been approved for adherence to the Large Investments Incentive Scheme (“RIGI”), as a Long-Term Strategic Export project. The RIGI was implemented by the current administration of President Milei to incentivize large investments in Argentina. Under the RIGI, there are incentives and protections granted to the project company (SESA), with Golar benefiting as an international asset provider and investor, mostly notably:
- guaranteed legal certainty and regulatory stability for the duration of the project, covering taxes, customs, duties, and foreign exchange controls;
- any new national, provincial, or municipal taxes or restrictions would not apply to RIGI projects beyond those existing when the project was approved; and
- freedom to repatriate profits, dividends, and capital including exemption from potential Central Bank restrictions on access to foreign exchange for repatriation purposes.
If Argentina breaches the RIGI framework (e.g. by purporting to change the regime unilaterally), the beneficiary of the RIGI status can:
- bring legal action against the National or Provincial Government (as applicable) under ICC arbitration, or elect to challenge the revocation through administrative channels; and
- challenge the constitutionality of enacted law which breaches the RIGI protections.
Business development: Detailed discussions for FLNG opportunities continue. With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, we see firming demand for the remaining available 2020s deliveries. Progress is being made on FLNG projects ranging from MKI, MKII and MKIII FLNG developments. We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders.
On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025. Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long term charters.
Corporate/Other: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG together with the Golar Arctic up to her point of sale in March 2025, for $24 million, and the Fuji LNG, up to the point she entered CIMC’s yard in February 2025 for FLNG conversion.
In February 2025, Golar also closed the sale of its non-core 23.4% interest in Avenir LNG Limited, for $39 million.
Shares and dividends: As of March 31, 2025, 104.7 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q1 2025 dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025.
Financial Summary
(in thousands of $) Q1 2025 Q1 2024 % Change Q4 2024 % Change Net income 12,939 66,495 (81)% 15,037 (14)% Net income attributable to Golar LNG Ltd 8,197 55,220 (85)% 4,494 82% Total operating revenues 62,502 64,959 (4)% 65,917 (5)% Adjusted EBITDA 1 40,936 63,587 (36)% 59,168 (31)% Golar’s share of Contractual Debt 1 1,494,615 1,209,407 24% 1,515,357 (1)% Financial Review
Business Performance:
2025 2024 (in thousands of $) Jan-Mar Oct-Dec Jan-Mar Net income 12,939 15,037 66,495 Income taxes 179 (504) 138 Net income before income taxes 13,118 14,533 66,633 Depreciation and amortization 12,638 13,642 12,476 Impairment of long-term assets — 22,933 — Unrealized loss/(gain) on oil and gas derivative instruments 25,001 14,269 (2,148) Other non-operating loss — 7,000 — Interest income (8,699) (9,866) (10,026) Loss/(gain) on derivative instruments, net 6,795 (8,711) (6,202) Other financial items, net 2,292 1,153 2,640 Net (income)/loss from equity method investments (10,209) 4,215 214 Adjusted EBITDA 1 40,936 59,168 63,587 2025 2024 Jan-Mar Oct-Dec (in thousands of $) FLNG Corporate and other Total FLNG Corporate and other Total Total operating revenues 55,688 6,814 62,502 56,396 9,521 65,917 Vessel operating expenses (18,785) (9,685) (28,470) (19,788) (8,121) (27,909) Voyage, charterhire & commission expenses — — — — (446) (446) Administrative expenses (588) (8,999) (9,587) (264) (7,241) (7,505) Project development expenses (2,351) (968) (3,319) (3,624) (1,236) (4,860) Realized gain on oil and gas derivative instruments (2) 21,213 — 21,213 33,502 — 33,502 Other operating income — (1,403) (1,403) 469 — 469 Adjusted EBITDA 1 55,177 (14,241) 40,936 66,691 (7,523) 59,168 (2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.
2024 Jan-Mar (in thousands of $) FLNG Corporate and other Total Total operating revenues 56,368 8,591 64,959 Vessel operating expenses (18,784) (7,078) (25,862) Voyage, charterhire & commission expenses — (1,770) (1,770) Administrative expenses (471) (6,604) (7,075) Project development expenses/(income) (1,085) 273 (812) Realized gain on oil and gas derivative instruments 34,147 — 34,147 Adjusted EBITDA 1 70,175 (6,588) 63,587 Golar reports today Q1 2025 net income of $13 million, before non-controlling interests, inclusive of $32 million of non-cash items1, comprised of:
- TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $25 million; and
- A $7 million MTM loss on interest rate swaps.
The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q1 2025, we recognized a total of $21 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a:
- $12 million realized gain on the Brent oil linked derivative instrument; and
- $9 million realized gain in respect of fees for the TTF linked production.
We also recognized $25 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:
- $13 million loss on the Brent oil linked derivative asset; and
- $12 million loss on the TTF linked natural gas derivative asset.
Balance Sheet and Liquidity:
As of March 31, 2025, Total Golar Cash1 was $678 million, comprised of $522 million of cash and cash equivalents and $156 million of restricted cash.
Golar’s share of Contractual Debt1 as of March 31, 2025 is $1,495 million. Deducting Total Golar Cash1 of $678 million from Golar’s share of Contractual Debt1 leaves a net debt position of $817 million.
Assets under development amounts to $2.5 billion, comprised of $1.8 billion in respect of FLNG Gimi and $0.7 billion in respect of the MKII FLNG. The carrying value of LNG carrier Fuji LNG, previously included under Vessels and equipment, net in Q4 2024 was transferred to Assets under development in Q1 2025.
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2025 and for the three months ended March 31, 2025, from these results should be carefully evaluated.
Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments Performance measures Adjusted EBITDA Net income/(loss) +/- Income taxes
+ Depreciation and amortization
+ Impairment of long-lived assets
+/- Unrealized (gain)/loss on oil and gas derivative instruments
+/- Other non-operating (income)/losses
+/- Net financial (income)/expense
+/- Net (income)/losses from equity method investments
+/- Net loss/(income) from discontinued operationsIncreases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations. Distributable Adjusted EBITDA Net income/(loss) +/- Income taxes
+ Depreciation and amortization
+ Impairment of long-lived assets
+/- Unrealized (gain)/loss on oil and gas derivative instruments
+/- Other non-operating (income)/losses
+/- Net financial (income)/expense
+/- Net (income)/losses from equity method investments
+/- Net loss/(income) from discontinued operations
– Amortization of deferred commissioning period revenue
– Amortization of Day 1 gains
– Accrued overproduction revenue
+ Overproduction revenue received
– Accrued underutilization adjustmentIncreases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi. Liquidity measures Contractual debt 1 Total debt (current and non-current), net of deferred finance charges +/-Variable Interest Entity (“VIE”) consolidation adjustments
+/-Deferred finance chargesDuring the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE.
The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
Adjusted net debt Adjusted net debt based on
GAAP measures:
-Total debt (current and
non-current), net of
deferred finance
charges
– Cash and cash
equivalents
– Restricted cash and
short-term deposits
(current and non-current)
– Other current assets (Receivable from TTF linked commodity swap derivatives)Total debt (current and non-current), net of:
+Deferred finance charges
+Cash and cash equivalents
+Restricted cash and short-term deposits (current and non-current)
+/-VIE consolidation adjustments
+Receivable from TTF linked commodity swap derivativesThe measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors. Total Golar Cash Golar cash based on GAAP measures: + Cash and cash equivalents
+ Restricted cash and short-term deposits (current and non-current)
-VIE restricted cash and short-term deposits We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE. Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE.
Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.
(1) Please refer to reconciliation below for Golar’s share of contractual debt
Adjusted EBITDA backlog (also referred to as “earnings backlog”): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.
Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unitMMBtu: Million British Thermal Units
mtpa: Million Tons Per AnnumReconciliations – Liquidity Measures
Total Golar Cash
(in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024 Cash and cash equivalents 521,434 566,384 547,868 Restricted cash and short-term deposits (current and non-current) 172,879 150,198 92,159 Less: VIE restricted cash and short-term deposits (16,745) (17,472) (17,933) Total Golar Cash 677,568 699,110 622,094 Contractual Debt and Adjusted Net Debt
(in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024 Total debt (current and non-current) net of deferred finance charges 1,418,816 1,452,255 1,195,063 VIE consolidation adjustments 251,728 241,666 213,042 Deferred finance charges 20,946 22,686 22,337 Total Contractual Debt 1,691,490 1,716,607 1,430,442 Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt — — (32,035) Less: Keppel’s share of the Gimi debt (196,875) (201,250) (189,000) Golar’s share of Contractual Debt 1,494,615 1,515,357 1,209,407 Please see Appendix A for a capital repayment profile for Golar’s Contractual Debt.
Forward Looking Statements
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:
- our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c. (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays to FLNG commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”) could result in incremental costs to both parties to the LOA;
- our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);
- our ability to meet our obligations to SESA in connection with the recently signed agreement to deploy FLNG Hilli in Argentina, and SESA’s ability to meet its obligations to us;
- our ability to meet our obligations to SESA in connection with the recently signed definitive agreement to deploy our FLNG in conversion, MKII FLNG in Argentina, including reaching a final investment decision, and SESA’s ability to meet its obligations to us;
- our ability to obtain additional financing or refinance existing debt on acceptable terms or at all including the satisfaction of the conditions precedent to the consummation of the FLNG Gimi sale leaseback transaction;
- global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on liquefied natural gas (“LNG”) supply and demand;
- a material decline or prolonged weakness in tolling rates for FLNGs;
- failure of shipyards to comply with schedules, performance specifications or agreed prices;
- failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
- an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated, or expect to operate;
- continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government;
- changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
- changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;
- continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party;
- our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;
- increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;
- claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”), and Snam S.p.A. (“Snam”);
- the ability of NFE, Energos, CoolCo, and Snam to meet their respective obligations to us, including indemnification obligations;
- changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;
- rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
- actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and
- other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 27, 2025 (the “2024 Annual Report”).
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.
May 27, 2025
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFOStuart Buchanan – Head of Investor Relations
Tor Olav Trøim (Chairman of the Board)
Benoît de la Fouchardiere (Director)
Carl Steen (Director)
Dan Rabun (Director)
Lori Wheeler Naess (Director)
Mi Hong Yoon (Director)
Niels Stolt-Nielsen (Director)This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
-
MIL-OSI: Indonesia Energy Provides Update on its Strategic Vision and Dedication to the Future of Energy Development in Indonesia
Source: GlobeNewswire (MIL-OSI)
Follow IEC’s vision through its multi-weekly updates on LinkedIn and its website
JAKARTA, INDONESIA AND DANVILLE, CA, May 27, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, issued today a letter to shareholders from the company’s senior management outlining IEC’s strategic vision and dedication to playing a key role in energy development in Indonesia as well as the country’s future in general.
You can follow IEC’s vision through its multi-weekly updates on LinkedIn or at our website at the following link: https://ir.indo-energy.com/linkedin-updates/
“Dear Fellow Indonesia Energy Shareholders:
We are pleased to share an important update in the evolution of Indonesia Energy Corporation’s corporate vision, one that reaffirms our commitment to the future of Indonesia and complements our company’s role in supporting energy, resources, and sustainable growth for this dynamic region.
Since our inception, IEC has remained committed to delivering energy security through our oil and gas exploration and production activities. While these core operations will continue to be a fundamental part of our strategy, we recognize that the definition of energy must evolve to meet the demands of a changing world, particularly in Indonesia.
The time has come for IEC to expand our vision beyond traditional hydrocarbons and embrace a broader, more sustainable portfolio. This strategic focus will position IEC to unlock new value, enhance resilience, and capitalize on emerging opportunities in sectors that are inherently interconnected with energy.
INDONESIA ENERGY: The Energy Driving Indonesia’s Future
Indonesia, the world’s fourth most populous nation, is undergoing a demographic, economic, and technological transformation. With over 280 million people, nearly 70% under the age of 45, and an economy that has grown around 5% annually, the nation is on a clear path to becoming a growing force on the world stage.
The government of Indonesia’s “Golden Indonesia 2045” vision aspires to position Indonesia among the world’s top five economies. To achieve this, the country is focusing on three fundamental pillars: energy, technology, and food security—the very elements that define human civilization and economic success.
For IEC to play an important role in this transformation, we must recognize that energy is more than just oil and gas—it is the foundation of all progress. Throughout history, economies have grown, industries have thrived, and societies have advanced by harnessing energy in its many forms. But at its core, all energy that drives life and industry can be traced back to a single source—the Sun. From oil and gas to wind, hydropower, and even the food we eat, nearly all forms of energy originate from the Sun’s immense power. Fossil fuels are simply solar energy stored in organic matter over millions of years, while bioenergy, agriculture, and even wind patterns exist because of the Sun’s influence. Hydropower is made possible by the water cycle, driven by solar radiation. In essence, the energy that sustains economies, fuels innovation, and supports communities is a continuous transformation of sunlight into different usable forms.
There are few exceptions, including deep geothermal energy, nuclear power, and tidal forces, which arise from the Earth’s internal heat, atomic forces, and the gravitational pull of the Moon and Sun. Yet, for nearly everything else, it is the Sun that provides the energy that shapes our world.
This perspective reinforces IEC’s evolving mission. We are not just an oil and gas company; we are part of the larger system that transforms energy into progress, innovation, and prosperity in Indonesia. Our role is to harness and direct this energy—where it is needed most—to power Indonesia’s future. By embracing a new definition of energy, IEC is positioning itself at the heart of Indonesia’s transformation into a global economic power. As the country continues to grow, innovate, and secure its future, IEC will be there—as the energy that enables this progress.
This is just the beginning of an exciting new chapter for IEC. Our evolving corporate vision will seek to accomplish three main goals:
- First, our particular focus on supporting the future of Indonesia, which positions us as the purest U.S. public company play on Indonesia.
- Second, our continuing drive to efficiently, effectively and sustainably develop and capitalize on our current oil and gas assets in Indonesia, Kruh and Citarum, which efforts have the strong support of the Government of Indonesia.
- Finally, our passion for the future of Indonesia is leading us to explore other ways we can invest in the country’s infrastructure, whether that be energy related or other initiatives that we have the ability support given our management’s deep ties to Indonesia. We believe the potential to diversify our energy or other revenue streams will not only help Indonesia but also create the potential to drive value for our shareholders. We plan on sharing more details as this year unfolds and as our strategies solidify.
Meanwhile, even as we are contemplating our expansion, this week we will be providing important updates on our key oil and gas assets, including an approximate 60% increase in proved reserves in our Kruh Block and the exciting results from a just competed geochemical survey on our potential billion-barrel equivalent Citarum Block, where we have a path to potentially move directly to drilling operations.
We remain excited about our business and the future of Indonesia, so stay tuned for more details. Thank you as always for your continued trust and support,
Sincerely,
Dr Wirawan Jusuf, Chairman & CEO
Frank Ingriselli, President
James Huang, Director and Chief Investment Officer”About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its management that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “potential,” “could,” “estimates,” “believes,” “hopes,” “expects,” “intends,” “future”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future strategic plans, including its plans for drilling at Kruh Block at Citarum Block, as well as any future evolution in IEC’s business vision and strategies. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com -
MIL-OSI: Questerre reports on Quebec Court of Appeal ruling on Bill 21
Source: GlobeNewswire (MIL-OSI)
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS
CALGARY, Alberta, May 26, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported on the recent ruling by the Court of Appeal of Quebec related to Bill 21, An Act ending exploration for petroleum and underground reservoirs and production of petroleum and brine (“Bill 21”). A copy of the ruling in French is available online: https://courdappelduquebec.ca/fileadmin/jugements/200-09-010731-245_Arret_2025-05-22.pdf.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “In its ruling, the Court of Appeal recognized the existence of a serious issue with respect to the constitutionality of Bill 21 and reinstated certain provisions of Bill 21. We will request leave to appeal this ruling to the Supreme Court of Canada. In the interim, we will ask the Court of Appeal to suspend this ruling until such time. This means that subject to our appeal, the Government of Quebec could move to enforce the specific provisions related to the abandonment and reclamation of existing wells.”
He added, “This ruling by the Court of Appeal has no impact on the main trial on the merits of the case. We are following the legal process for this case and have a hearing this week on the Government representatives to be questioned prior to setting a trial date.”
The ruling by the Court of Appeal relates to the appeal by the Attorney General of Quebec of a judgement rendered in January 2024 by the Quebec Superior Court suspending key provisions of Bill 21. A copy of the original ruling is available online: https://www.questerre.com/wp-content/uploads/2024/01/2024-01-25-Decision-English.pdf. The appeal concerns the analysis of the criteria applicable to the suspension of a law. The Court of Appeal dismissed the joint motion by the Company and other license holders for the review and annulment of the judgement granting the appeal and allowed the appeal.
The Court of Appeal noted in its decision that the Justice did not err in law or exercise his discretion in an unjudicial or unreasonable manner in concluding there was a serious question to be decided. The Court of Appeal noted that the Justice erred in law on the balance of convenience test and did not presume that the suspension of Bill 21 would cause irreparable harm to the public interest. The ruling noted that in view of the importance of the public interest and the failure to demonstrate the benefits to the public of suspending key provisions of Bill 21 it allowed the appeal and overturned the Justice’s original decision.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on the balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s plans to seek leave to appeal to the Supreme Court of Canada, its plans to ask the Court of Appeal to suspend the ruling and the impact of this ruling on the main case.
Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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MIL-OSI Asia-Pac: Taiwan’s MOEA Announces: DOIT to Showcase Three NT$100 Million Startups at InnoVEX 2025
Source: Republic of China Taiwan
The Department of Industrial Technology under Taiwan’s Ministry of Economic Affairs (MOEA) led 20 research-driven startup teams to InnoVEX, one of Asia’s leading innovation and startup exhibitions. At the event, they unveiled the Taiwan Research-Institute Entrepreneur Ecosystem (TREE) Pavilion, showcasing advanced innovations in AI, ICT, semiconductors, smart mobility, biotech, healthcare tech, green tech, and the circular economy.
Three startups have achieved the NT$100 million revenue benchmark:
-FREE Bionics: Has tripled its revenue in the past four years and secured over NT$600 million in funding.
-KopherBit: On track to exceed NT$100 million in revenue by 2025.
-GasolineAI: Secured an order worth NT$100 million in its first year.Additionally, the 2025 TREE Award Ceremony took place on May 22, celebrating five promising startup teams from research institutions. Experts selected them for their achievements in translating research innovations into market successes.
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MIL-OSI Asia-Pac: MOEA Develops World-Leading B5G NTN Base Station System, Partners with MediaTek and Chunghwa Telecom to Enable Seamless Satellite Communication Upgrades for Network Equipment
Source: Republic of China Taiwan
At COMPUTEX 2025, the MOEA unveiled its Tech Hub to showcase 30 innovative technologies, highlighting the world-leading B5G/6G Non-Terrestrial Network (NTN) base station system and bringing together leading network communication companies and major R&D institutes including ITRI, MIRDC, TTRI, and ARTC. In partnership with MediaTek and Chunghwa Telecom, the MOEA successfully completed multi-orbit satellite communication trials. This breakthrough enables direct satellite connectivity via software upgrades, eliminating the need for hardware replacement-a game-changer for remote and offshore connectivity. The solution received global attention at this year’s MWC Barcelona.
According to the MOEA, Taiwan plays a critical role in the global ICT and AI ecosystem. To stay ahead in next-generation communications and AI-driven manufacturing, the ministry has launched 50 AI pilot production lines, which are already being applied in sectors such as energy storage and smart manufacturing. One notable example is the POXA Energy Management System, which uses AI for intelligent scheduling to optimize green energy storage. The system is slated to spin off into a startup by 2025 to expand its reach.
The Tech Hub showcases innovations across five key areas: AI services, immersive technologies, AI for manufacturing, sustainable green energy, and next-generation communication. Highlighted solutions include an AI-powered medical logistics robot at Kaohsiung Veterans General Hospital; a smart knee brace with electrostimulation to accelerate rehabilitation for the elderly; photo-realistic AI 3D modeling technology that creates high-fidelity models using only a smartphone; and a transparent display open architecture system designed for smart libraries and hybrid digital-physical environments.
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PM Modi holds roadshow in Vadodara, kicks off two-day Gujarat visit to inaugurate key projects
Source: Government of India
Source: Government of India (4)
Prime Minister Narendra Modi on Monday led a vibrant roadshow in Gujarat’s Vadodara as part of his two-day visit to the state, where he is scheduled to inaugurate and lay the foundation stones for several developmental projects aimed at boosting infrastructure and economic growth.During the roadshow, PM Modi was seen warmly interacting with enthusiastic crowds, waving to citizens who responded with cheers, chants of patriotic slogans, and waving the Indian flag.Family members of Indian Army officer Colonel Sofiya Qureshi, who was part of media briefings during Operation Sindoor, were also present at the roadshow and welcomed the Prime Minister with flower petals.Following the roadshow, PM Modi is scheduled to travel to Dahod to inaugurate a locomotive manufacturing plant of Indian Railways. The facility will produce 9,000 HP electric locomotives for domestic use and exports. Designed for energy efficiency and equipped with regenerative braking systems, these locomotives are expected to boost the freight capacity of Indian Railways and contribute to sustainable transport.The Prime Minister will also flag off two new train services — the Vande Bharat Express between Veraval and Ahmedabad, and an express train between Valsad and Dahod. In addition, he will lay the foundation stone and inaugurate multiple development projects in Dahod worth around ₹24,000 crore. A public function will also be held during his visit.Later, PM Modi will travel to Bhuj to launch and lay the foundation stone for various development projects valued at over ₹53,400 crore. These include major initiatives in the power sector, such as transmission projects to evacuate renewable energy from the Khavda Renewable Energy Park, expansion of the transmission network, and the setting up of an ultra-supercritical thermal power plant unit in Tapi. Other projects include port development at Kandla and infrastructure works in roads, solar power, and water supply across Gujarat.On May 27, the Prime Minister will be in Gandhinagar to participate in the celebration of 20 years of the Gujarat Urban Growth Story. He will also launch the Urban Development Year 2025 and address a public gathering on the occasion.-ANI -
MIL-OSI: Recommendation from Equinor’s nomination committee
Source: GlobeNewswire (MIL-OSI)
The nomination committee in Equinor ASA (OSE:EQNR, NYSE:EQNR) recommends that the company’s corporate assembly elects Dawn Summers as a new member to the board of directors of Equinor ASA
Further, the nomination committee recommends a re-election of Jon Erik Reinhardsen as chair and Anne Drinkwater as deputy chair of the board, in addition to re-election of Finn Bjørn Ruyter, Haakon Bruun-Hanssen, Mikael Karlsson, Fernanda Lopes Larsen and Tone Hegland Bachke as members of the board of directors. Current member, Jonathan Lewis will resign from the board of directors as of 30 June 2025. It is recommended that Dawn Summers’ election takes effect from 1 September 2025.
Dawn Summers served as Interim Chief Operating Officer at Harbour Energy from 2024 – 2025. In this position, she was responsible for ensuring business continuity and smooth operations integration following Harbour Energy’s acquisition of Wintershall Dea, where she was as Chief Operating Officer and board member from 2020-2024. In this role, she was responsible for safe business delivery and also led efforts to develop early-stage carbon capture and storage (CCS) and hydrogen projects. Before this, Summers held COO roles at Beach Energy from 2018-2020 and Origin Energy from 2016-2018. She was executive Head of HSE, Operations & Developments with General Energy from 2013-2015 and has held several positions with BP plc from 1995-2013.
Summers is active in European energy policy. As former Chair of the European Board of the International Association of Oil & Gas Producers (IOGP), she led strategic engagement with EU institutions on energy transition policy and energy security. She also served as President of GasNaturally, promoting secure approaches to climate resilience across the gas value chain.
Summers is a strong advocate for diversity and inclusion in the energy sector and committed to mentoring the next generation of women leaders in STEM fields.
Summers has a Bachelor of Engineering (with Honours) in Chemical Engineering from Edinburgh University and Executive Operations Leadership from MIT Sloan School of Management in Massachusetts, USA.
The election to the board of directors of Equinor ASA takes place in the company’s corporate assembly meeting Monday 2 June 2025. It is proposed that the election takes effect from 1 July 2025, with the exception of Dawn Summers who is proposed elected with effect from 1 September 2025, all with effect until the ordinary election of members to the board of directors in June 2026.
Contacts:
- Nils Morten Huseby, chair of the nomination committee
- All enquiries to be directed through Equinor Corporate Press Office,
Sissel Rinde, +47 412 60 584.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
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MIL-OSI: Capgemini, Mistral AI and SAP combine forces to offer secure, scalable gen AI-powered solutions for regulated industries
Source: GlobeNewswire (MIL-OSI)
Press contact:
Antara Nandy
Tel.:+ 91 9674515119
E-mail: antara.nandy@capgemini.comCapgemini, Mistral AI and SAP combine forces to offer secure,
scalable gen AI-powered solutions for regulated industriesParis, May 26 2025 – Capgemini today announced an expansion of its strategic partnership with Mistral AI, a leader in innovative AI model development, and SAP, to help drive growth for regulated organizations by transforming operations and improving business outcomes, through a broad range of AI models. This unique collaboration provides a trusted and secure environment to deploy custom AI solutions within SAP for those industries with strict data requirements such as financial services, public sector, aerospace & defense, and energy & utilities. Leveraging Mistral AI’s revolutionary generative AI (gen AI) models and the SAP Business Technology Platform (BTP), Capgemini aims to develop multiple easily accessible business AI use cases, with a lower carbon footprint.
Enterprises are increasingly turning to business AI to optimize processes and decision-making, while integrating generative AI to drive greater business value. This combination enables organizations to increase resilience by simulating scenarios, preparing response plans for crises, and quickly adapting to market changes. These technologies also help organizations gain a significant competitive edge, differentiating themselves through more personalized customer experiences, adapting their supply chain to high personalization, and enriching products with high value digital services. By leveraging AI, organizations can achieve both top and bottom-line improvements across numerous functional areas. Moreover, organizations in regulated industries or those handling sensitive data often find it challenging to access these benefits. They require advanced generative AI models that operate within a secure environment such as the self-hosted SAP Business Technology Platform.
As part of this new collaboration, Capgemini will offer an extensive library of 50+ pre-built custom business AI use cases, including those validated by SAP, leveraging Mistral AI models. These are categorized by a specific industry and process-driven approach. The solutions are grounded in responsible and ethical AI by design, with built-in governance and alignment with regulations, enabling innovation while also ensuring data security. Example use cases include:
- Aerospace and Defense: Augmented field workers that can efficiently resolve non-conformities in operations.
- Energy and Utilities: Drone based inspection that enables predictive maintenance and generates actionable insights
- Across industries: Intelligent indirect purchasing that helps to easily and quickly select the most convenient products from multiple suppliers.
This collaboration offers dual benefits – it accelerates the deployment of custom generative AI solutions within SAP for all organizations and enables those organizations requiring secure environments for regulatory or privacy purposes to leverage generative AI solutions.
“This new collaboration between Capgemini, Mistral AI and SAP unlocks new high-value business use cases for organizations seeking to augment their operations with generative AI capabilities,” said Marjorie Janiewicz, Mistral AI Executive Board member and Global Head of Revenue. “By combining our frontier, multilingual and highly customizable AI models with Capgemini’s expertise in delivering real world industry-specific generative AI solutions, and the assurance of SAP’s robust technology platform, we are making the effective integration of AI more accessible for all organizations, including those in highly regulated industries.”
“Enterprises are increasingly turning to generative AI to enhance their resilience, streamline operations and accelerate time to value. As a trusted business and technology transformation partner to our clients, Capgemini is committed to helping them evolve their critical business processes through the secure and tailored application of AI,” said Fernando Alvarez, Chief Strategy and Development Officer and Group Executive Board member at Capgemini. “Together with Mistral AI and SAP, we can empower organizations to access a broad range of innovative and customized AI models, to drive significant business value and foster sustainable growth.”
“The collaboration is a powerful example of how we are enabling enterprises to leverage the power of generative AI to address their most critical business challenges,” said Thomas Saueressig, Member of the Executive Board of SAP SE, Customer Services & Delivery. “With SAP Business Technology Platform as a secure and scalable foundation, we’re enabling organizations, especially those in regulated industries, to adopt AI with confidence, trust, and speed in a way that delivers real business value.”
Capgemini has worked closely with SAP on further expanding its dedicated Global SAP Center of Excellence to help organizations address their critical business challenges using gen AI. For example, the partners have worked with Brose, a leading automotive supplier, to deliver an AI-powered assistant for suppliers – SupplierGPT. This centralized digital platform helped enhance collaboration across Brose’s global supplier network, leading to increased efficiency in supplier onboarding and more consistent process execution.
Michael Seifert, Business Product Owner Brose Supplier Portal, Brose Fahrzeugteile SE & Co. KG said, “Together with Capgemini, we were able to implement SupplierGPT, from idea to reality within a few weeks. This solution enables the seamless integration of new innovations and supports rapid go-to-market, thanks to the AI services in SAP BTP. This co-innovation model combines the expertise of Capgemini, Brose and SAP to allow joint pilots to be designed, implemented, and tested quickly.”
Award-winning AI solutions
Capgemini recently won the 2025 SAP Pinnacle Award for Business AI Innovation in the Customer AI use case category, further demonstrating its leadership in delivering compelling AI-powered solutions with SAP. This award is part of SAP’s global partner recognition program, which highlights its partners worldwide who demonstrate exceptional performance and innovation.About Capgemini
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.
Get The Future You Want | www.capgemini.comSAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
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