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Category: Energy

  • MIL-Evening Report: Hotter and deeper: how NZ’s plan to drill for ‘supercritical’ geothermal energy holds promise and risk

    Source: The Conversation (Au and NZ) – By David Dempsey, Associate Professor in Natural Resources Engineering, University of Canterbury

    Shutterstock/donvictorio

    New Zealand’s North Island features a number of geothermal systems, several of which are used to generate some 1,000 MegaWatts of electricity. But deeper down there may be even more potential.

    The government is now investing NZ$60 million to explore what is known as “supercritical” geothermal energy, following five years of feasibility research led by GNS Science.

    Supercritical geothermal is hotter and deeper than conventional geothermal sources. It targets rocks between 375°C and 500°C, close to – but not within – magma.

    Water at these temperatures and depths has three to seven times more energy for conversion to electricity, compared to ordinary geothermal generation at comparatively cooler temperatures of 200°C to 300°C.

    The investment is staged, with $5 million earmarked for international consultants to design a super-deep well, and further funds to be released later for drilling to depths of up to six kilometres. Consultation is underway, with resources minister Shane Jones hoping to convince Māori landowners to collaborate.

    New Zealand already produces 1,000MW of electricity from conventional geothermal sources.
    Shutterstock/Chrispo

    GNS Science estimates the central North Island might have about 3,500MW worth of this resource, although actually accessing it might be difficult and expensive. The energy consulting firm Castalia was engaged to predict how much would be worth developing, suggesting between 1,300MW and 2,000MW, starting from 2037.

    This would be a lot of extra power. Even better, it would reduce the peaks and troughs in generation that arise from more variable solar and wind sources, which are expected to make up a growing share of electricity generation in the future. Supercritical geothermal is reportedly cost effective, which means the technology deserves serious consideration. But such claims should be subject to scrutiny.

    Successive governments have supported major state energy projects, including the Manapouri power station, petroleum exploration during the early 2000s, early geothermal drilling and the investigation of a pumped hydro scheme at Lake Onslow. The need for energy security clearly motivates such investments.

    But New Zealand has a healthy geothermal industry. In the past two decades, geothermal companies have invested $2 billion in hundreds of new wells and new power plants. The industry already knows how to drill wells and profit from them. So why is the government stepping in now?

    In practice, supercritical geothermal exploration and development faces several research, technical and economic risks. Private enterprise seems unwilling to bear them alone, prompting the government to step in to establish feasibility.

    How to crack soft rock

    One problem supercritical geothermal might encounter is that drilling deeper might find lots of hot rock, but not much water. Drilling experiments in Japan and Italy have shown that reaching 500°C is possible, but in both cases the rock was so ductile (pliable and easily stretched) because of the high temperatures that it couldn’t keep open the gaps needed for water to flow.

    However, the experience was different in Iceland where two wells managed to find water above 400°C. At this stage, it’s not clear whether this is because Iceland has special rocks – particularly basalts, which are less ductile – or because the country is being stretched through tectonic forces at a high rate. New Zealand is less able to count on basalts but it does experience rapid tectonic stretching.

    Deep drilling would test this key hypothesis: is there permeability (gaps for water to flow through) at supercritical conditions? The only way to know for sure is to drill down.

    If there isn’t permeability, the government could either abandon the investment or look into methods to create it. Multi-stage hydraulic fracturing (“fracking”) is an option which has worked overseas in the North American shale gas industry. It has also recently been demonstrated in some US geothermal systems.

    Even if we did find permeability, the water produced in Iceland’s supercritical wells was enormously corrosive. A better option then might be to inject cold water into the well, suppressing the corrosive fluids. The injected water would heat up and rise into the overlying geothermal system – flushing the heat upwards.

    However, both water injection and fracking can trigger earthquakes, perhaps a magnitude 4-5 every year or a magnitude 5-6 every few decades. This happened in 2017 in Pohang in South Korea where water injection triggered a magnitude 5.5 earthquake. It resulted in the cancellation of the geothermal project.

    But there are many other geothermal projects where injection has not led to concerning earthquake activity.

    Fierce competition from solar, wind and batteries

    The other risk is economic. Supercritical geothermal might one day be technically feasible, but its potential contribution in New Zealand will be limited if it can’t beat other generation technologies on cost.

    Worldwide, the renewable energy sector continues to be disrupted by unprecedented cost decreases driven by innovations in utility-scale battery storage and solar photovoltaics.

    But the supply chains are largely overseas, mostly concentrated in China. This adds geopolitical complexity to the energy security calculus. Homegrown solutions are a strength.

    Nevertheless, the International Renewable Energy Agency reports cost reductions for solar and battery modules of 89% and 86% between 2010 and 2023. Solar costs drop 33% each time the built amount doubles. Drops in battery cost are enabling large deployments for daily smoothing of the peaks and troughs of intermittent solar and wind generation.

    This shifting cost landscape creates financial uncertainty for energy investors. While cost declines might not continue forever, it’s hard to pick when they will level off. Meanwhile, geothermal costs have been flat for a long time. A billion-dollar geothermal investment might quickly become uncompetitive.

    Despite all these caveats, we shouldn’t overlook the positive signal of the government taking a bet on New Zealand science and innovation. It will be exciting to see what’s happening at six kilometres of depth underground. And although the plan is not to drill for magma, an accidental strike (as happened in Iceland) would lead to some amazing science.

    Lastly, energy security deserves to be taken seriously over the long term. While supercritical geothermal won’t fix our immediate vulnerability to winter scarcity, it could help avoid similar issues in the 2040s.

    David Dempsey receives science funding from MBIE for research into geothermal energy.

    – ref. Hotter and deeper: how NZ’s plan to drill for ‘supercritical’ geothermal energy holds promise and risk – https://theconversation.com/hotter-and-deeper-how-nzs-plan-to-drill-for-supercritical-geothermal-energy-holds-promise-and-risk-252910

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘We’re not just welcoming you as allies, but as family’ – Rainbow Warrior in Marshall Islands 40 years on

    The first of a two-part series on the historic Rongelap evacuation of 300 Marshall islanders from their irradiated atoll with the help of the Greenpeace flagship Rainbow Warrior crew and the return of Rainbow Warrior III 40 years later on a nuclear justice research mission.

    SPECIAL REPORT: By Shiva Gounden in Majuro

    Family isn’t just about blood—it’s about standing together through the toughest of times.

    This is the relationship between Greenpeace and the Marshall Islands — a vast ocean nation, stretching across nearly two million square kilometers of the Pacific. Beneath the waves, coral reefs are bustling with life, while coconut trees stand tall.

    For centuries, the Marshallese people have thrived here, mastering the waves, reading the winds, and navigating the open sea with their canoe-building knowledge passed down through generations. Life here is shaped by the rhythm of the tides, the taste of fresh coconut and roasted breadfruit, and an unbreakable bond between people and the sea.

    From the bustling heart of its capital, Majuro to the quiet, far-reaching atolls, their islands are not just land; they are home, history, and identity.

    Still, Marshallese communities were forced into one of the most devastating chapters of modern history — turned into a nuclear testing ground by the United States without consent, and their lives and lands poisoned by radiation.

    Operation Exodus: A legacy of solidarity
     Between 1946 and 1958, the US conducted 67 nuclear tests in the Marshall Islands — its total yield roughly equal to one Hiroshima-sized bomb every day for 12 years.

    During this Cold War period, the US government planned to conduct its largest nuclear test ever. On the island of Bikini, United States Commodore Ben H. Wyatt manipulated the 167 Marshallese people who called Bikini home asking them to leave so that the US could carry out atomic bomb testing, stating that it was for “the good of mankind and to end all world wars”.

    Exploiting their deep faith, he misled Bikinians into believing they were acting in God’s will, and trusting this, they agreed to move—never knowing the true cost of their decision

    Bikini Islanders board a landing craft vehicle personnel (LCVP) as they depart from Bikini Atoll in March 1946. Image: © United States Navy

    On March 1, 1954, the Castle Bravo test was launched — its yield 1000 times stronger than Hiroshima. Radioactive fallout spread across Rongelap Island about 150 kilometers away, due to what the US government claimed was a “shift in wind direction”.

    In reality, the US ignored weather reports that indicated the wind would carry the fallout eastward towards Rongelap and Utirik Atolls, exposing the islands to radioactive contamination. Children played in what they thought was snow, and almost immediately the impacts of radiation began — skin burning, hair fallout, vomiting.

    The Rongelap people were immediately relocated, and just three years later were told by the US government their island was deemed safe and asked to return.

    For the next 28 years, the Rongelap people lived through a period of intense “gaslighting” by the US government. *

    Nuclear weapon test Castle Bravo (yield 15 Mt) on Bikini Atoll, 1 March 1954. © United States Department of Energy

    Forced to live on contaminated land, with women enduring miscarriages and cancer rates increasing, in 1985, the people of Rongelap made the difficult decision to leave their homeland. Despite repeated requests to the US government to help evacuate, an SOS was sent, and Greenpeace responded: the Rainbow Warrior arrived in Rongelap, helping to move communities to Mejatto Island.

    This was the last journey of the first Rainbow Warrior. The powerful images of their evacuation were captured by photographer Fernando Pereira, who, just months later, was killed in the bombing of the Rainbow Warrior as it sailed to protest nuclear testing in the Pacific.

    Evacuation of Rongelap Islanders to Mejatto by the Rainbow Warrior crew in the Pacific 1985. Rongelap suffered nuclear fallout from US nuclear tests done from 1946-1958, making it a hazardous place to live. Image: © Greenpeace/Fernando Pereira

    From nuclear to climate: The injustice repeats
     The fight for justice did not end with the nuclear tests—the same forces that perpetuated nuclear colonialism continue to endanger the Marshall Islands today with new threats: climate change and deep-sea mining.

    The Marshall Islands, a nation of over 1,000 islands, is particularly vulnerable to climate impacts. Entire communities could disappear within a generation due to rising sea levels. Additionally, greedy international corporations are pushing to mine the deep sea of the Pacific Ocean for profit. Deep sea mining threatens fragile marine ecosystems and could destroy Pacific ways of life, livelihoods and fish populations. The ocean connects us all, and a threat anywhere in the Pacific is a threat to the world.

    Marshallese activists with traditional outriggers on the coast of the nation’s capital Majuro to demand that leaders of developed nations dramatically upscale their plans to limit global warming during the online meeting of the Climate Vulnerable Forum in 2018. Image: © Martin Romain/Greenpeace

    But if there could be one symbol to encapsulate past nuclear injustices and current climate harms it would be the Runit Dome. This concrete structure was built by the US to contain radioactive waste from years of nuclear tests, but climate change now poses a direct threat.

    Rising sea levels and increasing storm surges are eroding the dome’s integrity, raising fears of radioactive material leaking into the ocean, potentially causing a nuclear disaster.

    Aerial view of Runit Dome, Runit Island, Enewetak Atoll, Marshall Islands . . . symbolic of past nuclear injustices and current climate harms in the Pacific. Image: © US Defense Special Weapons Agency

    Science, storytelling, and resistance: The Rainbow Warrior’s epic mission and 40 year celebration

    At the invitation of the Marshallese community and government, the Rainbow Warrior is in the Pacific nation to celebrate 40 years since 1985’s Operation Exodus, and stand in support of their ongoing fight for nuclear justice, climate action, and self-determination.

    This journey brings together science, storytelling, and activism to support the Marshallese movement for justice and recognition. Independent radiation experts and Greenpeace scientists will conduct crucial research across the atolls, providing much-needed data on remaining nuclear contamination.

    For decades, research on radiation levels has been controlled by the same government that conducted the nuclear tests, leaving many unanswered questions. This independent study will help support the Marshallese people in their ongoing legal battles for recognition, reparations, and justice.

    Marshallese women greet the Rainbow Warrior as it arrives in the capital Majuro earlier this month. Image: © Bianca Vitale/Greenpeace

    The path of the ship tour: A journey led by the Marshallese
     From March to April, the Rainbow Warrior is sailing across the Marshall Islands, stopping in Majuro, Mejatto, Enewetak, Bikini, Rongelap, and Wotje. Like visiting old family, each of these locations carries a story — of nuclear fallout, forced displacement, resistance, and hope for a just future.

    But just like old family, there’s something new to learn. At every stop, local leaders, activists, and a younger generation are shaping the narrative.

    Their testimonies are the foundation of this journey, ensuring the world cannot turn away. Their stories of displacement, resilience, and hope will be shared far beyond the Pacific, calling for justice on a global scale.

    Bunny McDiarmid and Henk Haazen greet locals at the welcoming ceremony in Majuro, Marshall Islands, earlier this month. Bunny and Henk were part of the Greenpeace crew in 1985 to help evacuate the people of Rongelap. Image: © Bianca Vitale/Greenpeace

    A defining moment for climate justice
     The Marshallese are not just survivors of past injustices; they are champions of a just future. Their leadership reminds us that those most affected by climate change are not only calling for action — they are showing the way forward. They are leaders of finding solutions to avert these crises.

    Local Marshallese women’s group dance and perform cultural songs at the Rainbow Warrior welcome ceremony in Majuro, Marshall islands, earlier this month. Image: © Bianca Vitale/Greenpeace

    Since they have joined the global fight for climate justice, their leadership in the climate battle has been evident.

    In 2011, they established a shark sanctuary to protect vital marine life.

    In 2024, they created their first ocean sanctuary, expanding efforts to conserve critical ecosystems. The Marshall Islands is also on the verge of signing the High Seas Treaty, showing their commitment to global marine conservation, and has taken a firm stance against deep-sea mining.

    They are not only protecting their lands but are also at the forefront of the global fight for climate justice, pushing for reparations, recognition, and climate action.

    This voyage is a message: the world must listen, and it must act. The Marshallese people are standing their ground, and we stand in solidarity with them — just like family.

    Learn their story. Support their call for justice. Amplify their voices. Because when those on the frontlines lead, justice is within reach.

    Shiva Gounden is the head of Pacific at Greenpeace Australia Pacific. This article series is republished with the permission of Greenpeace.

    * This refers to the period from 1957 — when the US Atomic Energy Commission declared Rongelap Atoll safe for habitation despite known contamination — to 1985, when Greenpeace assisted the Rongelap community in relocating due to ongoing radiation concerns. The Compact of Free Association, signed in 1986, finally started acknowledging damages caused by nuclear testing to the populations of Rongelap.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Peters Presses Agency Leaders on DOGE Access to Federal IT Systems and Data Repositories

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, D.C.—U.S. Senator Gary Peters, Ranking Member of the Homeland Security and Governmental Affairs Committee, demanded answers from 24 federal agencies on how the Department of Government Efficiency (DOGE) and DOGE-affiliated individuals, many of whom do not possess security clearances, have accessed and used data in federal information technology systems. Peters is requesting information on how individuals accessing these systems are complying with federal cybersecurity and privacy laws to protect sensitive information.  
    “Since January 23, 2025, employees working on behalf of the U.S. Digital Service (USDS), which the Administration is referring to as DOGE, have gained access to systems and databases at multiple federal agencies,” Senator Peters wrote. “Federal agencies, as part of their authorized activities, collect, maintain, and utilize an enormous amount of sensitive data to carry out their missions. This data can include personally identifiable information (PII) collected from the public, federal and contractor employee data, law enforcement sensitive data, and confidential commercial information, including from critical infrastructure operators. Failure to appropriately control access to this data creates significant privacy and security risks and may violate federal law.” 
    Recent reports indicate that individuals claiming to be DOGE employees have allegedly threatened federal agency staff with dismissal when seeking unauthorized access to federal systems and data repositories. The Trump Administration has not yet provided information about whether DOGE personnel are following legal requirements for privacy and security, including the Privacy Act, E-Government Act, and Federal Information Security Modernization Act (FISMA). There are also no details about how DOGE-affiliated individuals with system access are being vetted. 
    Given the sensitive nature of federal agency data, this lack of transparency raises concerns about the potential for data misuse. Moreover, reports suggest DOGE plans to apply artificial intelligence to agency systems and collected data. However, little is known about which AI tools may be used, what agency data will be processed, how data will be combined, or the cybersecurity consequences of allowing sensitive data to be processed with artificial intelligence tools.
    In the letters, Peters requested more information about the positions, employment details, security clearances, and reporting structures of all DOGE-affiliated individuals working at these federal agencies, along with details about which systems and data repositories were accessed by DOGE personnel, whether the systems contained sensitive or classified information, how data was transferred, and which security measures were in place. Finally, Peters pushed for information about any AI tools or models that DOGE-affiliated individuals have applied to agency data, including procurement details, use cases, and security and privacy assessments.
    Peters sent letters to the Department of Agriculture, Department of Commerce, Department of Defense, Department of Education, Department of Energy, Department of Health and Human Services, Department of Homeland Security, Department of Housing and Urban Development, Department of Justice, Department of Labor, Department of State, Department of Transportation, Department of Veterans Affairs, Department of the Interior, Department of the Treasury, Environmental Protection Agency, General Services Administration, National Aeronautics and Space Administration, National Science Foundation, Nuclear Regulatory Commission, Office of Personnel Management, Small Business Administration, Social Security Administration, and U.S. Agency for International Development. 
    Peters also sent a letter to the Government Accountability Office requesting an audit of DOGE’s activities, focusing on whether they are complying with established privacy and cybersecurity laws for federal agency data and systems. 
    Text of the letter to the Department of Homeland Security can be read here. 

    MIL OSI USA News –

  • MIL-OSI: Prospera Energy Announces Monthly Operations Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

    Prospera Energy remains committed to providing stakeholders with transparent, timely, and data-driven updates on operational performance and field developments. This monthly report delivers key insights into the company’s production trends, optimization initiatives, and strategic advancements. All production figures represent the Company’s gross sales, reported in accordance with NI 51-101 and applicable industry standards.

    Production averaged 773 boe/d (93% oil) from March 1st-28th, with production peaking on March 27th at 881 boe/d (93% oil), despite continued winter conditions. Following the pipeline cutout failure analysis and third-party engineering review that was completed in February, conclusions from these evaluations have been incorporated into Prospera’s field-wide development strategy, as well as its abandonment, reclamation, and turnaround initiatives. This has led to temporary suspension of an injection line in Cuthbert in preparation for injection line replacements after spring break-up, which impacted production by ~105 barrels/day for the entirety of March. It is worth noting that these production numbers do not include the recent acquisition of White Tundra Petroleum.

    WCS differentials are trading in record-low territory with certain summer months at less than $10 USD/bbl. With Prospera’s production base consisting of primarily heavy oil, this additional revenue and cash flow adds to the corporation’s ability to maximize netback and reallocate capital into further projects.

    The company completed its Hearts Hill workover program with sixteen wells completed and now online, achieving capital efficiency of less than $5,000 per boe/d. Production continues rising consistently with March 27th at 241 boe/d (88% oil) and oil cuts improving after load fluid recovery and with speedups. The company will monitor these wells and overall pool waterflood performance over spring break-up after which the next phase of workovers will be planned. Additionally, a pipeline upgrade project is underway which will open access to two further water injectors, adding 250 m3/d of injection capacity and further optimizing the waterflood.

    The company’s high-impact Luseland workover program is also complete, with nine out of eleven completed wells now online. These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability by past operators, and outdated heavy oil downhole technology, which has since seen a step change during this timeframe and can now be leveraged by Prospera. All nine wells have started producing oil with four wells now producing at close to 100% oil cut displaying exceptional reservoir performance and aiding in bringing sand up the wellbore which further increases near-wellbore permeability. The remaining two wells are under surface equipment build and tie-in, and are expected to be online by April 5th. Furthermore, bringing these wells online converts wells previously labeled as NRA (No-reserves associated) with only ARO (Asset Retirements Obligations) associated with them, into active producing wells with significant PDP reserves and cash flow associated.

    In Brooks, the company has further accelerated well production by increasing fluid level drawdown, implementing casing gas compression to alleviate pressure on the reservoir, and enhanced wax and scale mitigation strategies. These efforts have led to increased production, with additional optimization capacity available on these fronts. Preparatory work in Brooks is ongoing, including evaluations of acid fracs versus cross-linked gel fracs and the most effective matrix stimulation techniques for the Pekisko wells. AFE’s have been finalized for various projects and are ready to be capitalized as part of the company’s development plans.

    Prospera continues to make meaningful progress in addressing regulatory non-compliances. AER non-compliances have been fully addressed—down 100% from 16 to zero. MER non-compliances have also decreased significantly in Q1, dropping 37% with further major progress expected in Q2. These improvements reflect Prospera’s continued commitment to responsible and compliant resource development.

    Given the scope of activity performed in Q1 and expected go-forward production increase activities, Prospera has committed to quarterly reserve report updates which grow both the company’s net asset value and lending capacity. These will be released along with the company’s quarterly results.

    The corporation has also further strengthened its business structure, with a governance committee formed at the board level and a disclosure committee at the employee level. A governance committee plays a crucial role in ensuring a corporation operates ethically, transparently, and in compliance with legal and regulatory standards. By establishing clear policies and overseeing corporate practices, the committee helps to maintain accountability at all levels of the organization. It ensures that the board of directors is effective, and it provides guidance on risk management, strategy, and decision-making. This oversight not only enhances the company’s reputation and long-term success but also fosters trust among investors, stakeholders, and employees.

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of AMPY, HEES, AVTE, TGI to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Amplify Energy Corp. (NYSE: AMPY), relating to the proposed merger with Juniper Capital. Under the terms of the agreement, Amplify shareholders will retain approximately 61% of Amplify’s outstanding equity.

    ACT NOW. The Shareholder Vote is scheduled for April 14, 2025.

    Click here for more https://monteverdelaw.com/case/amplify-energy-corp-ampy/. It is free and there is no cost or obligation to you.

    • H&E Equipment Services, Inc. (NASDAQ: HEES), relating to the proposed merger with Herc Holdings Inc. Under the terms of the agreement, H&E shareholders will receive $78.75 in cash and 0.1287 shares of Herc common stock for each share they own. H&E’s shareholders will own approximately 14.1% of the combined company.

    ACT NOW. The Tender Offer expires on April 15, 2025.

    Click here for more https://monteverdelaw.com/case/he-equipment-services-inc-hees/. It is free and there is no cost or obligation to you.

    • Aerovate Therapeutics, Inc. (NASDAQ: AVTE), relating to a proposed merger with Jade Biosciences. Under the terms of the agreement, pre-merger Aerovate stockholders are expected to own approximately 1.6% of the combined company, while pre-merger Jade stockholders are expected to own approximately 98.4% of the combined entity.

    ACT NOW. The Shareholder Vote is scheduled for April 16, 2025.

    Click here for more information https://monteverdelaw.com/case/aerovate-therapeutics-inc-avte/. It is free and there is no cost or obligation to you.

    • Triumph Group, Inc. (NYSE: TGI), relating to the proposed merger with Warburg Pincus and Berkshire Partners. Under the terms of the agreement, shareholders of Triumph will receive $26.00 per share in cash.

    ACT NOW. The Shareholder Vote is scheduled for April 16, 2025.

    Click here for more https://monteverdelaw.com/case/triumph-group-inc-tgi/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI New Zealand: Health and Energy – Rising power costs puts health at risk

    Source: Asthma and Respiratory Foundation

    With a hike in power prices and cooler nights on the way, energy poverty is about to become more widespread in New Zealand.
    Energy poverty – where a household is not able to afford power to provide a healthy home – it can pose serious health risks, especially for those living with respiratory conditions such as asthma and COPD.
    Asthma and Respiratory Foundation Chief Executive Letitia Harding says she is deeply saddened that so many New Zealanders are in this position.
    “Cold, damp homes significantly worsen respiratory conditions such as asthma and COPD, leading to more hospital visits and poorer health outcomes overall.
    “It’s heartbreaking that people have to choose between heating their home and protecting their health.”
    From today, April 1, the average household power bill will increase by about $10 per month.
    Many families are already facing desperate choices, with Consumer NZ estimating that last year, 140,000 households had to take out a loan to pay their electricity bills, and 38,000 households were disconnected because they couldn’t pay their electricity bill at least once.
    Energy poverty is not just a financial issue but a public health crisis, Ms Harding says.
    “The health system is spending over $38 million per year treating illnesses linked to cold, damp housing.
    “Poor indoor air quality and inadequate heating contribute to respiratory flare-ups, infections, and hospital admissions,” she says.
    “Māori and Pacific communities, who are overrepresented in low-income households, are disproportionately affected.”
    Phil Squire, Fair Energy Manager at Toast Electric (New Zealand’s only not-for-profit electricity supplier), says that while insulation and heat pump products can make housing in Aotearoa warmer and healthier, people need to feel confident about using heating without feeling worried about unforeseen power costs.
    “The reality is, without access to affordable power, Kiwis in low-income situations are reluctant to turn on any heating for fear of unexpectedly high energy bills.”
    The optimal healthy temperature for a home is 18-21 degrees, Mr Squire says.
    “So at Toast we do everything we can to help whānau feel educated on how to use their heating efficiently, feel confident to turn it on, and ensure their home has adequate insulation and other items like lined curtains and draught stopping to keep that heat in.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy efficiency will help homes, businesses temper electricity bill shocks starting today

    Source: Ecobulb

    Homes and businesses must relook at energy efficiency as a way to minimise electricity bill shocks from April 1, an energy efficiency expert says.

    “Power prices are headed in one direction – up – as Transpower and lines companies from today  start increasing their network charges to fund improved capacity and resilience of their networks,” said Chris Mardon, managing director of Ecobulb.
     
    Electricity retailers will be passing on larger lines’ charges along with other increases, such as the higher cost of generation.
     
    Dr Mardon said a typical power bill in Wellington will increase 12 percent or $24 a month tomorrow, from $2,296 a year to $2,580 a year[1].
     
    “This is considerably higher than the Commerce Commission estimate that Wellington bills would rise on average $6 a month[2] excluding GST.
     
    “While $6 might be the increase for the lines’ component of the bill, the total bill is what people care about, and the bottom-line is considerably higher.”
     
    “As the weather cools, and people start using more power at higher prices, they’ll be wondering what they can do about it. One option is to invest in more efficient appliances such as LEDs, efficient shower heads and heat pump water heaters, which benefit homes and businesses wanting to save money,” Dr Mardon said.
     
    Many New Zealand households could save over $1,000 a year by switching out key household appliances for more efficient options.
     
    One of the positive changes from April 1 is the possibility for lines companies to spend money on supporting energy efficiency, which is a regulatory objective under the Commerce Act.
     
    “We’ll be watching closely to see when, where and how much lines companies allocate their $91.9[3] million of funding to support energy efficiency.”
     
    Meanwhile customers should be looking at their own options to reduce their power consumption through energy efficiency.
     
    “Rolling out various low-cost energy saving measures to 1.5 million New Zealand homes could save kiwis $1 billion a year in power, with a four-month payback based on energy savings,” Dr Mardon said.

    [1] A customer using 7,200 kWh a year; lines charge increasing to $1.50/day from $1.20 a day, variable charge increasing to 23.57 c/kWh from 21.66 c/kWh.  GST then added.
    [2] Default-price-quality-paths-for-electricity-distribution-businesses-from-1-April-2025-Final-decision-Reasons-paper-20-November-2024.pdf page 109
    [3] EDB-DPP4-Final-decision-Reasons-paper-Attachment-D-Innovation-and-section-54Q-incentives-16-December-2024.pdf page 13

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Energy – Johan Castberg strengthens Norway as a long-term energy exporter – Equinor

    Source: Equinor

    31 March, at 10.35, the Johan Castberg oil field in the Barents Sea came on stream. The field will be producing for 30 years and bolsters Norway’s role as a reliable and long-term supplier of energy.

    At peak, Johan Castberg can produce 220,000 barrels of oil per day, and recoverable volumes are estimated at between 450 and 650 million barrels.

    “This is a red-letter day.The Johan Castberg field will contribute crucial energy, value creation, ripple effects and jobs for at least 30 years to come. We expect that this major field development with a price tag of NOK 86 billion (2024) will be repaid in less than two years,” says Geir Tungesvik, Equinor’s executive vice president for Projects, Drilling and Procurement.

    12 of the 30 total wells are ready for production, and this is sufficient to bring the field up to expected plateau production in the second quarter of 2025.

    “Johan Castberg opens a new region for oil recovery and will create more opportunities in the Barents Sea. We’ve already made new discoveries in the area and will keep exploring together with our partners. We’ve identified options to add 250-550 million new recoverable barrels that can be developed and produced over Johan Castberg,” says Kjetil Hove, Equinor’s executive vice president for Exploration & Production Norway.

    The Norwegian supplier industry has accounted for more than 70 per cent of deliveries to the project during the development phase. In operation, this will increase to more than 95 per cent, with a Northern Norwegian share of more than 40 per cent. One of three employees on board the FPSO lives in Northern Norway. 84 per cent of the revenue from the field will be transferred to the Norwegian state through tax and the state’s direct participating interest.

    The field’s supply base and helicopter base are in Hammerfest and will be operated from Equinor’s office in Harstad. A total of 30 wells will be drilled on the Johan Castberg field, and drilling operations are expected to continue towards late 2026, which will yield significant activity in Hammerfest.

    “Johan Castberg has been a massive and challenging project, and I want to extend my very sincere thanks to everyone who contributed on the road leading to first oil and operation, both our partners Vår Energi and Petoro, our suppliers and our own employees. 79 million hours of work have been recorded in the project, and the HSE results are very good. Now the field will produce for 30 years and generate substantial values,” Tungesvik says.

    Facts about Johan Castberg

    • Licensees: Equinor Energy AS (operator) 46.3%, Vår Energi ASA 30%, Petoro AS 23.7%.
    • The Johan Castberg field consists of the Skrugard, Havis and Drivis discoveries, which were made between 2011 and 2014.
    • Location: Johan Castberg is located approx. 100 kilometres north of the Snøhvit field in the Barents Sea in blocks 7219/9 and 7220/4,5,7 approximately 150 km from Goliat and around 240 km from Melkøya. The water depth is 360-390 metres, and Skrugard and Havis are 7 km apart.
    • Johan Castberg is the second oil field in the Barents Sea and Norway’s northernmost field.
    • The field development is based on a production vessel tied back to an extensive subsea field with a total of 30 wells distributed between 10 well templates and two satellite structures.

    MIL OSI – Submitted News –

  • MIL-OSI: Battalion Oil Corporation Announces Fourth Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the fourth quarter of 2024.

    Key Highlights

    • Completed the refinancing of our term loan on favorable terms resulting in an increase in liquidity
    • Generated full-year sales volumes of 12,667 barrels of oil equivalent per day (“Boe/d”) (51% oil)
    • Continued to lower capex per well, outperforming AFE estimates
    • AGI facility online and treated 1.8 Bcf for the fourth quarter of 2024
    • Spud two additional wells in Monument Draw in December to commence 2025 six-well activity plan
    • Year-end 2024 reserves of approximately 64.9 million barrels of oil equivalent (“MMBoe”) with a standardized measure of discounted future net cash flows of approximately $447.7 million
    • Terminated the previously announced Merger Agreement with Fury

    Management Comments
    The Company concluded its 2024 six-well campaign ahead of planned timing and under budget on each pad. Final well capital remains under $950 per lateral foot. The completed pad wells are producing ahead of type curve with the newest pad averaging over 811 Boe/d across the initial 120 days online, the second pad exceeding 747 Boe/d across the initial 275 days online and the first pad exceeding 1,085 Boe/d across 404 days on production. In December 2024, the Company also commenced drilling operations in Monument Draw as part of its 2025 six-well activity plan. As of the date of this release, the Company has drilled four of these wells in Monument Draw and has commenced completion operations on the first two wells. All wells are ahead of plan and under budget. The final two wells are permitted in the Company’s West Quito asset area with additional permits and drilling pads being built in Hackberry Draw.

    During the fourth quarter 2024, the acid gas injection (“AGI”) facility treated approximately 20 MMcf/d average and returned approximately 16 MMcf/d of sweet gas to the Company for sales to its midstream partner. To date, the AGI facility has processed more than 6.9 Bcf of sour gas and allowed the Company to realize substantial savings compared to treating alternatives.

    Results of Operations
    Average daily net production and total operating revenue during the fourth quarter of 2024 were 12,750 Boe/d (55% oil) and $49.7 million, respectively, as compared to production and revenue of 12,022 Boe/d (46% oil) and $47.2 million, respectively, during the fourth quarter of 2023. The increase in revenues in the fourth quarter of 2024 as compared to the fourth quarter of 2023 is primarily attributable to an approximate 728 Boe/d increase in average daily production partially offset by a $0.22 decrease in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 96.9% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge gains totaled approximately less than $0.1 million during the fourth quarter of 2024.

    Lease operating and workover expense was $11.26 per Boe in the fourth quarter of 2024 versus $11.87 per Boe in the fourth quarter of 2023. The decrease in lease operating and workover expense per Boe year-over-year is primarily a result of the increase in average daily production. Gathering and other expenses were $10.45 per Boe in the fourth quarter of 2024 versus $13.31 per Boe in the fourth quarter of 2023. The decrease in gathering and other expenses per Boe is primarily related to the start-up of the AGI facility and lower treating fees associated compared to the Valkyrie (liquid redox) plant. General and administrative expenses were $6.04 per Boe in the fourth quarter of 2024 compared to $4.93 per Boe in the fourth quarter of 2023. The increase in general and administrative expense is primarily attributable to an increase in audit, legal and transaction costs associated with the terminated merger with Fury Resources. Excluding non-recurring charges, general and administrative expenses would have been $3.22 per Boe in the fourth quarter of 2024 compared to $3.78 per Boe in the fourth quarter of 2023.

    For the fourth quarter of 2024, the Company reported a net loss available to common stockholders of $30.9 million and a net loss of $1.88 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the fourth quarter of 2024 of $0.7 million or an adjusted diluted net loss of $0.04 per common share (see Reconciliation for additional information). Adjusted EBITDA during the quarter ended December 31, 2024 was $18.0 million as compared to $10.0 million during the quarter ended December 31, 2023 (see Adjusted EBITDA Reconciliation table for additional information).

    Liquidity and Balance Sheet
    As of December 31, 2024, the Company had $162.1 million of indebtedness outstanding. Total liquidity on December 31, 2024, made up of cash and cash equivalents, was $19.7 million.

    On January 9, 2025, the Company incurred incremental term loans in the aggregate principal amount of $63.0 million, resulting in a net increase in liquidity of $61.3 million.

    For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management’s Discussion and Analysis and Risk Factors in the Company’s Form 10-K.

    Merger Agreement with Fury Resources
    Subsequent to several amendments to the previously disclosed Agreement and Plan of Merger, dated December 14, 2023 (as amended, the “Merger Agreement”) and upon the failure of Fury Resources, Inc. to meet the funding and closing requirements of the Merger Agreement, the Company terminated the Merger.

    Refinanced Term Loan Agreement
    On December 26, 2024, the Company entered into the Second Amended and Restated Senior Secured Credit Agreement with Fortress Credit Corp., as administrative agent, and certain other financial institutions, as lenders (the “2024 Term Loan Agreement”). Pursuant to the 2024 Term Loan Agreement, the Company entered into an initial term loan facility in the aggregate principal amount of $162.0 million, funded on December 26, 2024 and an incremental term loan facility in the aggregate principal amount of up to $63.0 million. On January 9, 2025, the Company entered into the First Amendment to the 2024 Term Loan Agreement and incurred $63.0 million of Incremental Term Loans (the “2024 Amended Term Loan Agreement”), resulting in total outstanding borrowings of $225.0 million.

    The maturity date of the 2024 Amended Term Loan Agreement is December 26, 2028.

    All obligations under the Company’s existing term loan agreement were refunded, refinanced and repaid in full by the loans under the 2024 Term Loan Agreement as the net proceeds of the 2024 Term Loan Agreement were used to repay all outstanding indebtedness under the existing term loan agreement in an aggregate amount of approximately $152.1 million, including accrued and unpaid interest, and to pay related fees and expenses related to the new credit agreement.

    The Company is required to make scheduled quarterly amortization payments in an aggregate principal amount equal to 2.50% of the aggregate principal amount of the loans outstanding commencing with the fiscal quarter ending June 30, 2025. Under the 2024 Amended Term Loan Agreement, the Company must make scheduled amortization payments in the aggregate amount of $16.9 million in 2025 and $22.5 million in 2026.

    Forward Looking Statements
    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “projects,” “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov or through the Company’s website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.

    About Battalion
    Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

    Contact

    Matthew B. Steele
    Chief Executive Officer & Principal Financial Officer
    832-538-0300

     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
                             
    Operating revenues:                        
    Oil, natural gas and natural gas liquids sales:                        
    Oil   $ 43,934     $ 39,562     $ 174,607     $ 183,634  
    Natural gas     447       2,429       (2,213 )     11,057  
    Natural gas liquids     5,118       4,921       20,822       23,814  
    Total oil, natural gas and natural gas liquids sales     49,499       46,912       193,216       218,505  
    Other     154       330       677       2,257  
    Total operating revenues     49,653       47,242       193,893       220,762  
                             
    Operating expenses:                        
    Production:                        
    Lease operating     11,082       10,656       45,275       44,864  
    Workover and other     2,127       2,480       5,215       7,149  
    Taxes other than income     2,366       2,266       11,238       11,943  
    Gathering and other     12,263       14,718       54,117       63,575  
    General and administrative     7,091       5,453       18,356       19,025  
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Total operating expenses     67,595       47,910       205,638       203,180  
    (Loss) income from operations     (17,942 )     (668 )     (11,745 )     17,582  
                             
    Other income (expenses):                        
    Net (loss) gain on derivative contracts     (1,624 )     42,430       2,308       12,689  
    Interest expense and other     4,853       (9,074 )     (14,956 )     (33,319 )
    Loss on extinguishment of debt     (7,489 )     —       (7,489 )     —  
    Total other income expenses     (4,260 )     33,356       (20,137 )     (20,630 )
    (Loss) income before income taxes     (22,202 )     32,688       (31,882 )     (3,048 )
    Income tax benefit (provision)     —       —       —       —  
    Net (loss) income   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Preferred dividends     (8,679 )     (5,695 )     (32,219 )     (12,047 )
    Net (loss) income available to common stockholders   $ (30,881 )   $ 26,993     $ (64,101 )   $ (15,095 )
                             
    Net (loss) income per share of common stock:                        
    Basic   $ (1.88 )   $ 1.64     $ (3.90 )   $ (0.92 )
    Diluted   $ (1.88 )   $ 1.63     $ (3.90 )   $ (0.92 )
    Weighted average common shares outstanding:                        
    Basic     16,457       16,457       16,457       16,441  
    Diluted     16,457       16,517       16,457       16,441  
     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands, except share and per share amounts)
     
        December 31, 2024    December 31, 2023
    Current assets:            
    Cash and cash equivalents   $ 19,712     $ 57,529  
    Accounts receivable, net     26,298       23,021  
    Assets from derivative contracts     6,969       8,992  
    Restricted cash     91       90  
    Prepaids and other     982       907  
    Total current assets     54,052       90,539  
    Oil and natural gas properties (full cost method):            
    Evaluated     816,186       755,482  
    Unevaluated     49,091       58,909  
    Gross oil and natural gas properties     865,277       814,391  
    Less – accumulated depletion     (497,272 )     (445,975 )
    Net oil and natural gas properties     368,005       368,416  
    Other operating property and equipment:            
    Other operating property and equipment     4,663       4,640  
    Less – accumulated depreciation     (2,455 )     (1,817 )
    Net other operating property and equipment     2,208       2,823  
    Other noncurrent assets:            
    Assets from derivative contracts     4,052       4,877  
    Operating lease right of use assets     453       1,027  
    Other assets     2,278       17,656  
    Total assets   $ 431,048     $ 485,338  
                 
    Current liabilities:            
    Accounts payable and accrued liabilities   $ 52,682     $ 66,525  
    Liabilities from derivative contracts     12,330       17,191  
    Current portion of long-term debt     12,246       50,106  
    Operating lease liabilities     406       594  
    Total current liabilities     77,664       134,416  
    Long-term debt, net     145,535       140,276  
    Other noncurrent liabilities:            
    Liabilities from derivative contracts     6,954       16,058  
    Asset retirement obligations     19,156       17,458  
    Operating lease liabilities     84       490  
    Other     —       2,084  
    Commitments and contingencies            
    Temporary equity:            
    Redeemable convertible preferred stock: 138,000 shares and 98,000 shares     177,535       106,535  
    of $0.0001 par value authorized, issued and outstanding as of            
    December 31, 2024 and 2023, respectively            
    Stockholders’ equity:            
    Common stock: 100,000,000 shares of $0.0001 par value authorized;            
    16,456,563 shares issued and outstanding as of December 31, 2024            
    and 2023     2       2  
    Additional paid-in capital     288,993       321,012  
    Accumulated deficit     (284,875 )     (252,993 )
    Total stockholders’ equity     4,120       68,021  
    Total liabilities and stockholders’ equity   $ 431,048     $ 485,338  
     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
    Cash flows from operating activities:                        
    Net income (loss)   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Adjustments to reconcile net (loss) income to net cash provided by                        
    operating activities:                        
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Stock-based compensation, net     12       161       152       (1,070 )
    Unrealized gain on derivative contracts     1,648       (45,403 )     (11,116 )     (21,934 )
    Amortization/accretion of financing related costs     1,469       1,826       6,418       7,615  
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Accrued settlements on derivative contracts     1,505       (2,587 )     403       259  
    Change in fair value of embedded derivative liability     (761 )     530       (2,084 )     (2,052 )
    Other expense (income)     46       214       324       358  
    Cash flow from operations before changes in working capital     21,872       (234 )     41,141       36,752  
    Changes in working capital     (15,186 )     6,758       (5,786 )     (19,163 )
    Net cash provided by operating activities     6,686       6,524       35,355       17,589  
                             
    Cash flows from investing activities:                        
    Oil and natural gas capital expenditures     (12,847 )     (16,196 )     (64,625 )     (46,288 )
    Proceeds received from sales of oil and natural gas assets     —       3,740       7,015       4,929  
    Acquisition of oil and natural gas properties     —       —       (47 )     —  
    Other operating property and equipment capital expenditures     (4 )     (17 )     (23 )     (153 )
    Contract asset     —       (3,705 )     (7,737 )     (10,308 )
    Other     (6 )     1,439       (26 )     (25 )
    Net cash used in investing activities     (12,857 )     (14,739 )     (65,443 )     (51,845 )
                             
    Cash flows from financing activities:                        
    Proceeds from borrowings     162,000       —       162,000       –  
    Repayments of borrowings     (147,726 )     (10,027 )     (200,109 )     (35,093 )
    Payment of deferred financing costs     (8,225 )     —       (8,400 )     —  
    Proceeds from issuance of preferred stock     —       33,182       38,781       94,607  
    Merger deposit     (10,000 )     —       —       —  
    Other     —       (1 )     —       (455 )
    Net cash (used in) provided by financing activities     (3,951 )     23,154       (7,728 )     59,059  
                             
    Net (decrease) increase in cash, cash equivalents and restricted cash     (10,122 )     14,939       (37,816 )     24,803  
                             
    Cash, cash equivalents and restricted cash at beginning of period     29,925       42,680       57,619       32,816  
    Cash, cash equivalents and restricted cash at end of period   $ 19,803     $ 57,619     $ 19,803     $ 57,619  
     
    BATTALION OIL CORPORATION
    SELECTED OPERATING DATA (Unaudited)
     
        Three Months Ended
    December 31,    		   Years Ended
    December 31,
        2024     2023     2024     2023  
                             
    Production volumes:                        
    Crude oil (MBbls)     643       510       2,363       2,415  
    Natural gas (MMcf)     1,861       2,102       7,814       8,718  
    Natural gas liquids (MBbls)     220       246       971       1,163  
    Total (MBoe)     1,173       1,106       4,636       5,031  
    Average daily production (Boe/d)     12,750       12,022       12,667       13,784  
                             
    Average prices:                        
    Crude oil (per Bbl)   $ 68.33     $ 77.57     $ 73.89     $ 76.04  
    Natural gas (per Mcf)     0.24       1.16       (0.28 )     1.27  
    Natural gas liquids (per Bbl)     23.26       20.00       21.44       20.48  
    Total per Boe     42.20       42.42       41.68       43.43  
                             
    Cash effect of derivative contracts:                        
    Crude oil (per Bbl)   $ (8.99 )   $ (10.43 )   $ (11.32 )   $ (7.76 )
    Natural gas (per Mcf)     3.12       1.12       2.30       1.09  
    Natural gas liquids (per Bbl)     —       —       —       —  
    Total per Boe     0.02       (2.69 )     (1.90 )     (1.84 )
                             
    Average prices computed after cash effect of settlement of derivative contracts:                        
    Crude oil (per Bbl)   $ 59.34     $ 67.14     $ 62.57     $ 68.28  
    Natural gas (per Mcf)     3.36       2.28       2.02       2.36  
    Natural gas liquids (per Bbl)     23.26       20.00       21.44       20.48  
    Total per Boe     42.22       39.73       39.78       41.59  
                             
    Average cost per Boe:                        
    Production:                        
    Lease operating   $ 9.45     $ 9.63     $ 9.77     $ 8.92  
    Workover and other     1.81       2.24       1.12       1.42  
    Taxes other than income     2.02       2.05       2.42       2.37  
    Gathering and other     10.45       13.31       11.67       12.64  
    General and administrative, as adjusted (1)     3.21       3.63       2.72       3.39  
    Depletion     11.71       10.80       11.06       10.97  
                             
    (1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:
                             
    General and administrative:                        
    General and administrative, as reported   $ 6.04     $ 4.93     $ 3.96     $ 3.78  
    Stock-based compensation:                        
    Non-cash     (0.01 )     (0.15 )     (0.03 )     0.21  
    Non-recurring (charges) credits and other:                        
    Cash     (2.82 )     (1.15 )     (1.21 )     (0.60 )
    General and administrative, as adjusted(2)   $ 3.21     $ 3.63     $ 2.72     $ 3.39  
    Total operating costs, as reported   $ 29.77     $ 32.16     $ 28.94     $ 29.13  
    Total adjusting items     (2.83 )     (1.30 )     (1.24 )     (0.39 )
    Total operating costs, as adjusted(3)   $ 26.94     $ 30.86     $ 27.70     $ 28.74  

    ________________________
    (2)   General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
    (3)   Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.

    BATTALION OIL CORPORATION
    RECONCILIATION (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
    As Reported:                        
    Net (loss) income available to common stockholders – diluted (1)   $ (30,881 )   $ 26,993     $ (64,101 )   $ (15,095 )
                             
    Impact of Selected Items:                        
    Unrealized loss (gain) on derivatives contracts:                        
    Crude oil   $ 96     $ (38,604 )   $ (10,371 )   $ (22,601 )
    Natural gas     1,552       (6,799 )     (745 )     667  
    Total mark-to-market non-cash charge     1,648       (45,403 )     (11,116 )     (21,934 )
    Impairment of contract asset     18,511       —       18,511       —  
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Change in fair value of embedded derivative liability     (761 )     529       (2,084 )     (2,053 )
    Non-recurring charges (credits)     3,310       1,268       5,609       3,042  
    Selected items, before income taxes     30,197       (43,606 )     18,409       (20,945 )
    Income tax effect of selected items     —       —       —       —  
    Selected items, net of tax   $ 30,197     $ (43,606 )   $ 18,409     $ (20,945 )
                             
    Net (loss) available to common stockholders, as adjusted (2)   $ (684 )   $ (16,613 )   $ (45,692 )   $ (36,040 )
                             
                             
    Diluted net (loss) income per common share, as reported   $ (1.88 )   $ 1.63     $ (3.90 )   $ (0.92 )
    Impact of selected items     1.84       (2.65 )     1.12       (1.29 )
    Diluted net (loss) per common share, excluding selected items (2)(3)   $ (0.04 )   $ (1.02 )   $ (2.78 )   $ (2.21 )
                             
                             
    Net cash provided by operating activities   $ 6,686     $ 6,524     $ 35,355     $ 17,589  
    Changes in working capital     15,186       (6,758 )     5,786       19,163  
    Cash flow from operations before changes in working capital     21,872       (234 )     41,141       36,752  
    Cash components of selected items     2,611       4,707       6,012       3,301  
    Income tax effect of selected items     —       —       —       —  
    Cash flows from operations before changes in working capital, adjusted for selected items (1)   $ 24,483     $ 4,473     $ 47,153     $ 40,053  

    ________________________
    (1)   Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024.
    (2)   Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management’s belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.
    (3)   The impact of selected items for the three and twelve months ended December 31, 2024 were calculated based upon weighted average diluted shares of 16.5 million, due to the net (loss) available to common stockholders, excluding selected items. The impact of selected items for the three and twelve months ended December 31, 2023 were calculated based upon weighted average diluted shares of 16.5 million and 16.4 million shares, respectively, due to the net (loss) available to common stockholders, excluding selected items.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months Ended
    December 31,    		   Years Ended
    December 31,
        2024     2023     2024     2023  
                             
    Net income (loss), as reported   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Impact of adjusting items:                        
    Interest expense     6,135       8,917       29,009       36,511  
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Stock-based compensation     12       161       152       (1,070 )
    Interest income     (278 )     (525 )     (2,122 )     (1,243 )
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Unrealized loss (gain) on derivatives contracts     1,648       (45,403 )     (11,116 )     (21,934 )
    Change in fair value of embedded derivative liability     (761 )     529       (2,084 )     (2,053 )
    Merger Termination Payment     (10,000 )     —       (10,000 )     —  
    Non-recurring charges (credits) and other     3,310       1,268       5,609       2,728  
    Adjusted EBITDA(1)   $ 18,019     $ 9,972     $ 56,492     $ 66,515  

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                             
    Net income (loss), as reported   $ (22,202 )   $ 21,628     $ (105 )   $ (31,203 )
    Impact of adjusting items:                        
    Interest expense     6,135       6,873       7,610       8,391  
    Depletion, depreciation and accretion     14,155       12,533       13,213       13,025  
    Impairment of contract asset     18,511       —       —       —  
    Stock-based compensation     12       5       36       99  
    Interest income     (278 )     (509 )     (634 )     (701 )
    Loss (gain) on extinguishment of debt     7,489       —       —       —  
    Unrealized loss (gain) on derivatives contracts     1,648       (28,091 )     (4,434 )     19,761  
    Change in fair value of embedded derivative liability     (761 )     41       (436 )     (928 )
    Merger Termination Payment     (10,000 )     —       —       —  
    Non-recurring charges (credits) and other     3,310       978       384       937  
    Adjusted EBITDA(1)   $ 18,019     $ 13,458     $ 15,634     $ 9,381  
                             
    Adjusted LTM EBITDA(1)   $ 56,492                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        December 31,
    2023    		   September 30,
    2023    		   June 30,
    2023    		   March 31,
    2023
                             
    Net income (loss), as reported   $ 32,688     $ (53,799 )   $ (4,748 )   $ 22,811  
    Impact of adjusting items:                        
    Interest expense     8,917       9,219       9,366       9,009  
    Depletion, depreciation and accretion     12,337       13,426       14,713       16,148  
    Stock-based compensation     161       (686 )     (772 )     227  
    Interest income     (525 )     (293 )     (234 )     (191 )
    Unrealized loss (gain) on derivatives contracts     (45,403 )     46,805       (2,332 )     (21,004 )
    Change in fair value of embedded derivative liability     529       (1,878 )     358       (1,062 )
    Non-recurring charges (credits) and other     1,268       831       477       152  
    Adjusted EBITDA(1)   $ 9,972     $ 13,625     $ 16,828     $ 26,090  
                             
    Adjusted LTM EBITDA(1)   $ 66,515                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    The MIL Network –

  • MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    • Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
    • Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
    • Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
    • EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
    • On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.

    Financial Overview for the Year Ended December 31, 2024

    • Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
    • Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
    • Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
    • General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
    • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
    • Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
    • Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
    • Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
    • Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
    • Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
    • Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
    • Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.

    CEO Review for 2024

    In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:

    In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.

    In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.

    In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.

    In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.  

    Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.

    The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.

    In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:

    The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.

    Activity of Dorad:

    In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    Activity in the USA:

    In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.

    Activity in Italy:

    The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.

    New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.

    Activity in Israel:

    The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.

    Development of Solar licenses combined with storage:

    1. The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
      The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA.
    2. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
    3. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.

    Activity in the Netherlands:

    During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

      December 31,
    2024 2023 2024
    Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$ in thousands*
    Assets      
    Current assets:      
    Cash and cash equivalents 41,134 51,127 42,819
    Short term deposits – 997 –
    Restricted cash 656 810 683
    Intangible asset from green certificates 178 553 185
    Trade and other receivables 20,734 11,717 21,583
    Derivatives asset short-term 146 275 152
    Assets of disposal groups classified as held for sale – 28,297 –
      62,848 93,776 65,422
    Non-current assets      
    Investment in equity accounted investee 41,324 31,772 43,017
    Advances on account of investments 547 898 569
    Fixed assets 482,166 407,982 501,918
    Right-of-use asset 34,315 30,967 35,721
    Restricted cash and deposits 17,052 17,386 17,751
    Deferred tax 9,039 8,677 9,409
    Long term receivables 13,411 10,446 13,960
    Derivatives 15,974 10,948 16,628
      613,828 519,076 638,973
    Total assets 676,676 612,852 704,395
           
    Liabilities and Equity      
    Current liabilities      
    Current maturities of long-term bank loans 21,316 9,784 22,189
    Current maturities of other long-term loans 5,000 5,000 5,205
    Current maturities of debentures 35,706 35,200 37,169
    Trade payables 8,856 5,249 9,219
    Other payables 10,896 10,859 11,342
    Current maturities of derivatives 1,875 4,643 1,952
    Current maturities of lease liabilities 714 700 743
    Liabilities of disposal groups classified as held for sale – 17,142 –
    Warrants 1,446 84 1,505
      85,809 88,661 89,324
    Non-current liabilities      
    Long-term lease liabilities 25,324 23,680 26,361
    Long-term bank loans 245,866 237,781 255,938
    Other long-term loans 31,314 29,373 32,597
    Debentures 155,823 104,887 162,206
    Deferred tax 2,486 2,516 2,588
    Other long-term liabilities 939 855 977
    Derivatives 288 – 300
      462,040 399,092 480,967
    Total liabilities 547,849 487,753 570,291
           
    Equity      
    Share capital 25,613 25,613 26,662
    Share premium 86,271 86,159 89,805
    Treasury shares (1,736) (1,736) (1,807)
    Transaction reserve with non-controlling Interests 5,697 5,697 5,930
    Reserves 14,338 4,299 14,925
    Accumulated deficit (12,019) (5,037) (12,511)
    Total equity attributed to shareholders of the Company 118,164 114,995 123,004
    Non-Controlling Interest 10,663 10,104 11,100
    Total equity 128,827 125,099 134,104
    Total liabilities and equity 676,676 612,852 704,395

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Revenues 8,678 8,424 40,467 48,834 9,033 42,125
    Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614)
    Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143)
    Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368
                 
    Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269)
    General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311)
    Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515
    Other income, net 524 – 3,409 – 545 3,549
    Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852
                 
    Financing income 710 345 2,495 8,747 739 2,597
    Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187
    Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444)
    Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913)
    Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232)
    Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651)
    Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456)
                 
    Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604)
    Tax benefit 1,475 799 1,547 1,436 1,535 1,610
    Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994)
    Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Profit (loss) attributable to:            
    Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268)
    Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583)
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Other comprehensive income (loss) item            
    that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            
    Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335
    Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265
    Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861
    Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846)
    Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615
                 
    Total other comprehensive income (loss) attributable to:            
    Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450
    Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165
    Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 
    Total comprehensive income (loss) attributable to:            
    Owners of the Company 467 (3,318) 3,057 19,150 485 3,182
    Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
    Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
                 
    Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
    Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
                 
    Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
    Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

                         
    Attributable to shareholders of the Company
    		 Non-controlling Interests Total Equity
    Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total    
    € in thousands
    For the year ended                    
    December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
    Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464)
    Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080
    Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 112 – – – – – 112 – 112
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827
                         
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303
    Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983)
    Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486
    Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 21 – – – – – 21 – 21
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

      Share capital Share premium Attributable to shareholders of the Company Non- controlling Total
    Interests Equity
    Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    € in thousands
    For the year ended December 31, 2023 (audited):                    
    Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077
    Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625
    Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276
    Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 121 – – – – – 121 – 121
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
                         
    For the three months                    
    ended December 31, 2023 (unaudited):                    
    Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187
    Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815)
    Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699
    Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 28 – – – – – 28 – 28
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

          Attributable to shareholders of the Company Non- controlling Total
        Interests Equity
    Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
    For the year ended December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223
    Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851)
    Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615
    Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 117 – – – – – 117 – 117
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644
    Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476)
    Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914
    Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 22 – – – – – 22 – 22
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024
    2024 2023 2024 2023
    Unaudited Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$*
    Cash flows from operating activities            
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Adjustments for:            
    Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035
    Loss from settlement of derivatives contract 266 – 316 – 277 329
    Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422
    Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193
    Share-based payment transactions 21 28 112 121 22 117
    Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515)
    Payment of interest on loan from an equity accounted investee – 33 – 1,501 – –
    Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185)
    Change in other assets 2,894 69 3,770 (681) 3,013 3,924
    Change in receivables from concessions project – 259 793 1,778 – 825
    Change in trade payables 48 (332) (31) (45) 50 (32)
    Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636
    Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615)
    Income taxes refund (paid) 277 (473) 623 (912) 288 649
    Interest received 605 524 2,537 2,936 630 2,641
    Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277)
      14,405 1,630 17,431 7,979 14,996 18,147
    Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296
                 
    Cash flows from investing activities            
    Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909)
    Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618)
    Proceeds from sale of investments – – 9,267 – – 9,647
    Repayment of loan by an equity accounted investee – 1,221 – 1,324 – –
    Loan to an equity accounted investee – (60) – (128) – –
    Advances on account of investments – – (163) (421) – (170)
    Proceeds from advances on account of investments 514 297 514 2,218 535 535
    Proceeds in marketable securities – – – 2,837 – –
    Investment in settlement of derivatives, net (540) – (316) – (562) (329)
    Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717
    Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045
    Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082)
                 
    Cash flows from financing activities            
    Issuance of warrants – – 2,666 – – 2,775
    Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672)
    Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061)
    Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280
    Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258)
    Repayment of Debentures – – (35,845) (17,763) – (37,313)
    Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972
    Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723
                 
    Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215
    Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848)
    Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221
    Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446
    Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

     
                           
    Italy Spain USA Netherlands Israel  
    Solar Subsidized Solar
    Plants    		 28 MW
    Solar    		 Talasol
    Solar    		 Solar Biogas Dorad Manara Pumped Storage Solar* Total
    reportable
    segments    		 Reconciliations
    		 Total consolidated
      For the year ended December 31, 2024
      € in thousands
                             
    Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467
    Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803)
    Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468)
    Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196
                             
    Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196
    Project development costs                       (4,101)
    General and administrative expenses                       (6,063)
    Share of income of equity accounted investee                       11,062
    Other income, net                       3,409
    Operating profit                       8,503
    Financing income                       2,495
    Financing income in connection with
    derivatives and warrants, net    		                       1,140
    Financing expenses in connection with projects finance                       (6,190)
    Financing expenses in connection with debentures                       (6,641)
    Interest expenses on minority shareholder loan                       (2,144)
    Other financing expenses                       (8,311)
    Financing expenses, net                       (19,651)
    Profit before taxes on income                       (11,148)
                             
    Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676

    * The results of the Talmei Yosef solar plant are presented as a discontinued operation.

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
      € in thousands Convenience Translation into US$ in thousands*
    Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456
    Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610)
    Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143
    EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.

    Net Financial Debt

    As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.

    Discussion concerning Warning Signs

    Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjusted EBITDA as defined the Series C Deed of Trust 26,201

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440
    Adjusted EBITDA as defined the Series D Deed of Trust 26,641

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440
    Adjusted EBITDA as defined the Series E Deed of Trust 26,641
       

    In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

    As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440
    Adjusted EBITDA as defined the Series F Deed of Trust 26,641
       

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440
    Adjusted EBITDA as defined the Series G Deed of Trust 26,641
       

    1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

    2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

    3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.

    5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

    6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    7 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    9 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    11 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    13 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    14 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    The MIL Network –

  • MIL-OSI: Energys Group Announces Pricing of $10.125 Million Initial Public Offering and Nasdaq Listing

    Source: GlobeNewswire (MIL-OSI)

    UNITED KINGDOM, March 31, 2025 (GLOBE NEWSWIRE) — Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”), a vertically integrated energy efficiency and decarbonization solutions provider for the build environment, today announced the pricing of its initial public offering (the “Offering”) of 2,250,000 ordinary shares (the “Ordinary Shares”) at a public offering price of US$4.50 per Ordinary Share, for total gross proceeds of US$10,125,000 before deducting underwriting discounts and other offering expenses.

    The Ordinary Shares have been approved for listing on the NASDAQ Capital Market and are expected to commence trading on April 1, 2025, under the ticker symbol “ENGS.”

    The Company has granted the underwriters an option, within 45 days from the date of the prospectus, to purchase up to an additional 337,500 Ordinary Shares at the initial public offering price, less underwriting discounts and commissions, to cover the over-allotment option, if any.

    The Offering is being conducted on a firm commitment basis. American Trust Investment Services, Inc. (“American Trust”) is acting as the representative of the underwriters for the Offering. Schlueter & Associates, P.C. acted as U.S. counsel to the Company, and DeMint Law, PLLC acted as U.S. counsel to American Trust, in connection with the Offering.

    The Offering is expected to close on April 2, 2025, subject to customary closing conditions.

    The Company intends to use the proceeds from this Offering 1) to expand its operating network in the United Kingdom; 2) for inventory procurement; 3) to establish operating subsidiaries in the United States; 4) to identify and pursue merger and acquisition opportunities; 5) to expand research and development capabilities; 6) to repay certain bank borrowings; and 7) to use as general working capital.

    A registration statement relating to the Offering, as amended, (File No. 333-275956) has been filed with the U.S. Securities and Exchange Commission (the “SEC”), and was declared effective by the SEC on March 14, 2025.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

    The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained from American Trust, Attn: Syndicate Department, 1244 119th Street, Whiting, IN 46394, via email at ib@amtruinvest.com or via telephone at (219) 473-5542. In addition, a copy of the final prospectus can be obtained via the SEC’s website at www.sec.gov.

    About Energys Group

    Founded in 1998 as an energy conservation consultancy, Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”) has since transitioned into a vertically integrated energy efficiency and decarbonization solutions provider for the build environment. Serving organizations from both the private and public sectors, including schools, universities, hospitals and offices, primarily in the UK, the Company’s vision is to deliver innovative solutions that reduce carbon emissions, lower costs and support Net Zero agenda – alongside improving the wellbeing of building users within the built environment.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:
    DLK Advisory
    Phone: +852-2857-7101
    Email: ir@dlkadvisory.com

    The MIL Network –

  • MIL-OSI USA: One Week Remains to Apply for FEMA Assistance in North Carolina

    Source: US Federal Emergency Management Agency 2

    strong>HICKORY, N.C. – North Carolinians with uninsured damage or loss from Tropical Storm Helene have one week remaining to apply for FEMA financial assistance. The application deadline is April 7, 2025. 
    FEMA may be able to help with temporary lodging, basic home repairs, personal property loss or other disaster-caused needs. Homeowners and renters in these counties can apply: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties, and members of the Eastern Band of Cherokee Indians.
    There are several ways to apply: Go online to DisasterAssistance.gov, use the FEMA App, or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other, give FEMA your number for that service. In some communities, local Resource Centers have FEMA specialists who can help residents apply.
    To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    MIL OSI USA News –

  • MIL-OSI USA: Governor Polis Signs Bills Into Law Creating More Housing Coloradans Can Afford, Designating State Agaricus Julius, The Emperor Mushroom Formerly Known as Prince, as the State Mushroom

    Source: US State of Colorado

    Governor Polis also signed a law to increase healthcare access for children with disabilities and complex medical conditions

    DENVER – Today, Governor Polis signed the following bipartisan bills into law during a ceremony in the Governor’s Office.

    HB25-1093 – Limitations on Local Anti-Growth Land Use Policies, sponsored by Representatives Rebekah Stewart and Carlos Barron, and Senators Matt Ball and Nick Hinrichsen.

    “We are building on our historic progress to break down government barriers that block new housing so that we can build more housing that Coloradans can afford. This bill will help unlock the housing supply, lower costs, and expand access to homes for Coloradans and families. We know that cost of housing is a top concern for Coloradans, and I am proud to sign this legislation to continue lowering costs for hardworking families,” said Governor Polis.

    HB25-1091 – Designation of State Mushroom, sponsored by Representative Jacque Phillips and Senator Kyle Mullica.

    “Today, Agaricus Julius, or the Emperor Mushroom Formerly Known as Prince, joins the iconic Rocky Mountain Columbine, Lark Bunting, Bighorn Sheep, Colorado Blue Spruce, and others as a symbol of our beautiful state. Designating a state mushroom helps us celebrate the important and diverse plants and animals that make up and strengthen the lands and ecosystems that make the landscapes of our state so vibrant and inspiring. Our state mushroom has coloring similar to a portobello, a cherry-almond aroma, and it’s delicious,” said Governor Polis.  

    (Photos Courtesy of the Denver Botanic Gardens)

    Finally, Governor Polis signed HB25-1003 – Children Complex Health Needs Waiver, sponsored by Representatives Rebekah Stewart and Max Brooks, and Senator Lisa Cutter.

    “In Colorado, we are committed to ensuring every child has access to the high-quality care needed to live a healthy life. This new law will increase access to important services for kids with disabilities and complex medical conditions, help administer services more efficiently, and lower the cost. In our Colorado for all, everyone should have access to the care needed to thrive, and this bill does exactly that,” said Governor Polis.

    Governor Polis also signed the following bills administratively:

    • HB25-1131 – Eliminate Student Cap at Colorado State University’s Veterinary Program, sponsored by Representatives Andrew Boesenecker and Dusty Johnson, and Senators Cathy Kipp and Byron Pelton. This bill is bipartisan.
    • HB25-1063 – FDA-Approved Crystalline Polymorph Psilocybin Use, sponsored by Representatives Anthony Hartsook and Kyle Brown, and Senator Dafna Michaelson Jenet. This bill is bipartisan.
    • HB25-1070 – Electroconvulsive Treatment for Minors, sponsored by Representatives Mary Bradfield and Gretchen Rydin, and Senator Dafna Michaelson Jenet. This bill is bipartisan.
    • HB25-1040 – Adding Nuclear Energy as a Clean Energy Resource, sponsored by Representatives Alex Valdez and Ty Winter, and Senators Dylan Roberts and Larry Liston. This bill is bipartisan.
    • HB25-1009 – Vegetative Fuel Mitigation, sponsored by Representatives Tisha Mauro and Junie Joseph, and Senators Lisa Cutter and Nick Hinrichsen. This bill is bipartisan.
    • HB25-1015 – Ability to Pay Bond Online Clarifications, sponsored by Representatives Javier Mabrey and Yara Zokaie, and Senators Robert Rodriguez and Julie Gonzales. This bill is bipartisan.
    • HB25-1016 – Occupational Therapist Prescribe Medical Equipment, sponsored by Representative Katie Stewart, and Senators Dafna Michaelson Jenet and Janice Rich. This bill is bipartisan.
    • SB25-180 – Population Growth Calculation, sponsored by Senators Barbara Kirkmeyer and Judy Amabile, and Representatives Rick Taggart and Emily Sirota. This bill is bipartisan.

    ###

    MIL OSI USA News –

  • MIL-OSI: Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements for the year ended December 31, 2024 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).

    On March 31, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 18.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

    The financial statements of Dorad for the year ended December 31, 2024 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results and financial statements for this period. In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation to English of Dorad’s financial results.

    Dorad Financial Highlights

    • Dorad’s revenues for the year ended December 31, 2024 – approximately NIS 2,863.8 million.
    • Dorad’s operating profit for the year ended December 31, 2024 – approximately NIS 620.3 million.

    Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. Since January 1, 2023, the months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of full year results in the future or comparable to full year results in the past.

    The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of February 27, 2025  (the date of approval of Dorad’s financial statements as of December 31, 2024), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the war and hostilities being resumed may affect Dorad’s assessments, and that as of the date of its financial statements, Dorad is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.

    In December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    A convenience translation to English of the financial results for Dorad as of December 31, 2024 and 2023 and for each of the three years ended December 31, 2023 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.

    About Ellomay Capital Ltd.
    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status;
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com  

    Dorad Energy Ltd.

    Statements of Financial Position

      December 31 December 31
    2024 2023
    NIS thousands NIS thousands
    Current assets    
    Cash and cash equivalents 846,565 219,246
    Trade receivables and accrued income 185,625 211,866
    Other receivables 32,400 12,095
    Total current assets 1,064,590 443,207
         
         
    Restricted deposits 531,569 522,319
    Long- term Prepaid expenses 79,739 30,053
    Fixed assets 2,697,592 3,106,550
    Intangible assets 9,688 7,653
    Right of use assets 54,199 55,390
    Total non-current assets 3,372,787 3,721,965
         
    Total assets 4,437,377 4,165,172
         
         
    Current maturities of loans from banks 321,805 299,203
    Current maturities of lease liabilities 4,887 4,787
    Current tax liabilities 14,016 –
    Trade payables 168,637 166,089
    Other payables 14,971 31,446
    Total current liabilities 524,316 501,525
         
         
    Loans from banks 1,750,457 1,995,909
    Other long-term liabilities 60,987 12,943
    Long-term lease liabilities 46,809 47,618
    Provision for restoration and decommissioning 38,102 38,985
    Deferred tax liabilities 399,282 278,095
    Liabilities for employee benefits, net 160 160
    Total non-current liabilities 2,295,797 2,373,710
         
    Equity    
    Share capital 11 11
    Share premium 642,199 642,199
    Capital reserve for activities with shareholders 3,748 3,748
    Retained earnings 971,306 643,979
         
    Total equity 1,617,264 1,289,937
         
    Total liabilities and equity 4,437,377 4,165,172
         

    Dorad Energy Ltd.

    Statements of Profit or Loss

      2024 2023 2022
    NIS thousands NIS thousands NIS thousands
    Revenues 2,863,770 2,722,396 2,369,220
           
    Operating costs of the power plant      
    Energy costs 574,572 583,112 544,118
    Purchases of electricity and infrastructure services 1,372,618 1,244,646 1,088,127
    Depreciation and amortization 106,266 242,104 239,115
    Other operating costs 190,027 186,024 157,189
           
    Total operating costs of the power plant 2,243,483 2,255,886 2,028,549
           
    Profit from operating the power plant 620,287 466,510 340,671
           
    General and administrative expenses 23,929 27,668 24,066
    Other income 58 39 –
           
    Operating profit 596,416 438,881 316,605
           
    Financing income 184,939 45,286 52,131
    Financing expenses 193,825 209,773 271,116
           
    Financing expenses, net 8,886 164,487 218,985
           
    Profit before taxes on income 587,530 274,394 97,620
           
    Taxes on income 135,203 63,079 22,340
           
    Net profit for the year 452,327 211,315 75,280

    Dorad Energy Ltd.

    Statements of Changes in Shareholders’ Equity

          Capital    
        reserve for    
        activities with    
      Share controlling Retained  
    Share capital premium shareholders earnings Total
    NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
    For the year ended December 31, 2024          
               
    Balance as at January 1, 2024 11  642,199  3,748 643,979   1,289,937  
               
    Dividend distributed – – – (125,000 ) (125,000 )
    Net profit for the year – – – 452,327   452,327  
               
    Balance as at December 31, 2024 11 642,199 3,748 971,306   1,617,264  
    For the year ended December 31, 2023          
               
    Balance as at January 1, 2023 11 642,199 3,748 572,664   1,218,622  
               
    Dividend distributed – – – (140,000 ) (140,000 )
    Net profit for the year – – – 211,315   211,315  
               
    Balance as at December 31, 2023 11 642,199 3,748 643,979   1,289,937  
    For the year ended December 31, 2022          
               
    Balance as at January 1, 2022 11 642,199 3,748 497,384 1,143,342
               
    Net profit for the year – – – 75,280 75,280
               
    Balance as at December 31, 2022 11 642,199 3,748 572,664 1,218,622

    Dorad Energy Ltd.

    Statements of Cash Flows

      2024   2023   2022  
    NIS thousands NIS thousands NIS thousands
    Cash flows from operating activities:      
    Profit for the year 452,327   211,315   75,280  
    Adjustments:      
    Depreciation, amortization, and diesel consumption 121,664   245,566   242,345  
    Taxes on income 135,203   63,079   22,340  
    Financing expenses, net 8,886   164,487   218,985  
      265,753   473,132   483,670  
           
    Change in trade receivables and accrued income 26,241   26,715   9,991  
    Change in other receivables (20,951 ) 20,714   7,480  
    Change in trade payables (10,361 ) (115,976 ) (127,907 )
    Change in other payables (3,481 ) 2,507   4,339  
    Change in other long-term liabilities (3,661 ) (4,586 ) 1,695  
       (12,213 ) (70,626 ) (104,402 )
    Taxes on income paid –   –   (21,795 )
           
    Net cash from operating activities 705,867   613,821   432,753  
           
    Cash flows from investing activities:      
    Proceeds from settlement of financial derivatives 1,548   8,884   13,652  
    Decrease in long-term restricted deposits 17,500   40,887   –  
    Investment in fixed assets (44,132 ) (102,082 ) (110,715 )
    Proceeds from arbitration 337,905   –   –  
    Proceeds from insurance for damages to fixed assets 5,148   –   –  
    Investment in intangible assets (4,054 ) (3,162 ) (1,810 )
    Interest received 42,221   33,501   6,433  
    Net cash from )used in( investing activities 356,136   (21,972 ) (92,440 )
           
    Cash flows from financing activities:      
    Repayment of lease liability (4,984 ) (4,817 ) (4,726 )
    Repayment of loans from banks (284,570 ) (253,382 ) (255,705 )
    Dividends paid (142,500 ) (122,500 ) –  
    Interest paid (129,957 ) (151,220 ) (159,804 )
    Proceeds from arbitration 127,195   –   –  
           
    Net cash used in financing activities (434,816 ) (531,919 ) (420,235 )
           
    Net increase (decrease) in cash and cash equivalents 627,187   59,930   (79,922 )
           
    Effect of exchange rate fluctuations on cash and      
    cash equivalents 132   7,835   29,543  
    Cash and cash equivalents at beginning of year 219,246   151,481   201,860  
           
    Cash and cash equivalents at end of year 846,565   219,246   151,481  
    (a) Significant non-cash activity  
       
    Liability for gas agreements 56,208   –   –  

                                      

    The MIL Network –

  • MIL-OSI: Duos Technologies Group Reports 4th Quarter and FY 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Issues guidance following a transformative year with the Company adding two new business lines, significantly strengthening the Balance Sheet and demonstrating enhanced operational capabilities for additional services and consulting related to the fast power business.

    JACKSONVILLE, Fla., March 31, 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, Edge Data Centers and power solutions, reported financial results for the fourth quarter (“Q4 2024”) and full year ended December 31, 2024.

    Fourth Quarter 2024 and Recent Operational Highlights

    • Signed Asset Management Agreement (“AMA”) with New APR Energy and Fortress Investment Group value at up to $42 million to manage 850MW of Gas-Powered Turbines. This agreement includes a 5% equity stake in the parent of New APR Energy and is the largest contract in the Company’s history.
    • Secured a $5 million advance payment for future services related to the AMA providing low-cost interim working capital as the Company grows.
    • Initiated marketing campaign targeted at the Tier 3 and Tier 4 data center markets for the provision of Duos Edge AI Edge Data Centers (“EDC”s).
    • Acquired six EDCs for initial deployments to Texas Regional Schools as “anchor” locations for service provisions.
    • Installed an initial EDC site in Amarillo, Texas with contract to include primary power for the support of installation site in addition to backup power.
    • Developing a high-density Data Center Park in Pampa, Texas in cooperation with New APR Energy and the Pampa Energy Center. The project includes the deployment of two Edge Data Centers and up to 500MW of bridging and permanent power, to support growing AI hyperscalers and HPC demands.
    • Added further intellectual property with patents covering the Railcar Inspection Portal (“RIP®”) and issued potential “IP Infraction” letters to a Class 1 railroad and its technology partner.
    • Scanned almost 10 million railcar images on over 700,000 unique railcars for the full year. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 44% of the total freight car population in North America.
    • Entering 2025, the Company estimates $50.5 million of revenue in backlog including near-term extensions.
    • Completed an At-The-Market (“ATM”) capital raise for approximately $7.5 million with an average price of greater than $5.00 per share and low issuance costs.

    Fourth Quarter 2024 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.

    Total revenue for Q4 2024 decreased 4% to $1.46 million compared to $1.53 million in the fourth quarter of 2023 (“Q4 2023”). Total revenue for Q4 2024 includes approximately $1.43 million in recurring services and consulting revenue, an increase of 9% over the same period. The increase in recurring services and consulting revenues was driven by new revenue from power consulting work, which was not present in the comparative period.

    Cost of revenues for Q4 2024 increased 47% to $1.79 million compared to $1.22 million for Q4 2023. The increase in costs year-over-year stems from $548,121 in amortization expenses recorded in Q4 2024 to offset site revenue related to a nonmonetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $415,580 in services and consulting revenue from power consulting work, which was provided at cost, further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of Q4, 2023.

    Gross margin for Q4 2024 decreased 209% to negative $330,000 compared to $303,000 for Q4 2023. The decline in margin during the quarter was a direct result of lower business activity timing in the technology systems area of the business as well as $415,580 in services and consulting revenue from power consulting work, which was largely provided at cost, and had a onetime dilutive effect on gross margin. These same project revenues and subsequent margin impacts were absent during Q4, 2023.

    Operating expenses for Q4 2024 decreased 21% to $2.76 million compared to $3.48 million for Q4 2023. The decrease in expenses is attributed to reductions in development and administrative costs due to the completion of certain activities and the impact of previously implemented cost reductions. The decrease in operating expenses was slightly offset by additional investments in sales resources for expansion of the commercial team in preparation of the business expansions planned for Power and Data Centers. Beginning in late Q3 2024 and throughout all of Q4 2024 the Company allocated personnel costs, typically recorded under operating expenses, to costs of revenue associated with power consulting efforts, allowing the Company to recover costs that it would not have otherwise allowing the Company to maintain certain key resources required for anticipated business growth.

    Net operating loss for Q4 2024 totaled $3.09 million compared to net operating loss of $3.18 million for Q4 2023. The decrease in net operating loss was as a result of planned reductions in operating expenses offset by anticipated lower revenues which resulted in an overall decrease in operating loss compared to the same quarter in 2023.

    Net loss for Q4 2024 totaled $3.41 million compared to a net loss of $3.16 million for Q4 2023 as a result of higher interest costs related to the acquisition of 3 Edge Data Centers.

    Cash and cash equivalents at December 31, 2024 totaled $6.27 million compared to $2.44 million at December 31, 2023. As of year-end, the Company had an additional $0.40 million in receivables, bolstering its liquidity position to approximately $6.67 million. Duos also had an additional $0.80 million of inventory as of December 31, 2024, consisting primarily of long-lead items for future RIP installations.

    Across January and February of 2025, the Company issued an aggregate of 633,683 shares of common stock at a weighted average price of $6.24 per share through its ATM offering program, generating total net proceeds of approximately $3,836,032.

    Full Year 2024 Financial Results

    Total revenue for the full year 2024, decreased 3% to $7.28 million, down from $7.47 million for 2023. Much of the decrease in overall revenues was due to ongoing customer-driven delays beyond the Company’s control related to the deployment of two high-speed transit-focused Railcar Inspection Portals (RIPs). Although the systems were largely ready in 2023, installation was delayed due to customer site preparation issues, which has prevented the Company from recognizing the next phase of revenue. However, in 2024, the Company secured an equitable adjustment as partial compensation for those delays and increased the total contract value by $1.4 million, a substantial portion of which was recognized during the year. The customer is now nearing completion of site preparation, and field installation is expected to progress in 2025 with anticipated completion in 2026. Meanwhile, the Company continued its transition toward a greater focus on AI software and support services. Services and consulting revenues increased by 31% compared to 2023, driven by the addition of new AI and subscription customers, higher service contract pricing, and $921,562 in new revenue from power consulting work, all which was not present in for the full year in 2023. Underlying recurring revenues also continued to grow as new maintenance contracts are being established on installations coming online during 2025. The Company anticipates continued growth in service revenue from both new and existing customers, supported by upcoming renewals, a growing backlog, and the next generation of technology systems currently in production and expected to be completed in 2025.

    Cost of revenues for the full year 2024, increased 11% to $6.81 million, up from $6.16 million in the same period of 2023. The increase in cost of revenues was driven by $1,569,311 in amortization expenses recorded in 2024 to offset site revenue related to a non-monetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $921,562 in services and consulting revenue from power consulting work, which although was provided at cost, was partially performed by existing Duos staff. Part of the work was the retention of outside consultants further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of 2023, but prepared the Company for the signing of the Asset Management Agreement and expected significant revenue increases in 2025 and beyond. The Company continues to put into service additional artificial intelligence algorithms and maintenance and support services which are high margin and represent only marginal increases in the requisite costs to deliver these services. Cost of revenues on technology systems decreased during the period compared to the equivalent period in 2023 in line with the decline in project revenues. The decline in costs generally follows the same year-over-year trend as project revenues due to timing differences in major project work. This is primarily related to the procurement and manufacturing of transit-focused RIPs. As we are near the end of the manufacturing cycle and begin preparations for field installation in 2025, the cost of revenues for technology systems decreases accordingly. In contrast, during the same period in 2023, the Company was still progressing through the advanced stages of procurement and manufacturing for these RIPs.

    Gross margin for the full year 2024, decreased 64% to $469,000, down from $1.31 million in the same period of 2023. As noted above, the decline in margin was primarily driven by the timing of business activity related to the two high-speed, transit-focused Railcar Inspection Portals. In 2024, activity centered on the advanced stages of procurement and manufacturing for these systems, but customer driven delays in installation deferred the recognition of higher-margin revenue. Additionally, the Company generated $921,562 in services and consulting revenue from power consulting work that was provided at cost, which further diluted overall gross margin. These power consulting revenues, and their margin impacts were not present in 2023. The gross margin for 2024 was approximately 6%, compared to 18% in 2023. This decline also reflects the fixed nature of certain departmental costs and the evolving stage of project completion. When comparing year-over-year results, the timing of manufacturing and installation milestones should be taken into consideration, as they can significantly impact the gross margin profile in any given period.

    Operating expenses for the full year 2024, decreased 10% to $11.45 million, down from $12.76 million in the same period of 2023. There was a 43% increase in sales and marketing driven by continued investment in the commercial team, including the addition of professionals with extensive experience and leadership across the rail, Edge data center, and power industries. Research and development expenses declined by 16%, primarily due to lower personnel costs allocated to R&D and reduced testing as a result of completion of certain activities for prospective technologies. General and administration costs decreased by 18%, influenced by reductions in headcount and related personnel expenses, as well as a decline in non-cash amortization charges associated with the forfeiture of approximately 781,323 share options during 2024. Further contributing to the decrease were reductions in consulting and legal expenses compared to 2023.

    Net operating loss for the years ended, December 31, 2024 and 2023 were $10,983,526 and $11,446,566, respectively. The decrease in losses from operations during the year was the result of planned decreases in operating expenses, which offset the impact of lower revenues recorded in the period as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit client, and the short term lower gross margins from the impact of the initial power industry consulting.

    Net loss for the years ended December 31, 2024 and 2023 was $10,764,457 and $11,241,718, respectively. The decrease in overall net loss was primarily attributable to a decrease in operating costs. Net loss per common share was $1.39 and $1.56 for the years ended December 31, 2024, and 2023, respectively, an improvement of $0.17 per share (basic). 

    Financial Outlook
    At the end of 2024, the Company’s contracts in backlog represented approximately $50.5 million in revenue, of which approximately $22.6 million is expected to be recognized in calendar 2025 not including an estimated $8.0 – $9.0 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 through fiscal 2025, related to Duos Technologies, 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 in a position to reinstate 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

    “Over the past several months, we have made significant progress across all three of our business lines—rail, edge computing, and power—while also expanding our investor base and analyst coverage,” said Duos Chief Executive Officer Chuck Ferry. “Our Railcar Inspection Portal continues to gain traction, with growing interest from both rail operators and government agencies, despite the industry’s slow adoption cycle. Meanwhile, Duos Edge AI is scaling quickly, with strong demand for our Edge Data Centers, particularly in underserved rural areas. We remain on track to deploy 15 pods by the end of 2025 and are actively exploring opportunities to accelerate that growth. At the same time, Duos Energy is capitalizing on unprecedented demand for behind-the-meter power solutions, securing contracts for 390MW in just the first three months of operation, with additional deals in negotiation. The synergies between our power and edge computing businesses have exceeded expectations, opening doors to new opportunities across both sectors. With strong execution and a diversified portfolio, we are well-positioned for continued growth and profitability in 2025 and beyond.”

    Conference Call
    The Company’s management will host a conference call today, March 31, 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:  Monday, March 31, 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:  13751912
       

    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 continue as a going concern, 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 Report 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
           
           
      For the Years Ended
      December 31,
      2024   2023
           
    REVENUES:      
    Technology systems $ 2,252,357     $ 3,618,022  
    Services and consulting   5,028,528       3,853,176  
           
    Total Revenues   7,280,885       7,471,198  
           
    COST OF REVENUES:      
    Technology systems   2,818,078       4,352,247  
    Services and consulting   3,993,592       1,810,070  
           
    Total Cost of Revenues   6,811,670       6,162,317  
           
    GROSS MARGIN   469,215       1,308,881  
           
    OPERATING EXPENSES:      
    Sales and marketing   2,138,431       1,493,309  
    Research and development   1,531,390       1,812,951  
    General and administration   7,782,920       9,449,187  
           
    Total Operating Expenses   11,452,741       12,755,447  
           
    LOSS FROM OPERATIONS   (10,983,526 )     (11,446,566 )
           
    OTHER INCOME (EXPENSES):      
    Interest expense   (286,114 )     (7,159 )
    Change in fair value of warrant liabilities   245,980       0  
    Gain on extinguishment of warrant liabilities   379,626       0  
    Other income, net   (120,423 )     212,007  
           
    Total Other Income (Expenses), net   219,069       204,848  
           
    NET LOSS $ (10,764,457 )   $ (11,241,718 )
           
           
    Basic and Diluted Net Loss Per Share $ (1.39 )   $ (1.56 )
           
           
    Weighted Average Shares-Basic and Diluted   7,736,281       7,204,177  
           
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
         
             
        December 31,   December 31,
        2024   2023
             
    ASSETS      
    CURRENT ASSETS:      
      Cash $ 6,266,296     $ 2,441,842  
      Accounts receivable, net   403,441       1,462,463  
      Contract assets   635,774       641,947  
      Inventory   605,356       1,526,165  
      Prepaid expenses and other current assets   176,338       184,478  
      Note Receivable, net   –       –  
             
      Total Current Assets   8,087,205       6,256,895  
             
      Inventory – non current   196,315       –  
      Property and equipment, net   2,771,779       726,507  
      Operating lease right of use asset – Office Lease   4,028,397       4,373,155  
      Financing lease right of use asset – Edge Data Centers   2,019,180       –  
      Security deposit   500,000       550,000  
             
    OTHER ASSETS:      
      Equity Investment – Sawgrass APR Holdings LLC   7,233,000       –  
      Intangible Asset, net   9,592,118       –  
      Note Receivable, net   –       153,750  
      Patents and trademarks, net   127,300       129,140  
      Software development costs, net   403,383       652,838  
      Total Other Assets   17,355,800       935,728  
             
    TOTAL ASSETS $ 34,958,677     $ 12,842,285  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
             
    CURRENT LIABILITIES:      
      Accounts payable $ 969,822     $ 595,634  
      Notes payable – financing agreements   17,072       41,976  
      Accrued expenses   373,251       164,113  
      Operating lease obligations – Office Lease -current portion   798,556       779,087  
      Financing lease obligation – Edge Data Centers – current portion   367,451       –  
      Notes payable, net of discount – related parties   1,758,396       –  
      Contract liabilities, current   11,805,018       1,666,243  
             
      Total Current Liabilities   16,089,566       3,247,053  
             
      Contract liabilities, less current portion   11,016,134       –  
      Operating lease obligations – Office Lease, less current portion   3,867,042       4,228,718  
      Financing lease obligation – Edge Data Centers, less current portion   1,724,604       –  
             
      Total Liabilities   32,697,346       7,475,771  
             
    Commitments and Contingencies (Note 12)      
             
    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 December 31, 2024 and December 31, 2023, 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 December 31, 2024    
      and December 31, 2023, 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 December 31, 2024 and December 31, 2023, 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; 1,299 and 1,299 issued      
      and outstanding at December 31, 2024 and December 31, 2023, 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 11,500 issued      
      and outstanding at December 31, 2024 and December 31, 2023, respectively,   14       12  
      convertible into common stock at $2.61 and $3.00 per share, respectively,      
      Series F convertible preferred stock, $1,000 stated value per share,      
      5,000 shares designated; 0 and 0 issued      
      and outstanding at December 31, 2024 and December 31, 2023, respectively,   –       –  
      convertible into common stock at $6.20 per share      
             
      Common stock: $0.001 par value; 500,000,000 shares authorized,      
      8,922,576 and 7,306,663 shares issued, 8,921,252 and 7,305,339   8,921       7,306  
      shares outstanding at December 31, 2024 and December 31, 2023, respectively    
      Additional paid-in-capital   76,777,856       69,120,199  
      Accumulated deficit   (74,368,009 )     (63,603,552 )
      Sub-total   2,418,783       5,523,966  
      Less: Treasury stock (1,324 shares of common stock      
      at December 31, 2024 and December 31, 2023)   (157,452 )     (157,452 )
    Total Stockholders’ Equity   2,261,331       5,366,514  
             
    Total Liabilities and Stockholders’ Equity $ 34,958,677     $ 12,842,285  
             
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
     CONSOLIDATED STATEMENTS OF CASH FLOWS
     
      For the Years Ended
      December 31,
       2024     2023 
           
    Cash from operating activities:      
    Net loss $ (10,764,457 )   $ (11,241,718 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   2,161,722       550,201  
    Stock based compensation   108,981       710,047  
    Stock issued for services   165,000       143,065  
    Amortization of debt discount related to warrant liabilities   184,002       –  
    Fair value of warrant liabilities   (245,980 )     –  
    Gain on settlement of warrant liabilities   (379,626 )     –  
    Amortization of operating lease right of use asset – Office Lease   344,757       316,776  
    Amortization of lease right of use asset – Edge Data Centers   50,820       –  
    Provision for credit losses, accounts receivable   76,037       –  
    Provision for credit losses, note receivable   161,250       –  
    Write off of inventory   126,703       –  
    Changes in assets and liabilities:      
       Accounts receivable   982,985       1,955,800  
       Note receivable   (7,500 )     (153,750 )
       Contract assets   6,173       (216,225 )
       Inventory   52,700       (97,804 )
       Security deposit   50,000       50,000  
       Prepaid expenses and other current assets   414,091       744,771  
       Accounts payable   374,188       (1,694,756 )
       Accrued expenses   209,138       (289,209 )
       Operating lease obligation – Office Lease   (342,206 )     (232,007 )
       Lease obligation – Edge Data Centers   22,055       –  
       Contract liabilities   2,760,480       708,245  
           
    Net cash used in operating activities   (3,488,687 )     (8,746,564 )
           
    Cash flows from investing activities:      
        Purchase of patents/trademarks   (9,535 )     (69,327 )
        Purchase of software development   –       (527,896 )
        Purchase of fixed assets   (1,831,763 )     (496,686 )
           
    Net cash used in investing activities   (1,841,298 )     (1,093,909 )
           
    Cash flows from financing activities:      
       Repayments on financing agreements   (430,855 )     (520,529 )
       Repayment of finance lease   –       (22,851 )
       Proceeds from notes payable, related parties   2,200,000       –  
       Proceeds from warrant exercises   899,521       –  
       Proceeds from common stock issued   3,544,689       –  
       Stock issuance cost   (220,183 )     (25,797 )
       Proceeds from shares issued under Employee Stock Purchase Plan   166,265       230,400  
       Proceeds from preferred stock issued   2,995,002       11,500,000  
           
    Net cash provided by financing activities   9,154,439       11,161,223  
           
    Net increase in cash   3,824,454       1,320,750  
    Cash, beginning of year   2,441,842       1,121,092  
    Cash, end of year $ 6,266,296     $ 2,441,842  
           
    Supplemental Disclosure of Cash Flow Information:      
    Interest paid $ 3,865     $ 7,159  
    Taxes paid $ 20,126     $ 29,085  
           
    Supplemental Non-Cash Investing and Financing Activities:      
    Debt discount for warrant liability $ 625,606     $ –  
    Notes issued for financing of insurance premiums $ 434,883     $ 487,929  
    Transfer of inventory to fixed assets $ 545,091     $ –  
    Intangible asset acquired with contract liability $ 11,161,428     $ –  
    Equity Investment – Sawgrass APR Holdings LLC $ 7,233,000     $ –  
    Right of use asset and liability for Edge Data Centers $ 2,070,000     $ –  
           

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f0eb27-5f9e-4015-9a56-d69465f6e1fd

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

    The MIL Network –

  • MIL-OSI: AleAnna, Inc. Reports Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Series of Milestones, Including Public Listing, Were Achieved in 2024; Longanesi First Gas Production Has Been Achieved

    Fiscal Year 2024 and Recent Company Highlights:

    • Gas production at Longanesi has commenced as of March 13, 2025
    • Between March 2024 and July 2024, AleAnna successfully completed three separate strategic acquisitions of renewable natural gas (“RNG”) plant projects in Italy for aggregate consideration of approximately $9.7 million, which generated $1.4 million in electricity production revenue in 2024
    • On December 13, 2024, AleAnna completed its de-SPAC transaction and became publicly traded on Nasdaq under the ticker symbol “ANNA”
    • AleAnna ended fiscal year 2024 with approximately $28.3 million in cash and cash equivalents

    DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or the “Company”) (NASDAQ: ANNA) today reported results for fiscal year 2024. Fiscal year 2024 was a transformative year for the Company, highlighted by the successful completion of our de-SPAC public listing transaction. AleAnna also launched its RNG asset acquisition program to expand the Company’s renewable energy portfolio. At year-end, AleAnna had $28.3 million in cash and cash equivalents, providing a solid foundation to advance its strategic initiatives.

    More recently, in March 2025, AleAnna and its operating partner Padana reached a major milestone with the commencement of production at the Longanesi field, marking a significant step forward for the Company.

    Management Commentary

    Marco Brun, Chief Executive Officer, reflected on AleAnna’s milestone year and recent achievements: “2024 was a pivotal year for AleAnna as we successfully completed our de-SPAC transaction and became a publicly traded company. We also strengthened our position in Italy’s renewable natural gas sector with strategic acquisitions and secured a long-term gas sales agreement with Shell Energy Europe.

    “As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy. We remain committed to driving sustainable energy development while delivering value to our shareholders.”

    About AleAnna

    AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and fourteen new natural gas exploration projects planned this decade, AleAnna plays a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 projects representing approximately €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

    Forward-Looking Statements

    The information included herein contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s definitive proxy statement/prospectus filed by AleAnna with the SEC on November 21, 2024, as well as general economic conditions; AleAnna’s need for additional capital; risks associated with the growth of AleAnna’s business; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

    Investor Relations Contact
    Bill Dirks
    wkdirks@aleannagroup.com

    Website
    https://www.aleannainc.com/

    ALEANNA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

      For the Year Ended December 31,  
      2024     2023  
               
    Revenues $ 1,420,030     $ –  
               
    Operating expenses:          
    Cost of revenues $ 1,043,174     $ –  
    General and administrative   6,264,087       5,634,150  
    Depreciation   133,516       –  
    Accretion of asset retirement obligation   133,239       133,239  
    Business Combination transaction expenses   8,398,653       –  
    Total operating expenses   15,972,669       5,767,389  
               
    Operating loss   (14,552,639 )     (5,767,389 )
               
    Other income (expense):          
    Interest and other income (expense)   1,948,281       (102,041 )
    Change in fair value of derivative liability   173,177       708,869  
    Total other income (expense)   2,121,458       606,828  
    Net loss $ (12,431,181 )   $ (5,160,561 )
    Deemed dividend to Class 1 Preferred Units redemption value   (155,423,177 )     (53,219,200 )
    Net loss attributable to noncontrolling interests   87,511       –  
    Net loss attributable to Class A Common stockholders or holders of Common Member Units $ (167,766,847 )   $ (58,379,761 )
               
    Other comprehensive income (loss)          
    Currency translation adjustment   (1,548,154 )     218,908  
    Comprehensive loss   (13,979,335 )     (4,941,653 )
    Comprehensive loss attributable to noncontrolling interests   87,511       –  
    Total comprehensive loss attributable to Class A Common stockholders $ (13,891,824 )   $ (4,941,653 )
               
    Weighted average shares of Class A Common Stock outstanding, basic and diluted   38,286,170       31,643,646  
    Net loss per share of Class A Common Stock, basic and diluted $ (4.38 )   $ (1.84 )

    ALEANNA, INC.
    CONSOLIDATED BALANCE SHEETS
    AS OF DECEMBER 31, 2024 AND 2023

      December 31, 2024     December 31, 2023  
    ASSETS          
    Current Assets:          
    Cash and cash equivalents $ 28,330,159     $ 6,759,265  
    Accounts receivable   1,225,297       –  
    Prepaid expenses and other assets   1,666,155       27,485  
    Total Current Assets   31,221,611       6,786,750  
               
    Non-current assets:          
    Natural gas and other properties, successful efforts method   33,979,014       22,480,830  
    Renewable natural gas properties, net of accumulated depreciation of $132,094   9,296,039       –  
    Value-added tax refund receivable   6,845,030       4,425,353  
    Operating lease right-of-use assets   1,744,897       –  
    Total Non-current Assets   51,864,980       26,906,183  
    Total Assets $ 83,086,591     $ 33,692,933  
               
    LIABILITIES AND EQUITY          
    Current Liabilities:          
    Accounts payable and accrued expenses $ 2,204,208     $ 1,053,819  
    Related party payables   –       525,276  
    Lease liability, short-term   163,865       –  
    Derivative liability, at fair value   –       173,177  
    Total Current Liabilities   2,368,073       1,752,272  
               
    Non-current Liabilities:          
    Asset retirement obligation   4,375,919       4,242,680  
    Lease liability, long-term   1,579,443       –  
    Contingent consideration liability, long-term   24,994,315       26,482,682  
    Total Non-current Liabilities   30,949,677       30,725,362  
    Total Liabilities   33,317,750       32,477,634  
               
    Commitments and Contingencies (Note 6)          
               
    Temporary Equity:          
    Class 1 Preferred Units, no par value, 43,611 units authorized, issued and outstanding; liquidation preference $152,637,776 as of December 31, 2023   –       152,464,599  
               
    Stockholders’ and Members’ Equity:          
    Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,560,433 shares issued and outstanding as of December 31, 2024   4,056       –  
    Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of December 31, 2024   2,599       –  
    Additional paid-in capital   226,722,424       –  
    Accumulated other comprehensive loss   (5,803,378 )     (4,859,933 )
    Accumulated deficit   (191,047,953 )     (146,389,367 )
    Noncontrolling interest   19,891,093       –  
    Total Equity (Deficit)   49,768,841       (151,249,300 )
    Total Liabilities and Equity $ 83,086,591     $ 33,692,933  
               

    The MIL Network –

  • MIL-OSI Video: The Molten Salt Test Loop at Idaho National Laboratory

    Source: United States of America – Federal Government Departments (video statements)

    Idaho National Laboratory developed a new molten salt test loop that will support the development of advanced reactors using molten salts.

    It will also be used to help support the world’s first fast-spectrum, salt-fueled reactor experiment at the lab scheduled to begin in the 2030s.

    Follow the Office of Nuclear Energy

    Newsletter: https://public.govdelivery.com/accounts/USDOEONE/subscriber/new

    Facebook: https://www.facebook.com/nuclearenergygov
    Twitter: https://www.x.com/GovNuclear
    LinkedIn: https://www.linkedin.com/showcase/nuclearenergygov

    https://www.youtube.com/watch?v=DNB_VHJx0p8

    MIL OSI Video –

  • MIL-OSI Asia-Pac: IREDA’s Loan Sanctions Rise 27% to ₹47,453 Crore, Loan Book Expands 28% to ₹76,250 Crore in FY 2024-25

    Source: Government of India

    Posted On: 31 MAR 2025 6:44PM by PIB Delhi

    Indian Renewable Energy Development Agency Limited (IREDA) today reported significant growth in its financial performance for the fiscal year ending March 31, 2025, as per provisional data.

    Loan sanctions for FY 2024-25 stood at ₹47,453 crore, marking a 27% increase from ₹37,354 crore in the previous year. Loan disbursements rose by 20% to ₹30,168 crore, compared to ₹25,089 crore in FY 2023-24. The outstanding loan book also expanded by 28%, reaching ₹76,250 crore as of March 31, 2025, up from ₹59,698 crore in the previous year.

    Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, stated, “Announcing IREDA’s annual performance on the last day of the financial year underscores our strong commitment to the highest standards of corporate governance and transparency with our investors. IREDA’s consistent growth in loan sanctions, disbursements, and loan book reflects our strong dedication to financing renewable energy projects. We remain committed to supporting India’s clean energy transition through innovative and accessible financing solutions.”

    “I sincerely thank Hon’ble Union Minister; Hon’ble Union Minister of State, Ministry of New & Renewable Energy; Secretary, MNRE; our Board of Directors; Regulators; and officials of MNRE and other ministries for their unwavering support. I appreciate the dedication and relentless efforts of the Team IREDA, whose commitment drives our success”, Shri Das added.

    These provisional figures are subject to audit.

    *********

    Navin Sreejith

    (Release ID: 2117057) Visitor Counter : 290

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – European funds supporting illicit exploitation or trading of natural resources by Rwanda – P-001270/2025

    Source: European Parliament

    Priority question for written answer  P-001270/2025
    to the Commission
    Rule 144
    Kathleen Van Brempt (S&D), Hilde Vautmans (Renew)

    During its meeting on 19 March 2025, Parliament’s Committee on Internal Trade held an exchange of views with representatives of the Commission on the EU-Rwanda memorandum of understanding on sustainable raw materials value chains. During that discussion, Commission representatives stated that EU financing for mining projects in Rwanda is strictly limited to mines for non-conflict minerals. Since 2023, the EU has been co-financing a project with an estimated budget of EUR 4.15 million on the sustainable development of the Rwandese mining sector with the Rwanda Mines, Petroleum and Gas Board (RMB). Given the fact that, in accordance with Council Implementing Regulation 2025/509, the EU has imposed sanctions on the Chief Executive Officer (CEO) of the RMB for his role in exploiting the armed conflict and instability in the Democratic Republic of the Congo (DRC), including through the illicit exploitation or trading of natural resources, we would like to ask the Commission the following questions:

    • 1.Is it correct that the EU is funding mining activity with the RMB in cooperation with the German Federal Ministry for Economic Cooperation and Development?
    • 2.How does the Commission guarantee that funds are not being misused by the RMB for trafficking minerals to Rwanda from DRC mines exploited by M23 rebels?
    • 3.Will the Commission suspend funding for the project with the RMB now that the EU has imposed sanctions on the CEO of the aforementioned company?

    Submitted: 26.3.2025

    Last updated: 31 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Rising energy prices – E-000368/2025(ASW)

    Source: European Parliament

    According to Directive 2019/1[1], Member States should ensure that competition authorities have minimum guarantees of independence and powers to effectively apply EU competition rules[2].

    The decision on whether to open proceedings following a complaint received at national level lies within the discretion of the competition authorities of the Member States[3].

    The Commission has no competence to instruct a competition authority of a Member State to open such proceedings. The Commission would also like to point out that an increase in energy costs can be explained by other factors (e.g. increased cost of fuels used to generate electricity) than an infringement of EU competition rules.

    To declare a regional price crisis, according to Article 66a of the Electricity Directive [4], the Commission bases its assessment on data submitted by Member States. The Commission supports Member States in this exercise.

    When Member States decide to support investment into non-fossil generation, this should be done through contract for differences, guaranteeing that excess of revenue above the maximum price is captured and redistributed by the Member State to final consumers.

    The Commission had open discussions with several Member States and stands ready, upon their request, to provide support on retail tariff design and on a framework including demand response.

    The action plan for Affordable Energy[5] will address challenges such as efficiency measures, renewable energy deployment, permitting, grids, storage and systems costs. These efforts will help lower energy costs.

    • [1] Directive (EU) 2019/1 of the European Parliament and of the Council of 11 December 2018 to empower the competition authorities of the Member States to be more effective enforcers and to ensure the proper functioning of the internal market, OJ 14.1.2019, L11/3.
    • [2] Articles 101 and 102 Treaty on the Functioning of the European Union.
    • [3] See Article 4 (5) of Directive 2019/1. Competition authorities of the Member States should be able to set their priorities and reject complaints on priority grounds.
    • [4] Article 66a of Directive (EU) 2019/944 as regards improving the Union’s electricity market design as amended by Directive (EU) 2024/1711 of the European Parliament and of the Council of 13 June 2024 OJ L, 2024/1711, 26.6.2024.
    • [5] COM/2025/79 final (https://energy.ec.europa.eu/publications/action-plan-affordable-energy-unlocking-true-value-our-energy-union-secure-affordable-efficient-and_en).
    Last updated: 31 March 2025

    MIL OSI Europe News –

  • MIL-OSI: Red Cat Holdings Reports Financial Results for the 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, March 31, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and provides a corporate update.

    Recent Operational Highlights:

    • Black Widow selected as the sole winner and provider of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record.
    • Closed the acquisition of FlightWave Aerospace Systems Corporation. The acquisition officially brings the Edge 130, FlightWave’s Blue UAS approved military-grade tri-copter, into Red Cat’s Family of Systems.
    • Partnered with Palantir to integrate Visual Navigation software (VNav) into Red Cat’s Black Widow drones. This collaboration will transform autonomous sUAS operations for modern warfare by utilizing Palantir’s Visual Navigation in GPS denied environments.
    • Partnered with Palantir to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform our supply and manufacturing operations with Palantir’s AI enabled monitoring, process flow enhancement and comprehensive data analysis. Palantir’s Warp Speed will optimize Red Cat’s production and streamline its supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.
    • Announced that the Black Widow drone and FlightWave Edge 130 were included on the list of 23 platforms and 14 unique components and capabilities selected as winners of the Blue UAS Refresh. The platforms will undergo National Defense Authorization Act (NDAA) verification and cyber security review with the ultimate goal of joining the Blue UAS List.
    • Introduced our Black Widow™ short-range reconnaissance drone and Edge 130 Tricopter to the Middle East market at the International Defense Exhibition and Conference in Abu Dhabi, UAE, Feb 17-21 2025.
    • Will be introducing Black Widow™ and Edge 130 drones to the Latin American market at LAAD 2025 in Rio De Janeiro, Brazil in April 2025.
    • Introduced Black Widow™ to the Asia Pacific Market at the AISSE conference in Putrajaya, Malaysia in January 2025.
    • Expanded our Red Cat Futures Industry Consortium to include Palantir and Palladyne to boost AI capabilities in contested environments, including visual navigation.

    2024 Transition Period (as of December 31, 2024 and the eight months then ended) Financial Highlights:

    • Transition period revenue of $4.9 million
    • Ended the period with cash and accounts receivable of $9.6 million
    • Closed an additional $6 million financing since prior quarter end
    • Guidance of $80-$120 million for calendar year 2025 , which consists of:
      • $25 million in Non-SRR Black Widow sales
      • $25 million in Edge 130 sales
      • $5 million in Fang FPV sales
      • $25 to $65 million in SRR-related Black Widow sales

    “Red Cat’s partnerships and global expansion strategy is already yielding strong results. Over the past few months, we’ve introduced the Black Widow and Edge 130 drones to key international markets, including the Middle East, Asia Pacific, and soon Latin America,” said Jeff Thompson, Red Cat CEO. “This momentum underscores growing global interest in our Family of Systems. The ongoing development of Black Widow for the U.S. Army’s SRR Program of Record, bolstered by AI partners like Palantir and Palladyne, we’re not only meeting immediate defense needs—we’re ensuring our warfighters and allies are well equipped for rapidly-evolving battlefield.”

    “Our financial position remains solid as we scale to meet increased demand,” added Thompson. “With over $9 million in cash and receivables and the recently secured debt financing of $15 million, we’ve significantly strengthened our capital position heading into a pivotal year. This infusion of non-dilutive capital allows us to aggressively scale production, and meet accelerating demand tied to the U.S. Army’s SRR program and international opportunities. Combined with our strong cash balance and operational discipline, we are confident in our ability to support 2025 revenue guidance and deliver long-term shareholder value.”

    Conference Call Today

    CEO Jeff Thompson will host an earnings conference call at 4:30 p.m. ET on Monday, March 31, 2025 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Interested parties can attend the conference call through a live webcast that can be accessed at:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=kOCu4DoZ.

    About Red Cat Holdings, Inc.
    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Forward Looking Statements
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA:
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

     
    RED CAT HOLDINGS
    Condensed Consolidated Balance Sheets
     
          December 31,     April 30,
          2024       2024  
    ASSETS            
                 
    Cash   $ 9,154,297     $ 6,067,169  
    Accounts receivable, net     489,316       4,361,090  
    Inventory, including deposits     13,592,900       8,610,125  
    Intangible assets including goodwill, net     26,124,133       12,882,939  
    Equity method investee     —       5,142,500  
    Note receivable     —       4,000,000  
    Other     6,243,621       7,473,789  
                 
    TOTAL ASSETS   $ 55,604,267     $ 48,537,612  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
                 
    Accounts payable and accrued expenses   $ 3,517,118     $ 2,703,922  
    Debt obligations     350,000       751,570  
    Operating lease liabilities     1,617,596       1,517,590  
    Total liabilities     5,484,714       4,973,082  
                 
    Stockholders’ capital     174,864,256       124,690,641  
    Accumulated deficit/comprehensive loss     (124,744,703 )     (81,126,111 )
    Total stockholders’ equity     50,119,553       43,564,530  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 55,604,267     $ 48,537,612  
     
    Condensed Consolidated Statements of Operations
     
          For the Eight
    Months Ended
    December 31,
    2024    		     For the Year
    Ended
    April 30,
    2024    		  
    Revenues     $ 4,850,304     $ 17,836,382  
                       
    Cost of goods sold       6,206,378       14,155,836  
                       
    Gross (loss) profit       (1,356,074 )     3,680,546  
                       
    Operating Expenses                  
    Research and development       6,610,980       6,266,129  
    Sales and marketing       6,321,763       5,086,600  
    General and administrative       11,459,442       11,214,154  
    Impairment loss       93,050       412,999  
    Total operating expenses       24,485,235       22,979,882  
    Operating loss       (25,841,309 )     (19,299,336 )
                       
    Other expense       17,772,662       2,227,360  
                       
    Net loss from continuing operations       (43,613,971 )     (21,526,696 )
                       
    Loss from discontinued operations       —       (2,525,933 )
    Net loss     $ (43,613,971 )   $ (24,052,629 )
                       
    Loss per share – basic and diluted     $ (0.57 )   $ (0.40 )
                       
    Weighted average shares outstanding – basic and diluted       77,039,869       60,118,675  
                       
    Condensed Consolidated Statements of Cash Flows
         
         For the Eight
    Months Ended
    December 31,
    2024    		      For the Year
    Ended
    April 30,
    2024    		  
    Cash Flows from Operating Activities                
    Net loss from continuing operations   $ (43,613,971 )   $ (21,526,696 )
    Non-cash expenses     22,633,786       8,479,195  
    Changes in operating assets and liabilities     444,208       (4,672,816 )
    Net cash used in operating activities     (20,535,977 )     (17,720,317 )
                     
    Cash Flows from Investing Activities                
    Proceeds from sale of marketable securities     —       12,826,217  
    Proceeds from sale of equity method investment and note receivable     4,400,000       —  
    Other     (163,555 )     740,861  
    Net cash provided by investing activities     4,236,445       13,567,078  
                     
    Cash Flows from Financing Activities                
    Proceeds from issuance of convertible notes payable, net     13,456,000       —  
    Payments of debt obligations, net     (394,606 )     (572,137 )
    Proceeds from exercise of stock options     1,350,267       2,655  
    Proceeds from exercise of warrants     4,974,999       —  
    Proceeds from issuance of common stock, net     —       8,404,812  
    Net cash provided by financing activities     19,386,660       7,835,330  
                     
    Net cash used in discontinued operations     —       (875,227 )
                     
    Net increase in Cash     3,087,128       2,806,864  
    Cash, beginning of period     6,067,169       3,260,305  
    Cash, end of period    $ 9,154,297      $ 6,067,169  

    The MIL Network –

  • MIL-OSI: Expion360 Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Sequential Revenue Growth of 43% Driven by New Products and Technologies, and 131% Year over Year

    New OEM and Distributor Relationships to Equip New Campers and RVs with Advanced Lithium-Ion Batteries

    Began Shipping e360 Home Energy Storage Solutions

    REDMOND, Ore., March 31, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 & Subsequent Financial & Operational Highlights

    • Q4 2024 revenue totaled $2.0 million, up 131% from Q4 2023, and 43% sequentially from Q3 2024.
    • Began fulfilling purchase orders for its Home Energy Storage Solutions (“HESS”).
    • Signed a non-binding letter of intent with NeoVolta Inc. (“NeoVolta”), a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.
    • Partnered with Scout Campers, a subsidiary of Adventurer Manufacturing, Inc., to equip its high-quality campers with Expion360’s advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers’ products.
    • Added several new original equipment manufacturers (“OEMs”) and one new distributor reflecting successful ongoing sales efforts to expand customer base across the United States.
    • Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Management Commentary

    “The fourth quarter of 2024 and early 2025 was highlighted by robust sequential revenue growth, a strengthened balance sheet, and the addition of new OEM customers,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew sequentially for a fourth consecutive quarter, improving 43% from Q3 2024, demonstrating the successful execution of our efforts to expand sales with our more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and OEMs who then sell our products to end consumers. Year-over-year sales continued to be impacted by the downturn in the RV market with the persistence of high interest rates. We believe the RV market will continue to gain ground through 2025, with shipments remaining steady in the short term and increasing traction heading into next year. In January we took the opportunity to strengthen our balance sheet with the close of a $2.6 million registered direct offering and private placement.

    “We are making significant progress against our goals with the ongoing expansion of our OEM relationships and acquisition of several new OEM partnerships. New customers, including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, are driving demand for high-quality lithium battery technology for their premium campers and vehicles.

    “We are working 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. A formal engagement would enable us to contribute our expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together we expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.

    “We have continued our progress in our Home Energy Storage Solutions vertical, with production shipments   beginning in January 2025. We believe the HESS product line will benefit from a fast-growing battery energy storage market, and consumer uptake can rapidly scale with the introduction of products that improve price, flexibility, and integration. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems.

    “Looking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately $5.0 million for fiscal year 2025, with additional new customers expressing interest across our product line, including our next generation GC2, Group 27, and new Edge batteries. The anticipated revenue growth is expected to increase gross profits by an estimated $1.4 million for fiscal year 2025. We are also highly focused on further development of HESS and the introduction of new technologies and batteries. We look forward to announcements of additional wins and milestones in the months ahead,” concluded Mr. Schaffner.

    Fourth Quarter 2024 Financial Summary

    Revenue in the fourth quarter of 2024 totaled $2.0 million, an increase of 131% from $0.9 million in the prior year period. The increase was primarily due to increased OEM sales with existing and new customers.

    Gross profit in the fourth quarter of 2024 totaled $438,552 or 22.1% of revenue, as compared to $205,114 or 23.9% of revenue in the prior year period. The decrease in gross profit was primarily due to OEM customer discounts issued in connection with higher-volume purchases.

    Selling, general and administrative expenses in the fourth quarter of 2024 decreased to $1.6 million compared to $2.4 million in the prior year period. The decrease was primarily due to reductions in salaries related to a lower employee headcount and lower stock-based compensation.

    Net loss in the fourth quarter of 2024 totaled $251,647, an 88% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily due to our sales growth.

    Full Year 2024 Financial Summary

    For the year ended December 31, 2024, revenue totaled $5.6 million, decreasing 6.0% from $6.0 million in the prior year. The decrease was primarily attributable to softness in the recreational market during the first two quarters, driving decreases in OEM sales during those same two periods.

    Gross profit for the full year of 2024 totaled $1.2 million, a 20.5% gross margin as compared to $1.6 million or 26.3% of revenue in the same year-ago period. The decrease in gross profit was primarily attributable to lower sales volumes due to the slowdown in the RV industry resulting in lower economies of scale on fixed costs, as well as the liquidation of non-core product increasing cost of sales above what they would have been without the liquidation.

    Selling, general and administrative expenses for the full year of 2024 decreased 9.6% to $7.9 million compared to $8.7 million in the prior year period. The decrease was primarily due to decreases in legal and professional fees, as well as salaries and benefits, which was partially offset by an increase in license and fee cash premiums paid when making repayment on our convertible note, as well as fees incurred in connection with our termination of our warehouse lease.

    Net loss for the year ended December 31, 2024, totaled $13.5 million or $(21.03) per share, compared to net loss of $7.5 million or $(108.25) per share in the prior year. The net loss was primarily the result of $5.0 million in suspended liability expense due to our reverse stock split cash true-up payment provision in the Series A Warrants issued and sold in a public offering we consummated in August 2024, as well as increased interest incurred under our convertible note, and increased settlement expenses.

    Cash and cash equivalents totaled $0.5 million as of December 31, 2024, compared to $3.9 million as of December 31, 2023. 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 $9.6 million for the year ended December 31, 2024, compared to $5.5 million in the prior year period.

    The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the reverse stock split of the Company’s common stock, par value $0.001 per share, which was effective on October 8, 2024.

    Fourth Quarter & Full Year 2024 Results Conference Call

    Brian Schaffner, Chief Executive 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 April 14, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10196334. 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 opportunity, potential partnership with NeoVolta, the anticipated incremental revenue to be generated from new OEM partnerships and distributors, and the expected timing of the Company’s next conference call to discuss the Company’s financial results. 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 December 31, 2024   As of December 31, 2023
    Assets                
    Current Assets                
    Cash and cash equivalents   $ 547,565     $ 3,932,698  
    Accounts receivable, net     613,022       154,935  
    Inventory     4,831,461       3,825,390  
    Prepaid/in-transit inventory     1,612,686       163,948  
    Prepaid expenses and other current assets     236,461       189,418  
    Total current assets     7,841,195       8,266,389  
                     
    Property and equipment     914,081       1,348,326  
    Accumulated depreciation     (430,191 )     (430,295 )
    Property and equipment, net     483,890       918,031  
                     
    Other Assets                
    Operating leases – right-of-use asset     754,832       2,662,015  
    Deposits     27,471       58,896  
    Total other assets     782,303       2,720,911  
    Total assets   $ 9,107,388     $ 11,905,331  
                     
    Liabilities and stockholders’ equity                
    Current liabilities                
    Accounts payable   $ 338,091     $ 286,985  
    Customer deposits     48,474       17,423  
    Accrued expenses and other current liabilities     187,464       292,515  
    Convertible note     —       2,082,856  
    Current portion of operating lease liability     256,153       522,764  
    Current portion of stockholder promissory notes     —       762,500  
    Current portion of long-term debt     31,758       50,839  
    Suspended Liability     4,985,948       —  
    Total current liabilities     5,847,888       4,015,882  
                     
    Long-term debt, net of current portion and discount     198,412       298,442  
    Operating lease liability, net of current portion     542,764       2,241,325  
    Total liabilities   $ 6,589,064     $ 6,555,649  
                     
    Stockholders’ equity                
    Preferred stock, par value $.001; 20,000,000 shares authorized; zero shares issued and outstanding     —       —  
    Common stock, par value $.001; 200,000,000 shares authorized; 2,096,082 and 69,230 issued and outstanding as of December 31, 2024 and 2023, respectively     2,096       69  
    Additional paid-in capital     37,091,468       26,445,378  
    Accumulated deficit     (34,575,240 )     (21,095,765 )
    Total stockholders’ equity     2,518,324       5,349,682  
    Total liabilities and stockholders’ equity   $ 9,107,388     $ 11,905,331  
     
    Expion360 Inc.
    Statements of Operations
     
        For the Years Ended December 31,
        2024   2023
    Net sales   $ 5,624,939     $ 5,981,134  
    Cost of sales     4,469,711       4,405,611  
    Gross profit     1,155,228       1,575,523  
    Selling, general and administrative     7,909,219       8,745,135  
    Loss from operations     (6,753,991 )     (7,169,612 )
                     
    Other (Income) / Expense                
    Interest income     (86,121 )     (125,854 )
    Interest expense     976,618       124,511  
    Loss on sale of property and equipment     146,760       3,426  
    Settlement expense     709,900       281,680  
    Suspended liability expense     4,985,948       —  
    Other income     (6,073 )     (394 )
    Total other expense     6,727,032       283,369  
    Loss before taxes     (13,481,023 )     (7,452,981 )
                     
    Tax (income) / expense     (1,548 )     3,293  
    Net loss   $ (13,479,475 )   $ (7,456,274 )
                     
    Net loss per share (basic and diluted)   $ (21.03 )   $ (108.25 )
    Weighted-average number of common shares outstanding     641,011       68,882  
     
    Expion360 Inc.
    Statements of Cash Flows
     
        For the Years Ended December 31,
        2024   2023
    Cash flows from operating activities                
                     
    Net loss   $ (13,479,475 )   $ (7,456,274 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation     173,973       205,723  
    Amortization of convertible note costs     667,144       —  
    Loss on sale of property and equipment     146,760       3,426  
    Decrease in allowance for doubtful accounts     —       (18,804 )
    Stock-based settlement     209,000       251,680  
    Stock-based compensation     616,632       560,365  
    Decrease in right-of-use assets and lease liabilities     (67,778 )     —  
    Increase in suspended liability     4,985,948       —  
                     
    Changes in operating assets and liabilities:                
    (Increase) / Decrease in accounts receivable     (458,087 )     161,904  
    (Increase) / Decrease in inventory     (1,006,071 )     704,746  
    Increase in prepaid/in-transit inventory     (1,448,738 )     (22,338 )
    Increase in prepaid expenses and other current assets     (47,043 )     (17,626 )
    Decrease in deposits     31,425       5,005  
    Increase in accounts payable     51,106       56,735  
    Increase in customer deposits     31,051       17,365  
    Increase / (Decrease) in accrued expenses and other current liabilities     21,819       (13,649 )
    Increase in right-of-use assets and lease liabilities     9,789       30,510  
    Net cash used in operating activities     (9,562,545 )     (5,531,232 )
                     
    Cash flows from investing activities                
    Purchases of property and equipment     (19,203 )     (20,170 )
    Net proceeds from sale of property and equipment     132,611       36,748  
    Net cash provided by investing activities     113,408       16,578  
                     
    Cash flows from financing activities                
    Proceed from / (Principal payment on) convertible note     (2,750,000 )     2,420,025  
    Principal payments on long-term debt     (119,111 )     (161,194 )
    Principal payments on stockholder promissory notes     (762,500 )     (62,500 )
    Proceeds from exercise of warrants     185,434       49,800  
    Settlement of fractional shares for cashless warrant exercise     —       (23 )
    Net proceeds from issuance of common stock     9,510,181       —  
    Net cash provided by financing activities     6,064,004       2,246,108  
                     
    Net change in cash and cash equivalents     (3,385,133 )     (3,268,546 )
    Cash and cash equivalents, beginning     3,932,698       7,201,244  
    Cash and cash equivalents, ending     547,565       3,932,698  

    The MIL Network –

  • MIL-OSI USA: Q&A With NREL Scientist Effie Kisgeropoulos

    Source: US National Renewable Energy Laboratory

    Effie Kisgeropoulos Discusses Her Early Scientific Inspiration and Journey to Electron Paramagnetic Resonance Spectroscopy

    As a young girl, Effie Kisgeropoulos dreamed about the endless universe of constellations. Photo from Effie Kisgeropoulos, NREL

    Lying on the grass in Canton, Ohio, a young Effie Kisgeropoulos studied constellations with her eyes and later through her telescope, dreaming about the mechanisms of faraway celestial bodies.

    Little did the future National Renewable Energy Laboratory (NREL) researcher know that her budding scientific gaze would later turn to something closer to home: orbiting subatomic particles in microscopic structures.

    The ability to translate perspectives between different worlds might be her superpower—although this superpower has come with its challenges. Yet Kisgeropoulos has persisted through all the uphill climbs, maintaining her joy of learning.

    Kisgeropoulos was homeschooled for most of her childhood, and she benefited from a framework that empowered her to absorb knowledge and ask questions. Looking back, the ease with which Kisgeropoulos moved through primary education was perhaps unsurprising given her much later diagnosis with attention-deficit/hyperactivity disorder (ADHD). She thrived in the home setting where learning was fun, engaging, and flexible. But when it was time to begin her university honors program, Kisgeropoulos’ success at home became a struggle to maintain. Her passion for exploring new ideas came under serious doubt.

    Although Kisgeropoulos struggled at first, she persevered through trial and error and by embracing new opportunities. Her path at NREL began with a postdoctoral position that employed her passion for using electron paramagnetic resonance (EPR) spectroscopy to decipher the subatomic interactions that dictate our world.

    Kisgeropoulos is now a full-time researcher in NREL’s Biosciences Center, responsible for helping manage the Advanced Spin Resonance Facility (ASRF), which houses the EPR equipment. This facility helps illuminate the subatomic workings of chemical reactions, like those that sustain photosynthesis or enable light-driven ammonia production and hydrogen catalysis.

    In this interview (edited for length and clarity), Kisgeropoulos discusses her contagious enthusiasm for science, her unique journey to NREL, and her passion for all things EPR.

    You have an interesting upbringing that isn’t familiar to many people. Can you talk about that and how it was a factor in your embrace of science?

    My mom homeschooled my sister and I until mid-high school. During our elementary years, she taught us for two days and worked the other three, when my dad—who worked midnights—would help.  

    Around this time, I fell in love with astronomy and spent countless hours poring over star maps and gazing at constellations. I even got a small telescope! It kick-started my obsession with science fiction and, later, theoretical physics.

    Kisgeropoulos, as a child, gazes through her new telescope. Photo from Effie Kisgeropoulos, NREL

    Homeschooling allowed me a certain freedom in how I assimilated information. I could work on my lessons while barefoot and sitting cross-legged on the floor, make as much noise as I wanted, go at my own pace. I was unencumbered by the classical rules of school.

    Later when my parents separated, my mom juggled multiple jobs while still maintaining our education. Watching all this, I also learned a lot about hard work and perseverance. I wasn’t diagnosed with ADHD until 29, so these qualities—and the love of learning I grew up with—were vital to me navigating undergrad and then a Ph.D. without any context for why I had different needs than my peers.

    Kisgeropoulos (right) and her sister, Sophia (left), pose in front of their school project—sprouting seeds from plants. Photo from Effie Kisgeropoulos, NREL

    Can you tell me about your transition from homeschooling to the university world?

    My science obsessions led me to join the honors program at Kent State University with a plan outlined by my guidance counselor: a bachelor’s in physics; grad school for astrophysics. Once classes started, a harsh reality formed. Many students are challenged during the transition to college, but I wasn’t aware of the unique challenges that came with a neurodivergent brain.

    Tougher coursework meant I had to study in earnest, but sitting alone for hours in the library to accomplish this was a strange experience. It would take me significant time to clear my mind of distractions before I could fully immerse myself in a task. Although I had experience with self-directed learning, my skills began failing me in this demanding and unfamiliar college environment.

    It was a disheartening first couple of years. I had been excellent at math, but I did poorly in calculus. I did okay in Physics I, but I dropped Physics II twice because it wasn’t clicking. The irony is the stuff in Physics II—like circuits, electricity, and magnetism—are foundations to some of what I do now at NREL.

    So, how did you adjust?

    The end of sophomore year was my worst. I wanted to study the stars, but I just couldn’t make the connections in my coursework. At around the same time, we found out my mom had breast cancer. It really impelled me, and I switched majors to biotech. I thought a more industry-focused degree would help with getting a job, if I needed to take care of my sister, and I hoped it would lead me to work in cancer research to help patients like my mom.

    With the switch, I started to excel in my classes again. In Intro Biochem, I learned about enzyme pathways in cells. It was like a puzzle, mapping them all out. In some ways, it felt like mapping out the stars. I was becoming fascinated with microscopic biological and chemical mechanisms that I had no idea about. My fire for learning came back. And as I approached graduation, my mom cleared her cancer!

    That’s wonderful. So at that point, you were on the path to a Ph.D. in biochem at The Ohio State University (OSU)?

    Yeah. I was thrilled when I was offered a spot. I started with three different lab rotations: mouse models of cancer, yeast genetics, and spectroscopy. Although I was still invested in cancer research, I enjoyed the approach of spectroscopy the most, which was in the lab of a new OSU professor, Hannah Shafaat. And in the end, I was still awarded a fellowship for the connection of my work to cancer research!

    My work at OSU involved applying advanced pulse EPR spectroscopy to biological systems. Before even developing these experiments, we needed to characterize the systems using a more common type of EPR: continuous wave (CW). At the time, the EPR capabilities we needed weren’t available at OSU. Instead, we would drive four hours roundtrip to Miami University and collect data for 10, 12 hours.

    This was where I became mesmerized by the EPR process. There’s this giant magnet with a sample in the middle that’s cooled to 5 Kelvin, and then microwaves are shot at it. It’s so metal! The resulting data were beautiful. You’re investigating a signal that looks like a child’s drawing and translating it to give information on interactions happening at the electron level.

    So, when were you able to work primarily with pulsed EPR?

    During my fourth year, we shifted to pulsed EPR techniques, which use microwaves shot in pulses rather than continuously. Using pulses unlocks a whole new dimension of capabilities, especially manipulating electron spins to acquire different, higher-resolution information. But pulsed EPR demands a higher level of theory and understanding to run an experiment, let alone troubleshoot one or customize it to the sample.

    I was applying pulsed EPR to proteins to answer questions about their electronic structure and function. This work was like what I do here at NREL in Paul King’s (Physical Biochemistry and Photosynthesis) group, except now I investigate how this reactivity is controlled and tuned into very complex redox enzymes.

    Good segue to becoming a postdoc at NREL. I imagine your experience with pulsed EPR had a lot to do with you coming here?

    Honestly, I struggled with the motivation to do research or become a professor. When I started EPR, my research interest sparked a bit, but I wasn’t sure how to do EPR at a private company. And then my OSU lab partner, Tasha Manesis, sent me a link for an NREL postdoctoral position in the Physical Biochemistry and Photosynthesis group. I read the job description and was ecstatic they wanted someone to study redox enzymes using pulsed EPR!

    Postdoctoral researcher Effie Kisgeropoulos poses in 2022 by an MBraun anaerobic chamber at NREL’s Science and Technology Facility. This type of equipment allows researchers to work with the oxygen-sensitive proteins and enzymes that are involved in many of nature’s important energy conversion reactions and pathways. Photo by Werner Slocum, NREL

    Another bit of serendipity. How was the postdoc experience here at NREL?

    Right after they hired me, COVID-19 happened. COVID-19 protocols made lab interactions challenging and training and team-building difficult. Once the protocols loosened, this all improved, and we added some new postdocs that quickly became great friends of mine. My relationship with Paul, my group manager and principal investigator, also really began to develop. These working relationships, and the willingness everyone showed to put effort into making them better, were a large reason why I stayed at NREL.

    How was the transition from postdoc to full-time researcher?

    Getting an NREL staff position doing what I love felt validating, a recognition of my contributions to the team. It also really brought me a sense of permanence. Even though six years in graduate school was a long time, it always had an end date. With this transition, I experienced a sense of investment in my work that I never felt before.

    Kisgeropoulos works with cell culture media containing ferredoxin proteins in the Research and Innovation Laboratory at NREL. These proteins are important for understanding the control electron transfer reactions in the photosynthetic cyanobacteria Synechocystis sp. PCC 6803 and will be studied using techniques like EPR once they are purified from the media. Photo by Kaylee Weatherly, NREL

    What are your responsibilities as a biological EPR spectroscopist?

    I continue to build upon my postdoc work, contributing to research projects under Paul on photosynthetic energy transduction and mechanisms of photochemical nitrogen reduction. Both are funded by the U.S. Department of Energy’s Office of Science Basic Energy Sciences program.

    I also took on safety-representative duties for our lab space and have an official role helping David Mulder manage and operate the ASRF, which houses the EPR equipment. David and I developed an approach for scheduling on the CW EPR, helping maintain access for all users amid high demand for instrument time. I also help train new EPR users and advise on project data collection, interpretation, and analysis.

    NREL researchers (from left) Paul King, Effie Kisgeropoulos, and David Mulder talk in front of the electron paramagnetic resonance spectrometer in NREL’s Advanced Spin Resonance Facility in Golden, Colorado. Photo by Gregory Cooper, NREL

    So, why does this new role and the Advanced Spin Resonance Facility at NREL excite you so much?

    Most institutions operate one CW EPR at a single microwave frequency (commonly X-band). But at NREL, we have an incredible breadth of EPR capabilities in one place: CW EPR, pulsed EPR, both X-band and Q-band microwave frequencies, equipment to produce shaped pulses, the ability to incorporate radio waves and do EPR-detected nuclear magnetic resonance, and all using helium gas in a cryogen-free system to obtain super cold temperatures. All these capabilities are the perfect playground for me to explore and grow with.

    There’s also a tremendous amount of expertise here applying EPR to understand highly complex enzymatic functions, like nitrogen fixation to ammonia or hydrogen generation from protons and electrons. There’s a great foundation to build from and use my understanding of pulsed EPR to advance the research.

    Pulsed EPR, and really EPR in general, is such a powerful tool for obtaining targeted information on the movement, properties, and local environments of electrons, whether they exist as radicals, in defects, or on metal clusters. It’s highly applicable across a large swathe of research disciplines, from biology to materials—even brewing beer, although that’s not really in the NREL mission space. I’d like to continue to improve the experience of our core user group and expand the reach of the ASRF across NREL.

    Okay, one last question. If you had the power to make one change in the world, what would it be?

    Oh, tough, it’s hard to articulate, but I’d make empathy and compassion abundant. Through all my challenges, I’ve come out of it with a different appreciation for people. We’re all flawed, but people are also surprisingly great. I think it’s important to listen to what others are saying and consider how they might be feeling, the milieu that could be contributing to the actions they take.

    I try to always remember this, and I would want to make the changes necessary so everyone could feel safe enough and empowered to extend this kind of empathy and compassion to each other. I think it would help the world a lot.

    Learn more about NREL’s bioscience research and the Advanced Spin Resonance Facility.

    MIL OSI USA News –

  • MIL-OSI Economics: Threat of system shock remains for Alberta electricity market, with ‘hurricane brewing’ amid current calm

    Source: – Press Release/Statement:

    Headline: Threat of system shock remains for Alberta electricity market, with ‘hurricane brewing’ amid current calm

    “The calm in Alberta’s electricity market will be related to how much new demand we allow to connect to the system in the very near future,” said Vittoria Bellissimo, CEO of the Canadian Renewable Energy Association. Read more.
    The post Threat of system shock remains for Alberta electricity market, with ‘hurricane brewing’ amid current calm appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Economics: Rooftop solar in Canada: everything you need to know – CanREA on Energi Talks Podcast

    Source: – Press Release/Statement:

    Headline: Rooftop solar in Canada: everything you need to know – CanREA on Energi Talks Podcast

    Energy journalist Markham Hislop interviews Phil McKay of Canadian Renewable Energy Association about the newly released annual Go Solar Guide. It’s the go-to resource for Canadians looking to install solar on their property. Watch now.
    The post Rooftop solar in Canada: everything you need to know – CanREA on Energi Talks Podcast appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-Evening Report: Under a Coalition government, the fate of Australia’s central climate policy hangs in the balance

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law, Taxation and Climate Change, Queensland University of Technology

    RobynCharnley/Shutterstock

    The future of Australia’s key climate policy is uncertain after Opposition Leader Peter Dutton said a Coalition government would review the measure, known as the “safeguard mechanism”, which is designed to limit emissions from Australia’s largest industrial polluters.

    According to the Australian Financial Review, if the Coalition wins office it will consider relaxing the policy, as part of its plan to increase domestic gas supplies.

    Evidence suggests weakening the mechanism would be a mistake. In fact, it could be argued the policy does not go far enough to force polluting companies to curb their emissions.

    Both major parties now accept Australia must reach net-zero emissions by 2050. This bipartisan agreement should make one thing clear: winding back the safeguard mechanism would be reckless policy.

    What’s the safeguard mechanism again?

    The safeguard mechanism began under the Coalition government in 2016. It now applies to 219 large polluting facilities that emit more than 100,000 tonnes of greenhouse gases a year. These facilities are in sectors such as electricity, mining, gas, manufacturing, waste and transport. Together, they produce just under one-third of Australia’s emissions.

    Under the policy’s original design, companies were purportedly required to keep their emissions below a certain cap, and buy carbon credits to offset any emissions over the cap. However, loopholes meant the cap was weakly enforced.

    This meant greenhouse gas pollution from the facilities actually increased – rising from 131.3 million tonnes to 138.7 million tonnes in the first six years of the policy.

    Labor strengthened the safeguard mechanism after it won office, by setting a hard cap for industrial emissions. The Coalition voted against the reforms.

    Dutton has since labelled the safeguard mechanism a “carbon tax”
    – a claim that has been debunked. Some members of the Coalition reportedly believe the policy makes manufacturers globally uncompetitive.

    Now, according to media reports, a Coalition government would review the safeguard mechanism with a view to weakening it, in a bid to bolster business and increase gas supply.

    Why the safeguard mechanism should be left alone

    Weakening the safeguard mechanism would lead to several problems.

    First, it would mean large facilities, including new coal and gas projects, would be permitted to operate without meaningful limits on their pollution. This threatens Australia’s international climate obligations.

    Second, if polluters were no longer required to buy carbon offsets, this would disrupt Australia’s carbon market.

    As the Clean Energy Regulator notes, the safeguard mechanism is the “dominant source” of demand for Australian carbon credits.

    In the first quarter of 2024, about 1.2 million carbon-credit units were purchased by parties wanting to offset their emissions. The vast majority were purchased by companies meeting compliance obligations under the safeguard mechanism or similar state rules.

    If companies are no longer required to buy offsets, or they buy fewer offsets, this would hurt those who sell carbon credits.

    Carbon credits are earned by organisations and individuals who abate carbon – through measures such as tree planting or retaining vegetation. The activities are often carried out by farmers and other landholders, including Indigenous organisations. Indigenous-led carbon projects have delivered jobs, cultural renewal and environmental benefits.

    The safeguard mechanism, together with the government pledge to reach net-zero emissions by 2050, also provides certainty for the operators of polluting facilities. Many in the business sector have called for the policy to remain unchanged.

    And finally, winding back the safeguard mechanism would send a troubling signal to the world: that Australia is stepping back from climate action.

    Now is not the time to abdicate our responsibilities on climate change. Atmospheric carbon dioxide levels have risen dramatically since 1960. This increase is driving global warming and climate change, leading to extreme weather events which will only worsen.

    A hard-won policy

    The safeguard mechanism has not had time to deliver meaningful outcomes. And it is far from perfect – but it is hard-won, and Australia needs it.

    The 2023 reforms to the mechanism were designed to support trade-exposed industries, while encouraging companies to invest in emissions reduction.

    Undoing this mechanism would risk our climate goals. It would leave the government limited means to curb pollution from Australia’s largest emitters, and muddy the roadmap to net-zero. It would also create uncertainty for all carbon market participants, including the polluting facilities themselves.

    Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Under a Coalition government, the fate of Australia’s central climate policy hangs in the balance – https://theconversation.com/under-a-coalition-government-the-fate-of-australias-central-climate-policy-hangs-in-the-balance-253426

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: BYDFi Lists GUNZ Token: Gunzilla Games Raises Nearly $100M, Ushering in the Next Era of AAA Web3 Gaming

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 31, 2025 (GLOBE NEWSWIRE) — The globally renowned crypto exchange BYDFi today announced the global listing of the GUNZ token($GUN), the native asset of the GUNZ Layer1 blockchain developed by German AAA game studio Gunzilla Games. As one of the first crypto economies purpose-built for AAA gaming, GUNZ is rapidly emerging as a standout Web3 project thanks to its strong institutional backing and groundbreaking infrastructure tailored for next-generation gaming.

    GUNZ: A Layer-1 Blockchain Built for AAA Games

    Unlike early play-to-earn experiments driven by hype, GUNZ is purpose-built to embed blockchain seamlessly into high-end gaming environments. The chain ensures true digital ownership of in-game assets while enhancing player experience—without disrupting gameplay.

    Developed by Gunzilla Games, GUNZ will power the studio’s flagship title Off The Grid, a cinematic cyberpunk battle royale that blends high-fidelity storytelling with a native on-chain economy. For a Web3 gaming market that has been largely stagnant, this marks a major leap forward.

    The numbers reflect momentum: GUNZ has already onboarded over 12 million wallet addresses, with more than 230 million on-chain transactions processed—clear signs of the scalability and adoption potential of its gaming-focused ecosystem.

    Off The Grid: Flagship Title Fueling the GUNZ Ecosystem

    Off The Grid features film-quality graphics and immersive storytelling wrapped in a cyberpunk setting. It integrates a full-stack blockchain economy where players can earn and trade in-game NFTs—such as weapons, skins, and gear—directly on the GUNZ network. The game solves one of the key issues in traditional gaming: asset ownership. And it gives NFTs real functionality, rather than speculative hype.

    At the protocol level, GUNZ introduces several innovations to support high-performance gaming while remaining decentralized:

    • Ultra-High Throughput & Near-Zero Gas Fees: Built on a custom Avalanche subnet, GUNZ delivers 12,000+ TPS and transaction fees below $0.0001.
    • Game Engine Compatibility: Native support for Unity and Unreal plugins allows traditional games to integrate in as little as 72 hours.
    • Hybrid Validator Network: With node operators including Delphi Ventures and community stakers, GUNZ balances efficiency with decentralization.

    Backed by Capital, Powered by Utility

    Gunzilla Games has raised $76 million to date:

    • In August 2022, the company closed a $46M round led by Republic Capital, with participation from Griffin Gaming Partners, Animoca Brands, Jump Crypto, and Twitch co-founder Justin Kan.
    • In March 2024, it secured a $30M follow-on round co-led by Avalanche’s Blizzard Fund and CoinFund.

    GUNZ has a total token supply of 10 billion, with an initial circulating supply of 6.05%. The token fuels multiple use cases across the ecosystem, including gas payments, in-game transactions, governance, and rewards—laying the foundation for a sustainable and scalable Web3 gaming economy.

    As Gunzilla Games CTO Timur Davidenko put it at the recent developer summit:

    “We’re not putting a game on a chain—we’re growing a chain from within the game.”


    About BYDFi

    Founded in 2020, BYDFi has become one of the most trusted global crypto exchanges, earning recognition from CoinMarketCap, CoinGecko, and Forbes, which ranked it among the Top 10 Crypto Exchanges Globally. With a user base of over 1,000,000 across 150+ countries, BYDFi continues to expand its influence on the digital asset world.

    To celebrate its 5th Anniversary, BYDFi is launching a series of global user campaigns, featuring over $100,000 in rewards, limited-time token airdrops, and special gifts. For more details, visit the official website or download the BYDFi mobile app.

    • Website: https://www.bydfi.com
    • Support Email: CS@bydfi.com
    • Business Partnerships: BD@bydfi.com
    • Media Inquiries: media@bydfi.com

    Twitter (X) | LinkedIn | Facebook | Telegram | YouTube

    The MIL Network –

  • MIL-OSI USA: House passes Rep. Obernolte’s bipartisan bill to increase DOE transparency and accountability

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON – Rep. Jay Obernolte’s (R-Hesperia) Cost-Share Accountability Act, aimed at improving transparency and government accountability within the Department of Energy, has passed the House of Representatives by a bipartisan vote of 405-0.

    WASHINGTON – Rep. Jay Obernolte’s (R-Hesperia) Cost-Share Accountability Act, aimed at improving transparency and government accountability within the Department of Energy, has passed the House of Representatives by a bipartisan vote of 405-0.  

    The Cost-Share Accountability Act requires the Department of Energy (DOE) to submit public quarterly reports on the use of its authority to reduce or waive statutory cost-sharing requirements when awarding grant funding.

    “The federal government has a responsibility to be a good steward of taxpayer dollars,” said Rep. Jay Obernolte. “The Cost-Share Accountability Act ensures greater transparency in how the Department of Energy administers grant cost-sharing requirements, helping Congress and the public hold our institutions accountable. I’m proud to see this commonsense, bipartisan measure pass the House.”

    “For Congress to fulfill our oversight responsibilities, we must be able to access information on how our departments and agencies are operating,” said Rep. Foster. “Cost-sharing requirements help protect the use of federal funds at the Department of Energy. As the department continues their next-generation research and development, it’s critical Congress understands how cost-sharing is implemented in support of their projects.”

    This legislation not only increases accountability for the DOE’s federally funded projects but also ensures greater transparency and fairness in the DOE’s awards process, while improving stewardship of taxpayer dollars.

    ###  

    MIL OSI USA News –

  • MIL-OSI Canada: B.C. eliminates carbon tax

    Source: Government of Canada regional news

    The B.C. government is cancelling the carbon tax by introducing legislation to drop the rate to $0, effective Tuesday, April 1, 2025.

    “British Columbians are doing everything they can to reduce their emissions. But people shouldn’t have to choose between climate action and being able to afford their bills,” said Premier David Eby. “That’s why we are eliminating the consumer carbon tax, which has become divisive at a time we need to be united. We will help people with costs and fight climate change by ensuring big polluters continue to pay, encouraging industry to innovate and giving British Columbians affordable options to make sustainable choices.”

    The reduction of the tax to $0 is an immediate step to align B.C.’s carbon tax rate with the new federal carbon tax rate. The elimination of the carbon tax means people in British Columbia will no longer be required to pay the consumer carbon tax, taking approximately 17 cents per litre off the cost of fuel and approximately 15 cents per cubic metre for natural gas on their home heating bill.

    The climate action tax credit, developed to help offset the impacts of the consumer carbon tax on people and families, will also be cancelled. The final payment will be distributed in April 2025.

    “The carbon tax has been an important tool in B.C. for over a decade and half, but it has become too politically divisive and a distraction from the important issues we are tackling,” said Brenda Bailey, Minister of Finance. “While this is a significant shift for our province, we will offset the impact while focusing on growing the economy during these challenging economic times.”

    Cancelling the tax and the credit will have an estimated impact of $1.99 billion in the coming fiscal year. The Province will restructure programs funded by carbon tax revenue to minimize the impact on B.C.’s budget, while supporting people in British Columbia in achieving climate goals.

    The Province will continue to ensure big polluters pay through the B.C. output-based carbon pricing system. The system supports decarbonization efforts, incentivizing industry to lower their emissions to avoid paying the tax.

    “We remain committed to driving down emissions while making life more affordable,” said Adrian Dix, Minister of Energy and Climate Solutions. “We are continuing to invest in practical solutions, such as home heat pump rebates for those who need them most and energy-efficiency upgrades, so people can lower their energy costs and reduce emissions without bearing an extra financial burden.”

    The Province has made notable progress in promoting the adoption of zero-emission vehicles, expanding public charging infrastructure, and enhancing energy efficiency in homes and buildings. These efforts contribute to emission reductions, support economic growth by creating jobs in clean-energy sectors and help lower energy costs for people in British Columbia.

    Quick Facts:

    • B.C.’s carbon tax will be eliminated the same day as the federal carbon pricing requirement.
    • Natural gas retailers will be required to provide credits or refunds to customers who were erroneously charged the carbon tax on or after April 1, 2025.
    • The average amount of carbon tax that would have been paid by families in B.C. is approximately $410 in 2025-26.

    Learn More:

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    MIL OSI Canada News –

  • MIL-OSI Europe: Agenda – Wednesday, 2 April 2025 – Strasbourg

    Source: European Parliament 2

    24 Energy-intensive industries     – Motions for resolutions Wednesday, 26 March 2025, 13:00     – Amendments to the motion for a resolution Friday, 28 March 2025, 12:00 22 Guidelines for the 2026 budget – Section III
    Andrzej Halicki (A10-0042/2025)      – Amendments Wednesday, 26 March 2025, 13:00 28 Protocol on the Implementation of the Fisheries Partnership Agreement between the European Community and the Republic of Guinea-Bissau (2024-2029) (Resolution)
    Eric Sargiacomo (A10-0040/2025)      – Amendments Friday, 28 March 2025, 12:00 18 Strengthening the security of identity cards of Union citizens and of residence documents issued to Union citizens and their family members exercising their right of free movement
    Malik Azmani (A10-0041/2025)      – Amendments Wednesday, 26 March 2025, 13:00 40 Implementation of the common foreign and security policy – annual report 2024
    David McAllister (A10-0010/2025)      – Amendments Wednesday, 26 March 2025, 13:00 39 Implementation of the common security and defence policy – annual report 2024
    Nicolás Pascual de la Parte (A10-0011/2025)      – Amendments Wednesday, 26 March 2025, 13:00 38 Human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024
    Isabel Wiseler-Lima (A10-0012/2025)      – Amendments Wednesday, 26 March 2025, 13:00 49 Prosecution of journalists in Cameroon, notably the cases of Amadou Vamoulké, Kingsley Fomunyuy Njoka, Mancho Bibixy, Thomas Awah Junior, Tsi Conrad     – Motions for resolutions (Rule 150) Monday, 31 March 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 14:00 50 Execution spree in Iran and the confirmation of the death sentences of activists Behrouz Ehsani and Mehdi Hassani     – Motions for resolutions (Rule 150) Monday, 31 March 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 14:00 51 Immediate risk of further repression by Lukashenka’s regime in Belarus – threats from the Investigative Committee     – Motions for resolutions (Rule 150) Monday, 31 March 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 2 April 2025, 14:00 Separate votes – Split votes – Roll-call votes Texts put to the vote on Tuesday Friday, 28 March 2025, 12:00 Texts put to the vote on Wednesday Monday, 31 March 2025, 19:00 Texts put to the vote on Thursday Tuesday, 1 April 2025, 19:00 Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 2 April 2025, 19:00

    MIL OSI Europe News –