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Category: Energy

  • MIL-OSI USA: ICYMI: To Combat Race Discrimination, Energy Department Terminates Funding for Harvard University

    Source: US Department of Energy

    In case you missed it, the Department of Energy issued a notice to Harvard University this week terminating approximately $89 million in grant funding from DOE’s Office of Science and Advanced Research Projects Agency – Energy due to the University’s policy of racial discrimination. This cancellation from DOE resulted in an immediate savings of $7 million to the American taxpayer and was issued in coordination with the Joint Task Force to Combat Anti-Semitism’s letter to Harvard University announcing the termination of $450 million in grants from eight government agencies in addition to $2.2 billion that was previously frozen by the Trump Administration.

    Excerpts of DOE’s letters to Harvard President Dr. Alan Garber are below:

    DOE understands that Harvard University (Harvard) continues to engage in race discrimination, including in its admission process, and in other areas of student life, such as access to the Law Review at Harvard Law School. We are also aware of recent events at Harvard involving antisemitic action that suggest the institution has a disturbing lack of concern for the safety and wellbeing of Jewish students. Harvard’s ongoing inaction in the face of repeated and severe harassment and targeting of Jewish students has ground day-to-day campus operations to a halt, deprived Jewish students of learning and research opportunities to which they are entitled, and brought shame upon the University and our nation as a whole.

    Indeed, as the Harvard Presidential Task Force on Combating Antisemitism and Anti-Israeli Bias concluded, actions at Harvard during the 2023-2024 academic year resulted in widespread abuse of Jewish and Israeli students by an institution “that mainstreamed and normalized what many Jewish and Israeli students experience as antisemitism and anti-Israeli bias.”

    DOE maintains a firm policy of not supporting entities, individuals or actions that engage in discrimination or which promote and condone, by action or acquiescence, antisemitism. Despite being aware of deeply rooted racial discrimination and antisemitism at Harvard, Harvard has refused to take immediate, definitive and appropriate remedial action.

    Therefore, based on the available information, DOE has concluded that no modification of the Harvard projects could align the projects with agency priorities and any continued funding of the projects is inconsistent with DOE’s stewardship of American taxpayer funds and would be inconsistent with the DOE’s overall mission and goals.

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Wright Announces New Policy for Increasing Accountability, Identifying Wasteful Spending of Taxpayer Dollars

    Source: US Department of Energy

    WASHINGTON – The Department of Energy (DOE) today announced new actions to increase accountability and promote responsible stewardship of American taxpayer dollars. In a Secretarial Memorandum entitled, “Ensuring Responsibility for Financial Assistance,” U.S. Secretary of Energy Chris Wright outlined DOE’s policy for evaluating financial assistance on a case-by-case basis to identity waste of taxpayer dollars, protect America’s national security and advance President Trump’s commitment to unleash affordable, reliable and secure energy for the American people. 

    “Over the past 110 days, the Energy Department has been hard at work reviewing the billions of dollars that were rushed out the door, particularly in the final days of the Biden administration, and what we have found is concerning,” said Secretary Wright. “With this process, the Department will ensure we are doing our due diligence, utilizing taxpayer dollars to generate the largest possible benefit to the American people and safeguarding our national security. Any reputable business would have a process in place for evaluating spending and investments before money goes out the door, and the American people deserve no less from their federal government.”

    To comply with the Secretary’s memorandum, the DOE has begun requesting additional information needed to evaluate 179 awards. These awards total over $15 billion in financial assistance. DOE is prioritizing large-scale commercial projects that require more detailed information from the awardees for the initial phase of this review, but this process may extend to other DOE program offices as the reviews progress.

    Full Policy Memorandum is below:

    Secretarial Policy on Ensuring Responsibility for Financial Assistance

    It is the policy of the Department of Energy (DOE) to ensure that financial assistance award recipients and the individual projects are, among other things, financially sound and economically viable, aligned with national and economic security interests, and consistent with Federal law and this Administration’s policies and priorities and program goals and priorities (Standards).  This policy is consistent with the general Federal Stewardship and Substantial Involvement of DOE in the financial assistance awards and essential to identifying and avoiding fraud, waste and abuse.

    DOE intends to conduct focused reviews of awards and other forms of financial assistance on a case-by-case basis, especially for the large complex awards, or on groups of homogenous awards if DOE determines that such a review will adequately address the goals as set forth above.  To conduct this review, DOE may utilize information previously submitted by the award recipient, DOE’s own investigation or analyses or submit  information requests to recipients for information relevant to the project to help inform DOE’s decisional process including, but not limited to,  information regarding a project’s financial health, a project’s technological and engineering viability, market conditions, compliance with award terms and conditions and compliance with legal requirements, including those related to national security.

    To accomplish DOE’s objectives, it is the policy of DOE to require that its financial assistance recipients provide written responses and supporting documentation to its information requests within communicated timeframes, and to cooperate with program personnel on any follow up requests, including verbal requests, in a timely manner, to facilitate this review.  While many financial assistance awards may incorporate the audit rights under 2 C.F.R. part 200, other forms of awards have different information gathering rights available to DOE.  However, in connection with the administration and management of its awards, DOE is entitled to obtain current, accurate and complete information about the project and the recipient.

    It is also the policy of DOE to treat the responses to these information requests as confidential and solely for use in managing the awards and as part of its oversight, including audit, functions.  Responses, as well as responsive information the recipient has previously provided to DOE, will be shared within DOE only to the extent required for proper management and oversight of the awards. Consistent with the National Security Presidential Memorandum on U.S. Government-Supported Research and Development National Security Policy-33, DOE may share information regarding risk identified as part of this due diligence process with other governmental entities.

    If it is determined that a project meets Standards, then those projects will proceed.  If it is determined that projects do not meet Standards, DOE may modify the project or, DOE in its discretion, may terminate the project based on the outcome of DOE’s evaluation, as allowed by law.  Further, if a recipient of financial assistance fails to respond to information requests within the provided timeframe, does not respond to follow-up questions in a timely manner, or offers incomplete responses that do not reasonably facilitate DOE’s review, DOE may treat as the recipient’s refusal to cooperate as grounds for termination of the award or the withholding of funding.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: PM: The world has paid the price for Putin’s aggression. He must now pay for avoiding peace.

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM: The world has paid the price for Putin’s aggression. He must now pay for avoiding peace.

    Piling the pressure on the Kremlin will be the focus of discussions at the European Political Community [EPC] today, after Putin dodged US arranged peace talks in Istanbul yesterday [Thursday].

    • Prime Minister to convene leaders at EPC to drive forward response to Putin’s stalling tactics

    • Russian energy expected to be central target in widespread sanctions action in the coming weeks if Russia does not agree a ceasefire

    • Comes as around 40 leaders meet at the European Political Community summit in Tirana today

    Piling the pressure on the Kremlin will be the focus of discussions at the European Political Community [EPC] today, after Putin dodged US arranged peace talks in Istanbul yesterday [Thursday].

    More than 40 leaders will attend the Tirana summit today, discussing shared challenges facing the continent and the threat to global stability and security posed by Putin.

    It comes after President Zelenskyy underscored Ukraine’s position as the party of peace and travelled to Turkey in good faith this week, in preparation for peace talks with Russia.

    But Putin failed to attend.

    Leaders are expected to reiterate calls for a full and unconditional ceasefire today and demand Russia prove that they are serious about bringing its invasion to an end. For more than two months, Russia has failed to substantively respond to the US’ calls for a full, unconditional 30-day ceasefire and genuine peace talks.

    Work has already begun on what further sanctions can be implemented to degrade Russia’s ability to prolong the war if Russia does not agree to a ceasefire.  Today, leaders are expected to progress the conversations held in Kyiv at the weekend about sanctions, with a focus on Russian energy revenues.

    Prime Minister Keir Starmer said:

    People in Ukraine and across the world have paid the price for Putin’s aggression in Ukraine and across Europe, now he must pay the price for avoiding peace.

    Putin’s tactics to dither and delay, while continuing to kill and cause bloodshed across Ukraine, is intolerable.

    For the past three years, Ukraine has been fighting for peace and security, while Russia has sent thousands of young men and women to their deaths and compromised global stability.

    Alongside the US and more than 30 other partners, we have been clear that we will not stand for Russia kicking a ceasefire down the road.

    A full, unconditional ceasefire must be agreed and if Russia is unwilling to come to the negotiating table, Putin must pay the price.

    During the summit, the Prime Minister is expected to lead a security roundtable with the Prime Minister of Sweden, Ulf Kristersson, as well as discussing with key partners including France, Germany, Italy, Poland and Ukraine latest efforts with the US to secure peace and an end of the bloodbath in Ukraine. It comes as Putin repeatedly ignored requests for peace talks in Istanbul this week.

    The Kremlin’s biggest source of tax revenue is oil exports, and with forecasts cut by almost a quarter because of Western sanctions and compounding slowing global growth prices, further measures are likely to cause significant pain. Oil and gas tax revenues were already a third lower in dollar terms 2024 than in 2022, the first year of the war; and they are already down by almost 20% year-on-year in February and March.

    The Prime Minister is clear that supporting Ukraine, and degrading Russia’s economy and ability to prolong the war as they wreak havoc across Europe, is vital to protecting national and Euro-Atlantic security, and delivering on the Government’s Plan for Change.

    Russian aggression is plain for all to see. Just this week the Polish Prime Minister Donald Tusk revealed that the Russia Secret Service was behind a major blaze at a Polish shopping centre, while in a landmark decision, the International Civil Aviation Organisation ruled that the Russian Federation was behind the downing of Malaysian Airlines Flight MH17 in July 2014, killing 298 people, including 10 UK citizens.

    Last week, the Prime Minister announced the UK’s largest ever package of sanctions on Russia’s Shadow Fleet. The sanctions will apply further pressure on the Russian economy, which is stalling as Putin’s national wealth fund starts to run out, the non-defence sector is in recession and global oil prices are falling.

    Russia’s defence and security spending is now 40% of all federal spending and 8% GDP – a post-1990 high and double the size of federal social services spending.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: SUNation Energy Announces 2025 First Quarter Results and Introduces Financial Guidance for 2025

    Source: GlobeNewswire (MIL-OSI)

    Substantial Progress in Reducing Debt, Lowering Costs, Enhancing Cash Flow
    Strong Commercial Project Backlog

    RONKONKOMA, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE) (the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The information in this Press Release is not complete and should be carefully read in conjunction with our most recent Form 10-Q quarterly report for the financial quarter ended March 31, 2025, including the subsequent events and risk factor updated therein, as well as our other SEC reports.

    “Our results for Q1 2025 reflect the initial successes associated with our corporate transformation activities, most notably in the areas of cost containment, operating efficiencies, improved cash position, and debt reduction,” said Scott Maskin, Chief Executive Officer.

    “We see gathering strength in our end markets and are pleased with the performance of our two primary business segments – SUNation, which serves Long Island and the surrounding region, and Hawaii Energy Connection (“HEC”). SUNation’s Commercial backlog as of March 31, 2025 rose more than 30% compared to the same period last year, thanks to a variety of projects currently in various stages of development with our institutional partners. While our New York Residential business experienced typical seasonal headwinds in Q1 2025 due largely to especially poor weather in February, we are addressing pent up demand from Residential consumers. This has resulted in a stronger than usual Springtime push, with both contract and install activity rivaling the growth we saw during the post Inflation Reduction Act boom-period prior to the rise in interest and financing rates. We expect improved results in Q2 2025 compared to Q1 2025 as consumers look to lock in pricing prior to any potential increases related to tariffs and in advance of any changes to federal solar tax incentives that may occur as this issue gets debated in Congress. Based on 20 years of experience dealing with dynamic federal incentives, and now tariffs, I do believe that we are well-positioned to capitalize on this growing sense of urgency among consumers to begin to realize the benefits of solar.

    He continued, “We are also exploring opportunities to expand our Service and Maintenance business in the New York metro region to support thousands of homeowners whose systems have been orphaned by solar providers that are no longer in business. This presents a meaningful opportunity to broaden our customer base, support the continuing use of solar, and potentially benefit from historically high margin service revenues. Our Residential business in Hawaii, a more mature market, is expected to rebound from a sluggish 2024 due to solar and battery incentives that took effect in May 2025 thanks to recent action by the State of Hawaii’s Public Utilities Commission.”

    James Brennan, SUNation’s Chief Financial Officer, said, “The restructuring and debt reduction initiatives we have implemented over the last several quarters have simplified and strengthened our capital structure, significantly reduced monthly cash burn, enhanced cash flows, and stabilized our financial profile. Q1 2025 selling, general and administrative (“SG&A”) expenses declined by 9% from the first quarter of 2024 and interest expense decreased by 25%. We improved our cash position and lowered our debt by more than 50% from December 31, 2024.”

    Mr. Maskin concluded, “Although our business and industry are still recovering from a difficult period, we remain optimistic about 2025 and the long-term promise of solar energy. We have created a solid financial and operating platform, have maintained a sterling reputation among customers, and our team members are among the best in our industry. We are pursuing a variety of organic and acquisition-based initiatives that can expand our market reach, add scale to our business, and evolve our model into a one-stop shop for solar and storage related needs. For these reasons and more, we have the confidence to provide annual guidance for 2025.”

    Q1 2025 Financial Results Overview
    Comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”) unless otherwise noted

    • Consolidated revenue declined by 4% to $12.6 million from $13.2 million. At SUNation, Commercial revenue rose 28%, which offset a 3% decline in Residential revenue due largely to seasonality, as well as lower Service revenue. At HEC, revenue declined by 11% to $3.1 million, which the Company believes is due largely to a lack of solar and battery incentives available in Q1 2025; these incentives once again became available May 15, 2025.
    • Gross profit was $4.4 million, or 35.1%, compared to gross profit of $4.8 million, or 36.4%, due primarily to lower total revenues.
    • SG&A expenses declined by 9% to $6.0 million from $6.6 million, the result of cost optimization and efficiency measures implemented in 2024.
    • Total operating expenses decreased by 5.6% to $6.6 million from $7.0 million.
    • Interest expense declined 25% to $0.6 million from $0.8 million, reflecting management’s commitment to the repayment and retirement of outstanding debt.
    • Net loss was $(3.5) million compared to net income of $1.2 million. Net income in Q1 2024 included $3.4 million of other income while net loss in Q1 2025 included other expenses of $(1.3) million.
    • Adjusted EBITDA was stable at $(1.5) million.

    Financial Condition March 31, 2025

    • Cash and cash equivalents rose to $1.4 million from $0.8 million at December 31, 2024, and restricted cash was stable at $0.3 million when compared to December 31, 2024.
    • Total debt, which includes earnout consideration of $2.1 million, declined 51% to $9.2 million from total debt of $19.1 million at December 31, 2024.
    • Accounts payable decreased by $1.5 million from December 31, 2024
    • Current liabilities decreased by $6.9 million from December 31, 2024
    • Long-term liabilities decreased by $0.7 million from December 31, 2024
    • Stockholders’ equity increased by $6.3 million from December 31, 2024

    Recent Financial Developments

    • Secured a total of $20 million in aggregate gross proceeds via a securities purchase agreement with certain institutional investors.
    • Eliminated $12.6 million of secured debt and other long-term contractual obligations that removed an average annual cash drain of approximately $3.4 million through 2027, which includes lowering annual interest expense for 2025 by an estimated $1.4 million.
    • Reduced 2025 SG&A spending by an estimated $2.0 million.
    • Paid in full a $2.5 million earn out payment associated with the November 2022 acquisition of SUNation Solar Systems, Inc. and five of its affiliated entities.
    • Restructured $5.5 million of long-term debt.
    • Entered into a new $1.0 million line of credit agreement with MBB Energy, LLC, which was unused as of May 15, 2025.
    • Signed separate Letters of Intent with Energy Systems Group, an award-winning energy services company, for the deployment of over 2.35 MWs of solar power at two school districts on Long Island.

    2025 FINANCIAL GUIDANCE

    Based on results for the first quarter of 2025, progress associated with our corporate transformation activities, and current business conditions and estimated outlook, the Company is providing the following financial guidance for the year ending December 31, 2025:

    • Total sales of $65 million to $70 million, a projected increase of between 14% and 23% from total sales of $56.9 million in 2024.
    • Adjusted EBITDA of $0.5 million to $0.7 million, an increase from an Adjusted EBITDA loss in 2024.

    Guidance for full year 2025 is based on the Company’s current views, beliefs, estimates and assumptions. It does not include any potential impact related to, among numerous other potential events that are largely out of our control, such as current or future tariffs, global disruptions, broader industry dynamics and trade policy changes, which the Company is unable to predict at this time. All financial expectations are forward-looking, and actual results may differ materially from such expectations, as further discussed below under the heading ” Forward-Looking Statements.”

    We are not able to provide a reconciliation of Adjusted EBITDA guidance for full year 2025 to net profit (loss), the most directly comparable GAAP financial measure, because certain items that are excluded from Adjusted EBITDA but included in net profit (loss) cannot be predicted on a forward-looking basis without unreasonable effort or are not within our control.

    Q1 2025 CONFERENCE CALL

    Management will host a conference call on Friday, May 16, 2025 at 9:00 am ET. Interested parties may participate in the call by dialing:

    • Domestic: (800) 715-9871
    • International: (646) 307-1963
    • Passcode: 1430444

    The conference call will also be accessible via the Investor Relations section of the Company’s web site at https://ir.sunation.com/news-events or via this link: https://edge.media-server.com/mmc/p/6k6euqgi

    About SUNation Energy, Inc.

    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    Forward Looking Statements 

    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

               
               
    SUNATION ENERGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    ASSETS
      March 31   December 31
      2025   2024
    CURRENT ASSETS:          
    Cash and cash equivalents $ 1,447,329     $ 839,268  
    Restricted cash and cash equivalents   292,901       312,080  
    Trade accounts receivable, less allowance for          
        credit losses of $215,738 and $240,817, respectively   3,927,676       4,881,094  
    Inventories, net   2,512,552       2,707,643  
    Related party receivables   23,739       23,471  
    Prepaid expenses   1,383,296       1,587,464  
    Costs and estimated earnings in excess of billings   692,821       560,648  
    Other current assets   264,875       198,717  
    TOTAL CURRENT ASSETS   10,545,189       11,110,385  
    PROPERTY, PLANT AND EQUIPMENT, net   1,164,610       1,238,898  
    OTHER ASSETS:          
    Goodwill   17,443,869       17,443,869  
    Operating lease right of use asset   3,600,546       3,686,747  
    Intangible assets, net   11,661,458       12,220,833  
    Other assets, net   12,000       12,000  
    TOTAL OTHER ASSETS   32,717,873       33,363,449  
    TOTAL ASSETS $ 44,427,672     $ 45,712,732  
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    CURRENT LIABILITIES:          
    Accounts payable $ 6,514,331     $ 8,032,769  
    Accrued compensation and benefits   817,585       796,815  
    Operating lease liability   329,793       321,860  
    Accrued warranty   183,375       350,013  
    Other accrued liabilities   1,375,025       1,055,995  
    Accrued loss contingencies   342,216       1,300,000  
    Income taxes payable   19,686       5,071  
    Refundable customer deposits   1,426,398       1,870,173  
    Billings in excess of costs and estimated earnings   298,173       444,310  
    Contingent value rights   292,901       312,080  
    Earnout consideration   2,110,896       2,500,000  
    Contingent forward contract   5,406,033       —  
    Current portion of loans payable   351,249       3,139,113  
    Current portion of loans payable – related party   806,154       6,951,563  
    Embedded derivative liability   —       82,281  
    TOTAL CURRENT LIABILITIES   20,273,815       27,162,043  
    LONG-TERM LIABILITIES:          
    Loans payable and related interest   1,248,397       6,531,650  
    Loans payable and related interest – related party   4,712,780       —  
    Operating lease liability   3,385,783       3,471,623  
    TOTAL LONG-TERM LIABILITIES   9,346,960       10,003,273  
    COMMITMENTS AND CONTINGENCIES (Note 6)          
    STOCKHOLDERS’ EQUITY          
    Series A Convertible preferred stock, par value $1.00 per share;
         3,000,000 shares authorized; no shares issued and outstanding, respectively    		   —       —  
    Series D preferred stock, par value $1.00 per share;
         3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively    		   1       —  
    Common stock, par value $0.05 per share; 125,000 shares authorized;          
        81,391 and 9,343 shares issued and outstanding, respectively(1)   4,070       467  
    Additional paid-in capital(1)   61,198,304       51,445,995  
    Accumulated deficit   (46,395,478 )     (42,899,046 )
    TOTAL STOCKHOLDERS’ EQUITY   14,806,897       8,547,416  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 44,427,672     $ 45,712,732  
               
    (1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, “Nature of Operations,” for further details.
     
                 
                 
    SUNATION ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                 
      Three Months Ended March 31  
      2025   2024  
    Sales $ 12,636,638     $ 13,219,197    
    Cost of sales   8,205,313       8,413,749    
    Gross profit   4,431,325       4,805,448    
    Operating expenses:            
    Selling, general and administrative expenses   6,039,298       6,629,027    
    Amortization expense   559,375       709,375    
    Fair value remeasurement of SUNation earnout consideration   —       (350,000 )  
    Total operating expenses   6,598,673       6,988,402    
    Operating loss   (2,167,348 )     (2,182,954 )  
    Other (expense) income:            
    Investment and other income   48,165       45,841    
    Gain on sale of assets   —       6,118    
    Fair value remeasurement of warrant liability   —       3,728,593    
    Fair value remeasurement of contingent forward contract   109,492       —    
    Fair value remeasurement of contingent value rights   19,179       376,085    
    Financing fees   (576,594 )     —    
    Interest expense   (571,240 )     (764,870 )  
    Loss on debt extinguishment   (343,471 )     —    
    Other (expense) income, net   (1,314,469 )     3,391,767    
    Net (loss) income before income taxes   (3,481,817 )     1,208,813    
    Income tax expense   14,615       6,162    
    Net (loss) income   (3,496,432 )     1,202,651    
                 
    Deemed dividend on extinguishment of Convertible Preferred Stock   —       (751,125 )  
    Deemed dividend on modification of PIPE Warrants   —       (10,571,514 )  
    Net loss attributable to common shareholders $ (3,496,432 )   $ (10,119,988 )  
                 
                 
    Basic net loss per share(1) $ (106.71 )   $ (38,414.84 )  
    Diluted net loss per share(1) $ (106.71 )   $ (38,414.84 )  
                 
    Weighted Average Basic Shares Outstanding(1)   32,766       263    
    Weighted Average Dilutive Shares Outstanding(1)   32,766       263    
                 
    (1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, “Nature of Operations,” for further details.
     

    Non-GAAP Financial Measures
    This press release also includes non-GAAP financial measures that differ from financial measures calculated in accordance with United States generally accepted accounting principles (“GAAP”). Adjusted EBITDA is a non-GAAP financial measure provided in this release, and is net (loss) income calculated in accordance with GAAP, adjusted for interest, income taxes, depreciation, amortization, stock compensation, gain on sale of assets, financing fees, loss on debt remeasurement, and non-cash fair value remeasurement adjustments as detailed in the reconciliations presented below in this press release.

    These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these measures principally as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors, and other interested parties to evaluate companies in its industry. The Company also believes these non-GAAP financial measures are useful to its management and investors as a measure of comparative operating performance from period to period.

    The non-GAAP financial measures presented in this release should not be considered as an alternative to, or superior to, their respective GAAP financial measures, as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, these measures do not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

       
    SUNATION ENERGY, INC.
    RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA
       
      Three Months Ended March 31
        2025       2024  
    Net (Loss) Income $ (3,496,432 )   $ 1,202,651  
    Interest expense   571,240       764,870  
    Interest income   (3,162 )     (21,555 )
    Income taxes   14,615       6,162  
    Depreciation   67,940       92,417  
    Amortization   559,375       709,375  
    Stock compensation   30,815       197,306  
    Gain on sale of assets   —       (6,118 )
    FV remeasurement of contingent value rights   (19,179 )     (376,085 )
    FV remeasurement of earnout consideration   —       (350,000 )
    FV remeasurement of warrant liability   —       (3,728,593 )
    FV remeasurement of contingent forward contract   (109,492 )     —  
    Financing fees   576,594       —  
    Loss on debt remeasurement   343,471       —  
    Adjusted EBITDA $ (1,464,215 )   $ (1,509,570 )

    The MIL Network –

  • MIL-OSI: South Bow Reports First-quarter 2025 Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its first-quarter 2025 financial and operational results and provides an update on its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

    Highlights

    Safety and operational performance

    • Recorded first-quarter 2025 throughput of approximately 613,000 barrels per day (bbl/d) on the Keystone Pipeline, with a System Operating Factor (SOF) of 98%, and approximately 726,000 bbl/d on the U.S. Gulf Coast segment of the Keystone Pipeline System.
    • Demonstrated strong project execution, completing construction of the Blackrod Connection Project’s 25-km crude oil and natural gas pipeline segments while achieving excellent safety performance. South Bow remains on schedule to complete the facility work and be ready for in-service in early 2026, with associated cash flows expected to increase through 2027.
    • Subsequent to period end, responded to an oil release at Milepost 171 (MP-171) of the Keystone Pipeline near Fort Ransom, N.D., on April 8, 2025. With approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), South Bow safely restarted the pipeline late on April 15, 2025 with certain operating pressure restrictions. See “Milepost 171 incident” of this news release.

    Financial performance

    • Demonstrated financial resilience despite significant market volatility, owing to the Company’s highly contracted assets.
      • Generated revenue of $498 million and net income of $88 million ($0.42/share).
      • Recorded normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA)1 of $266 million. Lower demand for uncommitted capacity on South Bow’s pipeline systems resulted in an 8% decrease in normalized EBITDA from the fourth quarter of 2024.
      • Delivered distributable cash flow1 of $151 million.
    • Maintained total long-term debt and net debt1 outstanding of $5.7 billion and $4.9 billion, respectively, during the first quarter of 2025. The Company’s net debt-to-normalized EBITDA ratio1 was 4.6 times as of March 31, 2025.

    Returns to shareholders

    • Declared dividends totalling $104 million or $0.50/share to shareholders during the first quarter of 2025.
    • South Bow’s board of directors approved a quarterly dividend of $0.50/share, payable on July 15, 2025 to shareholders of record at the close of business on June 30, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

    Spinoff activities

    • Implemented South Bow’s new enterprise resource planning system, marking a significant milestone in fully establishing South Bow as an independent company. Exiting the Transition Services Agreement (TSA) with TC Energy Corporation (TC Energy) continues progressing with plans to implement South Bow’s new supervisory control and data acquisition (SCADA) system in the second half of 2025.

    South Bow’s unaudited consolidated interim financial statements and notes (the financial statements), and management’s discussion and analysis (MD&A) as at and for the three months ended March 31, 2025 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the three months ended March 31, 2025 is incorporated by reference into this news release.

    ____________________________

    1 Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

    Financial and operational results

    $ millions, unless otherwise noted Three Months Ended
    Dec. 31, 2024 March 31, 2025 March 31, 2024
    FINANCIAL RESULTS      
    Revenue 488 498 544
    Income from equity investments 12 13 12
    Net income 55 88 112
    Per share 1 0.26 0.42 0.54
    Normalized net income 2 112 98 114
    Per share 1 2 0.54 0.47 0.55
    Normalized EBITDA 2 290 266 298
    Keystone Pipeline System 250 235 277
    Marketing 24 16 9
    Intra-Alberta & Other 16 15 12
    Distributable cash flow 2 183 151 178
    Dividends declared 104 104 —
    Per share 1 0.50 0.50 —
    Capital expenditures 3 28 32 12
    Total long-term debt 4 5,716 5,719 5,924
    Net debt 2 5 4,901 4,910 5,421
    Net debt-to-normalized EBITDA (ratio) 2 6 4.5 4.6 4.8
    Common shares outstanding, weighted average diluted (millions) 7 208.4 208.7 207.6
    Common shares outstanding (millions) 7 208.0 208.2 207.6
           
    OPERATIONAL RESULTS      
    Keystone Pipeline SOF (%) 96 98 96
    Keystone Pipeline throughput (Mbbl/d) 621 613 643
    U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d) 8 784 726 779
    Marketlink throughput (Mbbl/d) 615 549 582
    1. Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
    2. Non-GAAP financial measure or ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
    3. Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
    4. Total long-term debt at March 31, 2025 and December 31, 2024 includes the Company’s senior unsecured notes and junior subordinated notes. Total long-term debt at March 31, 2024 includes the Company’s long-term debt to affiliates of TC Energy.
    5. Includes 50% equity treatment of South Bow’s junior subordinated notes.
    6. South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the spinoff from TC Energy (the Spinoff). Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
    7. The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
    8. Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

    Milepost 171 incident

    • On April 8, 2025, South Bow responded to an oil release at MP-171 of the Keystone Pipeline near Fort Ransom, N.D., activating emergency response protocols and working closely with regulators, local officials, landowners, and the surrounding community. After receiving approval from PHMSA, South Bow safely restarted the pipeline late on April 15, 2025.
    • PHMSA issued a Corrective Action Order (CAO) requiring South Bow to undertake corrective actions, including operating under pressure restrictions for specific segments of the pipeline. The CAO also requires a root cause failure analysis (RCFA) and metallurgical testing, which independent third parties are currently conducting. South Bow will share the findings of these investigations in the coming months.
    • South Bow is actively monitoring the performance of the Keystone Pipeline to ensure safe and reliable operations and anticipates meeting its contractual throughput commitments under the CAO.
    • South Bow has recovered substantially all released volumes and is progressing towards complete remediation of the site by mid-2025. Environmental remediation costs are largely expected to be recovered through the Company’s insurance policies.
    • South Bow demonstrated its ability to respond quickly and return its assets to service following the incident. A core South Bow value is ‘We Are Safe’ and incident prevention on the Company’s pipeline systems is paramount.
      • The Company’s integrity program is extensive, continuously and proactively incorporates new learnings and technologies, and upholds a commitment to maintaining safe operations.
      • Preliminary remedial actions in response to the MP-171 incident include completion of the RCFA by third-party experts and implementation of its recommendations. South Bow will also work with its suppliers and industry experts to determine the failure mechanism. The Company expects to complete a combination of in-line inspection runs and investigative excavations to further advance its asset integrity and reliability.

    Outlook

    Market outlook

    • Crude oil pipeline capacity in the Western Canadian Sedimentary Basin continues to exceed crude oil supply. As a result, the demand for uncommitted capacity on South Bow’s Keystone Pipeline is expected to remain low in the near term. Additionally, rapidly changing global trade policies, including tariffs, have introduced economic and geopolitical uncertainty, leading to significant volatility in commodity prices and pricing differentials.

    2025 guidance

    • South Bow’s guidance aims to inform readers about Management’s expectations for 2025 financial and operational results. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.

    South Bow’s 2025 annual guidance is outlined below:

    $ millions, except percentages 2025 Original Guidance 1 2 2025 Guidance 2 2025 YTD Actuals
    Normalized EBITDA 1,010 +/- 3% 1,010 +1% / -2% 266
    Interest expense 325 +/- 2% 325 +/- 2% 83
    Effective tax rate (%) 23% – 24% 23% – 24% 23%
    Distributable cash flow 535 +/- 3% 535 +/- 3% 151
    Capital expenditures      
    Growth 110 +/- 3% 110 +/- 3% 48
    Maintenance 3 65 +/- 3% 65 +/- 3% 13
    1. See South Bow’s March 5, 2025 news release “South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend”, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.
    2. Assumes average foreign exchange rate of C$/U.S.$1.4286.
    3. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.
      • South Bow is reaffirming its outlook for normalized EBITDA of approximately $1.01 billion in 2025, underpinned by the Company’s highly contracted cash flows and structural demand for services, including solid financial performance in the first quarter of 2025. Approximately 90% of South Bow’s normalized EBITDA is secured through committed arrangements, which carry minimal commodity price or volumetric risk.
        • With market fundamentals and policy uncertainty expected to persist in the near term, and South Bow’s operational priorities in response to the MP-171 incident, the Company believes that any potential financial contributions from uncommitted capacity on the Keystone Pipeline will be limited in the near term. Accordingly, the Company is reducing the upper end of its normalized EBITDA guidance of $1.01 billion to 1%, and is increasing the lower end to -2% due to strong first-quarter 2025 performance.
        • The findings of the RCFA and South Bow’s next steps in response to the MP-171 incident may further impact the Company’s financial and operational outlook for 2025.
      • Normalized EBITDA for the second quarter of 2025 is expected to be approximately 7% to 8% lower than first-quarter 2025 normalized EBITDA of $266 million, with a reduced outlook for South Bow’s Marketing segment as the Company realizes losses associated with certain positions that were unwound in early 2025 in the face of pricing volatility. Additional losses associated with these positions will be recognized in the third and fourth quarters of 2025.

    Capital allocation priorities

    • South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
      • paying a sustainable base dividend;
      • strengthening the Company’s investment-grade financial position; and
      • leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s first-quarter 2025 results on May 16, 2025 at 8 a.m. MT (10 a.m. ET).

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Non-GAAP financial measures

    In this news release, South Bow references certain non-GAAP financial measures and ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

    South Bow’s non-GAAP financial measures and non-GAAP ratios include:

    • normalized EBITDA;
    • normalized net income;
    • normalized net income per share;
    • distributable cash flow;
    • net debt; and
    • net debt-to-normalized EBITDA ratio.

    These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

    Normalizing items

    Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

    These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, tariff charges, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

    South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

    Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

    South Bow excludes tariff charges as they are not reflective of ongoing business conducted by the Company and are subject to uncertainty.

    Normalized EBITDA

    Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

    The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

    $ millions Three Months Ended
    Dec. 31, 2024   March 31, 2025   March 31, 2024  
    Income before income taxes 72   114   146  
    Adjusted for specific items:      
    Depreciation and amortization 62   62   61  
    Interest expense 84   83   94  
    Interest income and other 28   (6 ) (7 )
    Risk management instruments 57   6   —  
    Keystone variable toll disputes (3 ) —   —  
    Milepost 14 (MP-14) costs 4   —   —  
    Separation costs (1 ) 3   4  
    Tariff charges —   1   —  
    Keystone XL costs and other (13 ) 3   —  
    Normalized EBITDA 290   266   298  

    The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

    $ millions Three Months Ended Dec. 31, 2024
    Keystone Pipeline
    System    		   Marketing   Intra-Alberta &
    Other    		   Total  
    Income (loss) before income taxes 205   (32 ) (101 ) 72  
    Adjusted for specific items:        
    Depreciation and amortization 59   —   3   62  
    Interest expense (1 ) —   85   84  
    Interest income and other (1 ) (1 ) 30   28  
    Risk management instruments —   57   —   57  
    Keystone variable toll disputes (3 ) —   —   (3 )
    MP-14 costs 4   —   —   4  
    Separation costs —   —   (1 ) (1 )
    Keystone XL costs and other (13 ) —   —   (13 )
    Normalized EBITDA 250   24   16   290  
    $ millions Three Months Ended March 31, 2025
    Keystone Pipeline
    System    		   Marketing Intra-Alberta &
    Other    		   Total  
    Income (loss) before income taxes 175   9 (70 ) 114  
    Adjusted for specific items:        
    Depreciation and amortization 59   — 3   62  
    Interest expense —   — 83   83  
    Interest income and other (2 ) — (4 ) (6 )
    Risk management instruments —   6 —   6  
    Separation costs —   — 3   3  
    Tariff charges —   1 —   1  
    Keystone XL costs and other 3   — —   3  
    Normalized EBITDA 235   16 15   266  
    $ millions Three Months Ended March 31, 2024
    Keystone Pipeline
    System    		   Marketing   Intra-Alberta &
    Other    		   Total  
    Income (loss) before income taxes 218   9   (81 ) 146  
    Adjusted for specific items:        
    Depreciation and amortization 60   —   1   61  
    Interest expense 1   1   92   94  
    Interest income and other (2 ) (1 ) (4 ) (7 )
    Separation costs —   —   4   4  
    Normalized EBITDA 277   9   12   298  


    Normalized net income and normalized net income per share

    Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. Management believes this per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

    The following table reconciles net income to normalized net income for the indicated periods:

    $ millions, except common shares outstanding and per share amounts Three Months Ended
    Dec. 31, 2024   March 31, 2025   March 31, 2024  
    Net income 55   88   112  
    Adjusted for specific items:      
    Risk management instruments 57   6   —  
    Keystone variable toll disputes (3 ) —   —  
    MP-14 costs 4   —   —  
    Separation costs 27   3   4  
    Tariff charges —   1   —  
    Keystone XL costs and other (13 ) 3   —  
    Tax effect of the above adjustments (15 ) (3 ) (2 )
    Normalized net income 112   98   114  
    Common shares outstanding, weighted average diluted (millions) 208.4   208.7   207.6  
    Normalized net income per share 0.54   0.47   0.55  


    Distributable cash flow

    Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

    The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

    $ millions Three Months Ended
    Dec. 31, 2024   March 31, 2025   March 31, 2024  
    Income before income taxes 72   114   146  
    Adjusted for specific items:      
    Depreciation and amortization 62   62   61  
    Interest income and other 28   (6 ) (7 )
    Normalizing items, net of tax 1 34   10   3  
    Income from equity investments (12 ) (13 ) (12 )
    Distributions from equity investments 20   19   20  
    Maintenance capital expenditures 2 (15 ) (13 ) (4 )
    Current income tax recovery (expense) (6 ) (22 ) (29 )
    Distributable cash flow 183   151   178  
    1. Normalizing items per normalized EBITDA reconciliation, net of tax.
    2. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.


    Net debt and net debt-to-normalized EBITDA ratio

    Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. Management believes this measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

    Net debt-to-normalized EBITDA ratio is used to monitor South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

    $ millions, except ratios Dec. 31, 2024   March 31, 2025   March 31, 2024  
    Long-term debt to affiliates of TC Energy         —           —           5,924  
    Senior unsecured notes         4,629           4,632           —  
    Junior subordinated notes         1,087           1,087           —  
    Total long-term debt         5,716           5,719           5,924  
    Adjusted for:      
    Hybrid treatment for junior subordinated notes 1         (544 )         (544 )         —  
    Operating lease liabilities         22           21           19  
    Dividends payable         104           104           —  
    Cash and cash equivalents         (397 )         (390 )         (522 )
    Net debt         4,901           4,910           5,421  
           
    Normalized EBITDA for the trailing four quarters         1,091           1,059           1,136  
    Net debt-to-normalized EBITDA (ratio) 4.5   4.6   4.8  
    1. Includes 50% equity treatment of South Bow’s junior subordinated notes.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

    In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities, its satisfaction thereof, and outlook; the Blackrod Connection Project, including in-service dates, and costs thereof; PHMSA approvals and completion of the CAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; South Bow’s financial strength and flexibility; expected exit of the TSA and implementation of the SCADA system; expected receipt and sharing of investigative, root cause, and failure mechanism findings related to the MP-171 incident; expected ability to meet contractual throughput commitments on the Keystone Pipeline under the CAO; expectation that South Bow will ensure safe and reliable operations on the Keystone Pipeline; expected timing for the remediation of the MP-171 incident; potential financial contributions from uncommitted capacity on the Keystone Pipeline System; and impacts of the findings of the RCFA and response to the MP-171 incident on the financial and operational outlook.

    The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

    Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s annual information form dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

    Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

    The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information

    Investor Relations

    Martha Wilmot                                             
    investor.relations@southbow.com    		 Media Relations

    Solomiya Lyaskovska
    communications@southbow.com

    The MIL Network –

  • MIL-OSI: South Bow Announces Approval of Resolutions at Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) announces that its shareholders approved all resolutions at the Company’s annual general meeting held on May 15, 2025 (the Meeting).

    During the business proceedings of the Meeting, South Bow’s shareholders approved the following resolutions:

    1. Resolution to appoint 11 board members, with 96.51% to 99.83% of shares represented at the Meeting voting in favour of the individual directors as follows:

    Director Votes in Favour (%) Votes Against (%)
    Hal Kvisle 96.51 3.49
    Chansoo Joung 99.76 0.24
    George Lewis 99.83 0.17
    Leonard Mallett 99.78 0.22
    Robert (Bob) G. Phillips 99.78 0.22
    Sonya Reed 99.74 0.26
    Shannon Ryhorchuk 99.81 0.19
    Mary Pat Salomone 98.69 1.31
    Frances M. Vallejo 99.77 0.23
    Don Wishart 99.78 0.22
    Bevin Wirzba 99.82 0.18
         

    2. Resolution to appoint KPMG LLP as the Company’s auditors, with 99.76% of the shares represented at the Meeting voting in favour of the resolution.

    3. Resolution to accept South Bow’s approach to executive compensation, as disclosed in the Company’s management information circular dated March 27, 2025, with 95.95% of the shares represented at the Meeting voting in favour of the resolution.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information

    Investor Relations
    Martha Wilmot
    investor.relations@southbow.com    		                 Media Relations
    Solomiya Lyaskovska
    communications@southbow.com
         

    The MIL Network –

  • MIL-OSI USA: Rep. Weber Announces KEY Funding for Sabine Neches Navigation District

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Washington, D.C. – Today, U.S. Rep. Randy Weber (TX-14) announced that he secured $172.711,000 through the U.S. Army Corps of Engineers’ Fiscal Year 2025 Work Plan for the Sabine-Neches Navigation District. These funds will be used to deepen the Sabine-Neches Waterway from its current 40-foot depth to its congressionally authorized depth of 48 feet, as authorized by the Water Resources Development Act (WRDA) of 2014. The Sabine-Neches Navigation District is authorized to execute the federal share of the project funding, allowing faster, more efficient progress on this critical infrastructure.

    “This is a great day for Southeast Texas, and we are glad President Trump is back in office to prioritize critical projects like the Sabine-Neches Waterway, one of the most vital waterway systems in the country,” said Rep. Weber. “This funding will strengthen America’s energy and national security, continue to grow our economy, and support jobs right here at home. I am proud to fight for the funding our region needs to remain the commerce and energy leader for decades. Again, thank you, President Trump.”

    “I want to express our deepest gratitude to President Trump, OMB Director Vought and Congressman Weber for their confidence in The Sabine-Neches Navigation District,” said Randy Reese, CEO of Sabine-Neches Navigation District. “Our entire team, and my COO Matthew Kaufman have worked diligently for decades to prepare us to answer this call.  Southeast Texas’ strength is its people, its industry and its ports. The recognition and responsibility The White House has put on our shoulders is humbling, and we will not let the nation down.”

    “This $172,711,000 in federal funding and its pivotal language authorizing the Sabine-Neches Navigation District to execute continued construction, directly utilizing federal funds, is effective and efficient, said Matthew Kaufman, Chief Operating Officer of Sabine-Neches Navigation District. “It will expedite the deepening of America’s most vital energy and military ship channel – all the way to 48 feet.  We will ensure these hard earned tax dollars strengthen our nation for all Americans and answer President Trump’s call to Unleash American Energy Dominance.”

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Castor, Soto Urge Federal Investigation into Unlawful Diversion of Medicaid Funds to Hope Florida

    Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

    WASHINGTON, D.C. – U.S. Reps. Kathy Castor (FL-14) and Darren Soto (FL-09) are urging the U.S. Department of Health and Human Services Inspector General and the Centers for Medicare & Medicaid Services to investigate the potentially unlawful diversion of $10 million in Medicaid funds by the Florida Agency for Health Care Administration, the Hope Florida Foundation and Centene in a letter released today.

    Reps. Castor and Soto’s call for a Medicaid fraud investigation comes on the heels of the debate in the U.S. House Energy and Commerce Committee over the future of Medicaid and House Republicans’ cruel proposal to kick millions of Americans off Medicaid to pay for tax breaks for the wealthiest Americans. Republicans repeatedly claimed during the marathon Energy and Commerce debate that they were concerned about waste, fraud and abuse in Medicaid. Castor and Soto now point to a concrete example of potential fraud and abuse, while urging an immediate investigation into this inappropriate diversion of taxpayer funds to an unrelated political action committee. 

    “As members of the U.S. House Committee that provides oversight of Medicaid, I can assure you that Congress is very focused on waste, fraud and abuse of Medicaid dollars. Any unlawful diversion of Medicaid dollars in Florida means that the state is less able to provide services to our neighbors who rely on Medicaid and the providers who serve them,” the lawmakers wrote.

    The lawmakers continued, “The diversion of Medicaid dollars requires immediate investigation. These are proceeds that rightfully belong to state taxpayers to serve the citizens who rely on Medicaid, including children, pregnant women, neighbors with disabilities and those served by long-term care.”

    Castor and Soto serve on the House Energy and Commerce Committee, which has jurisdiction over Medicaid, and advocated for families and providers during the 26-hour Energy and Commerce Committee markup of the House Republicans’ cruel proposal to slash Medicaid to pay for tax breaks for the wealthiest Americans, which concluded yesterday.

    Read the full letter here and below:

    RE: Urge Investigation into Unlawful Diversion of Medicaid Funds in Florida 

    Dear Acting Inspector General Hodgkins and Administrator Oz:

    A recent bipartisan investigation by the Florida Legislature and press reports have uncovered that proceeds from a legal settlement between the State of Florida and Florida’s largest Medicaid managed care operator, Centene, were inappropriately diverted to unrelated political committees. Federal law requires that Medicaid proceeds be used solely for health services authorized by law and for the benefit of those served by Medicaid. Therefore, we respectfully request that you investigate the potential unlawful diversion of Medicaid funds by the Florida Agency for Health Care Administration (AHCA), Hope Florida Foundation and Centene. Medicaid is a federal/state partnership, and the federal government may be entitled to recoup funds from the legal settlement and improperly diverted funds as well.

    Hope Florida was established in 2021 as a referral program, operated by state employees, to direct Floridians to businesses, faith-based organizations and nonprofits for housing and social services instead of to government agencies. The Hope Florida Foundation is Hope Florida’s nonprofit arm and is subject to spending limits on lobbying and campaigns. According to its website, Hope Florida “firmly believe(s) that more government is not always the best solution to the problem. Instead, government is utilized as a meaningful connection point and then gets out of the way.” Many Florida state agencies prominently display links on their homepage to Hope Florida, directing individuals to a Hope Navigator instead of contacting a state agency, including the websites of Florida Department of Children and Families, Florida Department of Juvenile Justice, Florida Department of Veterans Affairs and Florida Department of Elder Affairs. AHCA administers Florida’s Medicaid program.

    On September 27, 2024, the State of Florida reached a settlement agreement with Centene relating to the overbilling of taxpayers by over $67 million. The agreement directed Centene to pay $10 million to the Hope Florida Foundation through a wire transfer and pay the remaining $57 million to AHCA. The settlement also stated that “AHCA desires an expanded role for Hope Florida in the Florida Medicaid program.”  

    On October 16, two days after receiving the $10 million wire transfer, the Hope Florida Foundation wired $5 million to Secure Florida’s Future, a 501(c)4 nonprofit that proposed spending the ‘grant’ on a “long-term, targeted business partner recruitment strategy and public awareness campaign.” 

    On October 17, Secure Florida’s Future donated $2 million to Keep Florida Clean Inc., a Political Action Committee (PAC) controlled by Governor DeSantis’s then-chief of staff James Uthmeier that was created to campaign against Amendment 3, a ballot initiative to legalize recreational marijuana in Florida. Governor DeSantis strongly opposed Amendment 3. Days later, Secure Florida’s Future sent Keep Florida Clean Inc. an additional $1.75 million. 

    On October 22, the Hope Florida Foundation wired $5 million to the 501(c)4 nonprofit Save Our Society from Drugs that proposed spending the ‘grant’ on “developing and implementing strategies that directly address the substance use crisis facing our communities.” 

    On October 23, the next day, Save Our Society from Drugs donated $1.6 million to Keep Florida Clean Inc. Over the coming days, Save Our Society from Drugs donated an additional $3.15 million to Keep Florida Clean Inc. 

    While there are limited financial disclosure requirements associated with 501(c)4 organizations, records appear to show that a total of $8.5 million from the Centene settlement with AHCA went from the Hope Florida Foundation to the Amendment 3-focused Keep Florida Clean, Inc. PAC, the same PAC that also donated funding to the Republican Party of Florida and the Florida Freedom Fund. 

    The transfer of Medicaid dollars to a charitable committee and then political committees appears to run afoul of federal law, including 18 U.S.C. 1347 (to knowingly execute or attempt a scheme to defraud a health care benefit program or obtain money from it) and 18 U.S.C. 371 (for two or more people to agree to defraud the United States.), and may implicate other relevant statutes and regulations. As members of the U.S. House Energy and Commerce Committee that provides oversight of Medicaid, we can assure you that Congress is very focused on waste, fraud and abuse of Medicaid dollars. Any unlawful diversion of Medicaid dollars in Florida means that the state is less able to provide services to our neighbors who rely on Medicaid and support the providers who serve them.

    Hope Florida had raised only about $2 million during its three years of existence, but in one fell swoop, received $10 million from a Medicaid settlement, which was immediately funneled through other nonprofits to a PAC directed by the Governor’s Chief of Staff. The Florida House of Representatives initiated an investigation into what State Representative Alex Andrade called a potential “conspiracy to commit money laundering and wire fraud,” but ultimately determined that “the best avenue is probably a federal investigation because…these were Medicaid dollars.”  The diversion of Medicaid dollars requires immediate investigation. These are proceeds that rightfully belong to serve the citizens who rely on Medicaid, including children, pregnant women, neighbors with disabilities and those served by long-term care.

    Therefore, we respectfully urge you to investigate whether or not the $10 million settlement scheme violates federal law and complies with Centers for Medicare and Medicaid Services (CMS) legal and regulatory framework and any other applicable federal laws and regulations.  

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: May 14th, 2025 Heinrich Votes Against Advancing Nominees for the Interior Solicitor and Energy Assistant Secretary of Energy for Electricity

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, voted no against William Doffermyre’s nomination to be the Department of the Interior (DOI) Solicitor and Catherine Jereza’s nomination to be the Department of Energy Assistant Secretary for Electricity.

    Last week, Heinrich pressed Doffermyre on the Interior Department’s failure to unfreeze federal funding that was passed into law and adhere to court rulings. Heinrich also questioned Doffermyre on his views on permitting reform and complying with the National Environmental Policy Act (NEPA).

    Referring to his no vote on Mr. Doffermyre, Heinrich said, “I have been particularly troubled by the Acting Solicitor’s decision to summarily revoke all of the legal opinions issued by the previous Solicitor, including one issued in response to a federal court decision.”

    “Similarly, I take strong exception to the Department’s decision to stop work on the Empire Wind Project, and its intention to shorten environmental reviews to an unrealistic 90 days,” continued Heinrich. “I did not get a sense from Mr. Doffermyre that he shared my concerns and would correct these matters if confirmed.”

    On his no vote on Ms. Jereza, Heinrich said, “I am also unable to vote for Ms. Jereza because of her role in withholding funds for life-sustaining solar and battery energy projects at community healthcare centers in Puerto Rico in her current job as senior advisor to the Under Secretary for Infrastructure.”

    MIL OSI USA News –

  • MIL-OSI USA: May 9th, 2025 Heinrich Questions Trump Nominee on the Interior Department’s Failure to Unfreeze Federal Funding & Adhere to Court Rulings, Complying with the Law, and Permitting Reform

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    VIDEO: Heinrich Questions Interior Department Nominee for Solicitor William Doffermyre

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, questioned the U.S. Department of the Interior Solicitor nominee, William Doffermyre, on the Interior Department’s failure to unfreeze federal funding that was passed into law and adhere to court rulings. Heinrich additionally questioned Doffermyre on his views regarding permitting reform and complying with the National Environmental Policy Act (NEPA).

    During his opening remarks at an ENR hearing to consider Doffermyre, Heinrich stressed that the Interior Department Solicitor does not make the law but enact law. Heinrich also highlighted that a Senior Advisor to Interior Secretary Doug Burgum, Greg Zerzan, used his authority to suspend the legal opinions of the prior Interior Solicitor. Heinrich stressed that while departmental policies change from one administration to another, the laws do not. Heinrich also expressed his concerns that Zerzan had reinstated an earlier’ Solicitor’s opinion, which was vacated by a Federal District Court. Heinrich then directed his questions to Mr. Doffermyre on his nomination to serve as the Solicitor for the U.S. Department of the Interior.

    Watch a video of Heinrich’s line of questioning here.

    Heinrich opened his questions by discussing the disbursement of obligated funds, “Mr. Doffermyre, the Office of the Solicitor is responsible for making sure that the Department follows the law. However, right now, the Department continues to violate court orders with respect to frozen funds, and at some point, the excuse that these funds are quote “under review” begins to not hold water. If confirmed, will you ensure that appropriated funds are obligated and disbursed in a timely manner, in accordance with the law and in accordance with the Impoundment Control Act?”

    Doffermyre answered, “Thank you, Senator Heinrich. I have not started working at the Department of Interior yet, so I’m not familiar with what appropriated funds have or have not been spent. But as the Solicitor, my job will be to review the facts and review the law and provide my clear advice on what the law requires, and the Impoundment Control Act and other legal requirements say that you know, Congress controls the purse strings. And I will analyze them and give the advice that if the law requires that funds be obligated and spent, then the funds will be obligated and spent.”

    Heinrich then turned his line of questioning to highlight the Interior Department’s recent actions overruling decisions of a federal judge, “Last month, a Senior Advisor to the Secretary exercising the power of the Solicitor outside of the Vacancies Reform Act reinstated a legal opinion that had been vacated by a Federal District Court. The District Court vacated the prior solicitor’s opinion because the solicitor had misinterpreted the Migratory Bird Treaty Act. Notably, the Justice Department did not press an appeal to that court’s decision. Yet the Senior Advisor’s opinion purports to reinstate the vacated opinion in 93 of the nation’s 94 judicial districts. So I’m curious, do you believe that a Solicitor, or even an Advisor exercising the Solicitor’s authority can overrule the decision of a federal district judge?”

    Doffermyre replied, “Thank you, Senator Heinrich. the short answer is, No. I do not believe that the Solicitor can overrule a Federal District Judge. M-Opinions, what you’re referring to, is something that I’ve learned a little about. And I look forward to learning a lot more about. But they’re the highest-level legal interpretation by the Solicitor, and they are binding. Those opinions are binding on the Department of Interior. My past, as you heard, in addition to Easter Bunny and Hannah Raft guide and other things, I was a litigator for 12 years. I’ve since gone on to the private sector, but when I first learned about M-Opinions, and took, you know, turn through a few of them, I thought, wow, this is really going to hurt them. Back to my, my litigation days, they are very long, reasoned opinions. They look a lot like court opinions, and I look forward to exercising some of those skills that I learned in order to analyze the law and the facts and provide them opinions that are that are sound and, and durable, and will stand up in court.”

    Heinrich then turned to permitting reform and the necessity of meeting legal requirements throughout the process, “I want to go back for just a minute to something that the Chairman asked you about, which is complying with NEPA, with both environmental impact statements and environmental assessments in these 14 to 28 day timelines. And if you can do that and meet all the requirements of the law, I’m all for it. I think what you’ve seen in this Committee has been a bipartisan commitment to permitting reform, to getting to yes or no faster for projects. However, if you get to the end of 28 days and, and you haven’t been able to meet all the legal requirements for an EIS (Environmental Impact Statement), if at that point you publish an EIS that does not meet those requirements, it creates litigation risk. That’s the opposite of shovels in the ground. So, talk to me about how you’re going to balance that. If you can get to a high-quality legal product that does not create litigation risks for the proponents in 28 days? I’m all for that, but if you haven’t checked all those boxes, at the end of 28 days, are you going to continue forward and make sure that those products actually will withstand, legal challenge?”

    Doffermyre answered, “Thank you. That’s a great question, and I do want to first say thank you very much to you and the members of this committee for the work that you’ve done on permitting reform. The Fiscal Responsibility Act, with the time limits for NEPA, as well as the work for the permitting reform bill that didn’t quite pass last year were both very, very welcome is to the industry, when it comes to…”

    Heinrich interjected to speak to his colleagues, “We could still pass that law, I would just mention to all of my colleagues. I think that would be a good idea.”

    Doffermyre continued, “But the short answer to your question is, well, I don’t know if there’s a short answer. What I will say is, it would do no good and would be counterproductive to publish a final EIS and a record of decision that did not, you know, entail the necessary hard look at what’s required by the statute. You know, you can get a permanent 28 days, but if two years’ worth of litigation results in a remand, that’s going to require six months of a new analysis that’s not doing anyone good, that’s not getting shots in the ground. So, we are completely aligned on that Senator Heinrich. Thank you.”

    Heinrich wrapped his questions, “Thank you, I appreciate it.”

    MIL OSI USA News –

  • MIL-OSI USA: Legislation considered under suspension of the Rules of the House of Representatives during the week of May 19, 2025

    Source: US Congressional Budget Office

    The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote.

    At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included.

    CBO’s estimates of the bills that have been posted for possible consideration under suspension of the rules during the week of May 19, 2025, include:

    • H.R. 217, CHIP IN for Veterans Act of 2025, as amended
    • H.R. 658, To amend title 38, United States Code, to establish qualifications for the appointment of a person as a marriage and family therapist, qualified to provide clinical supervision, in the Veterans Health Administration.
    • H.R. 1147, Veterans Accessibility Advisory Committee Act, as amended
    • H.R. 1223, ANCHOR Act
    • H.R. 1263, Strengthening the Quad Act
    • H.R. 1286, Simplifying Forms for Veterans Claims Act, as amended
    • H.R. 1364, ASSIST Act of 2025, as amended
    • H.R. 1453, Clean Energy Demonstration Transparency Act of 2025
    • H.R. 1578, Veterans Claims Education Act of 2025, as amended
    • H.R. 1701, Strategic Ports Reporting Act
    • H.R. 1815, VA Home Loan Program Reform Act, as amended
    • H.R. 1823, VA Budget Shortfall Accountability Act, as amended
    • H.R. 1969, No Wrong Door for Veterans Act, as amended
    • H.R. 2201, Improving VA Training for Military Sexual Trauma Claims Act, as amended

    MIL OSI USA News –

  • MIL-OSI: Eric Branderiz Joins Symbotic’s Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., May 15, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced the election of Eric Branderiz to its Board of Directors, effective May 14, 2025.

    Mr. Branderiz joins Symbotic’s Board following a nearly 30-year career in public and private company finance and accounting, including in high-growth environments in industrial technology. Most recently, he served as Executive Vice President and Chief Financial Officer at Enphase Energy. Prior to Enphase Energy, Mr. Branderiz was Vice President, Corporate Controller and Chief Accounting Officer at Tesla. He has held senior finance and accounting roles at SunPower Corporation, Knowledge Universe Corporation, Spansion and Advanced Micro Devices, after beginning his career at Ernst & Young.

    “On behalf of the Board, I am thrilled to welcome Eric to Symbotic,” said Rick Cohen, Chairman and CEO of Symbotic. “Eric brings deep financial expertise and a track record of success, guiding companies through critical stages of growth and playing a pivotal role in helping newly public organizations to achieve significantly greater scale. I look forward to working with him as we continue bringing our cutting-edge robotics and A.I.-powered automation technology to diverse customers and settings globally.”

    “I’m honored to join Symbotic’s Board at such an exciting point in the company’s trajectory,” said Mr. Branderiz. “Symbotic is a leader in its field with one-of-a-kind automation technology, and I look forward to leveraging my experience at growth-oriented technology companies to support Symbotic’s continued innovation and its rapid momentum.”

    Mr. Branderiz currently serves on the Board of Directors of Cognizant Technology Solutions Corporation and Fortive Corporation. He is a Certified Public Accountant in California, and received his bachelor’s degree in Business Commerce with an emphasis on Accounting from The University of Alberta.

    About Symbotic

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

    Media Contact
    mediainquiry@symbotic.com

    Investor Contact
    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    The MIL Network –

  • MIL-OSI: AMSC to Report Fourth Quarter and Fiscal Year 2024 Financial Results on May 21, 2025

    Source: GlobeNewswire (MIL-OSI)

    AYER, Mass., May 15, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its fourth quarter and fiscal year 2024 financial results after the market close on Wednesday, May 21, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, May 22, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.

    Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://www.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.

    A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4917468.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    ©2025 AMSC. AMSC, American Superconductor, NEPSI, Neeltran, NWL, D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec, Orchestrate the Rhythm and Harmony of Power on the Grid and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.

    The MIL Network –

  • MIL-OSI: Expion360 Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenue Growth of 111% Driven by New Products and Technologies

    5th Consecutive Quarter of Robust Revenue Growth

    Began Shipping e360 Home Energy Storage Solutions

    REDMOND, Ore., May 15, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage, today reported its financial and operational results for the first quarter ended March 31, 2025.

    First Quarter 2025 & Subsequent Financial & Operational Highlights

    • Q1 2025 revenue totaled $2.0 million, up 111% from Q1 2024, and 3% sequentially from Q4 2024.
    • 5th consecutive quarter of sequential revenue growth.
    • Began fulfilling purchase orders for our e360 Home Energy Storage Solutions (“HESS”).
    • Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Management Commentary

    “The first quarter of 2025 was underscored by continued strong revenue momentum, margin expansion and a strengthened balance sheet as we focus on entering into new OEM partnerships and distributor relationships and building our Home Energy Storage Solutions vertical,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew 111% year over year to $2.0 million, and sequentially for a fifth consecutive quarter from Q4 2024 on a rebounding RV market. Results for the RV Industry Association’s (RVIA) March 2025 survey of manufacturers found that total RV shipments increased 14% in the first quarter of 2025. We believe the RV market will continue to gain ground through 2025, with shipments increasing throughout the year.

    “In January, we began production shipments for our HESS products. The LiFePO4 battery HESS enables residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. HESS is designed with adaptability in mind, ready to evolve alongside changing energy requirements. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits, and we are working on additional orders in 2025.

    “Operationally during the quarter, we took the opportunity to prepare for continued growth and tariff mitigation by adding 6-12 months of inventory early in the quarter, before new tariffs were introduced. We are also working to diversify our supply chain with potential sourcing from additional countries and have undertaken several initiatives to increase margins and reduce costs within our current line of batteries. Our long-term goal is to onshore to the U.S. manufacturing of most of our components and assemblies, including cell manufacturing. To that end, we continue to work with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs.

    “Looking ahead, we are successfully executing on our efforts to expand sales across our product portfolio and new Home Energy Storage Solutions vertical. With a strengthened balance sheet from a recent $2.6 million registered direct offering and private placement, we believe we are well positioned to continue our growth initiatives to add OEM partnerships and distributors, further develop HESS, and introduce new technologies and batteries. With substantial purchase orders already in hand and additional new customers expressing interest across our product line, we look forward to announcements of additional milestones in the months ahead and expect our quarterly sequential growth to continue,” concluded Mr. Schaffner.

    First Quarter 2025 Financial Summary

    Revenue in the first quarter of 2025 totaled $2.0 million, an increase of 111% from $1.0 million in the prior year period. The increase in net sales was due, in part, to a rebound in the RV market overall, as well as completing our first sales in the home energy market.

    Gross profit in the first quarter of 2025 totaled $0.5 million, or 25% of revenue, as compared to $0.2 million or 23% of revenue in the prior year period and 21% of revenue for the full fiscal year ended December 31, 2024. The increase was primarily attributable to the increase in sales and lower cost of goods sold as a percentage of sales.

    Selling, general and administrative expenses in the first quarter of 2025 decreased 25% to $1.6 million compared to $2.2 million in the prior year period. The decrease was primarily due to decreases in salaries and benefits, including lower non-cash stock-based compensation, as well as reduction in headcount. Legal and professional fees also had a significant decrease, as did rent expense due to terminating the lease on our second warehouse.

    Net loss in the first quarter of 2025 totaled $1.2 million, a 48% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily the result of higher net sales for the period ended March 31, 2025 combined with a decrease in selling, general, and administrative expenses.

    Cash and cash equivalents totaled $1.1 million as of March 31, 2025, compared to $0.5 million as of December 31, 2024. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Net cash used in operating activities totaled $1.2 million for the three months ended March 31, 2025, compared to $1.7 million in the prior year period. Receiving inventory that was prepaid during the prior period accounted for a large portion of the change for the three months ending March 31, 2025, as well as making payments to decrease our suspended liability.

    First Quarter 2025 Results Conference Call

    Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    A telephone replay will be available approximately three hours after the call and will remain available through May 29, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10199138. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

    About Expion360

    Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles, marine applications, Light EV and residential energy storage.

    The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

    The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

    Forward-Looking Statements

    The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market expectations and opportunity, the availability of incentives and tax credits, potential partnership with NeoVolta, and growth expectations. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

    Company Contact:
    Brian Schaffner, CEO and Interim CFO
    541-797-6714
    Email Contact

    External Investor Relations:
    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    XPON@mzgroup.us
    www.mzgroup.us

     
     EXPION360 INC.
    BALANCE SHEETS
     
        As of March
    31, 2025
    (Unaudited)    		   As of
    December 31,
    2024
    Assets                
    Current Assets                
    Cash and cash equivalents   $ 1,092,607     $ 547,565  
    Accounts receivable, net     592,625       613,022  
    Inventory     6,036,033       4,831,461  
    Prepaid/in-transit inventory     149,541       1,612,686  
    Prepaid expenses and other current assets     208,373       236,461  
    Total current assets     8,079,179       7,841,195  
                     
    Property and equipment     909,603       914,081  
    Accumulated depreciation     (460,866 )     (430,191 )
    Property and equipment, net     448,737       483,890  
                     
    Other Assets                
    Operating leases – right-of-use asset     689,046       754,832  
    Deposits     25,471       27,471  
    Total other assets     714,517       782,303  
    Total assets   $ 9,242,433     $ 9,107,388  
                     
    Liabilities and stockholders’ equity                
    Current liabilities                
    Accounts payable   $ 367,457     $ 338,091  
    Customer deposits     41,920       48,474  
    Accrued expenses and other current liabilities     196,874       187,464  
    Current portion of operating lease liability     255,676       256,153  
    Current portion of long-term debt     31,275       31,758  
    Suspended Liability     4,485,948       4,985,948  
    Total current liabilities     5,379,150       5,847,888  
                     
    Long-term debt, net of current portion and discount     190,564       198,412  
    Operating lease liability, net of current portion     476,115       542,764  
    Total liabilities   $ 6,045,829     $ 6,589,064  
                     
    Stockholders’ equity                
    Preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     —       —  
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 3,144,468 and 2,096,082 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3,144       2,096  
    Additional paid-in capital     38,920,698       37,091,468  
    Accumulated deficit     (35,727,238 )     (34,575,240 )
    Total stockholders’ equity     3,196,604       2,518,324  
    Total liabilities and stockholders’ equity   $ 9,242,433     $ 9,107,388  
     
    EXPION360 INC.
    STATEMENTS OF OPERATIONS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Net sales   $ 2,049,331     $ 971,859  
    Cost of sales     1,547,764       749,337  
    Gross profit     501,567       222,522  
    Selling, general and administrative     1,649,435       2,189,475  
    Loss from operations     (1,147,868 )     (1,966,953 )
                     
    Other (income) / expense:                
    Interest income     (1 )     (26,865 )
    Interest expense     5,668       253,286  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Other (income) / expense     50       (1,200 )
    Total other expense     4,092       225,527  
    Loss before taxes     (1,151,960 )     (2,192,480 )
                     
    Franchise taxes     38       460  
    Net loss   $ (1,151,998 )   $ (2,192,940 )
                     
    Net loss per share (basic and diluted)   $ (0.37 )   $ (31.30 )
    Weighted-average number of common shares outstanding     3,109,522       70,057  
     
    EXPION360 INC.
    STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Cash flows from operating activities                
                     
    Net loss   $ (1,151,998 )   $ (2,192,940 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation     34,028       49,444  
    Amortization of convertible note costs     —       166,786  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Stock-based compensation     50,721       315,853  
                     
    Changes in operating assets and liabilities:                
    (Increase) / Decrease in accounts receivable     20,397       (83,986 )
    (Increase) / Decrease in inventory     (1,204,572 )     44,773  
    Decrease in prepaid/in-transit inventory     1,463,145       45,137  
    (Increase) / Decrease in prepaid expenses and other current assets     28,088       (43,753 )
    Decrease in deposits     2,000       —  
    Increase / (Decrease) in accounts payable     29,366       (4,565 )
    Decrease in customer deposits     (6,554 )     (6,497 )
    Increase in accrued expenses and other current liabilities     9,410       33,669  
    Increase / (Decrease) in right-of-use assets and lease liabilities     (1,340 )     3,855  
    Decrease in suspended liability     (500,000 )     —  
    Net cash used in operating activities     (1,228,934 )     (1,671,918 )
                     
    Cash flows from investing activities                
    Purchases of property and equipment     —       (10,550 )
    Net proceeds from sale of property and equipment     2,750       87,684  
    Net cash provided by investing activities     2,750       77,134  
                     
    Cash flows from financing activities                
    Principal payments on convertible note     —       (43,575 )
    Principal payments on long-term debt     (8,331 )     (93,855 )
    Principal payments on stockholder promissory notes     —       (62,500 )
    Net proceeds from exercise of warrants     —       (4 )
    Net proceeds from issuance of common stock     1,779,557       125,153  
    Net cash provided by / (used in) financing activities     1,771,226       (74,781 )
                     
    Net change in cash and cash equivalents     545,042       (1,669,565 )
    Cash and cash equivalents, beginning     547,565       3,932,698  
    Cash and cash equivalents, ending     1,092,607       2,263,133  

    The MIL Network –

  • MIL-OSI: Dragonfly Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Net Sales and Adjusted EBITDA Above Guidance
    OEM Net Sales Increased 11% Year-Over-Year
    Corporate Optimization Program Enhances Operational Efficiencies
    Guides to Second Quarter Net Sales of Approximately $14.8 Million

    First Quarter 2025 Financial Highlights
    (All comparisons made are against the prior-year period)

    • Net sales were $13.4 million, compared to $12.5 million, up 6.8%.
    • OEM net sales were $8.1 million, compared to $7.3 million, up 10.8%.
    • Gross Margin was 29.4%, compared to 24.4%, up 500 basis points.
    • Net Loss was $(6.8) million, compared to $(10.4) million.
    • Adjusted EBITDA was $(3.6) million, compared to $(5.2) million.

    RENO, Nev., May 15, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the first quarter ended March 31, 2025.

    “We are pleased to report a second consecutive quarter of year-over-year revenue growth, driven by demand from OEM customers, demonstrating the strength of our long-term partnerships, proprietary product offerings and compelling value propositions,” commented Dr. Denis Phares, Chief Executive Officer. “While the RV market continues to navigate headwinds, we are seeing encouraging customer adoption trends, along with continued penetration of the large heavy duty trucking market.”

    “During the first quarter of 2025, we continued to implement our corporate optimization initiative, prioritizing product development to drive near term revenue and profit. For instance, this strategic shift is accelerating our development of purpose-built solutions for the trucking and industrial markets, resulting in the recent launch of our Battle Born DualFlow Power Pack, a practical, cost-effective hybrid electrification solution for the trucking industry.”

    “We have also focused on optimizing our manufacturing efficiency and throughput, enabling us to increase our production capacity without the need for increased headcount,” continued Dr. Phares. “We believe these operational improvements, together with the capital raise completed in February 2025, provide the foundation for our path to revenue growth and profitability.”

    First Quarter 2025 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in thousands)
           
      Fiscal Quarter Ended  
      March 31, 2025 March 31, 2024 Change (YoY)
    OEM $8,091 $7,302 10.8%
    DTC $5,015 $5,203 -3.6%
    Licensing Fee $250 N/A N/A
    Net Sales $13,356 $12,505 6.8%
     

    Net Sales increased 6.8% to $13.4 million. OEM net sales grew 10.8% to $8.1 million, driven by increased adoption on new models by existing customers. DTC net sales were $5.0 million compared to $5.2 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 28.7% to $3.9 million. Gross Margin was 29.4%, up 500 basis points from 24.4%, due to higher volume. Operating Expenses were $9.8 million, compared to $8.9 million. The increase was primarily due to one-time expenses related to patent litigation and the capital raise completed in February 2025.

    The Company reported a Net Loss of $(6.8) million, or $(0.93) per diluted share, compared to Net Loss of $(10.4) million or $(1.55) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was $(3.6) million, compared to $(5.2) million.

    Summary and Outlook

    “Looking ahead, we believe Dragonfly Energy’s growing U.S.-based production capabilities—including direct control over final assembly—along with our strategic onshoring of select components, will help strengthen our competitive position in today’s volatile tariff environment. In parallel, we are taking steps to mitigate tariff-related impacts by negotiating favorable terms with suppliers and working closely with key customers regarding potential price adjustments. We remain optimistic in our ability to navigate the current macro environment while continuing to execute on our growth initiatives.”

    “For the second quarter we anticipate net sales of $14.8 million, representing year-over-year growth of approximately 12%. Our strategic priorities for the year remain focused on driving value through product innovation, revenue diversification, and prudent cost management” Dr. Phares concluded.

    Q2 2025 Guidance

    • Net Sales of approximately $14.8 million
    • Adjusted EBITDA of approximately $(3.5) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its first quarter 2025 financial and operational this afternoon, May 15, 2025, at 4:30PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 76172. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
           
      As of
      March 31, 2025   December 31, 2024
    Current Assets      
    Cash and cash equivalents $ 2,803     $ 4,849  
    Accounts receivable, net of allowance for credit losses 4,228     2,416  
    Inventory 21,728     21,716  
    Prepaid expenses 932     806  
    Prepaid inventory 2,031     1,362  
    Prepaid income tax 311     307  
    Assets held of sale 644     644  
    Other current assets 771     825  
    Total Current Assets 33,448     32,925  
    Property and Equipment      
    Property and Equipment, Net 21,252     22,107  
    Operating lease right of use asset 19,079     19,737  
    Other assets 445     445  
    Total Assets $ 74,224     $ 75,214  
    Current Liabilities      
    Accounts payable $ 13,012     $ 10,716  
    Accrued payroll and other liabilities 4,438     4,129  
    Accrued tariffs 1,945     1,915  
    Accrued settlement, current portion 750     750  
    Customer deposits 137     317  
    Deferred revenue, current portion 1,000     1,000  
    Uncertain tax position liability 55     55  
    Operating lease liability, current portion 2,985     2,926  
    Financing lease liability, current portion 48     47  
    Total Current Liabilities 24,370     21,855  
    Long‑Term Liabilities      
    Deferred revenue, net of current portion 3,333     3,583  
    Warrant liabilities 2,011     5,133  
    Accrued settlement, net of current portion 1,750     1,750  
    Notes payable, net of debt issuance costs 33,624     29,646  
    Operating lease liability, net of current portion 21,823     22,588  
    Financing lease liability, net of current portion 51     63  
    Total Long‑Term Liabilities 62,592     62,763  
    Total Liabilities 86,962     84,618  
    Commitments and Contingencies (See Note 5)      
    Series A Preferred stock      
    Preferred stock-Series A 5,000 shares at $0.0001 par value, authorized, 
    320 and 0 shares issued and outstanding as of March 31, 2025 and 
    December 31, 2024, respectively    		 2,907     –  
    Stockholders’ (Deficit) Equity      
    Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and
    outstanding as of March 31, 2025 and December 31, 2024, respectively    		   –       –  
    Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,589,642 and 6,695,587
    shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively    		 1     1  
    Additional paid in capital 73,305     72,749  
    Accumulated deficit (88,951 )   (82,154 )
    Total Stockholders’ (Deficit) (15,645 )   (9,404 )
    Total Liabilities, Series A Preferred Stock and Stockholders’ Deficit $ 74,224     $ 75,214  
           
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
      Three Months Ended
      March 31,   March 31,
        2025       2024  
           
    Net Sales $ 13,356     $ 12,505  
           
    Cost of Goods Sold   9,428       9,454  
           
    Gross Profit   3,928       3,051  
           
    Operating Expenses      
    Research and development   1,000       1,333  
    General and administrative   6,357       4,813  
    Selling and marketing   2,485       2,744  
           
    Total Operating Expenses   9,842       8,890  
           
    Loss From Operations   (5,914 )     (5,839 )
           
    Other Income (Expense)      
    Interest expense   (4,701 )     (4,760 )
    Other Expense   –       (4 )
    Change in fair market value of warrant liability   3,818       236  
    Total Other Expense   (883 )     (4,528 )
           
    Net Loss Before Taxes   (6,797 )     (10,367 )
           
    Income Tax (Benefit) Expense   –       –  
           
    Net Loss $ (6,797 )   $ (10,367 )
           
    Net (Loss) Gain Per Share‑ Basic & Diluted $ (0.93 )   $ (1.55 )
    Weighted Average Number of Shares‑ Basic & Diluted   7,327,620       6,695,587  
           
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Three Months Ended
    (U.S. in thousands)
        March 31,        March 31,   
        2025       2024  
    Cash flows from Operating Activities      
    Net Loss $ (6,797 )   $ (10,367 )
    Adjustments to Reconcile Net Loss to Net Cash      
    Used in Operating Activities      
    Stock based compensation   220       266  
    Amortization of debt discount   1,095       894  
    Change in fair market value of warrant liability   (3,818 )     (236 )
    Non‑cash interest expense (paid‑in-kind)   3,579       1,260  
    Provision for credit losses   103       47  
    Depreciation and amortization   859       332  
    Amortization of right of use assets   658       422  
    Changes in Assets and Liabilities      
    Accounts receivable   (1,915 )     (655 )
    Inventories   (12 )     5,200  
    Prepaid expenses   (126 )     (71 )
    Prepaid inventory   (669 )     (87 )
    Other current assets   54       (591 )
    Income taxes payable   (4 )     174  
    Accounts payable and accrued expenses   3,379       81  
    Operating Lease Liability   (717 )     (181 )
    Accrued tariffs   30       87  
    Deferred revenue   (250 )     –  
    Customer deposits   (180 )     30  
    Total Adjustments   2,286       6,972  
    Net Cash Used in Operating Activities   (4,511 )     (3,395 )
           
    Cash Flows From Investing Activities      
    Proceeds from disposal of property and equipment –      –  
    Purchase of property and equipment   (778 )     (817 )
    Net Cash Used in Investing Activities   (778 )     (817 )
           
    (Continued)      
    Cash Flows From Financing Activities      
    Proceeds from public offering   63       –  
    Payment of public offering costs   3,180       –  
    Proceeds from note payable, related party   –       2,700  
    Repayment of note payable, related party   –       (2,700 )
    Net Cash Provided by Financing Activities   3,243       –  
           
    Net Decrease in Cash and cash equivalents   (2,046 )     (4,212 )
    Cash and cash equivalents – beginning of period   4,849       12,713  
    Cash and cash equivalents – end of period $ 2,803     $ 8,501  
           
    Supplemental Disclosures of Cash Flow Information:      
    Cash paid for income taxes   2       –  
    Cash paid for interest $ 1     $ 2,390  
    Supplemental Non‑Cash Items      
    Purchases of property and equipment, not yet paid $ 929     $ 412  
    Recognition of right of use asset obtained in exchange for operating lease liability $ –     $ 21,095  
    Conversion of preferred stock to common stock $ 273     $ –  
    Recognition of warrant liability – Investor Warrants $ 696     $ –  
           
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
      Three Months Ended
      March 31,   March 31,
        2025       2024  
    EBITDA Calculation      
    Net (Loss) Income Before Taxes $ (6,797 )   $ (10,367 )
    Interest Expense   4,701       4,760  
    Taxes   –       –  
    Depreciation and Amortization   859       332  
    EBITDA $ (1,237 )   $ (5,275 )
           
    Adjustments to EBITDA      
    Stock Based Compensation   220       266  
    Preferred Stock Financing expenses   631      
    Litigation Fees and Loss on Settlement   543       –  
    Reverse Stock Split   15       –  
    Change in fair market value of warrant liability   (3,818 )     (236 )
    Adjusted EBITDA $ (3,645 )   $ (5,245 )
                   

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network –

  • MIL-OSI: Duos Technologies Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2025”) ended March 31, 2025.

            
    First Quarter 2025 and Recent Operational Highlights

    • Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.
    • Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.
    • Showcased the first production standalone Edge Data Center with revenues starting April 1.
    • Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.
    • Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.
    • As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 – $8.0 million near-term awards and renewals to be recognized during the remainder of 2025.

    First Quarter 2025 Financial Results
    It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”).

    Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (“AMA”) with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. The decrease in technology systems revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term potential of the RIP product.

    Cost of revenues for Q1 2025 increased 273% to $3.64 million compared to $0.98 million for Q1 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR, where Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. An additional contributing factor to the increase in cost of revenues on services and consulting is $548,121 in amortization expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2024. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q1 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has been further delayed and further reduced cost of revenues while we await customer readiness for site deployment.

    Gross margin for Q1 2025 increased 1,288% to $1.31 million compared to $0.09 million for Q1 2024. Gross margin improved primarily due to Duos Energy beginning performance of the AMA with New APR. This includes $904,125 in revenue recognized during the three months ended March 31, 2025, related to the Company’s 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

    Operating expenses for Q1 2025 increased 9% to $3.10 million compared to $2.86 million for Q1 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Conversely, research and development expenses rose 11%, reflecting new engineering hires dedicated to supporting the AMA. The Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers.

    Net operating loss for Q1 2025 totaled $1.79 million compared to net operating loss of $2.76 million for Q1 2024. The decrease in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR.

    Net loss for Q1 2025 totaled $2.08 million compared to net loss of $2.75 million for Q1 2024. The 24% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above.

    Cash and cash equivalents at March 31, 2025 totaled $3.80 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $2.68 million in receivables and contract assets for a total of approximately $6.48 million in cash and expected short-term liquidity.

    Financial Outlook
    At the end of the first quarter, the Company’s contracts in backlog represented approximately $45.4 million in revenue, of which approximately $17.4 million is expected to be recognized in calendar 2025 not including an estimated $7.0 – $8.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending beyond 2025, related to Duos, Duos Edge AI, and Duos Energy.

    Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

    Management Commentary
    “I am delighted with the progress we have made in the first quarter and am very impressed at the speed at which the Duos team has adapted to the new opportunities in the Data Center and Power business,” said Chuck Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second half, as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”

    Conference Call
    The Company’s management will host a conference call today, May 15, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Date: Thursday, May 15, 2025
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    U.S. dial-in: 877-407-3088
    International dial-in: 201-389-0927
    Confirmation: 13753649

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.

    The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com , www.duosedge.ai and www.duosenergycorp.com.

    Forward- Looking Statements
    This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                     
                For the Three Months Ended
                March 31,
                  2025       2024  
                     
    REVENUES:              
      Technology systems         $ 64,684     $ 269,855  
      Services and consulting           972,751       800,825  
      Services and consulting – related parties           3,914,750       –  
                     
      Total Revenues           4,952,185       1,070,680  
                     
    COST OF REVENUES:              
      Technology systems           232,264       583,437  
      Services and consulting           748,194       392,611  
      Services and consulting – related parties           2,658,068       –  
                     
      Total Cost of Revenues           3,638,526       976,048  
                     
    GROSS MARGIN           1,313,659       94,632  
                     
    OPERATING EXPENSES:              
      Sales and marketing           294,975       553,486  
      Research and development           424,431       382,142  
      General and administration           2,383,881       1,920,050  
                     
      Total Operating Expenses           3,103,287       2,855,678  
                     
    LOSS FROM OPERATIONS           (1,789,628 )     (2,761,046 )
                     
    OTHER INCOME (EXPENSES):              
    Interest expense           (322,577 )     (445 )
    Other income, net           32,542       9,182  
                     
      Total Other Income (Expenses), net           (290,035 )     8,737  
                     
    NET LOSS         $ (2,079,663 )   $ (2,752,309 )
                     
                     
    Basic and Diluted Net Loss Per Share         $ (0.18 )   $ (0.38 )
                     
                     
    Weighted Average Shares-Basic and Diluted           11,390,016       7,306,949  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
         
                March 31,   December 31,
                  2025       2024  
                (Unaudited)    
    ASSETS        
    CURRENT ASSETS:          
      Cash       $ 3,799,281     $ 6,266,296  
      Accounts receivable, net     215,060       109,007  
      Accounts receivable, net – related parties     1,760,625       294,434  
      Contract assets       700,458       635,774  
      Inventory       520,122       605,356  
      Prepaid expenses and other current assets     468,252       176,338  
      Note receivable, net     –       –  
                     
      Total Current Assets     7,463,798       8,087,205  
                     
      Inventory – non current     196,315       196,315  
      Property and equipment, net     3,300,754       2,771,779  
      Operating lease right of use asset – Office Lease     3,937,256       4,028,397  
      Financing lease right of use asset – Edge Data Centers     1,943,547       2,019,180  
      Security deposit       500,000       500,000  
                     
    OTHER ASSETS:          
      Equity Method Investment – Sawgrass APR Holdings LLC     7,233,000       7,233,000  
      Intangible Asset, net       9,043,996       9,592,118  
      Patents and trademarks, net     133,714       127,300  
      Software development costs, net     334,960       403,383  
      Total Other Assets       16,745,670       17,355,801  
                     
    TOTAL ASSETS     $ 34,087,340     $ 34,958,677  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
                     
    CURRENT LIABILITIES:          
      Accounts payable     $ 698,518     $ 969,822  
      Notes payable – financing agreements     129,914       17,072  
      Accrued expenses       451,130       373,251  
      Operating lease obligation – Office Lease -current portion     803,536       798,556  
      Financing lease obligations – Edge Data Centers – current portion     487,695       367,451  
      Notes payable, net of discount – related parties     1,027,707       1,758,396  
      Contract liabilities, current     3,001,352       3,188,518  
      Contract liabilities, current – related parties     7,366,500       8,616,500  
                     
      Total Current Liabilities     13,966,352       16,089,566  
                     
      Contract liabilities, less current portion     6,851,513       7,399,634  
      Contract liabilities, less current portion – related parties     2,712,375       3,616,500  
      Operating lease obligation – Office Lease, less current portion     3,767,106       3,867,042  
      Financing lease obligations – Edge Data Centers, less current portion     1,638,040       1,724,604  
                     
      Total Liabilities       28,935,386       32,697,346  
                     
    Commitments and Contingencies (Note 8)        
                     
    STOCKHOLDERS’ EQUITY:        
      Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated    
      Series A redeemable convertible preferred stock, $10 stated value per share,   –       –  
      500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively,
      convertible into common stock at $6.30 per share        
      Series B convertible preferred stock, $1,000 stated value per share,     –       –  
      15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025      
      and December 31, 2024, respectively, convertible into common stock at $7 per share    
      Series C convertible preferred stock, $1,000 stated value per share,     –       –  
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $5.50 per share        
      Series D convertible preferred stock, $1,000 stated value per share,     1       1  
      4,000 shares designated; 999 and 1,299 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $3.00 per share        
      Series E convertible preferred stock, $1,000 stated value per share,        
      30,000 shares designated; 13,500 and 13,500 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,     14       14  
      convertible into common stock at $2.61 per share        
      Series F convertible preferred stock, $1,000 stated value per share,        
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,     –       –  
      convertible into common stock at $6.20 per share        
                     
      Common stock: $0.001 par value; 500,000,000 shares authorized,        
      11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252       11,654       8,921  
      shares outstanding at March 31, 2025 and December 31, 2024, respectively        
      Additional paid-in-capital     81,745,409       76,777,856  
      Accumulated deficit     (76,447,672 )     (74,368,009 )
      Sub-total       5,309,406       2,418,783  
      Less: Treasury stock (1,324 shares of common stock        
      at March 31, 2025 and December 31, 2024)       (157,452 )     (157,452 )
    Total Stockholders’ Equity     5,151,954       2,261,331  
                     
    Total Liabilities and Stockholders’ Equity   $ 34,087,340     $ 34,958,677  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     (Unaudited)
     
      For the Three Months Ended
      March 31,
        2025       2024  
           
    Cash from operating activities:      
    Net loss $ (2,079,663 )   $ (2,752,309 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   712,388       158,208  
    Inventory write-off   25,000       –  
    Stock based compensation   995,647       159,320  
    Stock issued for services   50,000       37,500  
    Amortization of debt discount related to warrant liabilities   269,311       –  
    Amortization of operating lease right of use asset – Office Lease   91,142       83,348  
    Amortization of lease right of use asset – Edge Data Centers   75,633       –  
    Changes in assets and liabilities:      
    Accounts receivable   (106,053 )     866,373  
    Accounts receivable-related parties   (1,466,191 )     –  
    Note receivable   –       (1,875 )
    Contract assets   (64,684 )     (270,099 )
    Inventory   10,624       23,828  
    Prepaid expenses and other current assets   (42,467 )     57,944  
    Accounts payable   (271,304 )     (415,718 )
    Accrued expenses   77,879       76,370  
    Operating lease obligation – Office Lease   (94,956 )     (82,306 )
    Lease obligations – Edge Data Centers   33,680       –  
    Contract liabilities   (2,889,411 )     26,697  
           
    Net cash used in operating activities   (4,673,425 )     (2,032,719 )
           
    Cash flows from investing activities:      
    Purchase of patents/trademarks   (9,264 )     (980 )
    Purchase of fixed assets   (572,359 )     (8,830 )
           
    Net cash used in investing activities   (581,623 )     (9,810 )
           
    Cash flows from financing activities:      
    Repayments on financing agreements   (136,606 )     (130,535 )
    Repayments of notes payable, related parties   (1,000,000 )     –  
    Proceeds from common stock issued   3,954,940       –  
    Proceeds from excercise of stock options   107,925       –  
    Stock issuance cost   (138,226 )     (36,188 )
    Proceeds from preferred stock issued   –       2,745,002  
           
    Net cash provided by financing activities   2,788,033       2,578,279  
           
    Net increase (decrease) in cash   (2,467,015 )     535,750  
    Cash, beginning of period   6,266,296       2,441,842  
    Cash, end of period $ 3,799,281     $ 2,977,592  
           
    Supplemental Disclosure of Cash Flow Information:      
    Interest paid $ 3,865     $ –  
    Taxes paid $ 15,945     $ –  
           
    Supplemental Non-Cash Investing and Financing Activities:      
    Notes issued for financing of insurance premiums $ 249,448     $ 272,322  
    Transfer of inventory to fixed assets $ 49,609     $ –  
           
     

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5abe56-f21b-4ee5-9a09-7f9852d9bd2b

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI USA: Warren, Schmitt Renew Bipartisan Fight for More Competition in Pentagon’s AI and Cloud Contracting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 15, 2025

    Bicameral bill aligns with new White House guidelines on AI contracting for government agencies

    Text of Bill (PDF) | Text of One-Pager (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Eric Schmitt (R-Mo.) reintroduced the bipartisan, bicameral Protecting AI and Cloud Competition in Defense Act to ensure that the Department of Defense (DoD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill reins in Big Tech monopolies and prevents them from cutting out competitors in the AI and cloud computing markets.

    Representatives Sara Jacobs (D-Calif.), Pat Fallon (R-Texas), and Chris Deluzio (D-Pa.) introduced the bill in the House of Representatives. 

    The reintroduction comes as the White House has released new guidelines on AI procurement that encourage federal agencies to avoid vendor lock-in and to ensure that government data is protected and not used to train commercial AI models. 

    The AI and cloud computing industries are highly concentrated, and a few Silicon Valley companies control the markets the DoD relies on for cloud infrastructure, foundation models, and data infrastructure. DoD has already awarded $9 billion in contracts to Google, Oracle, Microsoft, and Amazon to build its cloud computing network, and requested an additional $1.8 billion for AI programs for Fiscal Year 2025. The Protecting AI and Cloud Competition in Defense Act would ensure that DoD’s new contracts protect competition in the AI and cloud computing markets, instead of giving an unfair advantage to a few big players. The bill also encourages DoD to consider cloud computing services from multiple providers so the agency isn’t locked in by a single tech company.

    Specifically, the bill would: 

    • Require DoD — when contracting with AI and cloud computing companies that make $50 million or more with DoD annually — to hold a competitive award process, ensure that the government maintains exclusive rights to access and use of all government data, mitigate barriers to entry faced by small businesses and nontraditional contractors, and consider multi-cloud technology unless doing so is infeasible or presents a danger to national security. 
    • Require DoD’s Chief Digital and Artificial Intelligence Office (CDAO) to ensure that government data provided for the purpose of development and operation of AI products to DoD will not be disclosed or used without DoD authorization, and such government data, if stored on vendor systems, has appropriate protections.
    • Require DoD to publish a report every four years on competition, innovation, barriers to entry, and market power concentration in the AI sector, with recommendations for legislative and administrative action.

    Senators Warren and Schmitt first introduced the Protecting AI and Cloud Competition in Defense Act in December 2024. 

    “It’s a mistake to let Silicon Valley monopolize our AI and cloud computing tools because it doesn’t just stifle innovation, it increases costs and threatens our national security,” said Senator Warren. “Our bill will make sure the military can access cutting-edge tools and will keep our markets strong and our information secure.”

    “The Department of Defense’s procurement system must encourage competition instead of allowing a select group of companies to dominate the awards process. We must move away from policies that create risk concentration, and stifle innovation to instead adopt policies that create opportunities for emerging A.I. defense companies. I am proud to be leading this bill that promotes this smart policy, as well as encourage innovation so the U.S. can continue to lead A.I.,” said Senator Eric Schmitt.

    “Competition always pushes the limits of creativity, innovation, and excellence – whether in AI or any other field. That’s why the Department of Defense needs to prioritize competition in its AI and cloud computing contracts to ensure we deploy the best technologies to protect and strengthen our national security. I’m proud to help lead this bicameral legislation that will make our country safer, stronger, and more competitive on the global stage,” said Congresswoman Sara Jacobs. 

    “The Department of Defense needs to shape up its federal tech procurement process to protect data and public money from the failures of concentrated power and a lack of competition,” said Congressman Chris Deluzio. “Policies like the Protecting AI and Cloud Competition in Defense Act will promote real competition in the defense technology sector to help keep our military strong, fortified, and ready for anything.”

    “By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” said Congressman Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

    The Protecting AI and Cloud Competition in Defense Act is endorsed by Economic Securities Project Action and the Open Markets Institute.

    Senator Warren has been a leader in the fight to rein in Big Tech and boost competition in the tech and defense sectors: 

    • In May 2025, Secretary of the Army, Daniel P. Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts, after pressure from Senator Warren. 
    • In April 2025, Senator Elizabeth Warren secured a commitment from Mr. Michael Cadenazzi, nominee to be the next Assistant Secretary of Defense for Industrial Base Policy, to support AI competition and innovation in defense contracting.
    • In April 2025, Senators Elizabeth Warren and Ron Wyden (D-Ore.) wrote to cloud service providers Google and Microsoft with concerns that their respective partnerships with AI developers Anthropic and OpenAI may violate antitrust laws, leading to fewer choices and higher prices for businesses and consumers using AI tools.
    • In January 2025, at a hearing of the Senate Armed Services Committee, a Palantir Executive agreed with Senator Elizabeth Warren that legal loopholes should not enable companies to  price-gouge the military.
    • In September 2024, Senator Warren wrote to Assistant Attorney General of the Antitrust Division at the United States Department of Justice (DOJ) Jonathan Kanter in support of the DOJ’s ongoing probe into Nvidia’s potentially anticompetitive behavior.
    • In February 2024, Senator Warren delivered the keynote address at RemedyFest, where she called out Big Tech for their anti-competitive tactics that have led to market consolidation and record profits.
    • In January 2024, at a hearing of the Committee on Banking, Housing and Urban Affairs, Senator Warren questioned Emily Kilcrease, Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, on the national security risks posed by digital trade rules that allow tech companies to collect, sell, and store Americans’ data wherever is cheapest, including China.
    • In December 2023, Senators Warren, Amy Klobuchar (D-Minn.), and Bernie Sanders (I-Vt.), along with U.S. Representatives Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Pramila Jayapal (D-Wash.), Jan Schakowsky (D-Ill.), Lori Trahan (D-Mass.), and Rosa DeLauro (D-Conn.), sent a letter to President Biden, urging him to continue to reject any trade or policy proposals from Big Tech that would deem the European Union’s Digital Markets Act (DMA) to be discriminatory or an illegal trade barrier, in order to protect the administration’s shared pro-competition priorities with its European allies. 
    • In November 2023, Senator Warren and U.S. Representative Jan Schakowsky (D-Ill.), led 10 lawmakers in a letter to President Joe Biden, commending his administration’s actions countering Big Tech’s influence in trade negotiations, and asking him to replace “digital trade” provisions lobbied for by Big Tech in Indo-Pacific Economic Framework (IPEF) negotiations with new language to ensure regulatory agencies and Congress are able to counter Big Tech abuses and develop a new model for digital rules in trade agreements that promotes competition and protects workers, consumers, and small businesses. 
    • In July 2023, Senators Warren and Graham introduced the Bipartisan Digital Consumer Protection Commission Act which would  rein in Big Tech by establishing a new commission to regulate online platforms. The commission would have concurrent jurisdiction with FTC and DOJ, and would be responsible for enforcing the new statutory provisions in the bill and implementing rules to promote competition, protect privacy, protect consumers, and strengthen our national security.
    • In May 2023, Senator Warren released a 22-page investigative report: Big Tech’s Big Con: Rigging Digital Trade Rules to Block Antitrust Regulation. The investigation, based on a review of previously undisclosed emails, reveals that Big Tech is using its revolving door hires to gain backdoor access to key United States Trade Representative and Commerce Department officials, undermining the Biden Administration’s promises to end rigged trade deals and protect workers, consumers, and the environment. 
    • In October 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo underscoring the dangers of Big Tech’s digital trade agenda, following up on a letter the lawmakers sent to Secretary Raimondo in July 2022 requesting additional information about the revolving door between Commerce and Big Tech and its potential impact on global digital trade rules.
    • In July 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo raising questions about the revolving door between the Department of Commerce and Big Tech companies, and its potential impact on global digital trade rules.

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Legal options for a Member State to withdraw from the European electricity market – E-001057/2025(ASW)

    Source: European Parliament

    In line with the article 194 of the European Treaty on the Functioning of the European Union, Union policy ensure the functioning of the energy market.

    On this basis, the Electricity Regulation[1] and Directive[2] lay down the principles for the European electricity market. The Internal Energy Market and the integration of European electricity markets already benefit consumers by around EUR 34 billion every year[3]. It enables Member States to rely on neighbouring Member States to meet demand and ensure security of supply. The design of short-term markets through market coupling also ensures that the cheapest and cleanest technologies are used first, that interconnections are used in the most optimal way, and that all Member States can rely on imports in times of scarcity. The internal energy market is a protection against country-specific shocks, as the recent crisis has demonstrated.

    Withdrawal of a Member State from only the European electricity market would be incompatible with current internal market rules and the EU treaties.

    The EU agreed on a reform[4] of the European electricity market design to stabilise the prices of electricity supply, lower the impact of gas prices and ensure the reaping of the benefits from decarbonised electricity. As part of the Clean Industrial Deal, the Commission adopted an Action Plan for affordable Energy[5], which outlines the importance of further unlocking the value of our Energy Union by taking steps towards a fully integrated energy market supported by an interconnected and digitalised network. Further integration of the European internal energy market could increase the benefits to up to EUR 40-43 billion per year by 2030.

    • [1] https://eur-lex.europa.eu/eli/reg/2019/943/oj/eng.
    • [2] https://eur-lex.europa.eu/eli/dir/2019/944/oj/eng.
    • [3] ACER’s final assessment of the EU wholesale electricity market design, April 2022 ( https://www.acer.europa.eu/sites/default/files/documents/Publications/Final_Assessment_EU_Wholesale_Electricity_Market_Design.pdf ).
    • [4] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202401747 and https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202401711.
    • [5] Action Plan for Affordable Energy, COM(2025)0079 final.
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Committee Democrats Introduce Bill to Elevate Tribal Leadership in Land Management

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    May 15, 2025

    Washington, D.C. – Today, top Democrats on the House Natural Resources Committee introduced the Tribal Self-Determination and Co-Management in Forestry Act, a landmark bill that ensures Tribal Nations are full and equal partners in the management of federal lands. The legislation would direct the Department of the Interior and the U.S. Forest Service to incorporate Tribal co-management into decision-making processes—affirming Tribal sovereignty and fulfilling the U.S. federal government’s longstanding trust and treaty obligations.

    “As wildfires grow more devastating and climate change accelerates, we simply cannot afford to ignore the expertise of those who have stewarded these lands since time immemorial,” said Ranking Member Huffman. “For too long, the federal government has left Tribal Nations out of decision-making processes when it comes to managing public lands, but these lands often hold deep cultural, spiritual, and ecological significance for Tribal communities. This bill changes that by creating a clear framework for real, equal partnership—where Tribes help shape decisions, lead restoration efforts, and bring their knowledge to the table in a way that is respected, protected, and empowered. This bill would help build a foundation for shared stewardship that respects Tribal sovereignty, improves forest health, and strengthens our communities against climate-driven disasters. It’s long overdue.”

    “Federal recognition and respect for the deeply rooted relationship between Indigenous peoples and the land is overdue,” said Vice Ranking Member Sarah Elfreth. “As the original stewards of this land for centuries, their wisdom and lived experiences in preserving ecosystems, waterways, and natural resources like our forests offer generational knowledge we cannot afford to overlook. The Tribal Self-Determination and Co-Management in Forestry Act takes an important step in ensuring Indigenous communities have their rightful seat at the table.”

    “Tribal Nations have been stewards of our forests and lands since time immemorial, guided by deep cultural knowledge and respect for the natural world,” said Representative Teresa Leger Fernández, Ranking Member of the Subcommittee on Indian and Insular Affairs. “When we recognize Tribes authority to lead and co-manage our public lands, we not only honor their sovereignty—we also protect our forests, our water, and our future. The Tribal Self-Determination and Co-Management in Forestry Act recognizes that Tribal leadership is not just a matter of justice, it is essential for a healthy planet and resilient communities.”

    “I’m proud to join Ranking Member Huffman in introducing this bill to elevate Tribal voices in land management decisions. In Colorado, where many Tribes, including the Southern Ute and Ute Mountain Ute, have deep ties to the land, this landmark bill will improve Tribal co-management of our public lands.” said Representative Joe Neguse, Ranking Member of the Subcommittee on Federal Lands. “I’m excited to join my colleagues in an effort to recognize Tribal Nations as equal partners in land stewardship, and uplift their longstanding ecological knowledge.”

    “Tribal Nations have managed these lands for thousands of years—they know what they’re doing,” said Representative Val Hoyle, Ranking Member of the Subcommittee on Water, Wildlife, and Fisheries. “If we’re serious about preserving our federal lands and preventing wildfires, we need to work with the people who’ve been protecting these forests long before the federal government existed. This bill gives Tribes the seat at the table they deserve and brings their deep knowledge into decisions that make our communities safer and our forests stronger.”

    “Tribal Nations were stewards of their own lands for centuries before the U.S. government stepped in–they deserve an equal role in managing them now. I’m proud to join my colleagues in introducing legislation that affirms Tribal sovereignty and strengthens Indigenous partnerships in the management of federal lands. Our state is home to 22 federally recognized tribes; this bill ensures Tribal voices are central in shaping the future of our forests and public lands, especially as we work together to address the climate crisis,” said Representative Yassamin Ansari (AZ-03), Ranking Member of the Energy and Minerals Subcommittee.

    BACKGROUND

    Tribal Nations have stewarded these lands since time immemorial, using traditional ecological knowledge to reduce wildfire risk, restore ecosystems, and protect sacred cultural resources. Yet despite this expertise, many Tribes continue to face bureaucratic hurdles and a lack of statutory authority that limit their participation in land management decisions.
     
    This bill seeks to change that.
     
    The Tribal Self-Determination and Co-Management in Forestry Act:

    • Requires the National Park Service, Bureau of Land Management, Fish and Wildlife Service, and Bureau of Indian Affairs to develop Tribal Co-Management Plans in coordination with the Secretary’s Tribal Advisory Committee.
    • Mandates culturally appropriate training for Department of the Interior employees engaged in Tribal Co-Management work.
    • Extends statutory authority to the U.S. Forest Service to enter into co-management agreements with Tribes for activities including forest planning, ecological restoration, recreation, and research.
    • Ensures regular review of Tribal Co-Management Plans and allows Tribes to request reviews following natural disasters.
    • Directs agencies to incorporate Indigenous Knowledge into planning, with safeguards to protect data sovereignty and cultural integrity.
    • Reduces administrative burdens on Tribes by streamlining reporting and compliance processes.

    STATEMENTS OF SUPPORT

    “We are excited to endorse Rep. Huffman’s tribal self-determination and co-management in forestry bill. Karuk people have been managing our homelands since time immemorial and partnering with the US Forest Service for decades. We appreciate that this bill recognizes the importance of sovereign-to-sovereign co-management frameworks that enable us to do the important work of proactively managing our forests and making our landscapes more resilient to wildfire in a manner consistent with our indigenous knowledge practice and belief systems. We look forward to progressing these efforts in a bipartisan manner to enable more proactive management across multi-jurisdictional landscapes” Karuk Chairman Russell “Buster” Attebery

    “The Stewardship Project supports the Tribal Self-Determination and Co-Management in Forestry Act as a vital step toward reorienting federal land management around active stewardship and Indigenous leadership. This bill directly reflects recommendations from the Wildland Fire Mitigation and Management Commission by ensuring Tribes are not just consulted, but empowered as equal partners in forest management.”  The Stewardship Project Co-Chairs Scott Stephens, Don Hankins, and Sara Clark

    “This legislation builds upon the shared stewardship authorities authorized by past Congresses to create a permanent co-management role in improving the health and resilience of federal lands.  It would give tribes the ability to expand the successful models and practices used in Indian Country for the benefit of all federal land within their traditional territories.  We fully support Congressman Huffman’s legislation and urge its passage by Congress.”  Cody Desautel, President, InterTribal Timber Council 

    “Sustainable Northwest supports the Tribal Self-Determination and Co-Management in Forestry Act and Representative Huffman’s recognition of Tribal sovereignty and treaty rights. Legislation designed to protect and manage federal lands must respect, uphold, and implement the legally binding obligations the federal government has to Tribal nations. This legislation paves the way for a new approach to manage and enhance federal lands, add workforce capacity, and uphold Tribal and treaty rights in land management by formally including Tribal Nations in planning and decision-making.” Dylan Kruse, President, Sustainable Northwest

    “The Rural Voices for Conservation Coalition is strongly in support of the Tribal Self-Determination and Co-Management in Forestry Act which advances opportunities for Tribal co-management and co-stewardship of federal public lands. This bill is an important step in bolstering Tribal sovereignty, honoring protected Tribal rights, and bringing Indigenous Traditional Ecological Knowledge into federal forest and grassland management. We thank Congressman Huffman for his leadership on this issue critical to the stewardship and resilience of rural communities and landscapes of the West.” Laurel Harkness, Coalition Director, Rural Voices for Conservation Coalition

    “The Wildland Fire Mitigation and Management Commission recognized co-management of federal lands with Tribes as a critical tool to achieve wildfire risk reduction. This bill expands the ability of the Forest Service and the Department of the Interior to partner with Tribes to plan and accomplish much-needed restoration and risk reduction work and is an important step forward in expansion of federal co-management authority.” Tyson Bertone-Riggs, Managing Director, Alliance for Wildfire Resilience 

    “Tribal Co-Management Plans are an important vehicle for fulfilling our nation’s treaty and trust responsibilities to Tribal Nations and improving the overall stewardship of fire-dependent public lands. The Climate and Wildfire Institute supports The Tribal Self-Determination and Co-Management in Forestry Act as a vital pathway for addressing the wildfire crisis by upholding and advancing Tribal rights and access consistent with recommendations from the Wildland Fire Mitigation and Management Commission Report.” Marissa Christiansen, Executive Director at the Climate and Wildfire Institute

    “Our forests are unhealthy, and Tribal communities are held back from applying time-tested and locally driven practices in our own homelands. This bill on co-management is a fundamental step forward to restore forests and our communities who have managed them for thousands of years.” Ryan Reed, (Karuk, Hupa, Yurok), Director of FireGeneration Collaborative (FireGen)
     

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism – A10-0085/2025

    Source: European Parliament

    Committee on the Environment, Climate and Food Safety
    Rapporteur: Antonio Decaro
    (Simplified procedure – Rule 52(2) of the Rules of Procedure)

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    (COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

    – having regard to the Commission proposal to Parliament and the Council (COM(2025)0087),

    – having regard to Article 294(2) and Article 192(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0035/2025),

    – having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

    – having regard to the budgetary assessment by the Committee on Budgets,

    – having regard to the opinion of the European Economic and Social Committee of 29 April 2025[1],

    – after consulting the Committee of the Regions,

    – having regard to Rules 60 and 58 of its Rules of Procedure,

    – having regard to the opinions of he Committee on International Trade and the Committee on Industry, Research and Energy,

    – having regard to the report of the Committee on the Environment, Climate and Food Safety (A10-0085/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

    Amendment  1

    Proposal for a regulation

    Recital 25 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (25a) The CBAM applies to importation of electricity, but it should not apply to electricity generated entirely in the exclusive economic zone of an EEA Member State and imported directly into the customs territory of the Union ;

    Amendment  2

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1 – point b a (new)

    Regulation (EU) 2023/956

    Article 2 – paragraph 3 b (new)

     

    Text proposed by the Commission

    Amendment

     

    (ba) the following paragraph 3b is inserted:

     

    3b. By way of derogation from paragraphs 1 and 2, this Regulation shall not apply to electricity generated entirely in the exclusive economic zone of an EEA Member State and imported directly into the customs territory of the Union.

    Amendment  3

    Proposal for a regulation

    Annex I – paragraph 1 – point 1 a (new)

    Regulation (EU) 2023/956

    Annex IV – point 3 – paragraph 1 – subparagraph 5

     

    Present text

    Amendment

     

    (1a) In point 3, in the notes explaining the formula for SEEg in the first paragraph, the note for EEImpMat is replaced by the following:

    EEInpMat

    EEInpMat

    are the embedded emissions of the input materials (precursors) consumed in the production process. Only input materials (precursors) listed as relevant to the system boundaries of the production process as specified in the implementing act adopted pursuant to Article 7(7) are to be considered. The relevant EEInpMat are calculated as follows:

    are the embedded emissions of the input materials (precursors) consumed in the production process. Only input materials (precursors) listed in Annex I and originating in third countries and territories that are not exempted pursuant to Annex III, Section 1 are to be considered. The relevant EEInpMat are calculated as follows:

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

     

    28.4.2025BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS

    for the Committee on the Environment, Climate and Food Safety

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    (COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

    Rapporteur for budgetary assessment: Sandra Gómez López 

    The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

    A. whereas the proposal by the Commission to simplify the Carbon Border Adjustment Mechanism(CBAM) aims at achieving significant savings in terms of administrative costs for EU importers of CBAM goods;

    B. whereas the proceeds of the CBAM are to become an EU own resource according to the amended Commission proposal of 23 June 2023 for a Council decision amending Decision (EU, Euratom) 2020/2053 on the system of own resources of the European Union (COM(2023)0331); whereas Parliament approved this proposal in its legislative resolution of 9 November 2023[2];

    C. whereas the Council has failed to implement the steps set out in the legally binding roadmap towards the introduction of new own resources laid down in the Interinstitutional Agreement (IIA), the objectives of this roadmap being to introduce sufficient new own resources to at least cover the repayment of NextGenerationEU (NGEU) debt;

    D. whereas the estimated revenue from the CBAM would diminish in proportion to the CO2 emissions captured in the scope of the simplified regulation; whereas this impact would remain modest, presumably within one per cent of the overall estimated revenue;

    E. whereas the Commission proposal entails additional operational expenditure in Heading 3 to be financed by means of redeployment from a budget line in Heading 4 and administrative expenditure for human resources in Heading 7 to be financed by redeployment within Heading 7;

    F. whereas the penalties for CBAM declarants in breach of the regulation are, in principle, to be aligned with excess emission penalties under the Emissions Trading System (ETS); whereas the national competent authorities remain in charge of establishing and enforcing such measures based on implementing acts;

    1. Takes note of the proposal to simplify the CBAM regulation in the context of an overall initiative to improve the EU’s competitiveness;

    2. Recalls that Parliament has repeatedly endorsed a new own resource based on the CBAM and is keenly aware that this own resource is one of the few candidates that also enjoy tangible support from the Member States in the Council; regrets, therefore, that the embedded emissions covered under the reduced scope of the CBAM would lead to proportionately lower own resources revenue from the CBAM; acknowledges, however, that the amounts (in the order of EUR 20 million per year) and share (1 %) concerned are modest compared to the overall figures that the CBAM is expected to produce in terms of revenue;

    3. Confirms that the amending regulation remains compatible with Parliament’s consultative opinion of 9 November 2023, which approves the Commission’s proposal for an amended Council decision on the system of own resources, including a new own resource based on the CBAM;

    4. Considers that there are no provisions in the amending regulation that would fall under Rule 58(4), i.e. covering exclusively budgetary aspects which the committee responsible for the subject matter would not be allowed to amend; considers, furthermore, that no legislative amendments in this regard are necessary at this stage;

    5. Recalls that the amendments or compromises in the course of the negotiations must not lead to any provisions contradicting Parliament’s established position on the use of CBAM revenue as an own resource; considers it necessary, therefore, to take part in the further negotiations, including the trilogues, in order to monitor the consistency with Parliament’s position on own resources and other pertinent budget-related provisions, and to ensure that the final agreement is compatible with the current MFF;

    6. Observes certain flaws and errors in the Legislative Financial and Digital Statement (LFS) that should be rectified in the course of the further process, in a revised version of the Statement; questions, in this respect, the annual amounts listed in the table under Section 3.3 and, in particular, whether there will already be any revenue collected in 2026; also considers that the budget line (which is from the expenditure title) mentioned in this section is incorrect; recalls that in order to be consistent with present practice and the proposed own resources legislation, amounts indicated in this section should be shown ‘net’ of the 25 % collection costs to be retained by Member States and converted into current prices;

    7. Acknowledges that the level of revenue foregone, in the order of EUR 21 million as of 2030, is non-material compared to the cost savings for companies, especially SMEs, and acceptable in view of the overall revenue expected from the CBAM;

    8. Takes note of the necessary additional operational and administrative appropriations as indicated in the LFS; reiterates its long-standing position that new tasks and responsibilities should, in principle, be financed by fresh resources; deplores the limited margins available in the MFF and acknowledges that they could justify a certain level of reallocation; warns that the additional operational amounts will use a sizeable share of the remaining margin under Heading 3; also recognises that the redeployment from the instrument for financial support for customs control equipment (CCEI) implies the creation of some additional margin in Heading 4; determines that the amounts mentioned under points 3.2.1, 3.2.3 and 3.2.6 in the LFS are compatible with the MFF ceilings in Headings 3, 4 and 7, but will require adjustments in the financial programming; questions, nonetheless, whether such redeployment operations are in line with the ring-fencing logic of the MFF headings;

    9. Questions why a reduction of the scope, by an alleged 90 %, of companies to be registered as authorised CBAM declarants does not lead to a lower level of administrative needs under Heading 7;

    10. Acknowledges that any substantive changes in the governance of the implementation and enforcement of the CBAM, such as those related to the penalties for non-compliance, would be beyond the scope of this simplification initiative; considers, however, in light of the planned revision of the CBAM regulation, that the proceeds of the penalties could eventually be considered as general revenue for the EU budget;

    11. Notes that the simplification initiative is also presented as a key enabler for a potential future extension of the scope of the CBAM; expects that such an extension would have significant budgetary implications, including for revenue flows;

    12. Recalls that the Union’s budget is under strain and stresses the need for additional sustainable and resilient revenue; points to the legally binding roadmap towards the introduction of new own resources laid down in the IIA, in which Parliament, the Council and the Commission undertook to introduce sufficient new own resources to at least cover the repayment of NGEU debt; recalls its support for the amended Commission proposal on the system of own resources; is deeply concerned by the complete absence of progress on the system of own resources in the Council; calls on the Council to adopt this proposal as a matter of urgency and urges the Commission to spare no effort in supporting the adoption process; calls, furthermore, on the Commission to continue efforts to identify additional genuine new own resources beyond those specified in the IIA.

    As part of its budgetary assessment, the Committee on Budgets also submits the following amendments to the proposal:

    Amendment  1

    Proposal for a regulation

    Recital [10] a (new)

     

    Text proposed by the Commission

    Amendment

     

    ([10]a). This Regulation has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

    The rapporteur for budgetary assessment declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

    PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    Title

    Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    References

    COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)

    Committee(s) responsible

    ENVI

     

     

     

     Date announced in plenary

    BUDG

    31.3.2025

    Rapporteur for budgetary assessment

     Date appointed

    Sandra Gómez López

    26.3.2025

    Discussed in committee

    31.3.2025

     

     

     

    Date adopted

    23.4.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    23

    9

    1

    Members present for the final vote

    Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Olivier Chastel, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Monika Hohlmeier, Alexander Jungbluth, Fabienne Keller, Giuseppe Lupo, Siegfried Mureşan, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Bogdan Rzońca, Julien Sanchez, Hélder Sousa Silva, Nicolae Ştefănuță, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra

    Substitutes present for the final vote

    Stine Bosse, Rasmus Nordqvist, Jacek Protas

    Members under Rule 216(7) present for the final vote

    Marie-Luce Brasier-Clain, Tobias Cremer, Marieke Ehlers, Julien Leonardelli, Philippe Olivier

     

    FINAL VOTE BY ROLL CALL
    IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    23

    +

    NI

    Thomas Geisel

    PPE

    Georgios Aftias, Isabel Benjumea Benjumea, Monika Hohlmeier, Siegfried Mureşan, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva

    Renew

    Stine Bosse, Olivier Chastel, Fabienne Keller, Lucia Yar

    S&D

    Tobias Cremer, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Carla Tavares, Nils Ušakovs

    Verts/ALE

    Rasmus Andresen, Rasmus Nordqvist, Nicolae Ştefănuță

     

    9

    –

    ECR

    Bogdan Rzońca

    ESN

    Alexander Jungbluth

    PfE

    Marie-Luce Brasier-Clain, Marieke Ehlers, Julien Leonardelli, Philippe Olivier, Julien Sanchez, Auke Zijlstra

    The Left

    João Oliveira

     

    1

    0

    ECR

    Ruggero Razza

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

     

    OPINION OF THE COMMITTEE ON INTERNATIONAL TRADE (24.4.2025)

    for the Committee on the Environment, Climate and Food Safety

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    (COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

    Rapporteur for opinion: Karin Karlsbro

     

     

    The Committee on International Trade calls on the Committee on the Environment, Climate and Food Safety, as the committee responsible, to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur for opinion declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    PROCEDURE – COMMITTEE ASKED FOR OPINION

    Title

    Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    References

    COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)

    Committee(s) responsible

    ENVI

     

     

     

    Opinion by

     Date announced in plenary

    INTA

    31.3.2025

    Rapporteur for the opinion

     Date appointed

    Karin Karlsbro

    19.3.2025

    Simplified procedure – date of decision

    7.4.2025

    Discussed in committee

    7.4.2025

     

     

     

    Date adopted

    23.4.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    36

    2

    0

    Members present for the final vote

    Manon Aubry, Christophe Bay, Udo Bullmann, Andi Cristea, Raphaël Glucksmann, Markéta Gregorová, Svenja Hahn, Taner Kabilov, Karin Karlsbro, Rihards Kols, Sebastian Kruis, Bernd Lange, Ilia Lazarov, Miriam Lexmann, Thierry Mariani, Gabriel Mato, Javier Moreno Sánchez, Daniele Polato, Kathleen Van Brempt, Marie-Pierre Vedrenne, Catarina Vieira, Jörgen Warborn, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    Substitutes present for the final vote

    Petras Auštrevičius, Nicolas Bay, Saskia Bricmont, Markus Buchheit, João Cotrim De Figueiredo, Fabio De Masi, Jean-Marc Germain, Hana Jalloul Muro, Sandra Kalniete, David McAllister, Jessika Van Leeuwen

    Members under Rule 216(7) present for the final vote

    Alexander Bernhuber, Daniel Buda, Fabrice Leggeri

     

    FINAL VOTE BY ROLL CALL
    BY THE COMMITTEE ASKED FOR OPINION

    36

    +

    ECR

    Nicolas Bay, Rihards Kols, Daniele Polato

    NI

    Fabio De Masi, Taner Kabilov

    PPE

    Alexander Bernhuber, Daniel Buda, Sandra Kalniete, Ilia Lazarov, Miriam Lexmann, David McAllister, Gabriel Mato, Jessika Van Leeuwen, Jörgen Warborn, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    PfE

    Christophe Bay, Sebastian Kruis, Fabrice Leggeri, Thierry Mariani

    Renew

    Petras Auštrevičius, João Cotrim De Figueiredo, Svenja Hahn, Karin Karlsbro, Marie-Pierre Vedrenne

    S&D

    Udo Bullmann, Andi Cristea, Jean-Marc Germain, Raphaël Glucksmann, Hana Jalloul Muro, Bernd Lange, Javier Moreno Sánchez, Kathleen Van Brempt

    Verts/ALE

    Saskia Bricmont, Markéta Gregorová, Catarina Vieira

     

    2

    –

    ESN

    Markus Buchheit

    The Left

    Manon Aubry

     

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

    OPINION OF THE COMMITTEE ON INDUSTRY, RESEARCH AND ENERGY (23.4.2025)

    for the Committee on the Environment, Climate and Food Safety

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism.

    (COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

    Rapporteur for opinion: Filip Turek

    (Simplified procedure – Rule 52(2) and (3) of the Rules of Procedure)

     

    SHORT JUSTIFICATION

    The European Commission’ proposals aims at simplifying the Carbon Border Adjustment Mechanism (CBAM) obligations for small importers—primarily SMEs and individuals—by introducing a new de minimis exemption for imports below 50 tonnes mass. These importers bring in minor volumes of CBAM goods, resulting in negligible levels of embedded emissions entering the EU from third countries. Despite this exemption, approximately 99% of total embedded emissions would remain covered under CBAM, while around 90% of importers would be relieved from its obligations. For those importers who continue to fall within the CBAM scope, the proposal also includes a series of simplifications aimed at easing compliance. These measures involve streamlining the authorisation process for declarants, simplifying emission calculation procedures and improving the management of CBAM-related financial liabilities.

    The initiative takes a more pragmatic approach for improving the overall functioning of CBAM, particularly by easing the obligations placed on smaller economic actors. Thus, the proposed exemption marks a necessary and welcome simplification. This, along with the accompanying set of procedural facilitations, represents a step forward in ensuring that the CBAM can be administratively manageable.

    Within the Omnibus framework, it is appropriate to concentrate on the elements explicitly opened by the Commission, while awaiting the upcoming comprehensive review, which will provide a more suitable occasion to consider structural and far-reaching revisions, including concerns on the effectiveness of CBAM.

    In its current design, CBAM disproportionately affects certain energy-intensive sectors and risks being an ineffective tool to ensure a level playing field for EU industries and to prevent carbon leakage. In fact, it could undermine the EU competitiveness by increasing the production costs and the administrative burdens for EU companies.

    The structural revision is therefore urgent to address the risks of resource reshuffling and circumvention. Equally pressing is the postponement (or the deletion) of the phase out from the ETS free allowances, as well as the need to implement effective solutions for EU exporters. Moreover, the possible extension of CBAM to downstream products should be preceded by a thorough and comprehensive impact assessment. 

    While the ITRE Committee will refrain from tabling amendments to the proposal, the threshold could have merited more in-depth consideration. The de minimis exemption may in fact be too low to reflect meaningfully the reality of many SMEs and micro-enterprises. Data indicates that several businesses, including those officially categorized as “micro,” regularly exceed the threshold of 50 tonnes. Hence, a balanced solution could be raising it to at least 110 tons. This adjustment would strike a more realistic and equitable balance, enhancing the administrative feasibility of the CBAM, while continuing to capture the vast majority of emissions within the scope of the Mechanism (according to Commission estimates, still over 98%). The exemption of more importers from CBAM obligations would also generate additional cost savings, without significantly undermining the ratio of the proposal.

    In conclusion, waiting for the upcoming comprehensive review, which will provide a timely opportunity to address the outstanding issues, the Rapporteur notes the willingness of the ITRE Committee to not table amendments and supports the Commission’s initiative.

     

    *******

    The Committee on Industry, Research and Energy calls on the Committee on the Environment, Climate and Food Safety, as the committee responsible, to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR THE OPINION HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    Confederation of Industry of the Czech Republic

    ČEZ Group

    Emerson International

    Italian Confederation of Craft Trades and Small- and Medium-Sized Enterprises

    European Express Association

    Round Table on Climate Change and Sustainable Transition

    Office of the Government of the Czech Republic

    The list above is drawn up under the exclusive responsibility of the rapporteur.

     

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    PROCEDURE – COMMITTEE ASKED FOR OPINION

    Title

    Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    References

    COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)

    Committee(s) responsible

    ENVI

     

     

     

    Opinion by

     Date announced in plenary

    ITRE

    31.3.2025

    Rapporteur for the opinion

     Date appointed

    Filip Turek

    25.3.2025

    Simplified procedure – date of decision

    18.3.2025

    Date adopted

    24.4.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    73

    5

    6

    Members present for the final vote

    Wouter Beke, Tom Berendsen, Michael Bloss, Barbara Bonte, Paolo Borchia, Markus Buchheit, Borys Budka, João Cotrim De Figueiredo, Raúl de la Hoz Quintano, Elena Donazzan, Matthias Ecke, Sofie Eriksson, Jan Farský, Niels Fuglsang, Bruno Gonçalves, Nicolás González Casares, Giorgio Gori, Niels Flemming Hansen, Eero Heinäluoma, Ivars Ijabs, Fernand Kartheiser, Seán Kelly, Rudi Kennes, Ondřej Krutílek, Eszter Lakos, Isabella Lövin, Yannis Maniatis, Sara Matthieu, Marina Mesure, Angelika Niebler, Ville Niinistö, Thomas Pellerin-Carlin, Tsvetelina Penkova, Pascale Piera, Jüri Ratas, Aura Salla, Elena Sancho Murillo, Jussi Saramo, Paulius Saudargas, Diego Solier, Marcin Sypniewski, Beata Szydło, Dario Tamburrano, Bruno Tobback, Matej Tonin, Yvan Verougstraete, Mariateresa Vivaldini, Andrea Wechsler, Elena Yoncheva, Auke Zijlstra, Nicola Zingaretti

    Substitutes present for the final vote

    Christophe Bay, Adam Bielan, Marc Botenga, Andi Cristea, Kamila Gasiuk-Pihowicz, Chiara Gemma, Andreas Glück, Michalis Hadjipantela, Martin Hojsík, Radan Kanev, Katri Kulmuni, Sergey Lagodinsky, András László, Marion Maréchal, Virginijus Sinkevičius, Marie-Agnes Strack-Zimmermann, Pierre-Romain Thionnet, Francesco Torselli, Marie Toussaint

    Members under Rule 216(7) present for the final vote

    Magdalena Adamowicz, Marie-Luce Brasier-Clain, Krzysztof Brejza, Jaroslav Bžoch, José Cepeda, Vivien Costanzo, Ton Diepeveen, Siegbert Frank Droese, Anne-Sophie Frigout, Svenja Hahn, Andrzej Halicki, Ilia Lazarov, Jan-Christoph Oetjen, Vlad Vasile-Voiculescu, Axel Voss

     

    FINAL VOTE BY ROLL CALL
    BY THE COMMITTEE ASKED FOR OPINION

    73

    +

    ECR

    Adam Bielan, Elena Donazzan, Chiara Gemma, Fernand Kartheiser, Ondřej Krutílek, Marion Maréchal, Diego Solier, Beata Szydło, Francesco Torselli, Mariateresa Vivaldini

    NI

    Elena Yoncheva

    PPE

    Magdalena Adamowicz, Wouter Beke, Tom Berendsen, Krzysztof Brejza, Raúl de la Hoz Quintano, Jan Farský, Kamila Gasiuk-Pihowicz, Michalis Hadjipantela, Andrzej Halicki, Niels Flemming Hansen, Radan Kanev, Seán Kelly, Eszter Lakos, Ilia Lazarov, Angelika Niebler, Jüri Ratas, Aura Salla, Paulius Saudargas, Matej Tonin, Axel Voss, Andrea Wechsler

    PfE

    Christophe Bay, Paolo Borchia, Marie-Luce Brasier-Clain, Jaroslav Bžoch, Anne-Sophie Frigout, András László, Pascale Piera, Pierre-Romain Thionnet

    Renew

    João Cotrim De Figueiredo, Andreas Glück, Svenja Hahn, Martin Hojsík, Ivars Ijabs, Katri Kulmuni, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Vlad Vasile-Voiculescu, Yvan Verougstraete

    S&D

    José Cepeda, Vivien Costanzo, Andi Cristea, Matthias Ecke, Sofie Eriksson, Niels Fuglsang, Bruno Gonçalves, Nicolás González Casares, Giorgio Gori, Eero Heinäluoma, Yannis Maniatis, Thomas Pellerin-Carlin, Tsvetelina Penkova, Elena Sancho Murillo, Bruno Tobback, Nicola Zingaretti

    Verts/ALE

    Michael Bloss, Sergey Lagodinsky, Isabella Lövin, Sara Matthieu, Ville Niinistö, Virginijus Sinkevičius, Marie Toussaint

     

    5

    –

    The Left

    Marc Botenga, Rudi Kennes, Marina Mesure, Jussi Saramo, Dario Tamburrano

     

    6

    0

    ESN

    Markus Buchheit, Siegbert Frank Droese, Marcin Sypniewski

    PfE

    Barbara Bonte, Ton Diepeveen, Auke Zijlstra

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

    References

    COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)

    Date submitted to Parliament

    27.2.2025

     

     

     

    Committee(s) responsible

    ENVI

     

     

     

    Committees asked for opinions

     Date announced in plenary

    BUDG

    23.4.2025

    INTA

    31.3.2025

    ITRE

    31.3.2025

     

    Rapporteurs

     Date appointed

    Antonio Decaro

    10.3.2025

     

     

     

    Simplified procedure – date of decision

    10.3.2025

    Discussed in committee

    18.3.2025

     

     

     

    Budgetary assessment

     Date of budgetary assessment

    BUDG

    23.4.2025

     

     

     

    Date adopted

    13.5.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    85

    1

    1

    Members present for the final vote

    Bartosz Arłukowicz, Sakis Arnaoutoglou, Anja Arndt, Thomas Bajada, Barbara Bonte, Stine Bosse, Lynn Boylan, Jorge Buxadé Villalba, Pascal Canfin, Laurent Castillo, Christophe Clergeau, Annalisa Corrado, Ivan David, Antonio Decaro, Ondřej Dostál, Viktória Ferenc, Pietro Fiocchi, Emma Fourreau, Anne-Sophie Frigout, Heléne Fritzon, Gerben-Jan Gerbrandy, Hanna Gronkiewicz-Waltz, Esther Herranz García, Martin Hojsík, Pär Holmgren, Romana Jerković, Marc Jongen, Ondřej Knotek, Stefan Köhler, Ewa Kopacz, András Tivadar Kulja, Peter Liese, Javi López, César Luena, Elżbieta Katarzyna Łukacijewska, Ignazio Roberto Marino, Tilly Metz, Dolors Montserrat, Dan-Ştefan Motreanu, Jana Nagyová, Rasmus Nordqvist, Jacek Ozdoba, Jutta Paulus, Michele Picaro, Jessica Polfjärd, Carola Rackete, Massimiliano Salini, Lena Schilling, Christine Schneider, Günther Sidl, Jonas Sjöstedt, Sander Smit, Claudiu-Richard Târziu, Ingeborg Ter Laak, Beatrice Timgren, Dimitris Tsiodras, Alexandr Vondra, Emma Wiesner, Michal Wiezik, Tiemo Wölken, Anna Zalewska

    Substitutes present for the final vote

    Biljana Borzan, Marie-Luce Brasier-Clain, Stefano Cavedagna, Susanna Ceccardi, Sebastian Everding, Michalis Hadjipantela, Paolo Inselvini, Adam Jarubas, Nora Junco García, Karin Karlsbro, Billy Kelleher, Norbert Lins, Letizia Moratti, Maria Ohisalo, Virgil-Daniel Popescu, Manuela Ripa, André Rodrigues, Elena Sancho Murillo, Christine Singer, Liesbet Sommen, Sebastiaan Stöteler, Anna Stürgkh, Bruno Tobback, Raffaele Topo

    Members under Rule 216(7) present for the final vote

    Javier Moreno Sánchez, Séverine Werbrouck

    Date tabled

    14.5.2025

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    85

    +

    ECR

    Stefano Cavedagna, Pietro Fiocchi, Paolo Inselvini, Nora Junco García, Jacek Ozdoba, Michele Picaro, Claudiu-Richard Târziu, Beatrice Timgren, Alexandr Vondra, Anna Zalewska

    ESN

    Anja Arndt, Ivan David, Marc Jongen

    NI

    Ondřej Dostál

    PPE

    Bartosz Arłukowicz, Laurent Castillo, Hanna Gronkiewicz-Waltz, Michalis Hadjipantela, Esther Herranz García, Adam Jarubas, Stefan Köhler, Ewa Kopacz, András Tivadar Kulja, Peter Liese, Norbert Lins, Elżbieta Katarzyna Łukacijewska, Dolors Montserrat, Letizia Moratti, Dan-Ştefan Motreanu, Jessica Polfjärd, Virgil-Daniel Popescu, Manuela Ripa, Massimiliano Salini, Christine Schneider, Sander Smit, Liesbet Sommen, Ingeborg Ter Laak, Dimitris Tsiodras

    PfE

    Barbara Bonte, Marie-Luce Brasier-Clain, Jorge Buxadé Villalba, Viktória Ferenc, Anne-Sophie Frigout, Ondřej Knotek, Jana Nagyová, Sebastiaan Stöteler, Séverine Werbrouck

    Renew

    Stine Bosse, Pascal Canfin, Gerben-Jan Gerbrandy, Martin Hojsík, Karin Karlsbro, Billy Kelleher, Christine Singer, Anna Stürgkh, Emma Wiesner, Michal Wiezik

    S&D

    Sakis Arnaoutoglou, Thomas Bajada, Biljana Borzan, Christophe Clergeau, Annalisa Corrado, Antonio Decaro, Heléne Fritzon, Romana Jerković, Javi López, César Luena, Javier Moreno Sánchez, André Rodrigues, Elena Sancho Murillo, Günther Sidl, Bruno Tobback, Raffaele Topo, Tiemo Wölken

    The Left

    Lynn Boylan, Sebastian Everding, Carola Rackete, Jonas Sjöstedt

    Verts/ALE

    Pär Holmgren, Ignazio Roberto Marino, Tilly Metz, Rasmus Nordqvist, Maria Ohisalo, Jutta Paulus, Lena Schilling

     

    1

    –

    The Left

    Emma Fourreau

     

    1

    0

    PfE

    Susanna Ceccardi

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Pending approval of state aid for the biomass package – E-001850/2025

    Source: European Parliament

    Question for written answer  E-001850/2025
    to the Commission
    Rule 144
    Christine Schneider (PPE)

    Germany’s ‘biomass package’ (Act Amending the Renewable Energy Sources Act for Greater Flexibility and Ongoing Support for Biogas Plants) entered into force on 25 February 2025. Among other things, the act incentivises flexible electricity generation from biomass and fine-tunes requirements for agriculture. These measures can only be implemented once state aid approval is forthcoming from the Commission. The delay in approval is having significant consequences on biomass plant operators’ investment planning and undermining efforts to achieve the EU’s climate targets.

    • 1.At present, how far advanced is the state aid approval procedure for the German biomass package?
    • 2.What is the Commission specifically doing to ensure the approval procedure for the biomass package is completed in time for the new rules to be applied by the forthcoming deadline of 1 October 2025 for applications – applications submitted by the previous deadline of 1 April 2025 had to be processed under the previous legal framework since the state aid law had not yet been approved – and thus eliminate any further investment uncertainty and financial disadvantages that may affect operators in the sector?

    Submitted: 7.5.2025

    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – New European biotech act: Which way forward? – 15-05-2025

    Source: European Parliament

    The new European biotech act, announced in Ursula von der Leyen’s political guidelines for 2025, was not included in the Commission work programme published on 11 February, but has recently been announced for early 2026. Strong uncertainty on the timing and scope of the biotech act have existed since the initial announcement. The Commission ordered a complex study to provide a foundation for the act only in early 2025, and it has become evident that discussions about the scope, key components, and timeline of the new European biotech act were still at an early stage. Expectations about the possibility for the Danish Presidency to initiate the discussions on the biotech act in the second half of 2025 have therefore faded. A key area of debate among stakeholders – from research to manufacturing, but also Member States – is the scope of the act. Concerns have been raised about the possibility that Commissioner Várhelyi and DG SANTE (currently leading on this file) might limit it primarily to healthcare, potentially overlooking the biotech industry’s broader potential in critical sectors including defence, energy, agriculture, and climate change mitigation. The European Parliament has the opportunity to use the time until a draft is presented to be proactive and use its tools to shape the proposal (see below), aiming for a comprehensive approach that encompasses biotech’s full impact across essential sectors. Discussions are currently taking place in the Committee on Public Health (SANT) and the Committee on Industry, Research and Energy (ITRE), to demonstrate that it is about strengthening a competitive comprehensive European biotech sector.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Impact of the delay in State aid approval for Solar Package I on agri-photovoltaics and European competitiveness – E-001269/2025(ASW)

    Source: European Parliament

    In December 2022, the Commission declared an amendment to the German Renewable Energy Act (‘Erneuerbare Energien Gesetz’, EEG 2023) compatible with the internal market in line with the Guidelines on state aid for climate, environmental protection and energy[1].

    One of the criteria for state aid approval is to limit aid to what is necessary to address an identified market failure, and thus to avoid over-compensating aid recipients for their investments. Long-term commitments (with potential aid disbursement of up to 20 years) entail significant uncertainty about market developments and thus the possibility of undue windfall profits. For that reason, Germany committed to introduce a claw-back provision (or similar mechanism) to limit eventual overcompensation, in the context of the Commission decision approving the EEG 2023. This commitment is a condition of the approval.

    The current discussions on the Solar Package I amendments include the outstanding need to incorporate this pre-existing requirement in the scheme. It falls within the responsibility of Member States to notify new aid in line with the applicable legal requirements and to ensure the timeliness and quality of information provided. The Commission is awaiting a proposal from Germany to address the requirement regarding the EEG 2023 approval condition and remains available and committed to rapidly review any such proposal once received.

    • [1] Communication from the Commission — Guidelines on state aid for climate, environmental protection and energy 2022, Official Journal of the European Union, C 80, 18 February 2022.
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI USA: May 15, 2025 SEEC Energy and Commerce Members Slam Republicans’ Attack on American Health and Affordability Washington, D.C. – This week, House Sustainable Energy and Environment Coalition (SEEC) members on the House Energy and Commerce Committee slammed House Republicans’ obscene budget reconciliation plan to gut life-saving pollution reduction programs, raise Americans’ electricity bills, cut off critical… Read More

    Source: United States House of Representatives – Representative Kevin Mullin California (15th District)

    Washington, D.C. – This week, House Sustainable Energy and Environment Coalition (SEEC) members on the House Energy and Commerce Committee slammed House Republicans’ obscene budget reconciliation plan to gut life-saving pollution reduction programs, raise Americans’ electricity bills, cut off critical support for high-tech American manufacturing, and legalize corruption for oil and gas companies. These members included SEEC Co-Chairs Reps. Doris Matsui (CA) and Paul Tonko (NY) and were joined by their fellow SEEC colleagues Reps. Nanette Barragán (CA), Kathy Castor (FL), Yvette Clarke (NY), Debbie Dingell (MI), Jennifer McClellan (VA), Kevin Mullin (CA), Alexandria Ocasio-Cortez (NY), Scott Peters (CA), Kim Schrier (WA), and Darren Soto (FL).

    “Republicans are ramming through a disastrous, ugly budget bill that is going to cause widespread harm to Americans and our environment. Why? So they can give massive tax cuts to billionaires, corporations, and oil companies. Republicans want to strip health care away from over 13.7 million Americans who rely on Medicaid, which will raise prices for the privately insured too,” said Congressman Mullin. “The bill also cuts funding for clean energy innovation while allowing oil and gas companies to buy their way out of having to follow environmental laws. This will stagnate American progress in developing affordable, sustainable solutions to meet our energy needs. This isn’t efficiency, it’s cruelty and Republicans are making it clear that they don’t care about raising costs for working families.”

    “Republicans’ reconciliation bill is a shameless sell-out to corporations at the expense of hard-working Americans’ health and prosperity,” said Congresswoman Matsui. “This bill eliminates and defunds pollution protections and pollution reduction programs that my constituents rely on, illegally and insidiously clawing back funding that is already supporting projects in communities across this country. In my district, La Familia Counseling Center was poised to do transformative work with their Community Change Grant—but Republicans are gutting that progress to pay for tax breaks for their billionaire friends. As if that weren’t enough, Republicans’ bill contains a shocking and outrageous attempt to legalize corruption for oil and gas companies, allowing polluting corporations to simply buy all the permits they need to build a pipeline through American communities, no questions asked. This kind of bribery is how dictatorships operate. This is not how America works. We cannot allow this egregious corruption to become law.”

    “My Republican colleagues claim they are going after the clean energy programs that are, in their words ‘reckless’ and favor ‘wokeness over sensible policy,’” said Congressman Tonko. “Which programs are those? Is it the $12 million in unobligated funds to reduce air pollution in schools? How about DOE money to train contractors to retrofit people’s homes? What about money to upgrade our ports with the latest and greatest technologies? These are just a few examples of commonsense investments that are being targeted today that are creating American jobs and deploying new technologies that will indeed reduce pollution. And when you start to list them out, you can see how ridiculous this proposal is. But why on Earth would Republicans be doing this? Well, we know these funds will be used to partially offset yet another round of tax cuts, the benefits of which will overwhelmingly go to the wealthiest.”

    “Republican cuts to environmental justice grants will directly harm the health of our communities,” said Congresswoman Barragán. “Medicaid helps many access and afford health care in vulnerable communities with clean air and water challenges. Yet, Republicans have proposed the largest Medicaid cut in history. It’s all connected and Republicans want to go backward on the environment and health care access.”

     “You should hold on to your wallets, because House Republicans are coming after your electric bills to pay for a massive tax giveaway to billionaires like Elon Musk,” said Congresswoman Castor. “Because let’s face it, American families are being financially squeezed right now – especially my neighbors in Florida still struggling to rebuild from Hurricanes Helene and Milton. Utility companies in at least 19 states have hiked rates as much as $40 per month since the Trump administration began. Republicans have not brought forth a single bill to lower energy costs for hardworking American families. Instead, what they’re offering today is a handout to big oil companies and polluters and the impact will be to raise your electric bill.”

    “There’s nothing and no one House Republicans won’t betray just to fund obscene tax breaks for their wealthy donors,” said Congresswoman Clarke. “By taking an axe to the critical programs Americans rely on to protect them from the climate crisis, reduce pollution, and keep energy affordable, our colleagues across the aisle have once again proven they are incapable of putting the needs of their communities above the demands of their billionaire puppet masters.”

    “What this bill does is create total chaos for the auto industry in repealing EPA’s emission standards for light and medium-duty vehicles and NHTSA’s corporate average fuel economy standards. What the domestic auto industry needs now more than anything is certainty. My priority is to protect American jobs, maintain our competitive edge in automotive manufacturing, ensure the United States leads in technology and innovation, and that we cede our leadership to nobody,” said Congresswoman Dingell. “Our policies must reflect the priorities on the ground, prioritize consumer choice and offer a practical, ambitious path forward. To remain competitive, the US must align with the global shift towards hybrids, electric vehicles, and down the road, who else knows what other technology. Here’s a fact. The global marketplace wants electric vehicles and I will be damned if I let China beat us in that market.”

    “I know the Trump Administration and some of my colleagues on the other side of the aisle don’t like the word environmental justice, but what environmental justice is designed to do is recognize that there are communities in this country — white, black, low-income, urban and rural — where energy projects were put in place with no input from the community, where the people didn’t have the resources to fight back or even knew what was happening,” said Congresswoman McClellan. “These are the same communities that have some of the poorest health outcomes in the country. We should want to help address centuries of injustice and invest in those communities, but this bill guts those programs altogether – that’s not justice.”

    “In my time here in Congress, I have participated in investigations of large corporations that have poisoned communities across the country. A lot of times, these communities were poisoned due to large corporations that were exploiting corrupt loopholes in the law in order to poison the most vulnerable communities in America,” said Congresswoman Ocasio-Cortez. “And I deeply fear that there is a loophole and similar provision in this bill. This bill allows gas companies to pay $1 million in order for their project to bypass the traditional permitting process. In fact, this bill allows natural gas pipeline projects to pay a fee of $10 million to cut the line and bypass the normal permitting process. Allowing massive corporations to simply cut a check to bypass the very real reasons why permitting exists in the first place, poses a deep and grave danger to people across the country.”

    “Last Congress, my Republican colleagues were insistent that we should have an all-of-the-above energy strategy, one that leveraged our natural resources, unleashed American innovation, and cut through bureaucratic red tape,” said Congressman Peters. “Which is why I am confused that we are considering a reconciliation bill that picks winners and losers, and elevates expensive, outdated, and inefficient sources like coal over cheap American-made energy like solar, wind, and storage. Why does this bill provide government-backed insurance to coal plants, as the President of the United States single-handedly kills hundreds, if not thousands, of clean energy jobs across the country by illegally targeting projects and weaponizing the permitting process?”

    “This bill completely bypasses communities and landowners, and these ‘pay-to-play’ provisions put not just a thumb but an entire arm, maybe a body on the scale favoring oil and gas,” said Congresswoman Schrier. “It’s giant corporations like Shell, BP, Chevron. They’re the ones that have the wherewithal to pay to bypass all permitting requirements. This bill is more of the ‘drill baby drill’ agenda that we hear every week from our Republican colleagues. I’m all for streamlining permitting to address energy demand and infrastructure that has real impacts on our communities. But there’s ways to streamline permitting and get new energy resources online without sidelining solar, wind, nuclear, hydropower, or hydrogen projects. Streamlining permitting is key if we’re going to meet energy demand. Clean power should have the same opportunity as oil and gas and we shouldn’t be disregarding important environmental protections.”

    “This is a bad deal for the South, whether it’s consumers in Florida or whether it’s all these high-paying jobs going to all these Southern states. This is a job killer,” said Congressman Soto. “In addition, adding in defunding of interstate transmission lines. I’ve heard from both sides of the aisle how often this is critical. So why in the world would you defund the interstate transmission lines? That makes no sense. That will raise energy prices. It will prevent efficiencies in the market. And it will prevent different states from specializing in new types of energy, whether it’s modular nuclear or renewable energy that’s being formulated here in Florida.”

    Background

    House Republicans are gutting critical pollution protections and pollution reduction programs, raising American household energy costs, pulling the rug out from under America’s manufacturing sector, and creating a brazen new “pay-to-play” bribery scheme for polluting corporations. Here’s what the bill does:   

    • Repeals and rescinds funding from Environmental Protection Agency programs that protect Americans from pollution and help American households save money on energy costs and medical bills. Some of these programs include:
      • Greenhouse Gas Reduction Fund that is dedicated to lowering energy bills and cutting pollution.
      • Environmental and Climate Justice Block Grants that support disadvantaged communities to reduce pollution and pollution-related health impacts in their communities.
      • Methane Emissions and Waste Reduction Incentive Program to reduce pollution and waste from the oil and gas sector, improving the health and economic well-being of overburdened communities, while also saving energy.
      • Clean Heavy Duty Vehicle Program that helps communities replace old polluting diesel engines and vehicles—some of the dirtiest vehicles on the road—with new, clean vehicles.
      • Clean Ports Program that helps improve air quality around U.S. ports and address the public health and environmental impacts to surrounding communities.
    • Repeals life-saving Clean Air Act standards for vehicle pollution and fuel efficiency that help Americans save money at the pump and improve health outcomes in our communities.
    • Eliminates funding for the Department of Energy Loan Programs and the Advanced Industrial Facilities Deployment Program that help commercialize next-generation American-made technology, bringing manufacturing back to America and creating good-paying jobs, while also developing cutting-edge technologies that save Americans money and reduce pollution in American communities.
    • Creates a pay-to-play bribery scheme for polluters that allows oil and gas companies to pay a fee and bypass standard permitting, environmental reviews, and judicial review processes. Whether it’s a natural gas pipeline or a natural gas export terminal, companies can simply buy all the permits they need to build their pipeline through your community. This is blatant and unconscionable corruption.

    Republicans had multiple opportunities to improve the bill and ensure that Americans’ pocketbooks, health, and livelihoods are protected, but Republicans repeatedly rejected Democratic amendments, including Democratic-led efforts to: 

    • Ensure that this bill does not raise energy costs for American households. Representative Castor’s amendment would have required the U.S. Energy Information Administration to publish the impacts of the Energy Subtitle of the bill on monthly energy costs for American households.
    • Protect the health and safety of our families and communities. Representative Dingell’s amendment would have prevented the repeal of the Greenhouse Gas Reduction Fund.
    • Hold polluters accountable and prevent the legalization of corruption under this bill. Representative Ocasio-Cortez’s amendment would have required the Inspector General of the Department of Energy to certify that this bill will not increase risks of corruption or ‘pay-to-play’ politics.
    • Protect American energy independence and deliver cheap energy to Americans. Representative Auchincloss’ amendment would have prevented the energy provisions from going into effect until the Secretary of Energy certifies that tariffs on energy imports are no greater than they were on January 19, 2025.

    ###

    MIL OSI USA News –

  • MIL-OSI: Psychic Reading Online [2025] Best Psychics Online for Accurate Readings by Chat or Phone!

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, NV, May 15, 2025 (GLOBE NEWSWIRE) —

    People use online psychic reading services to gain clarity, direction, and peace of mind. Whether you’re facing relationship challenges, career decisions, or spiritual questions, the best online psychics are available 24/7 to guide you. 

    Find clarity and direction through psychic reading online provided by the most trusted psychics with years of experience and top ratings.

    ⇒ Looking for clarity? Start Your Reading With a Top-Rated Psychic Reader!

    With the rise of psychic reading online, users can now access psychics online through psychic chat or psychic phone readings, all from the comfort of home. In this comprehensive report, the psychic experts will explore how to find real psychics, what to expect from your reading, and how to choose the best psychic reader for your needs.

    The Psychic Experts has unveiled its latest list of the best online psychic reading services in 2025, offering accurate readings, trusted advisors, free trial readings, and more. The Psychic Experts is a platform that features reviews, expert ratings, and curated insights to help its users worldwide connect with the best psychics online. 

    ⇒ Feeling Stuck? Get an Accurate Psychic Reading From Trusted Experts!

    Finding the best psychic reading online experience involves knowing what you need, researching options, and trusting your intuition. Whether you prefer psychic chat or psychic phone readings, there are countless real psychics ready to help you gain insight and empowerment.

    Explore trusted platforms, look for top-rated psychic readers, and embrace the journey with an open heart. The world of psychic readings offers more than predictions, it offers healing, clarity, and meaningful guidance.

    ⇒ Looking for answers? Get Powerful Readings on Love, Money & Life Purpose!

    Benefits of Online Psychic Readings in 2025

    Digital platforms are evolving every day, which is why the best online psychic readings in 2025 are much more convenient and personalized. This thing wasn’t possible in previous years. 

    These benefits that come with online psychic sessions have now become the preferred method for many people who want to seek spiritual clarity and emotional healing.

    1. Convenience & Privacy

    Online psychics are different from in-person psychics because they allow individuals to receive guidance from the comfort of their homes. 

    So, whether you are opting for live chat, phone, or video calls, the flexibility is perfect to both new and experienced clients. These online psychic reading sessions are discreet, private, and completely under the control of the users of the psychic experts.

    Get psychic reading online from trusted, verified experts by chat or phone and gain peace of mind today.

    ⇒ Talk to a Real Psychic Reader and Find the Truth Today!

    2. Wider Range of Specialties

    The best online psychics at Psychic Experts specialize in multiple forms of reading. These readings make use of tarot, astrology, mediumship, clairvoyance, energy healing, and so much more beyond normal human comprehension, but capable of delivering and revealing answers. 

    This range of so many online psychic services allows users to choose the best type of psychic reading, which they can do so by feeling what they are most connected to, rather than settling for what’s easily available.

    3. User-Centric Experience

    Online platform, the psychic experts have been heavily reviewed and praised for offering tailored psychic reading matches based on client preferences. 

    There is everything for the spiritual seeker, from intuitive interfaces to filtered search options (topic, reading method, price range, etc.). This is why these services can enhance user satisfaction.

    Get trusted psychic readings online from the best psychics and receive accurate answers about love, career, and your future today.

    ⇒ Connect With a Gifted Psychic Reader and Get Real Answers!

    Why Online Psychic Readings Are More Popular Than Ever

    The search for inner guidance grows among people who feel like their life is often clouded and confusing. Psychic readings, especially the online services, have evolved as a useful tool for people from all walks of life so that they can easily gain insight and clarity in their life and otherworldly affairs. What was once considered a niche among only a special group of people is now a global industry, which is easily accessible from your smartphone.

    ⇒ Chat Live With Accurate and Trusted Psychic Readers!

    So, whether you seek psychic readings and spiritual guidance to make business decisions or navigate a love life, online psychics are now readily available to offer real-time advice and personalized spiritual direction. These online psychics are perfect for a generation that wants answers immediately and at the tap of a mobile phone screen. 

    Explore psychic reading online with the best psychics online available 24/7 for chat or phone sessions tailored to your life questions.

    ⇒ Get clarity on your next move with a trusted psychic reading!

    What Sets Online Psychic Readings At The-Psychic-Experts.com Apart in 2025?

    Today’s best online psychic readings are very much unlike the old ones that used crystal balls and fortune cookies. 

    Now, these modern psychic readers are grounded in authenticity, ethics, and skill. The most reliable psychic platforms, such as the psychic experts, have systems in place that make sure that their advisors are vetted, experienced, and intuitive.

    This is why key features of the psychic experts, a top-tier online psychic platform, are:

    • User reviews & ratings
    • Multiple psychic reading styles 
    • Confidential sessions
    • 24/7 access to psychics online
    • Affordable packages & satisfaction guarantees

    ⇒ Discover Powerful Insights With the Best Online Psychics!

    Why Choose Psychic Reading Online?

    The convenience and accessibility of psychic reading online have made it increasingly popular. Here are a few key benefits:

    • 24/7 availability: You can connect with psychics online anytime.
    • Anonymity: No face-to-face interaction means greater comfort for many users.
    • Wide selection: Find the best online psychics by browsing reviews and ratings.
    • Flexible formats: Choose between psychic chat or psychic phone readings, depending on your comfort level.

    Connect instantly for a psychic reading online with the best psychics online offering honest, accurate, and compassionate guidance.

    ⇒ Get clear, compassionate guidance from real psychic readers!

    How do The Psychic Experts Find the Best Psychics Online?

    To ensure you’re connecting with real psychics who deliver accurate psychic readings, keep these tips in mind:

    1. Read Reviews: Sites often feature feedback from past users. Look for consistent praise.

    2. Check Credentials: Some psychics online list their experience, specializations, or even certifications.

    3. Free Minutes: Many platforms offer free trial minutes to test compatibility.

    4. Specialties: Match your needs (e.g., love, career, spiritual) with a psychic reader’s expertise.

    5. Clarity in Communication: The best psychic readings are clear, direct, and free of vague statements.

    Access real-time psychic reading online with the best psychics online specializing in love, relationships, and personal growth.

    ⇒ Get Peace of Mind With a Psychic Reading From Experts!

    Types of Online Psychic Readings to Explore

    There are many types of online psychic readings that you can explore using the-psychic-experts.com:

    Tarot Card Readings

    Tarot card readings are some of the most popular forms of psychic readings available online. By just using a deck of cards, psychic readers can interpret your past, present, and future, as well as guide you through life’s matters related to happiness, success, love, death, etc. 

    Whether you’re curious about love, facing uncertainty in your career, or struggling with personal growth, online psychics who are skilled in tarot can help you. The best psychics online that offer tarot card readings personalize each reading to your situation, thus offering clarity and direction. 

    If you’re looking for the best online psychic readings in 2025, the psychic experts have tarot card readers, giving you a fantastic place to start. Many of these best psychic reading platforms also include top-rated psychics online who specialize in their field, that is, insightful tarot card sessions.

    ⇒ Ask about love, career, or your purpose—Start Chatting with the Best Psychics!

    Astrology Readings

    Astrology readings are also available online at the psychic experts. From the best psychics online come these psychic readings that explore your birth chart to reveal personality traits, life challenges, and any major events timings. 

    These psychic readings also use planetary placements to offer a peek into your destiny and decisions. 

    Many online psychics are expert astrologers who offer one-on-one sessions or online chats and call sessions tailored to your unique chart. So, if you’re looking for the best online psychic readings on the-psychic-experts.com as a beginner, astrology is your go-to. Top psychic readers on this platform will use your zodiac profile to give accurate forecasts, thus making it an experience for anyone seeking the best psychic reading experience online.

    Clairvoyant Readings

    Clairvoyant readings are a perfect psychic reading area for users on the-psychic-experts.com if you want intuitive insights based on visions or symbolic images received by the readers. 

    Many of the best psychics online offer genuine and 100% authentic clairvoyant sessions that explore your energy field and uncover truths about your path, your relationships, or your career. 

    Online psychics who possess clairvoyant abilities can also deliver messages straight into your soul. 

    Experience a psychic reading online from the best psychics online and get real answers about love, money, and your future today.

    ⇒ Connect With the Best Psychics and Get Real Answers Now!

    Mediumship

    Mediumship readings are another type of psychic readings that connect you with spirits of loved ones who have passed away. 

    These are deeply personal sessions and are best handled by experienced psychic readers. The best psychics online trained to channel energies will offer compassionate and validating messages from the other side, thus giving comfort and support to those grieving. 

    Psychic readings involving mediumship are such a powerful and emotionally healing session that if you’re searching for the best online psychics for spiritual connections, look for these sessions. The psychic experts have many mediumship experts who have verified experience, and create an online sacred space where messages from beyond can come through.

    ⇒ Trusted, top-rated psychic readers are ready to guide you!

    Energy Healing & Aura Readings

    Energy healing and aura readings are a psychic reading that focuses on clearing emotional blockages and rebalancing your energy. 

    The best psychics available at the psychic experts online use tools like chakra scans, Reiki, and aura photography to assess your energy, and these psychic readings can also help you with stress relief, clarity, and spiritual well-being. 

    So, if you’re ever feeling stuck or drained, online psychics who specialize in energy healing and aura readings can help you restore your balance. They will delicately combine intuitive healing with psychic insight. And this makes them some of the best online psychic readers. 

    ⇒ Reveal the Truth Behind Your Biggest Questions Now!

    How Psychic Reading Connects You to Your Inner Guide

    This world is filled with logic and data, but sometimes, there is room for the unknown. Many people still find themselves turning towards something more instinctive, especially when making big decisions. Whether it’s choosing a career, ending a relationship, or picking a home, they have had that feeling that says: this is the right move, or, no, that’s not what you are supposed to do. This is the same inner voice that is called intuition, and it plays a major role in both psychic readings as well as fortune telling.

    But where does this intuitive information come from? 

    How can psychic advisors listen to it effortlessly?

    ⇒ Discover your path with a powerful psychic reading online!

    Let’s break it down for you.

    The Sixth Sense You Already Have

    Every human being has a built-in sixth sense. It is like a guidance system. It’s not visible like your five physical senses, but it works the same way, in fact in more powerful ways. Your intuition is sometimes called your “sixth sense”, and it is the bridge between your conscious mind and the deeper soul, which is also known as the higher self.

    A live psychic reader will not conjure predictions out of thin air. 

    Instead, they will listen to their heightened intuitive abilities, for example during clairvoyance (clear seeing), clairsentience (clear feeling), or clairaudience (clear hearing). This intuition aligns with their natural senses, and thus allow them to perceive messages and patterns that may otherwise go unnoticed by normal humans.

    At its core, psychic reading is tuning in to these signals. The intuition that comes both from the self as well as from the universe. 

    A seasoned online psychic reader will know exactly how to interpret this information, no matter if it arrives in the form of a tarot card, a vision, or a deep knowing.

    ⇒ Start Your Psychic Reading Online With Top-Rated Advisors!

    What to Look For When Finding the Best Online Psychic Readings

    The world of psychic readings faces a saturated online space. But the psychic experts make it very easy to separate hyped up psychic readers from genuine ones. If you’re seeking the best online psychic readings, here’s what you must look out for:

    • Experience and credibility 
    • Clear communication 
    • Precise prediction
    • Platform trustworthiness 
    • A free option and demo session. 

    Whether you’re brand new to the world of psychic readings or a seasoned user of the psychic experts, don’t be afraid to explore the different psychic readers until you find the one, or someone who resonates with you. Energy compatibility is all that matters in this regard.

    Looking for clarity? Get a powerful psychic reading online now with the best psychics online—trusted by thousands.

    ⇒  Get Real Love and Life Advice From the Best Psychics!

    Is Online Psychic Reading Legit?

    Yes, it is.

    Skeptical? Well, you’re not alone. 

    In fact, many first-time clients of the psychic experts were once skeptical. They come into a session with doubt, but after that, leave with surprised expressions because of how accurate and affirming their experience was.

    Here’s what they told us about how their psychic reading felt like the real deal;

    • They felt emotionally lighter
    • They felt more grounded 
    • They received specific insights that spoke directly to them
    • The reader who was offering online psychic readings didn’t pressure them to come back or to pay for the session
    • They walked away with clarity
    • They later found the predictions to be true
    • They felt validated.

    However, it is very crucial to understand that not every session will be life-changing, and that’s okay. Sometimes, psychic readings are breakthroughs in life, but they come in small and quiet moments. So, whenever you find the best psychic, please know that the truth will be felt in your body long before your mind catches up.

    ⇒ Ask a Psychic Reader Anything – Get Honest Answers Now!

    Psychic Readings vs. Fortune Telling: What’s The Difference

    While the two terms are often used interchangeably, they’re not the same. 

    Fortune telling is all about future predictions and plays by the rules of fate. Psychic readings, on the other hand, focus on present energies, as well as the free will of the person.

    The best psychics online will never tell you what will happen; they will help you understand what could happen, and all of this is based on your current energy. 

    This is why psychic readings are far more accurate, interactive, and empowering as compared to fortune-telling sessions.

    ⇒ Receive Powerful Clarity With a Live Psychic Reading!

    Reclaiming Your Inner Wisdom Through Psychic Guidance

    Many people don’t realize that the whole point of a psychic reading isn’t to hear someone else’s truth. It is to hear your truth and to reconnect with yourself.

    With support from the best psychics online, such as those that are available at Psychic-Experts.com, you can learn how to trust your nudges. These psychics are not here to make money from your concerns or life problems, instead, they will help you align your choices and approach life with greater freedom. 

    So, whether you’re experiencing a spiritual intuition or are simply curious about what the psychic experts can offer beneath your surface thoughts, book a session with one of the online psychics. They are here to guide – not make money – from your path.

    ⇒ Find Love, Success, and Peace With Real Psychic Guidance!

    Psychic Reading in Everyday Life

    Psychic reading is everywhere in your life. However, the best online psychic readers just know how to channel your energy and seek answers that you cannot do so yourselves.

    While some consult the best online psychic readings for life decisions, others follow their own intuitive guidance, or book mini sessions or free sessions to receive clarity about small matters in life, such as;

    • Whether or not to accept a last-minute job 
    • Why does your child seem unusually withdrawn 
    • What birthday gift would your partner genuinely love
    • Why do you keep waking up at the same time every night

    What starts as a simple question can sometimes lead to a chain of revelations.

    ⇒ Connect to a Real Psychic Now for Life-Changing Insights!

    Trusting Yourself Is the First and Foremost Step In Psychic Reading

    The first rule of psychic reading? Be confident about your questions and receptive to the answers.

    You don’t need to be a professional to start listening to your intuitive voice. 

    But sometimes, doubts can cause your confidence to fade away.

    That’s where a professional online psychic reader can be most helpful. They will not overshadow or cloud your instincts, but validate and strengthen them.

    If you are curious about channeling your own energy and spiritual guidance, try the following;

    • Ask your intuition a yes/no question.
    • Quiet your mind
    • Notice the first feeling, image, or word that comes up.
    • Don’t second-guess it – just write it down.
    • Now, check in a few days to see how accurate that nudge was.

    ⇒  Get Powerful Answers on Love, Money, Destiny, and More!

    Psychic Readers: Myths, Or Just Good Listeners?

    It is very easy to claim that online psychics are mystical figures sitting behind their laptops in dramatic robes with crystal balls in front of them. But the modern psychic readers look like you and me. A normal human with a normal job. Their reality is far more grounded than you imagined. Most of them are spiritual advisors, empathetic listeners, and they are extremely skilled interpreters of human energy.

    ⇒ Make Better Life Decisions With a Psychic Reading Online!

    Their job is to make your decisions easier for you. They will offer clarity where confusion exists. And the best part is that the best readers for psychic reading online do this with kindness, integrity, and honesty.

    At the psychic experts, there are thousands of vetted professionals who offer decades of experience in psychic reading to each session. They accommodate those who are new to online fortune telling and have all the answers for seasoned spiritual seekers. No matter which group you lie in, you’re likely to find the best psychic reading professional who will have all the answers to your questions.

    ⇒ Discover Life-Changing Answers From the Best Psychics!

    What to Expect in Your First Online Psychic Reading Session

    Many people are curious about trying their first online psychic reading session, but they are either scared, skeptical, or nervous. Here are a few things that they must keep in mind during their first online psychic reading session;

    • Be open, but discerning
    • Prepare questions in advance
    • Pay attention to how they feel during and after the reading
    • Take notes. Write them down or record them (but with the psychic’s permission).

    Start with a free psychic reading online to learn the basics of the experience. And then you can explore deeper options later, and pay in full, if the reader resonates with your energy.

    ⇒ Start a psychic reading and discover what’s truly meant for you!

    How to Find an Accurate Psychic Reader Online

    Finding the most accurate online psychic reader isn’t about predictions. It is all about trust, resonance, and compassion. 

    At the-psychic-experts.com, look for psychic readers who are;

    • Transparent about their methods
    • Willing to answer your questions
    • Focused on empowering you
    • Positively reviewed by other clients

    The goal of any good psychic reader is to bring clarity and calm to your life and eradicate any confusion or fear. So the next time you connect with an online psychic, and if the vibe feels off, step away from the situation.

    ⇒ Find your true direction with help from top online psychics!

    Tools, Types, and What to Expect from the Best Online Psychic Readers

    This digital age has made it very easy for people with questions, as answers are just a click away. Online psychic readings have become one of the most accessible spiritual tools, especially for people who want a deeper clarity in their lives. 

    With the newly enhanced 2025 platform at the psychic experts, users are now able to easily connect with the best and accurate online psychic readers anytime, anywhere in the world.

    Free Psychic Reader Online: What’s the Catch?

    People who are skeptical about psychic readers are even more skeptical when they realize that the first session is most often free of cost, with no credit card requirement.

    However, it is not difficult to understand that with the psychic expert’s new design, it’s now easier than ever to try a free psychic reader online before committing to a full session. 

    ⇒ Find clarity on love, money, and your life path today!

    Many psychics are willing to offer first-time deals. They would either offer a few trial minutes or live chat previews so that users can get an understanding of what an online psychic reading session would look like.

    While these free sessions and quick reads won’t be as comprehensive and sound as a full session, they’re still perfect for getting answers to any small or everyday questions that you have, such as;

    • Should I text that girl I met on the metro?
    • Is this a good time to switch jobs?
    • What’s blocking me from being successful right now?

    These free trials are the perfect way to get a brief understanding of what an online psychic reading session can offer, and they also help users find an accurate psychic reader online.

    ⇒ Discover what’s blocking your path—get a psychic reading now!

    The Role of Intuition in Psychic Readings

    Intuition has a major role in psychic readings.

    Since we have already mentioned this before, psychic readings don’t pull answers out of thin air. Psychics are not magicians, nor are they impersonators. They connect to something already within and around you to give you answers to your questions.

    When you speak to a live online psychic reader, they will connect their energy with your energy field, often with the help of their spirit guides or clairvoyant abilities. 

    But the information they will reveal will already be tied to your higher self.

    This brings us to the power of intuition. Your intuition is the most powerful tool you have. A gifted online psychic will help you interpret that inner voice because it is most often muffled by fear, doubt, or overthinking. 

    So the next time you’re consulting with an online psychic reader, think of it as a dialogue, not a monologue. The session is a combined effort of you and the psychic reader. 

    ⇒ Get answers in minutes—chat with real psychics!

    Online Psychic Reading Isn’t About Changing Your Life – It’s About Understanding It

    The true value of online psychic reading is not just about predictions. Rather, it is about understanding the power of your current path, energies, and mindset. An online psychic reading session on the psychic expert’s platform can offer incredible insights into what’s driving your relationships, fears, or blockages. This is why the 2025 platform update from the psychic experts has made it easy to connect with reliable and accurate online psychic readers that make this spiritual connection more seamless than ever before.

    FAQs 

    Can I trust an online psychic reading?

    Absolutely. If you’re on a trusted platform such as the psychic experts, know that all the readers are verified, reviewed, and ranked based on accuracy and client feedback.

    How should I prepare for a reading?

    People who want to take an online psychic reading session must come with an open mindset and clear questions. Avoid multitasking, because that will disturb your energy channels.

    What if the reading doesn’t make sense right away?

    It happens. A psychic reading might not make sense right away. This is because some messages are obscured and only meant for the future you. But jot everything down, you will be surprised by how much becomes clear in hindsight.

    What is the best way to get a psychic reading online?

    The best way to get a psychic reading online is through trusted platforms offering psychic chat or psychic phone readings with verified and reviewed psychic readers.

    Are psychic phone readings as accurate as in-person sessions?

    Yes, many real psychics deliver accurate psychic readings over the phone because intuitive energy isn’t limited by physical distance.

    How can I tell if a psychic reader is real?

    Look for real psychics with strong reviews, verified credentials, and clear, honest communication. Avoid vague or overly dramatic claims.

    What’s better: psychic chat or psychic phone readings?

    It depends on your comfort level. Psychic chat offers anonymity and convenience, while psychic phone readings provide a more personal connection.

    Who are the best psychics online?

    The best online psychics often come from top-rated platforms, which are displayed on the-psychic-experts.com platform

    What should I ask during a psychic reading?

    You can ask about love, career, family, spirituality, or future events. The psychic reader will guide the conversation based on your needs.

    How long does a psychic reading usually last?

    A psychic reading can last from 10 to 60 minutes, depending on the platform, your budget, and how deep you want to go.

    Can a psychic chat reading be accurate?

    Absolutely. Many users report very accurate psychic readings through psychic chat, especially when the reader is highly rated.

    What’s the difference between tarot and psychic readings?

    Psychic readings may use intuition alone or tools like tarot. Tarot focuses on symbolic cards, while psychics may tap into broader energies.

    Are psychic readings confidential?

    Yes, trusted platforms ensure all psychic readings via chat or phone are completely confidential and secure.

    Can I get a love psychic reading online?

    Yes, many psychics online specialize in love and relationships and provide tailored guidance through psychic chat or phone sessions.

    How do I find the most accurate psychic readings?

    Look for platforms that highlight customer feedback, offer trial minutes, and feature experienced psychic readers known for their accuracy.

    Media Contact
    Company: The Psychic Experts
    Contact Person: Anthony C. Bedoya
    Email: support@the-psychic-experts.com
    Address: 1 Fremont St, Las Vegas, NV 89101, USA
    URL: https://the-psychic-experts.com/
    Phone: +1 414-203-2598

    Content Accuracy Disclaimer
    Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.
    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
    Affiliate Disclosure
    This article may contain affiliate links. If you purchase a product or service through these links, the publisher may earn a commission at no additional cost to you. These commissions help support the creation of in-depth reviews and educational wellness content.
    The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.
    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
    No warranties, either expressed or implied, are made about the completeness, accuracy, reliability, or suitability of the content provided. The publisher and all affiliated parties expressly disclaim any and all liability arising directly or indirectly from the use of any information contained herein.
    Product and Trademark Rights
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  • India, EU launch joint research projects on marine pollution and green hydrogen

    Source: Government of India

    Source: Government of India (4)

    India and the European Union have jointly launched two major research initiatives under the India-EU Trade and Technology Council (TTC), aiming to develop innovative solutions in the areas of marine pollution and green hydrogen production from waste. The projects, backed by a combined investment of ₹391 crore (approximately €41 million), mark a significant step in strengthening bilateral cooperation in science and technology.
     
    The TTC, established in 2022 by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, serves as a platform to deepen strategic collaboration in trade and technology between India and the EU.
     
    The first initiative focuses on tackling the pressing issue of marine plastic litter and other pollutants. Co-funded by the European Union and India’s Ministry of Earth Sciences, this project aims to develop advanced tools to monitor, assess, and reduce the harmful impact of pollutants such as microplastics, heavy metals, and organic compounds on marine ecosystems. The research is expected to contribute to global commitments like the UN Decade of Ocean Science for Sustainable Development and support national policies, including India’s National Marine Litter Policy and the EU’s Zero Pollution Action Plan.
     
    Speaking on the occasion, Principal Scientific Adviser to the Government of India, Professor Ajay Kumar Sood, said that collaborative research plays a pivotal role in addressing shared environmental challenges. EU Ambassador to India, Hervé Delphin, underscored that joint efforts to address marine pollution and sustainable energy underscore the growing momentum in the EU-India partnership.
     
    Secretary of the Ministry of Earth Sciences, Dr. M. Ravichandran, remarked that marine pollution is a global concern that demands collaborative solutions, adding that this initiative will help in developing effective strategies to protect marine biodiversity.
     
    The second initiative targets the development of sustainable hydrogen production technologies by converting biogenic waste into green hydrogen. Supported by the EU and India’s Ministry of New and Renewable Energy, the project is in alignment with the EU’s Hydrogen Strategy and India’s National Green Hydrogen Mission. The focus is on creating cost-effective and environmentally sustainable methods to produce hydrogen using agricultural, municipal, and industrial waste.
     
    Dr. Parvinder Maini, Scientific Secretary at the Office of the Principal Scientific Adviser, described the partnership as a testament to the two sides’ commitment to sustainable development. Secretary of the Ministry of New and Renewable Energy, Santosh Kumar Sarangi, noted that advancing waste-to-hydrogen technologies is key to meeting India’s clean energy goals.
     
    Marc Lemaître, Director-General for Research and Innovation at the European Commission, highlighted the scale of investment and cooperation, calling it a clear demonstration of India and the EU’s joint commitment to a cleaner, more sustainable future.
     
    The calls for proposals under both initiatives have been officially opened this month, inviting Indian and European researchers to collaborate and contribute to the development of transformative technologies for environmental protection and renewable energy.

  • MIL-OSI NGOs: Greenpeace organizations challenge perverse damages in Energy Transfer lawsuit

    Source: Greenpeace Statement –

    Deepa Padmanabha, Greenpeace USA Sr. Legal Advisor, center, surrounded by Greenpeace legal team, staff and supporters talks to the media outside the Morton County Memorial Courthouse in Mandan, North Dakota shortly after the jury in the case rendered their verdict. © Stephanie Keith / Greenpeace

    MANDAN, ND (May 15, 2025) — In the first hearing since the trial concluded in Energy Transfer’s bullying lawsuit against Greenpeace Inc., Greenpeace Fund, and Greenpeace International, the defendants argued to reduce the more than $660 million damages awarded to Energy Transfer. Arguments included the fact that damages awarded exceed what is allowed by the law and bear no reasonable relationship to Energy Transfer’s alleged damages.

    Deepa Padmanabha, Senior Legal Advisor, Greenpeace USA, said: “Our fight is far from over. Today’s hearing was another step in this important legal battle to protect the rights to protest and free speech, especially as we are witnessing unprecedented attacks on these rights. As we await the Court’s decision on our motion to reduce the damages award, we will continue to fight back against all attempts to silence and intimidate those speaking truth to power.” 

    Kristin Casper, General Counsel, Greenpeace International, said: “While the Court reserved its ruling on today’s motions and did not enter a final judgment, we presented compelling arguments to reduce the perverse damages the jury awarded. Regardless of the outcome, Greenpeace International is committed to exhausting all legal avenues to challenge and overturn any outcome that violates our rights.”

    The next hearing on May 27, 2025 will address renewed requests by Greenpeace defendants for the Court to rule in their favor — despite the jury reaching a different conclusion — because the evidence presented at trial was legally insufficient to rule in Energy Transfer’s favor. Other post-trial matters could also be raised and argued at the upcoming hearing.

    Contact: Madison Carter, Greenpeace USA Senior Communications Specialist, [email protected]

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI: Marksmen Energy Inc. Provides Update on the Filing of its 2024 Annual Financial Statements

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, ALBERTA, May 15, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company“) announces that, further to its news release dated May 1, 2025, the Alberta Securities Commission, as principal regulator of the Company, has issued a management cease trade order (“MCTO“) to Marksmen pursuant to its application under National Policy 12-203 Management Cease Trade Orders (“NP 12-203“) in respect of the default regarding the delay of the filing of its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer (“CEO“) and chief financial officer (“CFO“) certifications for the financial year ended December 31, 2024 (collectively, the “Annual Filings“).

    Marksmen continues to work closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025. The Company confirms that since its news release dated May 1, 2025, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

    The MCTO prohibits the CEO and the CFO from trading in securities of Marksmen for two full business days after the Annual Filings have been filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company’s securities.

    Until the Annual Filings have been filed, the Company confirms that it intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 for so long as it remains in default as a result of the late filing of the Annual Filings by issuing biweekly default status reports in the form of further news releases.

    For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.

    Forward Looking Information and Risk Factors

    This news release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities legislation, including statements identified by the use of words such as “will”, “expects”, “positions”, “believe”, “potential” and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

    Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings.

    By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated, the risk that the Company’s MCTO is revoked for any reason, in which case there is a risk that trading in the Company’s securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions until such time as the Annual Filings are filed on SEDAR+.

    Additional information regarding risks and uncertainties of the Company’s business are contained under the headings “Financial Risk Management” and “Going Concern” in the Company’s Management’s Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company’s other public filings which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

    The MIL Network –

  • MIL-OSI United Kingdom: UK advocates clean energy development in Honduras

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK advocates clean energy development in Honduras

    An official from the UK’s Department of Energy Security and Net Zero (DESNZ) engaged with stakeholders in Honduras to advance energy transition.

    Mitchell Lloyd, Senior Policy Advisor on International Energy Transition at DENZ visited Honduras 15-16 May.  He met with the Secretary of Energy, other government departments, private sector and international financing institutions developing clean energy initiatives in Honduras.

    The discussions included a series of topics ranging from the need to galvanize global and local leadership and foster international cooperation on a clean energy transition, to unlocking clean growth, job opportunities and build robust clean energy supply chains.

    Honduras aims to achieve an 80% share of renewables in power generation by 2038. The country has high-quality solar potential for electricity production, and hydropower has historically been a significant contributor.

    The visit supports the UK’s government mission to become a clean energy superpower, protecting households from unstable fossil fuel markets, including coal, while at the same time unlocking job opportunities at home and abroad for the clean energy sector.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: ConnectM Completes Acquisition of Cambridge Energy Resources, Strengthening Foothold in India

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., May 15, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (OTC: CNTM) (“ConnectM” or the “Company”), a high-growth technology company on the leading edge of the energy economy, today announced it has secured regulatory approval and completed the acquisition of Cambridge Energy Resources Ltd. (CER), an India-based Energy-Management-as-a-Service (EMaaS) provider.

    The acquisition provides ConnectM with a strategic beachhead in India’s booming distributed energy and telecommunications sectors, solidifying the Company’s expansion into one of the world’s fastest-growing clean energy and digital infrastructure markets. ConnectM beat out four other bidders in a competitive process to acquire CER in 2021 for INR 120 million ($1.4M) which has fair value assessment at INR 240 million ($2.8M). Since winning the bid in 2021, it took an additional three years to obtain the necessary regulatory approvals.

    CER’s offerings span rooftop solar installations and energy management solutions for telecommunications infrastructure, supporting India’s 5G network deployment through clean energy initiatives. With this acquisition, ConnectM gains an established operating presence in India and the ability to immediately participate in two sectors central to India’s sustainability and digital growth. The Company will leverage CER’s local expertise to deploy its proprietary Home and Building Electrification (HBE) platform and Energy Intelligence Network (EIN) across new projects in the region. ConnectM’s full-stack, digital-first approach—proven in its U.S. operations—combined with CER’s on-ground capabilities is expected to drive growth in both distributed energy and telecom energy management solutions.

    “This is a pivotal step in our international Home and Building Electrification (HBE) expansion,” said Bhaskar Panigrahi, Chairman and CEO of ConnectM. “By adding Cambridge Energy Resources to the ConnectM family, we secure a foothold in one of the world’s largest and highest-growth energy and telecommunications markets. We are now positioned to accelerate the deployment of our integrated electrification platform across India, furthering our mission to drive sustainable energy transformation on a global scale.”

    The transaction carries significant strategic value for ConnectM and its stockholders. Our India business is growing organically at more than 100% per year. With this CER acquisition, we expect our business from India to grow to 15% of our global revenue in next twelve months ($10M annualized) from 5% it is currently now. CER not only provides an operational base in India but also broadens ConnectM’s service offerings into two high-growth domains that align with India’s ambitious development goals. India has set a target of reaching 500 GW of non-fossil fuel power capacity by 2030, supported by an estimated $384.5 billion in power sector investments, alongside a nationwide 5G rollout. These initiatives are driving robust demand for distributed renewable energy solutions and energy-efficient telecom infrastructure—areas where ConnectM, through CER, is now well positioned to deliver innovative solutions.

    This acquisition follows ConnectM’s March 26, 2025, announcement of its first HBE project in India and is a key part of the Company’s broader strategic expansion into India and international markets. ConnectM plans to continue pursuing opportunities that strengthen its presence in high-growth regions as it scales its HBE platform globally.

    About ConnectM Technology Solutions, Inc.:

    ConnectM is a constellation of companies powering the next generation of electrified equipment, mobility, and distributed energy—thus enabling a faster, smarter transition to a modern energy economy. The Company provides residential and light commercial service providers and original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, and behavioral economics, ConnectM aims to lower energy costs and reduce carbon emissions globally.

    For more information, please visit: https://www.connectm.com/

    About Cambridge Energy Resources Ltd.:

    Cambridge Energy Resources Ltd. (CER) is a privately held Energy-Management-as-a-Service provider based in India. Headquartered in New Delhi, CER delivers integrated clean energy solutions for enterprises and telecom operators, including the development and management of distributed solar projects and the deployment of energy-efficient power systems for 5G telecommunications infrastructure. By offering these services on an outcome-based model, CER helps clients reduce energy costs and carbon footprint while enhancing power reliability across their operations.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:

    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

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