Category: Energy

MIL-OSI: 2024 Earnings Report

Source: GlobeNewswire (MIL-OSI)

Continued recovery of margins and strong improvement in cash generation

Relevance of the selectivity strategy implemented in 2024, prioritizing margins

Another year of strong improvement in adjusted EBITDA margin: 7.5% in 2024, up 40 basis points compared to 2023
Slight increase in adjusted EBITDA to €75.1 million, despite the 5.8% decrease in revenue
Gradual recovery in net income, group share: -€15.8 million in 2024, compared with -€22.7 million in 2023
Net income, group share adjusted for amortization of customer relationships: -€6.0 million, compared with -€12.9 million in 2023

Sustained momentum for the Group’s profitable growth drivers

Confirmation of Germany’s strong potential: +33.6% growth, accretive adjusted EBITDA margin for the Group
Expansion of the Energy business: +28.5% growth, including +52.0% in France, driven by accelerated development in solar

Strong improvement in cash generation, solid financial position

Net free cash flow: €5.9 million, compared with -€17.0 million in 2023
Net bank debt: €0.8 million at the end of 2024
Bank debt successfully refinanced in November 2024 for €120 million

On track to meet 2026 targets

Tripling of revenue in Germany compared to 2023
Tripling of revenue in Energy in France compared to 2023
Adjusted EBITDA margin above 10% in the Group’s three main geographies: Benelux, France and Germany

Today, Solutions30 SE is announcing its consolidated earnings for the year ended December 31, 2024, prepared in accordance with IFRS. Solutions30’s 2024 consolidated financial statements as approved by the Management Board were examined by the Supervisory Board on March 31, 2025. The auditors, PKF Audit & Conseil, have completed their audit of the consolidated financial statements for the year ended December 31, 2024. The audit report relating to the certification of these statements as well as the Group’s consolidated financial statements for 2024 are available on the Solutions30 website (www.solutions30.com) under the “Investor Relations” section.

Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In 2024, we made the strategic choice to prioritize margin improvement over revenue growth, adopting a more selective approach in certain mature markets. This choice has paid off as, this year, we were once again able to significantly improve our margins and we even achieved a slight increase in our adjusted EBITDA, despite a decline in revenue. The German market, where we are now firmly established, has confirmed its strong potential. Increased infrastructure investment in Germany should further expand the range of opportunities available to us. Energy services also confirmed their status as a solid growth driver, particularly in France, where they accounted for almost 30% of our Q4 revenue, with excellent prospects, especially in renewable energy.
Following significant transformations in 2024, both in our organization and in our business portfolio, we are entering 2025 on a solid footing, with renewed confidence in the Group’s fundamentals. We have set a clear path for 2026, which we presented at our Capital Markets Day last September: tripling our revenue in Germany and in energy services in France, and achieving an adjusted EBITDA margin above 10% in our three main geographies. We are well on track to meet these ambitions.”

Key figures – Consolidated data

In millions of euros	2024	2023	Change
Revenue	996.0	1,057.0	(5.8)%
Adjusted EBITDA	75.1	74.6	0.7%
As a % of revenue (EBITDA margin)	*7.5%*	7.1%
Adjusted EBIT	28.4	22.6	25.6%
As a % of revenue	*2.9%*	2.1%
Operating income	0.6	(2.7)	n.a.
As a % of revenue	*0.1%*	(0.3)%
Net income, group share	(15.8)	(22.7)	n.a.
Adjusted net income, group share *	(6.0)	(12.9)	n.a.
Free cash flow	40.2	13.4
Free cash flow net	5.9	(17.0)

Financial position figures In millions of euros	31.12.2024	31.12.2023	Change
Equity	108.1	124.6	(16.5)
Net debt	73.8	78.4	(4.7)
Net bank debt	0.8	(5.7)	6.5

* Adjusted for amortization of customer relationships (group share) net of the associated tax impact – charge relating to past acquisitions, purely accounting in nature, with no cash impact, and unrelated to tangible assets.

Solutions30’s consolidated revenue for 2024 amounted to €996.0 million, down -5.8% compared to 2023. This includes an organic contraction of -6.4%, a +0.2% impact from acquisitions, and a +0.4% favorable exchange rate effect. It reflects the Group’s strategic orientations, aimed at giving greater priority to margins over revenue growth, in a context where it is currently operating in markets and business segments at different stages of maturity. Solutions30 chose to scale down its exposure to the telecommunications sector notably in France and in Spain, where certain contracts no longer met its profitability requirements. At the same time, the Group accelerated its development in its profitable growth drivers in Germany and in energy services.

Adjusted EBITDA amounted to €75.1 million, up +0.7% on 2023, despite lower revenue, reflecting a further increase in adjusted EBITDA margin to 7.5% from 7.1% in 2023 (+40 basis points). This performance reflects the relevance of the selective strategy implemented by the Group in 2024.

Free cash flow reached €40.2 million, a clear €26.8 million improvement compared to 2023 (€13.4 million). This reflects a favorable trend in working capital, in a context where Solutions30 is increasingly and continuously focusing on profitability and cash generation. Net free cash flow, after repayment of lease liabilities and interest paid on these liabilities, turned positive in 2024, at €5.9 million, compared with a negative -€17.0 million in 2023.

As a result, the Group’s financial position remains very solid, with a cash position net of bank debt close to breakeven at the end of 2024 (-€0.8 million). In addition, all financing needs are fully covered by the successful refinancing of the Group’s bank debt in November 2024, for a total amount of €120 million.

Analysis by geographical segment

	2024	2023	Change
Benelux
Revenue	371.6	381.6	(2.6)%
Adjusted EBITDA	37.1	43.6	(14.9)%
Adjusted EBITDA margin %	10.0%	11.4%	(140 bps)
France
Revenue	360.8	403.3	(10.5)%
Adjusted EBITDA	34.1	35.5	(3.9)%
Adjusted EBITDA margin %	9.5%	8.8%	+70bp
Other Countries
Revenue	263.6	272.1	(3.1)%
Adjusted EBITDA	16.3	5.5	+196.4%
Adjusted EBITDA margin %	6.2%	2.0%	‘+420bp
HQ*	(12.4)	(10.0)	24%
Revenue	996.0	1,057.0	(5.8)%
Adjusted EBITDA	75.1	74.6	+0.7%
*Adjusted EBITDA margin %*	7.5%	7.1%	+40 bps

* Costs related to the Group’s centralized functions

Benelux

In the Benelux, the Group’s leading geography in terms of revenue, revenue amounted to €371.6 million in 2024, down slightly by -2.6% (-2.8% organic) from a very high comparison basis (+72% in 2023). This decline is due to the Connectivity business (2024 revenue of €282.2 million, down -7.2%), as the fiber-optic roll-out in Belgium has been slowed by negotiations between service providers aimed at streamlining their roll-out operations nationwide. In addition, the merger between Proximus and Fiberklaar is prompting the adaptation of the Group’s operational processes.

Energy revenue reached €64.8 million, up +11.6%, driven by the roll-out of smart meters and strong momentum in energy transition support services, notably with the entry into production of the contract to modernize over 1,000 km of low-voltage electricity network in Flanders. In addition, the acquisition of Xperal in September 2024 opens up new prospects in the solar sector in Benelux.

Lastly, Technology activities maintained their strong momentum, with revenue up by +27.6% to €24.5 million, driven notably by the launch of a new IT support contract in the fourth quarter.

The Benelux’s adjusted EBITDA margin remained in double-digit territory throughout the year at 10.0%, demonstrating the Group’s ability to effectively adapt its processes and organization to the temporary slowdown in the Connectivity business. Adjusted EBITDA thus amounted to €37.1 million in 2024.

France

In France, revenue amounted to €360.8 million, down -10.5% (-11.0% organic). Revenue from the Connectivity business contracted by -26.9% to €208.8 million, reflecting the selective measures implemented since the second quarter to improve margins. This has led the Group to significantly reduce its exposure to certain contracts that were no longer meeting its profitability requirements, with an impact compounded by the slow-down in the fiber roll-out market since the beginning of the year.

In 2024, Solutions30 successfully continued to expand its Energy business, achieving sustained growth of +52.0% to reach revenue of €78.4 million, or 22% of the total (almost 30% in the fourth quarter). In the photovoltaic sector, the Group benefits from a highly dynamic market and a leading position. The Energy business thus represents a strategic diversification lever for the Group in France, with the ambition of reaching €150 million in revenue from this segment by 2026.

In the Technology business, revenue amounted to €73.6 million, up +11%, driven by a surge in activity linked to the 2024 Olympics and continued momentum in IT support services.

France’s adjusted EBITDA margin stood at 9.5%, up 70 basis points compared to 2023. This increase results from the increased selectivity strategy implemented in the Connectivity business, which prioritizes margin improvement over revenue growth. It also reflects the ramp-up of the Energy business and the associated scale effects, as well as ongoing efforts to streamline the organization and central functions.

Other Countries

In Other Countries, revenue amounted to €263.6 million, down -3.1%. This trend includes an organic contraction of -4.5% partially offset by a positive currency effect of +1.4%, reflecting the appreciation of the zloty and the pound sterling against the euro during the period.

With revenue up +33.6% to €84.4 million, Germany confirms in 2024 its status as a powerful growth driver and the Group’s future third pillar in Europe, alongside Benelux and France. Leveraging strong relationships with Germany’s six main telecom service providers, Solutions30 is successfully replicating its business model in this market whose exceptional potential continues to materialize, supported by the accelerated roll-out of fiber networks, and strong future investment momentum in infrastructure in general.

In Poland, strong growth continues, reaching +18.0% in 2024. In Italy, the agreement reached with the main telecom client has effectively eliminated the associated risk, allowed business to return to normal as of the third quarter, with progressively improving economic conditions expected over the first half of 2025. Revenue was down -16.0% for the year, but returned to growth in the fourth quarter. In Spain, where revenue contracted by -34.2%, the Group has considerably reduced its exposure to the mature telecoms market, and is restructuring its Connectivity business while refocusing on the Energy and Technology businesses. Finally, in the United Kingdom, revenue was down -23.3%, reflecting increased selectivity and a refocusing on the fiber and energy services markets.

Adjusted EBITDA in Other Countries stood at €16.3 million, three times its 2023 level (€5.5 million). The adjusted EBITDA margin was 6.2%, compared with 2.0% in 2023. This significant improvement reflects Germany’s solid performance. It also results from the return to breakeven in Italy, after the losses recorded in 2023, as well as the initial progress made in the United Kingdom.

Consolidated earnings

On the basis of adjusted EBITDA of €75.1 million for 2024, after accounting for depreciation and operational of €14.9 million (compared to €22.8 million in 2023), and after amortization of the right-of-use assets (IFRS 16) amounting to €31.8 million (€29.2 million in 2023), the Group’s adjusted EBIT stood at €28.4 million, up +25.6% compared to 2023, representing 2.9% of full-year revenue (2.1% in 2023).

Operating income returned to positive territory in 2024, reaching €0.6 million, compared with a loss of -€2.7 million in 2023. It includes:

€13.4 million in net non-current operating expenses. These expenses mainly include restructuring costs, reflecting the measures taken by the Group to support the selective downsizing in certain markets and to optimize its organizational structure accordingly, particularly in Spain, the United Kingdom, and France.
€14.5 million in amortization of customer relationships, stable compared to 2023. This charge, relating to past acquisitions, is purely accounting in nature, with no impact on cash flow, and does not relate to tangible assets.

Net financial income was -€14.7 million, compared with -€13.1 million in 2023. It includes a bank interest charge of -€7.2 million, compared with -€5.4 million in 2023, mainly reflecting a higher average drawdown in 2024, and interest on leases (IFRS 16) of -€3.2 million (-€1.7 million in 2023). It also includes, in 2024, non-cash income of €1.1 million, linked to the downward adjustment of earn-out liabilities from past acquisitions (compared with a -€0.8 million charge in 2023).

After accounting for a net tax expense of -€1.4 million, the Group’s share of So-Tec’s income (equity-accounted) for €0.4 million, and deducting minority interests of €0.7 million, Net income group share amounted to -€15.8 million, a considerable improvement compared to 2023 (-€22.7 million). Adjusted for the amortization of customer relationships net of the related tax impact, Adjusted net income Group share – which strictly reflects the Group’s operating performance – amounted to -€6.0 million, compared with -€12.9 million in 2023.

Cash flow

The Group’s 2024 operating cash flow was €56.6 million. The change in working capital, restated for non-cash items, represents an inflow of €1.6 million, compared with an outflow of -€26.2 million in 2023. In addition to the impact from the decrease in revenue, this sharp improvement reflects the Group’s evolving business profile, as well as the enhanced focus on cash generation, with favorable trends in average customer payment terms and advance payment flows. The change in working capital includes a significant reduction in factoring of -€40.5 million, due to a lower volume of receivables in France as a result of the aforementioned decrease in activity, as well as favorable payment terms in Germany. As a result, net cash flow from operating activities rose sharply in 2024, to €58.2 million, compared to €34.1 million in 2023.

Net investments amounted to €18.0 million, or -1.8% of revenue, in line with their normative levels of around 2%, and were mainly related to information systems and technical equipment. In particular, Solutions30 relies on its proprietary IT platform, Smartfix, as a strategic tool to efficiently manage its large-scale operations. This platform accounts for the bulk of the Group’s annual investments.

Overall, free cash flow amounted to €40.2 million in 2024, a significant improvement over 2023 (€13.4 million). After repayment of lease liabilities and related interest (IFRS 16), amounting to -€34.3 million, net free cash flow turned positive in 2024, at €5.9 million, compared with -€17.0 million in 2023.

Taking into account -€3.5 million in earn-outs paid on past acquisitions, -€0.1 million in acquisitions made during the period, -€6.9 million in interest paid, -€14.3 million in net reimbursements of loans, -€1.9 million in debt issuance costs and the -€1.1 million impact of exchange rate fluctuations, the change in cash position was -€22.0 million.

Financial position

Solutions30 maintains a solid financial position, combining strong liquidity with a net financial debt of almost zero. At December 31, 2024, the Group’s gross cash position stood at €96.3 million, compared with €118.2 million at the end of December 2023. Gross bank debt amounted to €97.0 million, compared with €112.5 million at December 31, 2023, due to the repayment of loans during the year. As a result, the Group’s net bank debt was nearly breakeven, at €0.8 million at December 31, 2024, compared with a net cash position of €5.7 million at December 31, 2023.

This financial position is all the more solid given the significant reduction in receivables sold under the Group’s non-recourse factoring program, which amounted to €69 million as of December 31, 2024, compared to €109 million as of December 31, 2023. Factoring can finance working capital from recurring activities that have fully developed, at a very modest cost. This program, combined with a solid financial position, provides Solutions30 with the resources it needs to finance its growth strategy.

Including €68.8 million in lease liabilities (IFRS 16) and €4.1 million in potential financial debt linked to future earnouts and put options, the Group’s total net debt stood at €73.8 million at December 31, 2024, down slightly from €78.4 million at December 31, 2023.

In November 2024, Solutions30 completed the refinancing of its entire bank debt, for a total amount of €120 million, including an effective loan of €83 million and a loan commitment of €37 million to finance growth. This new facility, arranged with a syndicate of eight core relationship banks, strengthens the Group’s financial base and provides it with the resources needed to support its continued expansion, particularly in the energy sector. With a 7-year maturity, it also extends the debt maturity profile while maintaining a cost comparable to that of the previous debt.

Outlook

Following a year in which Solutions30’s selective strategy proved effective, the Group intends to continue prioritizing margins over volumes in its most mature markets, while allocating more resources to segments offering the strongest prospects for profitable growth, particularly in Germany and in energy services.

Confident in its positioning and ability to seize the numerous opportunities within its markets, the Group is fully committed to achieving its 2026 objectives, as presented at the Capital Markets Day held on September 26, 2024. These include achieving an adjusted EBITDA margin in excess of 10% in each of its three main geographies: Benelux, France, and Germany.

In the Benelux, the Group is confident it will be able to capitalize on its leading market position and return to growth during 2025.

In France, Energy Solutions revenue is set to triple compared with 2023, reaching €150 million in 2026. For Connectivity Solutions, the Group is focused on stabilizing its activity levels while applying strict contract selectivity.

In Germany, Solutions30 is targeting a first milestone in 2026, with revenue ranging between €150 million and €200 million. Germany should continue to grow faster than the rest of the Group, ultimately becoming one of its largest contributors. In the longer term, the country is set to benefit from strong investment momentum in infrastructure, which should translate into numerous growth opportunities for Solutions30, not only in fiber optics, but also in Energy (smart grids, solar power, energy storage, electric vehicle charging infrastructure, smart meters) and Technology (rail network signaling, Internet of Things) businesses.

In the rest of Europe, Solutions30 has adopted a portfolio management approach, aiming at sustaining Poland’s profitable growth, further improving performance in the UK, and either restoring margin in Italy and Spain by 2026 or initiating a strategic review in these two countries.

Webcast for Investors and Analysts

Date: Monday, March 31, 2025
6:30 PM (CET) – 5:30 PM (GMT)

Speakers:
Gianbeppi Fortis, Chief Executive Officer
Amaury Boilot, Group General Secretary

Connection details:

Webcast in French or English : https://channel.royalcast.com/solutions30-fr/#!/solutions30-fr/20250331_1

Upcoming Events

2025 Q1 Revenue Report – April 29, 2025 (after market close)
TPICAP Conference – Paris – May 15, 2025
Annual General Meeting – June 17, 2025
Portzamparc Mid & Small Caps Conference – June 19, 2025
2025 Half-year Results – September 17, 2025 (after market close)
2025 Q3 Revenue Report – November 5, 2025 (after market close)

About Solutions30 SE

Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
Visit our website to learn more: www.solutions30.com

Contact

Individual Shareholders:
actionnaires@solutions30.com – Tel: +33 1 86 86 00 63

Analysts/Investors:
investor.relations@solutions30.com

Press – Image 7 :
Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

The Group uses financial indicators not defined by IFRS:

Profitability indicators and their components are key operational performance indicators used by the Group to monitor and evaluate its overall operating earnings and earnings by country.
Cash flow indicators are used by the Group to implement its investment and resource allocation strategy.

The non-IFRS financial indicators used are calculated as follows:

Organic growth includes the organic growth of acquired companies after they are acquired, which Solutions30 assumes they would not have experienced had they remained independent. In 2024, the Group’s organic growth included only the internal growth of its long-standing subsidiaries.

Adjusted EBITDA is the “operating margin” as reported in the Group’s financial statements.

Free cash flow corresponds to the net cash flow from operating activities minus the acquisitions of intangible assets and property, plant and equipment net of disposals.

Calculation of free cash flow:

In millions of euros	31.12.2024	31.12.2023
Net cash flow from operating activities	58.2	34.1
Acquisition of fixed assets, net	(18.6)	(21.4)
Disposal of non-current assets after tax	0.7	0.7
Free cash flow	40.2	13.4

Net free cash flow corresponds to free cash flow less “Repayment of lease liabilities” and “Interest paid on lease liabilities” as shown in the Group’s consolidated statement of cash flows.

Calculation of net free cash flow:

In millions of euros	31.12.2024	31.12.2023
*Free cash flow*	*40.2*	*13.4*
Repayment of lease liabilities	(31.1)	(28.7)
Interest paid on lease liabilities	(3.2)	(1.7)
Free cash flow net	5.9	(17.0)

Cash net of bank debt corresponds to “Cash and cash equivalents” as it appears in the Group’s financial statements from which is deducted “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.

Adjusted EBIT corresponds to operating income as shown in the Group’s financial statements, to which “Customer relationship amortization” and “Other non-current operating expenses” are added and from which “Other non-current operating income” is deducted.

Reconciliation between operating income and adjusted EBIT:

In millions of euros	31.12.2024	31.12.2023
Operating income	0.6	(2.7)
Customer relationship amortization	14.5	14.4
Other non-current operating income	(2.2)	(0.4)
Other non-current operating expenses	15.5	11.4
Adjusted EBIT	28.4	22.6
As a % of revenue	2.9 %	2.1 %

The adjusted group share of net income corresponds to the “Net income, group share” as shown in the group financial statements, to which is added “Amortization of customer relationships, group share” and from which is deducted the “Tax impact on amortization of customer relationships, group share.”

In millions of euros	31.12.2024	31.12.2023
*Net income, group share*	*(15.8)*	*(22.7)*
Amortization of customer relationships, group share	13.2	13.1
Tax impact on amortization of customer relationships, group share	(3.4)	(3.3)
Adjusted group share of net income	(6.0)	(12.9)

Net debt corresponds to “Debt, long-term,” “Debt, short-term,” and long- and short-term “Lease liabilities” as they appear in the Group’s financial statements from which “Cash and cash equivalents” as they appear in the Group’s financial statements are deducted.

Net debt/EBITDA ratio corresponds to “net debt” divided by annualized EBITDA.

Net debt-to-equity ratio corresponds to “net debt” divided by equity.

Net debt:

In millions of euros	31.12.2024	31.12.2023
Bank debt	97.0	112.5
Lease liabilities	68.8	76.4
Future liabilities from earnouts and put options	4.1	7.7
Cash and cash equivalents	(96.3)	(118.2)
Net debt	73.8	78.4

Operating margin (Adjusted EBITDA)	75.1	74.6
Net debt ratio	0.98	1.05

Equity	108.1	124.6
% of net debt	68.2 %	62.9 %

Net bank debt corresponds to “Long-term loans from credit institutions” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements from which are deducted “Cash and cash equivalents” as they appear in the Group’s financial statements.

Net bank debt:

In millions of euros	31.12.2024	31.12.2023
Loans from credit institutions, long-term	74.3	75.6
Short-term loans from credit institutions and lines of credit	22.7	37.0
Gross bank debt	97.0	112.6
Cash and cash equivalents	(96.3)	(118.2)
Net bank debt	0.8	(5.7)
Cash net of bank debt	(0.8)	5.7

Gross bank debt corresponds to “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.

Working capital corresponds to “current assets” as reported in the Group’s financial statements (excluding “Cash and cash equivalents” and “Derivative financial instruments”) less “current liabilities” (excluding “Debt, short-term,” “Current provisions,” and “Lease liabilities”).

Working capital:

In millions of euros	31.12.2024	31.12.2023
Inventory and work in progress	24.7	25.7
Trade receivables and related accounts	219.5	211.6
Current contract assets	0.9	1.0
Other receivables	79.1	66.5
Prepaid expenses	6.1	3.1

	(171.7)	(200.1)
Trade payables	(143.4)	(120.8)
Tax and social security liabilities	(21.0)	(15.0)
Other current liabilities	(56.8)	(18.9)
Working capital	(62.6)	(46.9)

Change in working capital	(15.6)	17.7
Non-monetary items	14.0	8.5
Change in working capital adjusted for non-monetary items	(1.6)	26.2

Net investments correspond to the sum of the lines “Acquisition of current assets,”
“Acquisition of non-current financial assets,” and “Disposal of non-current assets after tax” as they appear in the consolidated statement of cash flows.
Net investments:

In millions of euros	31.12.2024	31.12.2023
Acquisition of non-current assets	(18.2)	(21.6)
Acquisition of non-current financial assets	(0.4)	0.2
Disposal of non-current assets after tax	0.7	0.7
Net investments	(17.9)	(20.7)

Operating costs correspond to costs incurred for the Group’s operations, included in the “operating margin” (excluding structural costs).

Structural costs correspond to costs incurred by the Group’s head office functions in various countries, included in the “operating margin” (excluding operating costs).

Expenses related to the Group’s centralized functions refer to costs incurred by the parent company’s headquarters functions and are included in the “operating margin.”

Attachment

PR 2024 Earnings Report 31032025

The MIL Network –

April 1, 2025

MIL-OSI Economics: Maritime associations launch updated guidance to protect vessels and seafarers from rapidly evolving security threats

Source: International Marine Contractors Association – IMCA

Headline: Maritime associations launch updated guidance to protect vessels and seafarers from rapidly evolving security threats

An alliance of maritime associations has released new best practice guidance to help vessels and crews respond to the growing challenge of maritime security threats.

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It has been created by the Baltic and International Maritime Council (BIMCO), the International Chamber of Shipping (ICS), the International Association of Dry Cargo Shipowners (INTERCARGO), the International Association of Independent Tanker Owners (INTERTANKO), the Oil Companies International Marine Forum (OCIMF), and the International Marine Contractors Association (IMCA), with the support of over 40 maritime stakeholders.

BMP Maritime Security consolidates previously published regional publications into a single, comprehensive report with actionable insights and advice.

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BMP MS is now available to download here, and to view on the Maritime Global Security website here.

Seafarers operating ships around the world encounter a range of maritime security threats, which often involve aggressive state and non-state actors.

Although these threats vary across regions and in their severity, they can have a traumatic effect on seafarers who face unwarranted physical and mental harm – in some cases, being held as hostages and subjected to violence and ill-treatment for extended periods.

To counter the threat, BMP guidance has greatly improved the industry’s ability to understand, detect, and deter maritime security threats in recent years, but the advice needs to keep pace with the rapidly evolving threat environment.

In BMP Maritime Security, users can navigate easily to different sections and link directly to external sources and access details on global authorities and, importantly, appropriate contacts and tools for seafarer welfare support.

IMCA Chief Executive Iain Grainger said: “The maritime industry faces an ever-evolving landscape of security threats, making it essential for seafarers to have access to the most up-to-date and practical guidance. BMP Maritime Security provides a consolidated resource that helps vessels proactively manage risk, safeguard the welfare of crews, and enhance maritime security resilience worldwide. People are our key asset, so IMCA is proud to support this initiative, ensuring that best practices continue to evolve alongside the challenges our industry faces.”

David Loosley, BIMCO Secretary General and CEO, said: “2024 saw an unprecedented spike in attacks against merchant ships. Ships were attacked with weapons of war in the Black Sea and in the Southern Red Sea more than 100 times, and four innocent seafarers lost their lives. Globally, 126 seafarers were held hostage during pirate attacks and armed robberies, and 12 seafarers were kidnapped. BMP MS will reduce risks and save lives. While we cannot control how the threats will develop in 2025 and beyond, we can make sure that we have the best tools available to help protect our seafarers and world trade.”

ICS Secretary General Guy Platten, said: “Recent years have shown the stark security threats that seafarers and the industry can face in the service of world trade. From the conflict in Ukraine to the Red Sea Crisis, the dangers faced by shipping have increased to a severity not seen in two generations. This new global BMP continues the shipping industry’s unswerving commitment to protecting seafarers and mitigating threats to the trade on which we all depend.”

Kostas G. GKONIS, PhD, Director / Secretary General at INTERCARGO, said: “The new consolidated BMP guidance, developed by the maritime industry in coordination with naval forces, addresses escalating global threats to the safety and well-being of seafarers. INTERCARGO proudly supports this vital collaboration which cuts across traditional sector boundaries to deliver clear, actionable security protocols to protect those working at sea. Through our joint work, we should collectively ensure that these practices reach and empower every vessel, requiring sustained cooperation between frontline crews, whose dedication keeps global trade moving, and security resources and expertise.”

Tim Wilkins, Managing Director at INTERTANKO, said: “As seafarers navigate conflict and armed threats, it is our duty as shipowner representatives to provide them with the most up-to-date information and guidance to ensure their safety. The revised BMP and related threat overviews reflect the collaborative efforts of many of our members, drawing on the hard-earned experience of the maritime industry. INTERTANKO considers BMP as being a vital reference for every vessel.”

Karen Davis, Managing Director at OCIMF, said: “In the current heightened threat environment, where seafarers face unprecedented security challenges, the maritime community needs clear advice on how to manage threats, the risks, and the best mitigations to implement. This publication builds on a successful series of BMPs consolidating the best information available in one publication, BMP Maritime Security.”

MIL OSI Economics –

April 1, 2025
MIL-OSI: fJscaler Demonstrates Market Leading 260 GBd BiCMOS Linear Driver Prototype Fueling Interconnect Scalability for Next-Gen AI Infrastructure
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, March 31, 2025 (GLOBE NEWSWIRE) — fJscaler Inc., a leading mixed signal analog semiconductor and solutions company, today announced the successful silicon demonstration of one of the industry’s first 260 GBd (gigabaud) linear drivers designed to enable low power 1.6 Terabit (T) coherent optics for metro and long-haul networks, as well as 1.6T and 3.2T IMDD for intra-datacenter interconnects. This groundbreaking achievement, unveiled at the 2025 Optical Fiber Communication Conference and Exhibition (OFC), sets a new benchmark for data rates and spectral efficiency in optical communication, addressing surging demands driven by AI, and hyperscale data centers. The demand for high bandwidth, low latency and low power consumption is central to AI infrastructure’s scalability needs, which are growing exponentially from training to reasoning as well as agent models.

Unprecedented Performance for Future Networks
The 260 GBd linear driver represents a monumental leap forward in coherent optics, doubling the baud rate of today’s state-of-the-art 130 GBd systems. By operating at 260 GBd, fJscaler’s driver enables single-wavelength 1.6T transmission with a DP-16QAM modulation format, significantly reducing cost, power, and complexity compared to multi-carrier alternatives. This innovation empowers network operators and hyperscalers to deploy infrastructure efficiently while meeting exponential bandwidth growth.

AI infrastructure compute scale-out and scale-up needs continue to demand more bandwidth and more density at a pace never experienced in the traditional optical communications market.

Just as deployments at 200G/lane are coming online in 2025, there is already need, demand and benefits to migrate to 400G/lane IMDD PMDs. fJscaler’s 400G/lane linear driver demonstration establishes a leadership position and builds upon this technology base to create commercial products that will debut in 2026.

Key Advantages:
- Industry-first 260 GBd operation: Doubles symbol rates to maximize fiber capacity.
- 1.6T coherent transmission: Supports single-wavelength 1.6T using advanced modulation formats (e.g., DP-16QAM).
- Energy efficiency: Proprietary design reduces power consumption down to 1pJ/bit
- Future-ready scalability: Provides a clear pathway to 3.2T as DSPs evolve for coherent optics, and linear optics replace DSP retimed optics in high-density short-reach AI compute interconnects.
“This milestone underscores our commitment to pushing the boundaries of optical technology,” said Jan Filip, fJscaler CEO and President. “As AI and cloud applications demand faster, smarter networks, our 260 GBd linear driver silicon demonstrator delivers the performance and efficiency needed to transform tomorrow’s infrastructure.”

Marco Vitali, fJscaler Chief Technology Officer added, “Achieving 260 GBd required breakthroughs in semiconductor process technology and design architectures to achieve the linearity, bandwidth, and power needed for next generation optical interconnects. Our team’s novel BiCMOS design techniques are setting a new standard for the industry.”

“The demand on compute and in-turn interconnect scalability is paramount and continues to grow an order of magnitude toward AI reasoning and physical AI,” said Samir Desai, fJscaler SVP Corporate Development. “fJscaler is pleased to demonstrate its technology platform to service the next generation of optical interconnects, be it coherent optics for inter-datacenter, intra-datacenter for traditional network switch-to-switch optics, and more importantly for AI compute scale-out and scale-up networks.”

“We are excited to see such a critical innovation in coherent optics,” said Takashi Saida, Vice President, Head of NTT Device Innovation Center. “This technology will play a key role in meeting the ever-growing bandwidth demands of the future.”

Live Demonstration at OFC 2025:
fJscaler will showcase the 260 GBd linear driver in a live demo highlighting an IMDD 448Gbps optical transmit subsystem compatible to OSFP or QSFP-DD pluggable modules this week at OFC 2025 in San Francisco located at NTT Devices booth 1419. The demo is hosted by NTT Innovative Devices at its Private Conference Room by appointments only.

Availability:
Sampling to strategic partners begins in CYQ32025.

About fJscaler Inc.
fJscaler is a resurgence of a long legacy of proven innovation and high-quality semiconductor products serving the optical communications market for more than two decades. fJscaler’s mission is to scale femto-Joule optical communication with digitally assisted analog signal processing preserving low latency of fiber optics interconnects. To learn more about fJscaler, please visit www.fjscaler.com.

Media Contact:
Samir Desai
fJscaler SVP Corporate Development
+1 (949) 637-8829
samir.desai@fJscaler.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b155a98-3ebc-4d00-a3f3-ab269ebba26b.

The MIL Network –
April 1, 2025
MIL-OSI USA: U.S. natural gas consumption set new winter and summer monthly records in 2024

Source: US Energy Information Administration

In-brief analysis

March 31, 2025

In 2024, U.S. natural gas consumption averaged a record 90.3 billion cubic feet per day (Bcf/d) and set new winter and summer monthly records in January and July, according to data in our Natural Gas Monthly. Overall, U.S. consumption last year increased 1% (0.9 Bcf/d) from 2023. In January, natural gas consumption was up 12% (12.5 Bcf/d) compared with January 2023 consumption, and in July, consumption increased by 3% (2.5 Bcf/d) compared with July 2023.

Weather has a significant effect on natural gas consumption patterns. Natural gas consumption peaks in the United States in both the winter and summer. In winter, the most natural gas is consumed in January or February, when demand for space heating in the residential and commercial sectors peaks. In the summer, electricity generation increases in July and August to meet air-conditioning demand, driving more natural gas consumption.

Despite the record in January, from February through April 2024, mild weather led to less consumption of natural gas compared with the same months in 2023. In each month from May through September 2024, natural gas consumption surpassed the previous year’s monthly records. Historic low natural gas prices in 2024 meant that natural gas was more competitive in the electric power sector, especially compared with coal, contributing to increased use of natural gas for electricity generation.

Annual consumption in the combined residential and commercial sectors declined by an average of 2% (0.4 Bcf/d) last year compared with 2023, despite a cold January that resulted in record-high natural gas consumption in these sectors. Natural gas consumed in the industrial sector held steady from the year before, while consumption in the electric power sector, which accounted for 41% of U.S. natural gas consumption in 2024, increased by 4% (1.6 Bcf/d).

Data source: U.S. Energy Information Administration, Natural Gas Monthly
Note: Other=natural gas volumes consumed as transportation fuel, as lease and plant fuel, and in pipeline and distribution use

The summer of 2024 (June–August) ranked as the fourth-warmest on record in the U.S. Lower 48 states, leading to strong demand for air conditioning and resulting in new daily records for electricity generation in July and August. As a result, natural gas consumption in the electric power sector rose in July and August to be the highest ever recorded for the summer.

Principal contributors: Jordan Young, Katy Fleury

MIL OSI USA News –

April 1, 2025
MIL-OSI: SEER LAUNCHES CARBON FOCUSED DIVISION TO PRODUCE LICENSED BIOCHAR, MONETIZE AND TOKENIZE ASSETS AND CARBON CREDITS AND DEVELOP TURBINE BLADE TREATMENT TECHNOLOGY
Source: GlobeNewswire (MIL-OSI)

SEER Engages First Block AI to Assist in its Carbon Division Launch and Funding as well as Develop and Create SEER Security and Utility Tokens Backed by Assets and Fully-Insured Biochar Carbon Credits

Broomfield, CO, March 31, 2025 (GLOBE NEWSWIRE) — Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), forms SEER Carbon Corp. as the entity to spearhead efforts to produce in-house biochar utilizing a patented technology under license from Biochar Now (www.biocharnnow.com) and create high-integrity, fully-insured carbon credits. SEER will transfer certain assets to SEER Carbon Corp. and then raise equity and growth capital through the sale of SEER Carbon security tokens. Additionally, SEER will offer for sale utility tokens backed by the carbon credits generated from the production of its biochar. Biochar carbon credits are among the most valuable credits worldwide and the Company will utilize these credits to back a specialized utility token, which will be sold internationally to targeted industries, including the golf and airline sectors.

Biochar Market Generally www.gosupercritical.com
- Biochar has emerged as the most accessible and scalable permanent carbon dioxide removal (CDR) solution currently available, with one of the highest valued concomitant carbon credits presently valued at ~US$176 per credit (3/27/25) and recently traded above US$200 (www.ecoengineers.us)
- It accounts for nearly 50% of engineered CDR solutions listed on most global marketplaces.
Market Growth and Quality Concerns
- The biochar market is expected to experience rapid growth, with a projected 30x increase in credits produced by 2028.
- By 2026, only 42% (1.2 MT) of the projected 2.86 MT biochar capacity is expected to meet industry vetting criteria, with the remaining 58% failing due to issues like lack of additionality, poor monitoring, reporting, and verification (MRV), and permanence concerns.
- The concentration of low-quality growth raises concerns about the future quality of biochar credits, highlighting the need for a market-wide shift toward producing high-quality credits.
SEER’s High-Quality Biochar, Insured Smart Carbon Credits & Utility Token with Unquestionable Environmental Benefits

SEER, along with its partners, has addressed and resolved concerns in the biochar market. A significant benefit of SEER’s initiative is the production of the highest-quality biochar available globally, as well as the generation of audited, fully-insured carbon credits that can be traded using smart contracts with blockchain verification. This will result in verifiable carbon offsets that ensure recognition and rewards for the environmental benefits of SEER’s various biochar applications. The manufacture of this carbon-rich biochar will generate high-value carbon credits, as well as significant revenue and value for both SEER and its project partners. The Company’s decarbonization and monetization initiatives reflect both government and private sector commitment to reducing carbon emissions while providing significant financial incentives for continued environmental stewardship.

“At the core of this launch will be the production of high-quality biochar at a 60-kiln facility we will build in Texas,” said John Combs, CEO of SEER. “We have selected real estate in the heart of Texas lumber country and have already received an air permit from the TCEQ, which will be transferred to the designated location. The launch of this new division is perfectly in line with SEER’s original corporate mission: to make environmental stewardship and compliance profitable. We will create high-value carbon credits and incorporate a utility token and a 45Q tax program to better achieve our corporate objectives. This new strategy will create additional revenue streams for SEER while adding incremental value for our customers,” Combs continued. “By leveraging the expertise of our existing partners, such as DevvStream (www.devvstream.com ), and bringing on new industry leaders and innovators like First Block AI (www.firstblock.ai), SEER can develop one-of-a-kind environmental solution offerings and enter into the emerging global markets of carbon credits and tokens. We have already commenced initial marketing efforts to possible offtake companies operating in the golf and airline industries,” Combs added.

“First Block is extremely excited to join forces with SEER and Biochar Now,” said Daniel Cannon, CEO of First Block. “The timing for this collaboration is perfect. With increasing international and domestic financial and political tailwinds, the opportunity couldn’t be better to tokenize and monetize SEER’s existing technologies and its new biochar production. First Block will create an entire program to maximize the value of SEER’s product offerings and the creation of its high-value, insured carbon credits,” said Cannon. “There will also be real-time, smart contract verification through SEER’s blockchain-enabled system developed by First Block. This system will be decentralized, immutable, and tamper-proof; meaning once SEER issues a carbon credit, it cannot be altered or falsified. This creates a permanent record of each credit that all stakeholders can trust. Every SEER carbon credit will be permanently recorded on blockchain, providing any customer with an undisputed record of their carbon offsets and environmental compliance,” explained Cannon.

“We have been producing the highest-quality biochar available for over ten years and we have now developed the most secure and valuable carbon credit to go along with it,” said James Gaspard, CEO of Biochar Now. “A Carbon Credit is a tradable certificate representing the right to emit, or offset, one metric ton of carbon dioxide. SEER will generate several carbon credits for every metric ton of our biochar produced under our license, utilizing our patented biochar production technology. SEER will also benefit from Biochar Now’s success in creating a fully insured carbon credit, backed by major financial institutions. Our insurance program ensures the authenticity, permanence, and exclusivity of the verified carbon credits. The insurance program also provides coverage against devaluation, degradation, or invalidation of our verified biochar carbon credit for the life of the carbon credit. Our patented process and insurance essentially eliminate risk and assure the buyer of the authenticity and value of each carbon credit SEER will produce while utilizing our patented biochar production technology at their Texas facility,” said Gaspard.

“It has taken time, but we feel that we have assembled a remarkable team of synergistic companies and highly experienced executives to accomplish our near and mid-term objectives of increasing and diversifying SEER’s revenue with new product lines, expanding our market reach and adding demonstrable value to our technologies for the benefit of our customers and shareholders,” concluded Combs.

________________________________

About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion-dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has two wholly-owned operating subsidiaries: MV Technologies, LLC and SEER Environmental Materials, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and PelleChar, LLC. For more information about the Company visit: www.seer-corp.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as “believes,” “looking ahead,” “anticipates,” “estimates,” and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding future performance or fiscal projections, the cost effectiveness, impact and ability of the Company’s products to handle the future needs of customers are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.

Contact Information:

ir@seer-corp.com

The MIL Network –
April 1, 2025

MIL-OSI: High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2024 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.

Mike Maguire, Interim Chief Executive Officer commented:

“With 2024 complete High Arctic has effectively been reset and is now a Canadian focused platform characterized by minimal debt, investment holdings, and an established and viable high margin rental business.

Our rental business footprint, while still small in scale, was bolstered by the Delta Acquisition completed in late 2023, an acquisition that is indicative of the type and structure of accretive investments High Arctic looks to pursue going forward.

The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan which is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”

In the following discussion, the three months ended December 31, 2024 may be referred to as the “Quarter” or “Q4 2024”, and similarly the year ended December 31, 2023 may be referred to as “YTD 2023”. The comparative three months ended December 31, 2023 may be referred to as “Q4 2023” and similarly the year ended December 31, 2022 may be referred to as “YTD 2022”. References to other quarters may be presented as “QX 20XX” with X being the quarter/year to which the commentary relates.

2024 Highlights

Successful integration of Delta Rental Services.
Completed the reorganization of High Arctic including the return of $37.8 million to shareholders.
Maintained operational excellence and safety as evidenced by the continuation of recordable incident free work.
Exited Q4 with net positive working capital of $2.7 million, including $3.1 million of cash.

2025 Strategic Objectives

With the corporate restructuring and spinoff of the PNG business complete, the Corporation’s 2025 strategic objectives include:

Relentless focus on safety excellence and quality service delivery;
Grow the core businesses through selective and opportunistic investments;
Actively manage direct operating costs and general and administrative costs;
Steward capital to preserve balance sheet strength and financial flexibility; and
Execute on accretive acquisitions in Canada to drive shareholder value and optimize available tax loss carry-forwards.

2024 Strategic Objectives

At the beginning of 2024, High Arctic established a set of strategic priorities. Our priorities and highlights of objectives met include:

Continued relentless focus on safety excellence and quality service delivery.
- High Arctic’s Canadian business completed 2024 without any recordable incidents, contributing to the Corporation’s second calendar year running with a zero Total Recordable Incident Frequency Rate (“TRIF”) rate.
- High Arctic extended its recordable incident free activity in PNG, with 7 years and 353 days of continuous recordable incident free work conducted to the date of the spin-out, representing over 4 million work hours.
The creation of appropriate capital and corporate structures for the current businesses, providing the opportunity to consider transactions which would create value for the Corporation’s shareholders.
- The Arrangement was overwhelmingly supported by shareholders and resulted in separate public companies each focused upon their area of expertise.
A return of significant capital and spin out of the PNG Business to shareholders.
- The Arrangement resulted in separate public companies while also delivering a tax efficient return of capital totaling $37.8 million to shareholders.
- The Corporation retained its position on the main TSX (TSX: HWO); with High Arctic Overseas Holdings Corp. being listed on the TSX Venture Exchange (TSXV: HOH).
Grow the core businesses through selective and opportunistic investments.
- The Corporation focused on the very successful integration and rebranding of its rentals business in 2024, following its acquisition and amalgamation of the Delta Acquisition at the end of 2023.
- The middle of the year was dedicated to the business of the Arrangement and the resulting transitionary work, however later in the year, the Corporation commenced the examination of selective investment opportunities, with this work continuing into 2025.
Capital stewardship that preserves balance sheet strength and financial flexibility.
- The Delta acquisition has provided incremental free cash flow and operational synergies.
- The Corporation currently maintains low debt levels and associated leverage ratios.
- Exited 2024 with a working capital ratio of 1.6:1
Building up the Canadian business with acquisitions that allow the Corporation to optimize its available tax loss carry-forwards.
- The Delta acquisition creates a blueprint for accretive acquisitions that position the Corporation to improve its ability to utilize its significant tax loss carry-forwards.
- The Corporation, under the stewardship of the Board, continues its strategic review of potential acquisition targets with strong underlying intrinsic value and that will be accretive for shareholders.

RESULTS OVERVIEW
The following is a summary of select financial information of the Corporation:

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of Canadian Dollars, except per share amounts)	2024		2023		2024		2023
Operating results from continuing operations:
Revenue – continuing operations	2,443		1,037		10,470		3,384
Net loss – continuing operations	(715	)	219		(2,117	)	(989	)
Per share (basic & diluted)	(0.06	)	0.02		(0.17	)	(0.08	)
Oilfield services operating margin – continuing operations	1,143		664		5,207		2,058
Oilfield services operating margin as a % of revenue	46.8	%	64.0	%	49.7	%	60.8	%
EBITDA – continuing operations	178		(918	)	(527	)	(2,311	)
Adjusted EBITDA – continuing operations	133		(672	)	795		(2,703	)
Operating loss – continuing operations	(533	)	(1,408	)	(2,965	)	(5,163	)
Cash flow from continuing operations:
Cash flow from (used in) continuing operating activities	226		(874	)	184		(515	)
Per share (basic & diluted)	0.02		(0.07	)	0.01		(0.04	)
Funds flow from (used in) continuing operating activities	530		(335	)	484		(1,292	)
Per share (basic & diluted)	0.04		(0.03	)	0.04		(0.11	)
2024 return of capital / 2023 dividends	–		–		37,842		2,190

	As at December 31
(thousands of Canadian Dollars, except per share amounts)	2024	2023	2022
Financial position:
Working capital	2,692	62,985	59,461
Cash and cash equivalents	3,123	50,331	19,559
Total assets	30,867	123,137	133,957
Long-term debt	3,178	3,352	4,028
Shareholders’ equity	21,105	99,332	115,231
Per share (basic)	1.70	8.09	9.47
Common shares outstanding	12,448,166	12,280,568	12,172,958

Fourth Quarter 2024 Summary

Revenue from continuing operations increased 136% to $2,443 in the quarter compared to $1,037 in Q4 2023. The increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $1,143 in the current year quarter compared to $664 in the prior year quarter, an increase of $479 or 72%, driven by the Delta Acquisition as noted above.
EBITDA from continuing operations was $178 in the current year quarter compared to EBITDA loss of $918 in the prior year quarter. EBITDA from continuing operations benefitted from the acquisition of Delta Rental Services Ltd. (“Delta”) or (the “Delta Acquisition”) in late 2023.
Operating loss from continuing operations of $553 in the quarter compared to $1,408 in Q4 2023. The decrease in operating loss is attributable to higher oilfield services operating margin and reduced general and administrative costs, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations is directly related to the Delta Acquisition.
Net loss from continuing operations was $715 in Q4 2024 compared to net income from continuing operations of $219 in Q4 2023. Net loss from continuing operations was impacted by the same items impacting operating loss (as above) with a substantial contribution from the Delta Acquisition combined with reduced interest income, net higher non-cash accretion on contingent payments and notes receivable, fair value related adjustments, reduced income from equity accounted investment in Team Snubbing, and the positive change in foreign exchanges loss in Q4 2023 to gain in Q4 2024.

Annual 2024 Summary:

Revenue from continuing operations increased 209% to $10,470 compared to revenue of $3,384 achieved in 2023. Consistent with the summary of the fourth quarter results, the increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $5,207 in the current year quarter compared to $2,058 in the prior year quarter, an increase of $3,149 or 153%, driven by the Delta Acquisition as noted above.
EBITDA loss from continuing operations was $527 in the current year compared to EBITDA loss of $2,311 in the prior year. EBITDA from continuing operations benefitted from the Delta Acquisition.
Operating loss from continuing operations improved to $2,965 in the year compared to $5,163 in 2023. The decrease in operating loss is attributable to higher oilfield services operating margin, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations was directly related to the Delta Acquisition.
Net loss from continuing operations was $2,117 compared to $989 in FY 2023. The net loss, despite an improvement of $2,198 in operating income, is primarily due to the 2023 $615 gain on sale of the nitrogen business, a 2023 $915 deferred income tax recovery, $729 lower interest income from cash on guaranteed investment certificates (“GICs”) and term deposits in 2024 with the July 2024 distributed return of capital to shareholders, $1,493 lower equity investment income from Team Snubbing, and the net impact of higher non-cash accretion related expenses.
Production Service’s 42% equity investment share of Team Snubbing Services Inc. net loss was $690 for the year ended December 31, 2024, compared to net income of $803 in the comparative period in 2023. Weak international operating results in 2024 combined with costs incurred to restructure the international business in Alaska dragged down Team Snubbing’s results while the Canadian business performed in line with 2023.
Cash from operating activities from continuing operations was $184 for the year, an improvement of $699 as compared to the prior year use of $515, driven by strong operational performance from the Delta Acquisition, partially offset by the significant additional general and administrative expenses incurred in 2024 due to the Arrangement.

Rental services segment

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars, unless otherwise noted)	2024		2023		2024		2023
Revenue – continuing operations	2,443		1,037		10,470		3,384
Oilfield services expense – continuing operations	(1,300	)	(373	)	(5,263	)	(1,326	)
Oilfield services operating margin⁽¹⁾	1,143		664		5,207		2,508
*Operating margin (%)*	46.8	%	64.0	%	49.7	%	60.8	%

The Rental Services segment consists of High Arctic’s oilfield rental equipment in Canada, centred upon pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells in the WCSB.

The increase in revenue for the three and twelve month periods ended December 31, 2024, versus the comparable periods in 2023 is a direct result of the contribution from the Delta business that was acquired in late 2023. Specifically, Q4 2024 revenues increased by $1,406 or 136% compared to Q3 2023, with annual 2024 revenues increasing by $7,086 or 209% when compared to annual 2023. Operating margins of 46.8% and 49.7% for the three and twelve months ended December 31, 2024, respectively, are approximately 17 percent and 11 percent lower (on a gross basis) than the comparable periods in 2023, respectively. The reduction in operating margins is primarily a result of the Delta Acquisition, as Delta utilizes a combination of owned and third-party rental equipment in its operations, with third-party rental equipment resulting in higher operating expenses.

Production Services segment
The Production Services segment operations consist of High Arctic’s idled snubbing units in Colorado, U.S., and its equity investments in the Seh’ Chene Partnership and Team Snubbing Services Inc. in Canada. Though the Seh’ Chene Partnership has experienced limited business activity since the 2022 Canadian sales transactions, the partnership is still active and the Corporation together with its partner will look to reposition its customer offerings and explore other avenues for business activity.

Team Snubbing Services Inc.
High Arctic accounts for the results of its 42% equity interest in Team Snubbing using the equity method of accounting, with Team Snubbing’s net earnings recorded as income from equity investments in the respective reporting period. As reported in the Corporation’s 2024 Financial Statements (Note 12), Team Snubbing achieved gross revenues of $26,064 for 2024 versus gross revenues of $21,252 for the comparative period in 2023. This increase in revenues is primarily a result of the consolidation of the results of Team Snubbing International Inc. (“Team International”) for the first time following Team Snubbing’s April 1, 2024, acquisition of control of Team International.

Team International’s operations experienced lower than anticipated activity levels in the Alaskan market in both Q4 2024, and for the year 2024. In addition, during Q2 2024, Team International incurred additional costs for restructuring management and operational teams. The restructuring initiative consolidated Team International’s workforce, “right sizing” it to the needs of the overall customer base and aligning the service delivery with Team Snubbing’s successful Canadian model. Team Snubbing’s domestic Canadian operations experienced similar activity levels in both Q4 2024 and year-to-date 2024, when compared to the same periods of 2023.

High Arctic’s proportionate share of Team Snubbing’s net loss for 2024 was $690 compared to an income inclusion of $803 for the comparable period in 2023, representing a decrease in income from equity investment of $1,493. This year-over-year decline in income from equity investment realized in 2024 was primarily due to the results of Team International.

Liquidity and capital resources

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars)	2024		2023		2024		2023
Cash provided by (used in) continued operations:
Operating activities	226		(874	)	184		(515	)
Investing activities	(310	)	(3,160	)	(997	)	25,638
Financing activities	(430	)	45		(38,659	)	(2,967	)
Effect of exchange rate changes on cash	(469	)	(745	)	717		(720	)
Increase (decrease) in cash from continuing operations	(983	)	(4,734	)	(38,755	)	21,436

(thousands of Canadian Dollars, unless otherwise noted)	As at Dec 31, 2024		As at Dec 31, 2023
Current assets	7,221		79,438
Working capital⁽¹⁾	2,692		62,985
Working capital ratio⁽¹⁾	1.6:1		4.8:1
Cash and cash equivalents	3,123		50,331
Net cash⁽¹⁾	(230	)	46,804

Operating Activities
In Q4 2024, cash from operating activities from continuing operations was $226, as compared with an outflow of $874 from operating activities from continuing operations in Q4 2023. Funds from operating activities from continuing operations totaled $530 in the quarter versus funds used of $335 for Q4 2023 (see “Non-IFRS Measures”). In Q4 2024, changes in non-cash operating working capital from continuing operations totaled an outflow of $304 compared to an outflow of $539 in Q4 2023.

For the year ended 2024, cash from operating activities from continuing operations was $184 as compared to a use of cash of $515 of cash from operating activities from continuing operations in 2023. Funds from operating activities from continuing operations totaled $484 for the year ended 2024, versus a use of funds of $1,292 for 2023.

Changes in cash from operating activities from continuing operations and funds from operating activities from continuing operations for both the three and twelve months ended December 31, 2024, when compared to the same periods in 2023, were largely the result of the positive impact on the business from the Delta Acquisition. In addition, operating related cash flows in the fourth quarter of 2024 benefitted from reduced G&A costs associated with the Arrangement transaction which was completed in the third quarter of 2024.

Investing Activities
During the fourth quarter, the Corporation’s net cash used in investing activities from continuing operations totaled $310 compared to $3,160 for the prior year comparative quarter. For the year ended 2024, net cash used in investing activities from continuing operations totaled $997 compared to an inflow of $25,638 in the prior year. For the fourth quarter of 2024 and YTD 2024, the majority of expenditures incurred related to sustaining and growth capital for the Rental Services Segment combined with investments in information technology and systems required to support the Corporation upon completion of the Arrangement transaction. YTD 2023 investing activities were impacted by proceeds received on the sale of assets (net of costs) of $29,569, offset in part by the Delta Acquisition in Q4 2023 for $3,430.

Financing Activities
During the fourth quarter, the Corporation’s net cash used in financing activities from continuing operations was $430 compared to an inflow of $45 in the prior year comparative quarter. For the year ended 2024, net cash used in financing activities from continuing operations was $38,659 compared to $2,967 in the prior year. Cash flow from financing activities for the year ended 2024 was impacted by a one-time $37,842 distribution to shareholders in accordance with the completion of the Arrangement transaction. Excluding the impact of the one-time distribution, cash flows related to finance activities were impacted by the normal course receipts and payments on the Corporation’s existing note receivables, lease liabilities and long-term debt.

Working Capital
As at December 31, 2024, the Corporation’s working capital balance was $2,692 compared to $62,985 as at December 31, 2023. The change in working capital is largely due to the spinout of the Corporation’s PNG business combined with the $37,842 return of capital distribution paid during 2024, both of which were completed in connection with the Arrangement transaction.

Long-term Debt

(thousands of Canadian Dollars)	As at Dec 31, 2024	As at Dec 31, 2023
Current	175	175
Non current	3,178	3,352
Total	3,353	3,527

The Corporation has mortgage financing secured by lands and buildings owned by High Arctic located within Alberta, Canada. The mortgage has a remaining initial term of under two years with a fixed interest rate of 4.30% with payments occurring monthly. The mortgage financing contains certain non-financial covenants requiring lenders’ consent including changes to the underlying business. As at December 31, 2024, the Corporation was compliant with all covenants associated with the mortgage financing.

2025 Earn-Out Shares issued pursuant to the 2023 share purchase agreement with Delta Rental Services Ltd.
Subsequent to December 31, 2024, the Corporation issued 248,793 shares as part of the settlement of the first-year contingent consideration payable pursuant to the Acquisition of Delta Rental Services Ltd.

Outlook
As a result of the successful execution of the Arrangement and corporate reorganization during 2024, High Arctic has transformed itself. After a decade of significant cash flow generation and cash dividends and distribution to shareholders in excess of $105 million, bold measures were taken to adjust for the decade ahead. The 2024 Arrangement provided shareholders with a separate investment holding and future flexibility through a new publicly traded entity containing the former PNG business (TSXV: HOH) plus a tax efficient cash distribution in the form of a $37.8 million return of capital. It also provided shareholders with a continuing investment in a refined, Canadian focused, and reset High Arctic publicly traded entity.

High Arctic’s Canadian platform is characterized by minimal debt and its continuing operations now consist of:

A western Canadian high-margin equipment rental business – centred on pressure ‎control and well stimulation;
A minority 42% interest in Canada’s largest oilfield snubbing services business, Team Snubbing; and
Two industrial properties, located in Clairmont and Whitecourt, Alberta.

High Arctic anticipates that its Rental Services segment will continue to generate funds flow from operations commensurate with oil and gas well completion fundamentals in western Canada. The rental business footprint, while still small in scale, was bolstered by the 2023 Delta Acquisition. This acquisition is indicative of the type and structure of accretive investment High Arctic will look to pursue going forward. For 2025, the Rental Services segment is expected to be at a stage whereby operating cash flow covers Corporate segment costs and yields modest funds for organic growth.

High Arctic is at the early stages of a new chapter in its corporate history. The 2024 transformational developments provide a clean platform to enable a new strategic direction. The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan. High Arctic’s current intent is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry. Complementary new service lines with high margin, low headcount and low fixed costs, are also being considered.

In summary for 2025, the Corporation expects to continue to execute on the initial phases of its strategic business plan, with progress to date being evidenced by selective capital expenditure investments in its rental business throughout 2024. High Arctic continues to assess acquisition targets that are both complimentary and new to existing customer offerings. Potential benefits of an acquisition for High Arctic include enhancing the scope and scale of its operations; the ability to provide a broader customer service offering; and formalizing/augmenting the leadership team for the Corporation.

Execution of the strategic plan remains opportunistic and is ongoing. The timing and ability to execute on certain underlying objectives, however, has become challenging due to recent divisive global geopolitical developments and resulting global economic uncertainties. These developments include changes and potential changes in global trade policies and tariffs, threats of additional or retaliatory tariffs, and policy shifts as a result of new government leadership in many jurisdictions around the world. The federal election in Canada, set for April 28, 2025, may have a significant impact on long term investment in Canada’s energy industry.

Western Canadian oil and gas activity levels, despite volatility in underlying commodity prices, have benefited from resurgent Canadian upstream activity to meet, and then sustain, growing oil and natural gas export infrastructure capacity. This includes tidewater access off the west coast of Canada through the 2024 Trans Mountain pipeline expansion, expected 2025 LNG Canada pipeline commencement, and land pipeline expansion to the United States through completed projects such as the Line 3 expansion.

NON – IFRS MEASURES
This press release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Long-term financial liabilities. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s MD&A, which is available online at www.sedar.com and through High Arctic’s website at www.haes.ca.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this press release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels and general energy supply and demand fundamentals that may impact the energy industry as a whole; the impact (if any) of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute its 2025 strategic objectives; fluctuations in interest rates and commodity prices; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; the Corporation’s ability to seek and execute accretive acquisitions including the timing thereof and the potential operational and financial benefits; the ability to recruit and retain executive officers and other key personnel; management of general and administrative costs; the maintenance of a strong balance sheet and related financial flexibility; the performance of the Corporation’s investment in Team Snubbing; operational and financial performance of the Corporation’s Canadian rental equipment in 2025; scaling the Canadian business, execution on one or more corporate transactions; and estimated credit risks.

With respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk.

The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this press release, along with the risk factors set out in the most recent Annual Information Form filed on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this press release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

About High Arctic Energy Services
High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎.

For further information contact:

Lonn Bate
Chief Financial Officer
P: 587-318-2218
P: +1 (800) 688 7143

High Arctic Energy Services Inc.
Suite 2350, 330 – 5^th Ave SW
Calgary, Alberta, Canada T2P 0L4
website: www.haes.ca
Email: info@haes.ca

The MIL Network –

April 1, 2025

MIL-OSI: RateUniversity Hosts Free First-Time Homebuyer Education Event in Boston
Source: GlobeNewswire (MIL-OSI)

BOSTON, March 31, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, reinforces its dedication to expanding homeownership access by hosting RateUniversity Boston, a free first-time homebuyer education event on Saturday, April 26, 2025, from 10 AM to 1 PM at Roxbury Community College, Building 3.

Visit Rate.com to Register Today

RateUniversity is more than just a financial literacy event—it’s a unique, interactive experience designed to bridge the financial knowledge gap that affects adults from all backgrounds. While many financial workshops focus on underserved communities, RateUniversity recognizes that a lack of financial education is a widespread issue, even among college graduates and working professionals. The program is structured to provide practical, strategic knowledge about credit, mortgages, and financial tools that empower individuals to build wealth through homeownership.

“RateUniversity is not just another financial workshop. It’s about filling the massive knowledge gap for so many adults, regardless of their background or education level,” said Shant Banosian, President of Rate Mortgage. “Most people graduate high school, college, and even advanced degree programs. But, they never learn how credit works, how to leverage a mortgage, or how financial products can be a tool for building wealth. That’s a huge problem. RateUniversity is designed to change that by making financial education accessible, engaging, and directly applicable to people’s lives. We want to give people the knowledge they need to make informed decisions, take control of their financial future, and ultimately, build generational wealth.”

Originally launched in Chicago, RateUniversity continues to expand into new cities, bringing financial education to diverse communities in an engaging, culturally relevant, and interactive format. Attendees of the Boston event will participate in bilingual workshops in English and Spanish, covering essential financial topics such as building credit, understanding mortgage options, and accessing specialized affordable lending programs. Bilingual loan officers will be available for one-on-one consultations, answering questions and assisting with pre-approvals.

RateUniversity attendees can expect:
- Free educational workshops in English and Spanish
- One-on-one consultations with bilingual loan officers
- Expert guidance on homebuying programs and financial planning
- Access to nonprofit resources focused on homebuyer assistance and grants
- Networking opportunities with real estate professionals and community partners
- Complimentary food and refreshments
In addition, attendees who complete the program and proceed with a home purchase will be eligible for a $500 closing cost credit.

“At Rate, we are committed to making financial wellness an integral part of homeownership,” said Arlyn Kalinski, SVP of Fair & Equitable Lending Strategies for Rate. “RateUniversity isn’t just about learning the basics of credit and mortgage lending—it’s about empowering people with the tools and strategies they need to build a stronger financial future. By delivering expert guidance in multiple languages and partnering with community organizations, we’re creating real opportunities for more families to achieve homeownership.”

Media Availability

The Rate team will be available for media interviews. Please contact press@rate.com for direct coordination.

For more information or to register for RateUniversity, visit rate.com/rateuniversity.

About Rate

Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service.

Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years.

Visit rate.com for more information.

Media Contact

press@rate.com

The MIL Network –
April 1, 2025
MIL-OSI: Energy Income Fund Announces Board Changes at its Manager, Artemis Investment Management Limited

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — The Energy Income Fund (TSX: ENI.UN) (the “Fund”) announced today that Artemis Investment Management Limited (“Artemis”), the Fund’s trustee and manager, has implemented changes to its board of directors. Effective March 31, 2025, Gavin Swartzman, a long-standing director of Artemis, has retired from the board.

Artemis extends its sincere appreciation to Mr. Swartzman for his dedicated service and valuable contributions throughout his tenure. His leadership and guidance have been instrumental in supporting Artemis’s oversight and management of the Fund.

Concurrently, Artemis has appointed Dani Shields as a director of Artemis, effective March 31, 2025. Ms. Shields, currently serving as Senior Vice President and General Counsel of Peerage Capital, an Artemis-affiliated company, brings extensive experience in mergers and acquisitions, private equity, employment law, real estate portfolio management, and financial transactions.

Artemis is pleased to welcome Ms. Shields to its board of directors.

For further information, please contact Artemis Investment Management Limited’s investor relations at (416) 934-7455, email info@artemisfunds.ca, or visit www.artemisfunds.ca.

The MIL Network –

April 1, 2025
MIL-OSI USA: An Interview with Foreign Law Intern at the Law Library of Congress, Yuri Rattanaboonsen

Source: US Global Legal Monitor

Today’s blog post is an interview with a foreign law intern at the Law Library of Congress, Panicha Rattanaboonsen. She works with foreign law specialist Sayuri Umeda in the Global Legal Research Directorate.

Describe your background.

My name is Panicha Rattanaboonsen, also known as Yuri. I am originally from Thailand and come from an overseas Chinese family. I moved to Bangkok during high school, where I attended Triam Udom Suksa School. I am fluent in Thai and English and have basic proficiency in Mandarin and Lao.

What is your academic/professional history?

Currently, I am an LL.M. candidate in the Environmental and Energy Law program at Georgetown University Law Center. Before pursuing my graduate studies, I had experience in the public sector at the national level in Thailand, contributing to policies and measures addressing greenhouse gas emissions and promoting energy innovation. I also worked as a legal analyst and adviser, focusing on renewable energy projects and energy policy.

My professional background includes my role as a business tax associate, where I provided strategic tax advisory services to international clients, and my internship in the legal department of a big consulting firm, as well as my experience in arbitration and mediation at the Thai Arbitration Center, where I gained expertise in resolving complex domestic and international disputes.

How do you describe your job to other people?

I am a foreign law intern at the Global Legal Research Directorate of the Law Library of Congress. I conduct legal research and analysis on Thailand’s legal framework, including monitoring global legal articles and assessing Thai laws and regulations updates. Additionally, I have contributed to legal reports that will be published by the Law Library, such as Thailand: Civic Space Legal Framework, which examines legal policies affecting civic engagement and is set to be published at a later date.

Why did you want to work at the Library of Congress?

The Library of Congress houses one of the world’s most extensive and valuable collections of legal resources. Contributing to the development of reports and articles that serve organizations, scholars, and policymakers is a unique and meaningful opportunity. Moreover, working on the legislative research for Congress provides me with invaluable life experience.

What is the most interesting fact that you’ve learned about the Library?

I was fascinated to learn that the Law Library of Congress holds one of the world’s largest collections of legal materials. I was particularly intrigued to discover that Thai legal books and collections are also preserved there.

What’s something that most of your co-workers don’t know about you?

Beyond my work in law and policy, I am also interested in finance and investment. I am currently pursuing a Chartered Financial Analyst (CFA) certification.

Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

MIL OSI USA News –

April 1, 2025
MIL-OSI: The Now Corporation (OTC: NWPN) and Green Rain Solar Inc. Partner with Chronical Electric to Bring High-Speed EV Charging and Battery Storage to Rochester, NY
Source: GlobeNewswire (MIL-OSI)

Key Highlights:
- Transforming Urban EV Infrastructure with Smart Charging Solutions
  The Now Corporation (OTC: NWPN) and Green Rain Solar Inc. have partnered with Chronical Electric to launch a high-speed electric vehicle (EV) charging station at 1600 West Ridge Road in Rochester, NY. Backed by a completed utility feasibility study and supported by Rochester Gas and Electric (RG&E), the project will feature Level 3 fast chargers, ensuring efficient and reliable electric vehicle (EV) charging for the community.
- Advancing Sustainability with Battery Storage Technology
  Incorporating cutting-edge battery storage solutions, this initiative aims to optimize energy usage, reduce operational costs, and prevent grid overloads. By storing renewable energy during periods of low demand and supplying it during peak hours, the project enhances grid resilience while supporting clean transportation. This innovation aligns with the Inflation Reduction Act (IRA), unlocking tax credits and expanding EV access in underserved areas.
- Promoting Environmental Equity and Clean Transportation
  Committed to reducing carbon emissions and improving air quality, The Now Corporation’s project directly addresses pollution-related health concerns in underserved communities. By introducing sustainable energy infrastructure, the initiative not only fosters environmental stewardship but also serves as a replicable model for clean energy adoption across the U.S.
PASADENA, Calif., March 31, 2025 (GLOBE NEWSWIRE) — The Now Corporation (OTC: NWPN), through its renewable energy subsidiary, Green Rain Solar Inc., is making groundbreaking progress in expanding electric vehicle (EV) infrastructure in underserved communities. The company is pleased to announce that it has completed a utility feasibility study for its flagship electric vehicle (EV) charging project at 1600 West Ridge Road in Rochester, New York, confirming the site’s ability to support Level 3 fast chargers.

This milestone was achieved through a strategic collaboration with Chronical Electric and Rochester Gas and Electric (RG&E) Utility, ensuring the necessary power capacity for the high-speed chargers. In a major leap forward, the project will also feature battery storage technology, designed to optimize energy usage, stabilize the grid, and enhance charging reliability.

DCFC EV Charging Stations – Chronical Electric

Pioneering a New Era of Smart EV Charging

This initiative aligns with the Inflation Reduction Act (IRA), which prioritizes clean energy investments in underserved areas by offering substantial tax credits. By leveraging the RG&E Make-Ready Program, The Now Corporation is significantly lowering infrastructure costs, making it easier and more cost-effective to deploy EV charging stations in communities that need them most.

Load Management Technologies Incentive program (LMTIP) for electric vehicle charging

“This is a transformative moment for Green Rain Solar and The Now Corporation,” said Alfredo Papadakis, CEO of The Now Corporation. “We are not just building EV charging stations—we are creating a sustainable energy ecosystem. By integrating battery storage, we’re ensuring that these chargers operate efficiently, reduce grid strain, and maximize renewable energy utilization. This is the future of clean transportation.”

Battery Storage: The Key to Sustainable EV Infrastructure

The integration of battery storage technology at the 1600 West Ridge Road project marks a major advancement in grid-friendly EV charging solutions. This innovative system will:
- Reduce demand charges, lowering operational costs for both businesses and consumers
- Enhance grid stability, preventing overloads and blackouts
- Maximize renewable energy usage, storing excess solar and wind power for peak times
By storing energy during low-demand periods and releasing it when needed, the site will ensure that EV drivers have access to reliable, cost-effective, and environmentally friendly charging options—without overburdening the local power grid.

A Cleaner, Healthier Future for Rochester and Beyond

This project is about more than just technology—it’s about community impact. Rochester’s underserved neighborhoods, like many across the U.S., face higher levels of air pollution, contributing to asthma and other respiratory diseases. By expanding clean transportation options, The Now Corporation is actively working to reduce emissions, improve public health, and promote environmental equity.

The 1600 West Ridge Road site will serve as a national model for the future of smart, grid-optimized EV infrastructure. Moving forward, The Now Corporation and Green Rain Solar Inc. are exploring additional locations to replicate this success and further drive the clean energy revolution.

Leading the Charge Toward a Greener Future

The Now Corporation (OTC: NWPN) remains committed to leveraging state and federal incentives to accelerate EV adoption, create economic opportunities, and support a nationwide transition to sustainable energy. With its innovative approach, strategic partnerships, and a focus on community-driven impact, this initiative represents a major step toward a cleaner, smarter, and more resilient future.

Stay tuned—The Now Corporation is powering the next generation of EV charging!

About The Now Corporation (OTC: NWPN):
The Now Corporation is a diversified holding company focused on acquiring and developing innovative technologies and sustainable solutions. Through its subsidiaries, the company is committed to driving positive change in industries such as renewable energy, electric mobility, and advanced manufacturing.

About Green Rain Solar Inc.:
Green Rain Solar Inc., a subsidiary of The Now Corporation, specializes in the design, installation, and maintenance of solar energy systems and EV charging infrastructure. With a focus on sustainability and innovation, Green Rain Solar is dedicated to helping businesses and communities transition to clean energy.

For more information, visit: https://greenrainenergy.com/
FB: Green Rain Energy
YouTube: Green Rain Energy

Forward-Looking Statements:
This press release contains forward-looking statements under the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may include expectations for future events, financial results, and growth prospects, subject to risks and uncertainties. The Now Corporation undertakes no obligation to publicly update any forward-looking statements except as required by applicable laws.

Press Contact:
Michael Cimino
Email: Michael@pubcopr.com

The MIL Network –
April 1, 2025
MIL-OSI: Voltus Registers First Resource Under NYISO’s Distributed Energy Resource Participation Model

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Voltus, Inc. (Voltus), the leading distributed energy resource (DER) platform and virtual power plant (VPP) operator, announced today that it has completed an integration with National Grid and submitted registrations to the New York Independent System Operator (NYISO) for participation in the new Distributed Energy Resource Participation Model (DER Participation Model.) This new model aims to support NYISO’s energy transition by better incentivizing customers to provide balancing resources to the electric grid.

The DER Participation Model significantly increases the value of a customer’s distributed energy resources. If a megawatt enrolled in New York City’s SCR Program instead enrolls in the DER Participation Model, which optimizes participation across the capacity, ancillary services, and energy markets, value can increase by nearly 50%.

“With the DER model, Voltus can unlock brand-new revenue streams for energy storage and flexible loads, while bringing more dollars per megawatt to customers who already participate in demand response programs,” explains Neil Lakin, Voltus CTO and Co-founder. “New York businesses are very sophisticated buyers of energy, but the DER model is complex and will offer something new for everyone. From regulatory advocacy to engineering R&D, we have invested thousands of hours into optimizing the DER model so that any New York business can take advantage of these new opportunities.”

The submitted registrations were for TeraWulf’s Lake Mariner data center campus, which has been a Voltus customer since 2023.

“The Voltus team has an in-depth understanding of TeraWulf’s business model, both from a financial and operational perspective, and possesses the technical expertise needed to seamlessly integrate with our miner management system,” said Nazar Khan, Chief Technology Officer of TeraWulf. “We have complete confidence in Voltus to guide us through new opportunities like the DER Participation Model, driving Lake Mariner’s continued success within the NYISO.”

In the next few months, Voltus expects to complete integrations with additional Transmission Owners, including ConEdison, Orange & Rockland, NYPA, NYSEG and Rochester Gas & Electric. To discuss transitioning to the DER Participation Model, contact the Voltus team at info@voltus.co.

About Voltus
Voltus is a leading DER technology platform and virtual power plant operator connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and DER partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.

Media Contact
Mona Khaldi
press@voltus.co

The MIL Network –

April 1, 2025
MIL-OSI Africa: Oando PLC Joins Afreximbank’s AfrexInsure Portfolio
Source: Africa Press Organisation – English (2) – Report:

CAIRO, Egypt, March 31, 2025/APO Group/ —

AfrexInsure, the wholly-owned Specialty Insurance Subsidiary of African Export-Import Bank (“Afreximbank” or the “Bank”) (www.Afreximbank.com), has announced its onboarding of Oando PLC as one of its strategic clients, further strengthening the business relationship between Oando PLC and the Bank.

With Oando on board its clientele portfolio, this new development aligns with Afreximbank’s financial support to the company, with critical risk management solutions, ensuring that the Bank’s investment in Oando PLC’s operations in Nigeria is safeguarded through tailored Specialty Insurance Solutions. By mitigating operational and geopolitical risks, the collaboration would enhance Oando’s resilience, promote sustainable energy development and reinforce Afreximbank’s commitment to economic growth and regional stability in the trade ecosystem.

Commenting on the partnership, Jonas Mushosho, CEO and Principal Officer of AfrexInsure, said: “This strategic collaboration between Oando and AfrexInsure will help promote local content in Africa’s oil and gas sector. The collaboration, which also underscores a shared commitment aimed at fostering economic empowerment and contributing to the sustainable development of Africa’s natural resources, will also strengthen the African insurance sector by retaining premium flows within the continent and fostering Africa’s financial sustainability.”

Mr. Mushosho, who noted that Oando PLC and Afreximbank had established a significant business relationship aimed at enhancing trade development in Africa’s energy sector, added that, many multinationals doing business in Africa face high levels of risk in the current volatile and uncertain environment. Greater availability of affordable trade and trade related specialty insurance solutions could mitigate those risks and encourage firms to engage in enhanced industrialisation and export development activities. “This win by AfrexInsure shows how we are supporting the growth of trade and development in Africa by providing required Insurance management services, giving investors the confidence to make investments in Africa. By using African securities, specialty insurance premiums raised in Africa are retained on the continent and are used to contribute to its overall trade and economic development,” he said.

Commenting on this announcement, Wale Tinubu CON, Group Chief Executive, Oando PLC, said: “We have a longstanding relationship with Afreximbank where we have seen the Bank support our vision for energy in Africa, not only with essential financing but also with invaluable guidance and advisory support. Following our recent acquisition, a tailored risk identification and mitigation approach is paramount. We are confident that our collaboration with AfrexInsure will provide the necessary oversight to ensure both the adequacy and comprehensiveness of our risk management strategy.”

Afreximbank’s partnership with Oando has included a pivotal role in financing the company’s strategic initiatives in Nigeria’s oil and gas sector, including:
- Facilitating a US$650-million financing for Oando PLC’s acquisition of Nigerian Agip Oil Company Assets in August 2024, which is expected to enhance Oando’s production capacity from 20,000 to 100,000 barrels of oil equivalent per day, boosting Nigeria’s oil output and economic growth; and
- Oando PLC’s June 2024 participation, through its Oando Trading subsidiary (“Oando Trading”), in Project Gazelle, the US$3.3-billion structured crude oil-backed finance facility sponsored by the Nigerian National Petroleum Company Limited, in which Oando Trading contributed US$550 million to a US$925-million accordion facility arranged by Afreximbank.
Established by Afreximbank, AfrexInsure provides specialty insurance products to ensure that right-fit insurance solutions are secured for African clients. The subsidiary provides comprehensive and tailored solutions that secure assets owned by clients and that meet bankability requirements of project funders. It draws on expertise, personalized approach and market knowledge to guarantee that Intra-African Trade Champions and multinationals receive value from programmes backed by top rated insurers capable of paying claims.

By placing its programme with pan-African (re)insurers and strong local underwriters, AfrexInsure achieves the retention of premiums in Africa, making it possible for such funds to be invested on the continent where African businesses can access them at lower cost.

MIL OSI Africa –
April 1, 2025
MIL-OSI: Australian Oilseeds Announces Second Quarter Fiscal 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

COOTAMUNDRA, Australia, March 31, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) today announced financial results for its second quarter fiscal 2025 ended December 31, 2024.

Second Quarter Fiscal 2025 Financial Highlights Compared to Prior Year
- Sales revenue increased 4.5% to A$10.4 million reflecting increased demand for the Company’s chemical free canola oil due to expanded customer contracts.
- Retail oil revenue increased 47.6% to A$5.2 million due to expanded distribution in leading retailers in Australia along with the addition of several new SKUs.
- Net loss of A$0.3 million compared to net income of A$1.0 million, reflecting changes to sales mix along with the timing of planned investments in brand and marketing to support our GEO products as well as higher professional fees, insurance cost and increased listing compliance costs.
“Our retail oils business continued to deliver exceptional growth in the second quarter, reflecting robust demand across our portfolio as well as expanding distribution,” said Gary Seaton, Chief Executive Officer. “Our momentum is strong, including a significant increase in demand from China recently, and we continue to benefit from our commitment to eliminating chemicals from the edible oil production and manufacturing systems to supply quality products such as non-GMO oilseeds and organic and non-organic food-grade oils. We remain comfortable with our direction and trajectory and continue to expect to deliver improving returns over the long term as our business scales.”

About Australian Oilseeds Investments Pty Ltd. Australian Oilseeds Investments Pty Ltd. is an Australian proprietary company that, directly and indirectly through its subsidiaries, is focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, global economic conditions could in the future reduce demand for our products; we could in the future experience cybersecurity incidents; we may be unable to manage or sustain the level of growth that our business has experienced in prior periods; our financial resources may not be sufficient to maintain or improve our competitive position; we may be unable to attract new customers, or retain or sell additional products to existing customers; we may experience challenges successfully expanding our marketing and sales capabilities, including further specializing our sales force; customer growth could decelerate in the future; we may not achieve expected synergies and efficiencies of operations from recent acquisitions or business combinations, and we may not be able to pay off our convertible notes when due. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K for June 30, 2024 and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

Contact
Australian Oilseeds Holdings Limited
126-142 Cowcumbla Street
Cootamundra New South Wales 2590
Attn: Amarjeet Singh, CFO
Email: amarjeet.s@energreennutrition.com.au

Investor Relations Contact
Reed Anderson
(646) 277-1260
reed.anderson@icrinc.com

The MIL Network –
April 1, 2025
MIL-OSI USA: Crystal Visions

Source: US State of Connecticut

In 2022, a multi-institutional team of American scientists traveled to Tokyo to take a spin on a high-powered X-ray laser.

Led by UConn chemistry assistant professor J. Nathan “Nate” Hohman, they hoped to use the machine’s unique capabilities to study new materials whose molecular structure had never been understood before. The team had been awarded 60 hours of highly coveted “beam time” on the SPring-8 Angstrom Compact free-electron LAser X-FEL laser (referred to as SACLA).

“They were going to let us squirt through the nozzle anything we wanted,” Hohman says, “as long as we told them the name of the chemical first.”

The research team included five scientists working in chemical synthesis, X-ray crystallography, and AI-powered data interpretation – all prepared for the scientific equivalent of an ultramarathon. Once the machine powered on, they needed to work continuously until the 60 hours had elapsed.

“If we ran out of stuff to shoot, we were going to be wasting those precious photons,” Hohman explains. So, the team brought as many samples of new materials as they could.

David Moreau and a SACLA scientist working with the machine. (Courtesy of Phil MacDonald)

Working in round-the-clock shifts, they carefully prepared their samples and loaded them into the machine. SACLA shot jets of their crystalline molecular samples into a chamber where they were struck by an intense beam of X-ray light.

Like prisms throwing rainbows, these crystal samples diffracted the light, each into its own signature pattern. By analyzing the light pattern, the scientists could determine the precise molecular makeup of the crystals they were studying.

By the end of their three-day journey with SACLA, the researchers had solved the structures of four materials – and have gone on to solve more than 50 in eight more experiments around the world over the last two years.

This scientific breakthrough is chronicled in the new short documentary “BEAMTIME: Crystal Hitters,” co-directed by Jonathan Turton and Phil MacDonald.

[embedded content]

Small Scale, Huge Payoff

High-profile projects like this are nothing new to Hohman, whose research has been sponsored by the US Department of Energy for its potential to unlock new, better sources of energy.

Hohman doesn’t work on the quantum technology side of things – using new materials to assemble devices like quantum computers and lasers – but the semiconductors he studies are integral to this process.

“Every new technology has a new material at its core,” he says.

Hohman’s specialty is self-assembly. His work revolves around understanding the geometry of molecules, planning how they crystallize, and using that to influence their properties. The materials he’s interested in tend to form crystals at the microscopic level, thousands of times smaller than grains of sand.

Understanding the structure of these crystals – what’s known as “solving” the crystal structure – is the key to understanding how these materials can be used in technological applications spanning energy production, quantum computing, and beyond.

A famous example of crystallography is Rosalind Franklin’s discovery of the double-helix structure of DNA. Since no microscope was powerful enough to allow her to literally see the double-helix, Franklin relied on X-ray crystallography to mathematically solve the structure.

For this project, Hohman deployed a unique approach called small-molecule serial femtosecond crystallography, or smSFX.

“Our collaboration led the first-ever use of serial crystallography to fully solve true unknown crystal structures of small-molecule systems,” Hohman says. “This solved a huge problem in our field – before, if you were making materials that formed small crystals, then you couldn’t easily solve the crystal structure.”

Before using this technique, Hohman jokes, “life with my tiny crystals was mostly just despair.”

The materials he was interested in studying – known as MOChas, or metal–organic chacogenolates – would form crystals that were simply too small to solve using conventional methods. They possessed interesting properties, like luminescence, that seemed potentially useful in applications like solar cells or LEDs; but without understanding their molecular structure, scientists couldn’t figure out how to harness these properties.

“You can control all the photonic, electronic, and quantum properties of systems synthetically in the laboratory by editing a molecule or changing the design of that molecule,” Hohman says. “But if you don’t know what the structure of something is, then all you have is a little pile of stuff that sort of glows when you shine a UV light on it.”

The team’s “big breakthrough” was using smSFX to solve the structures of very small molecules. They are hopeful that this will pave the way for developing new materials for green energy and climate change mitigation technologies. Some of the materials they solved show potential for applications like solar power and carbon sequestration.

More broadly, the smSFX technique could be used in future trials to analyze all manner of new materials, from quantum semiconductors to cancer treatments.

Hohman is now turning his focus to publishing the library of materials solved on this trip.

“The materials are really quite cutting-edge; it’s hard to say exactly what they will be used for,” Hohman says. “The scientific community, collectively, is just starting to discover this stuff.” But he notes that the materials his group has solved may offer “a lot of material advantages” for quantum information science.

The Tokyo Shift

Clockwise from center: Vanessa Oklejas, Nate Hohman, Aaron Brewster, Maggie Willson, and Masha Aleksich share a meal in Tokyo. (Courtesy of Phil MacDonald)

Hohman was joined on the 2022 trip to SACLA by colleagues from various institutions, including Aaron Brewster, Daniel Paley, and David Mittan-Moreau of the Lawrence Berkeley National Laboratory; Elyse Schriber, a then-graduate student researcher in Hohman’s lab who is now a project scientist at the SLAC National Accelerator Laboratory; and Vanessa Oklejas, who has moved to a new role at Lockheed Martin.

Three current members of Hohman’s lab were also on the team: Maggie Willson, Patience Kotei, and Masha Aleksich, now third- and fourth-year doctoral students.

For Willson, who received her bachelor’s degree at the University of Central Oklahoma, it was her first time traveling out of the country.

“That whole trip was very surreal for me,” she says. “I had graduated the May before that trip, so I hadn’t even started grad school yet.”

As Hohman tells it, one of the first things he asked Willson to do after accepting her into his lab was “hop on a plane to Japan.” Thankfully, she rose to the occasion – and gained experience that proved pivotal in her career path.

“After this trip, I have done seven more of these experiments (in CA, the UK, and another in Japan) and have dedicated the majority of my work here in grad school to these types of crystallography experiments,” Willson says. “Before graduate school, I was planning on becoming a professor at a primarily undergraduate institution in order to focus on teaching, but I am now working towards a career at a synchrotron or an X-ray free electron laser in order to do these types of experiments for other research groups.”

For Kotei, who received her bachelor’s and master’s degrees at the Kwame Nkruma University of Science and Technology in Ghana, the trip was similarly propulsive.

“My graduate research primarily focuses on serial crystallography, and my visit to SACLA broadened my perspective on ultrafast dynamics and advanced structural characterization techniques,” says Kotei. “Experiencing world-class research infrastructure firsthand reinforced my motivation to pursue high-impact research. Currently, I am in discussions with leading scientists and experts at SACLA regarding potential research opportunities after completing my degree.”

Aleksich, a fourth-year chemistry PhD candidate specifically focusing on MOChas, credits the trip to Tokyo with shifting her goals and her understanding of herself as a scientist.

“Having the opportunity to conduct research at this level as a second-year graduate student really grew my confidence and took off any limitations I have had about the caliber of research I would be able to work on in my lifetime,” she says. “Growing up, of course I looked up to the greats like Marie Curie and Rosalind Franklin, but I figured that I was not qualified to truly advance the scientific field. But this experience showed me that if an idea is there, and it’s able to be well communicated, then people are interested in funding it. And for every one great scientist we remember, there were hundreds who helped along the way.”

“BEAMTIME: Crystal Hitters” is available to stream on YouTube.

MIL OSI USA News –

April 1, 2025
MIL-OSI Europe: ASIA/SOUTH KOREA – Archbishop Nappa celebrates the 60th anniversary of the establishment of the Korean Pontifical Mission Societies in Seoul

Source: Agenzia Fides – MIL OSI

Don Marco Kim

Seoul (Agenzia Fides) – “It is with great emotion that I visit this land of martyrs that is Korea, a unique country in the history of the Church, where the faith took root spontaneously before the arrival of the missionaries.” With these words, Archbishop Emilio Nappa began his homily at the commemorative Mass for the 60th anniversary of the founding of the Korean National Direction of the Pontifical Mission Societies (PMS). The Eucharistic concelebration was presided over this morning, Monday, March 31, by Bishop Mathias Iong-hoon Ri, President of the Korean Bishops’ Conference, in the Cathedral of the Archdiocese of Seoul, in Myeongdong.Archbishop Nappa, current Secretary General of the Governorate of the Vatican City and former President of the Pontifical Mission Societies, concelebrated the Mass at 10 a.m., in the presence of Cardinal Andrea Yeom, Archbishop Emeritus of Seoul; Archbishop Giovanni Gaspari, Apostolic Nuncio to South Korea; and numerous prelates, priests, former national directors of the Pontifical Mission Societies, religious sisters and lay missionaries, as well as hundreds of faithful. “Your ancestors in the faith,” said Archbishop Nappa, “kept their faith under severe persecution, dreaming of eternal life. Nobles and servants sat together, calling each other brothers and sisters.” The former PMS president “gave thanks and praise to God” for all those who have served the Korean PMS throughout their history, inviting the faithful to “implore with the same ardent intention […] so that the steadfast faith that animated your ancestors in the faith may be awakened in you.”In his welcoming address, Cardinal Andrew Soo-jung Yeom, Archbishop Emeritus of Seoul, retraced the history of the Korean PMS, recalling that the Pontifical Mission Societies of Korea were established on June 29, 1965, under the name ‘Pontifical Commission for the Propagation of the Faith’.He also emphasized that in 60 years, we have moved from a “Church that receives” (referring to the period when Korea was still poor and seminaries benefited from PMS subsidies) to a “Church that gives.” Indeed, “the Church on mission,” the Cardinal explained, “is a Church on the move, a Church that spreads the fragrance of Christ through the charity of daily life.”The Eucharistic celebration was followed by a conference on mission and several testimonies from consecrated and lay missionaries. Thomas Aquinas Seong-ho Song and Rosa Eun-hyung Rosa Yang, a Consolata lay missionary couple and grandparents of three grandchildren, recounted how they were called at the age of 60 to a mission in Tanzania after a previous experience in Mozambique. “Living with people and loving them” in order to “be able to proclaim Christ” were the main characteristics of the mission witnessed by the couple. As administrators at the Mission Center, he and her vice-directors, Thomas and Rosa, also reiterated the importance of learning the language and obtaining a driver’s license to begin interacting with the local community and becoming accustomed to its cultural expressions. They also emphasized that the situation they have embraced is “a place where it is difficult to live without prayer.”Another significant testimony came from Sister Anna Kang, a member of the Conceptionist Teaching Missionaries and a missionary in the Philippines from 2018 to 2023. With the help of the PMS and thanks to the support of many other donors, Sister Anna continued a daycare project, created specifically to provide a place of welcome and education for children who come from these homes where “a single room serves as a kitchen, dormitory, and bathroom.”During the lecture given by Father Peter Dong Won Kim, head of the Department of Mission ad Gentes of the Archdiocese of Seoul, he recounted his missionary experience in Taiwan, working with an aboriginal parish in the mountains, emphasizing that “missionary travel is not dictated by personal preferences (even if it seems so), but by the missionary’s response to God’s call.””We hope that the missionary spirit you experienced as President of the Pontifical Mission Societies will continue to accompany you in fulfilling your new mission,” expressed Father Marco Sungsu Kim, official of the Dicastery for Evangelization (section for the First Evangelization and the New Particular Churches), who accompanied the Archbishop during his visit to Japan and South Korea. The former President of the PMS took the time, at the end of his homily, to thank the Korean Church, which places its priests at the disposal of the universal Church.Archbishop Nappa’s visit to South Korea began on March 26 with a visit to the Apostolic Nunciature and a meeting with the Nuncio, Msgr. Giovanni Gaspari, and ended this morning. During his stay, Archbishop Nappa participated with a message of good wishes in the Mass celebrated on March 26, also in Myeongdong, for the 12th anniversary of the papal election of Pope Francis, with all the Korean bishops gathered for the Ordinary Plenary Assembly of the Korean Bishops’ Conference.The Archbishop also celebrated a Mass with the Salesian Sisters (about 30 sisters) on March 27 and took the opportunity to thank them for their commitment to North Korean youth. On the same day, he visited the Korean Bishops’ Conference where he was welcomed with “deep gratitude” by Secretary General Stefano Cheol-soo Lee and conveyed the greetings of Cardinal Tagle, Pro-Prefect of the Dicastery for Evangelization.The day’s program concluded with a meeting with Catholic secondary school students. On March 28, he then visited the Diocese of Daegu, where he celebrated Mass, had a brief meeting with Bishop Thaddeus Hwan-kil Cho, and visited the Daegu Archdiocesan Major Seminary, Gwandeokjung (Museum of Martyrdom), the cathedral, the headquarters of ‘Catholic Times’, and the regional headquarters of the ‘Catholic Peace Broadcasting Corporation’. On the 29th, he visited the Diocese of Suwon, where Bishop Mathias Iong-hoon Ri, president of the Korean Bishops’ Conference, is bishop. In the afternoon, after visiting the Marian Shrine of Namyang (dedicated first to the anonymous martyrs, and later, in 1991, to the Virgin Mary), he concelebrated Mass with approximately 200 children at the parish of St. Pio of Pietrelcina in Hwaseong (Dongtan Bansong-dong Catholic Church). He then returned to the Seoul Major Seminary on Sunday, March 30, and visited the Seosomun Martyrs’ Shrine, the site where many early Korean Catholics were martyred, including the first to be baptized, Peter Seung-hun Yi.The gifts that Archbishop Nappa brought to the bishops and collaborators in Japan and Korea consisted of a wooden reproduction of the crucifix offered by Saint John Mary Vianney to Blessed Pauline Jaricot (prepared by the Pontifical Society for the Propagation of the Faith, POPF) and booklets on the life of the foundress of the societies and of Jeanne Bigard (foundress of the Pontifical Society of Saint Peter the Apostle, POSPA), as well as the missionary rosaries of the Dicastery. (PR) (Agenzia Fides, 31/3/2025)
Don Marco Kim

Don Marco Kim

Don Marco Kim

Don Marco Kim

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MIL OSI Europe News –

April 1, 2025
MIL-OSI: New Stratus Energy Announces Pricing and Upsizing of Previously Announced Concurrent Offerings

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — New Stratus Energy Inc. (TSX.V – NSE) (“New Stratus”, “NSE” or the “Corporation”) is pleased to announce that it has priced and increased the size of its previously announced brokered private placement offering of (i) subscription receipts (the “Subscription Receipts” and the “Subscription Receipt Offering”) and (ii) common shares (the “Common Shares” and the “Common Share Offering”, and together with the Subscription Receipt Offering, the “Concurrent Offerings”).

The Concurrent Offerings are being co-led by Ventum Financial Corp. (“Ventum”) and Cormark Securities Inc. (“Cormark” and together with Ventum, the “Lead Agents”) on their own behalf, and in respect of the Subscription Receipt Offering, on behalf of a syndicate of agents (the “Agents”).

Pursuant to the Concurrent Offerings, New Stratus intends to issue (i) 572,000,000 Subscription Receipts at a price of C$0.30 per Subscription Receipt (the “Offering Price”) for gross proceeds of up to approximately US$120.0 million (C$171.6 million); and (ii) 33,385,400 Common Shares at the Offering Price per Common Share for gross proceeds of up to approximately US$7.0 million (C$10.0 million). As a result of the upsized Concurrent Offerings, New Stratus does not expect to require any additional subordinate or convertible debt financing.

The Concurrent Offerings are expected to close on or about April 10, 2025, subject to TSXV approval and other customary closing conditions.

In all other respects, the terms of the Concurrent Offerings and use of proceeds therefrom will remain as previously announced.

Contact Information

Jose Francisco Arata
Chairman & Chief Executive Officer
jfarata@newstratus.energy

Wade Felesky
President & Director
wfelesky@newstratus.energy

Mario Miranda
Chief Financial Officer
mmiranda@newstratus.energy – (647) 498-9109

Note on Currency and Exchange Rates

In this news release, references to “C$” or “$” are to Canadian dollars and references to “US$” are to United States dollars. In this news release, the Corporation has used a currency exchange rate of US$1.00 = C$1.43.

Forward-Looking Information

Certain information set forth in this news release constitutes “forward-looking statements”, and “forward-looking information” under applicable securities legislation (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as “will”, “expects”, “intends”, “may”, “should”, “estimates”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, the pricing, terms, timing and completion of the Concurrent Offerings, and the amount thereof. Forward-looking statements are based on the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.

In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain key expectations and assumptions made by management, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of Concurrent Offerings, the availability of debt and equity financing on terms acceptable to the Corporation, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices and exchange rates.

Although NSE 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 NSE can give no assurance that they will prove to be correct. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties 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; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; the impact of general economic conditions in Canada and Ecuador; prolonged volatility in commodity prices; the risk that the new U.S. administration imposes tariffs affecting the oil and gas industry in Ecuador or globally, and that such tariffs (and/or retaliatory tariffs in response thereto) adversely affect the demand for the Corporation’s production, or otherwise adversely affects the Corporation’s business or operations; the risk that Oriente Blend oil prices are lower than anticipated; determinations by OPEC and other countries as to production levels; the risk of changes in government policy on resource development; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; the timing for conducting planned operations and the results of such operations, including flow rates and resulting production; the availability of the requisite personnel and equipment to conduct operations; the ability to successfully integrate operations and realize the anticipated benefits of acquisitions; the ability to increase production, and the anticipated cost associated therewith; failure of counterparties to perform under contracts; changes in currency exchange rates; interest rate fluctuations; the ability to secure adequate equity and debt financing; and management’s ability to anticipate and manage the foregoing factors and risks.

There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

General Advisory

This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the securities may not be offered or sold within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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

The MIL Network –

April 1, 2025
MIL-OSI Russia: Rosneft held snowboarding competitions dedicated to the 80th anniversary of Victory

Translartion. Region: Russians Fedetion –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Rosneft held corporate snowboarding competitions dedicated to the 80th anniversary of the Victory. More than 100 oil industry athletes from 35 subsidiaries of the Company gathered at the ski center in Baikalsk (Irkutsk Region).

The competition took place on the famous mountain track on the Khamar-Daban ridge. Snowboarders competed in the discipline of “parallel slalom” on a track 450 m long. Professional judges worked on the slope, who monitored the descent of the athletes.

Among men, the winner for the second year in a row was an employee of Taas-Yuryakh Neftegazodobycha. The first among women, also for the second year in a row, was an employee of the corporate scientific center in Tyumen. In the team competition, the best were recognized as snowboarders from Uvatneftegaz, second place went to RN-Vankor, and bronze was won by the corporate scientific center in Tyumen.

The award ceremony for the winners and runners-up took place at the 900-meter mark of Mount Sobolinaya, which offers a breathtaking view of Lake Baikal. All participants received prizes and commemorative medals. In addition, a tour of the lake was organized for the athletes.

For the sixth year in a row, corporate snowboarding competitions have been held with the support of the Angarsk Petrochemical Company (part of the Rosneft oil refining complex).

Reference:

Rosneft actively supports mass and professional sports. The Company holds large-scale corporate competitions in the regions of its presence dedicated to the 80th anniversary of the Victory. Among them: Rosneft Winter Sports Games in Krasnoyarsk, a series of races Rosneft Ski Track in Angarsk, Ufa, Krasnoyarsk and Nefteyugansk and the winter extreme race Taiga-Trail in Khanty-Mansiysk Autonomous Okrug-Yugra. Ski races in honor of the 80th anniversary of the Victory were also held in Komsomolsk-on-Amur. Ice arenas, sports complexes and multifunctional sports grounds are being built in the regions with funds from the Company and its subsidiaries.

As part of the corporate sports and health movement “Energy of Life”, employees regularly engage in sports and compete in various sports disciplines. In 2024, almost 128 thousand employees of the Company engaged in sports as part of the “Energy of Life” movement. At the same time, more than 92 thousand employees took part in competitions in various sports.

Department of Information and Advertising of PJSC NK Rosneft March 31, 2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 1, 2025
MIL-OSI Russia: With the support of Rosneft, the accreditation center was modernized at the Yugra Medical Academy

Translartion. Region: Russians Fedetion –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Samotlorneftegaz, one of Rosneft’s largest production assets, provided financial support for the modernization of one of the key divisions of the Khanty-Mansiysk State Medical Academy – the Simulation and Accreditation Center. The project was implemented within the framework of an agreement between Rosneft and the Government of the Khanty-Mansiysk Autonomous Okrug – Yugra.

The modernization of the Center allowed to increase the number of specialties for training and accreditation from 19 to 24. For conducting an objective clinical examination, the center is equipped with six transforming stations. Every year, up to 500 doctors can undergo accreditation and confirm their qualifications.

The project included a comprehensive equipping of the Medical Academy with modern training equipment. For example, a simulator with a real-time feedback system allows practicing resuscitation skills.

The Academy also has a virtual operating unit that is as close to real conditions as possible. In this space, students and residents can practice the sequence of actions during endoscopic surgical interventions and automatically receive an objective assessment of their operational activities.

Future doctors have access to a modern laparoscopic simulator, which includes 17 training modules and more than 70 practical tasks. The simulator program includes didactic materials with anatomical 3-D models, video recordings of real operations and interactive instructions with the ability to assess the correctness of the manipulations performed.

The center’s offices are equipped with additional medical equipment, specialized furniture, computers, and an audio and video surveillance system, which allows for effective use in the learning process. More than 400 students and residents are trained annually in the center of the medical academy within the framework of the main educational program.

Rosneft, following the principles of social responsibility, traditionally pays special attention to the creation of a favorable social environment in the regions of presence. Thanks to the Company’s support, projects to strengthen the material and technical base of healthcare institutions are regularly implemented.

Reference:

JSC Samotlorneftegaz is one of the key production enterprises of Rosneft. It conducts production activities in the Khanty-Mansiysk Autonomous Okrug – Yugra. It develops the largest Samotlor field in Russia, discovered in 1965.

As part of the cooperation between Rosneft and the Government of the Khanty-Mansiysk Autonomous Okrug-Yugra, the company provides support in equipping educational institutions in the region with modern equipment. For example, the Multidisciplinary College of the Yugra State University has equipped educational laboratories for “Assessment of the Chemical and Physical Quality of Oil and Gas” and “Oil and Gas Processing”; the Nizhnevartovsk branch of the Tyumen Industrial University has opened a computer room with an interactive simulator of well development and operation and equipped laboratories for the physical and chemical study of oil and gas, as well as electrical engineering and electronics. A simulation trainer for a primary oil refining unit has also been purchased for the Yugra State University Oil Institute, and a project to introduce a geospatial technology laboratory has been implemented at the Nizhnevartovsk Construction College.

Department of Information and Advertising of PJSC NK Rosneft March 31, 2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 1, 2025

MIL-OSI: FTC Solar Announces Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Fourth quarter revenue of $13.2 million, at the high end of our prior target
Entered into 5-gigawatt supply arrangement with Recurrent Energy
Awarded 330+ megawatt project in Australia from GPG Naturgy
Awarded 280-megawatt project in U.S. from Rosendin
Appointed industry veteran Kent James as U.S. Chief Commercial Officer
Received additional $3.2 million earn-out on prior investment post quarter end
Announced upsizing of promissory note offering for up to additional $10-$15 mil. to close in Q2

AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) —  FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that ended December 31, 2024.

“In addition to reporting favorable quarterly results relative to our targets, I’m pleased to say that we have had a number of recent wins and building momentum,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “Last quarter I highlighted a new 1-gigawatt supply agreement with Dunlieh Energy, a 500+ megawatt supply agreement with Strata Clean Energy, additional detail on a 1-gigawatt agreement with Sandhills Energy, a $15 million note placement and a $4.7 million cash earn-out on a prior investment. Building on those successes, today we announced several additional wins, including a new 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project award from GPG Naturgy, a 280-megawatt project award from Rosendin, an additional earn-out payment, and an upsizing to our promissory note offering.

“During the first six months of my tenure, we have been focused on shoring up our near-term backlog. In aggregate we have added multiples of our current annual revenue run rate to our backlog, signing several gigawatts of agreements with Tier 1 accounts along with other awards, added more than $30 million in additional liquidity to our balance sheet, strengthened our sales team with new hires including Kent James, further strengthened our product offering and capabilities and increased our commercial traction with bids on many gigawatts of future projects.

“I believe that FTC Solar is in an incredibly fortunate situation in many respects with products that customers love, a business they enjoy working with, a cost structure that will enable strong margin growth and profitability, and a compelling 1P product set that opens up the 85% of the market that wasn’t available to us in the past. We believe our revenue bottomed in Q3, we saw growth in Q4, expect growth in Q1, and have been winning many new awards that we believe will help us ramp our revenue, achieve adjusted EBITDA breakeven, and become a strong and significant competitor in the industry.”

Summary Financial Performance: Q4 2024 compared to Q4 2023

	U.S. GAAP						Non-GAAP^(c)
	Three months ended December 31,
(in thousands, except per share data)	2024			2023			2024			2023
Revenue	$	13,202		$	23,201		$	13,202		$	23,201
Gross margin percentage		(29.1	%)		3.0	%		(25.6	%)		4.8	%
Total operating expenses	$	9,591		$	12,428		$	7,391		$	10,848
Loss from operations^(a)	$	(13,428	)	$	(11,736	)	$	(9,840	)	$	(10,050	)
Net loss	$	(12,235	)	$	(11,177	)	$	(10,228	)	$	(9,657	)
Diluted loss per share^(b)	$	(0.96	)	$	(0.89	)	$	(0.80	)	$	(0.77	)

^{(a)   Adjusted EBITDA for Non-GAAP}
^{(b)   Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024}
^{(c)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures}

Reflecting net purchase order additions and adjustments since November 12, 2024, the contracted portion of the company’s backlog¹ now stands at approximately $502 million.

Fourth Quarter Results
Total fourth-quarter revenue was $13.2 million, within our target range. This revenue level represents an increase of 30.2% compared to the prior quarter and a decrease of 43.1% compared to the year-earlier quarter due to lower product volumes.

GAAP gross loss was $3.8 million, or 29.1% of revenue, compared to gross loss of $4.3 million, or 42.5% of revenue, in the prior quarter. Non-GAAP gross loss was $3.4 million or 25.6% of revenue. The result for this quarter compares to non-GAAP gross profit of $1.1 million in the prior-year period, with the difference driven primarily by the impact of lower current quarter revenues which were not sufficient to cover certain fixed indirect costs.

GAAP operating expenses were $9.6 million. On a non-GAAP basis, operating expenses were $7.4 million. This result compares to non-GAAP operating expenses of $10.8 million in the year-ago quarter. 

GAAP net loss was $12.2 million or $0.96 per diluted share, compared to a loss of $15.4 million or $1.21 per diluted share in the prior quarter (post-split) and a net loss of $11.2 million or $0.89 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $2.4 million net loss from stock-based compensation expense and other non-cash items, was $9.8 million, compared to losses of $12.2 million⁽²⁾ in the prior quarter and $10.1 million in the year-ago quarter.

Subsequent Events
The company announced today a number of agreements, awards or other items which occurred subsequent to the end of the fourth quarter, including:

A 5-gigawatt supply arrangement with Recurrent Energy. Recurrent is one of the world’s largest and most geographically diversified utility-scale solar developers. The projects are expected to be located in the U.S., Europe and Australia and utilize a combination of our 1P and 2P tracker technologies. It’s anticipated that the first project revenue under this arrangement will begin in the second half of 2025.
A 333-megawatt project award from GPG, the power generation subsidiary of multinational energy leader Naturgy, which operates in more than 20 countries with 16 million customers. The project, which is located in Australia, will utilize our 1P Pioneer tracker and is expected to begin tracker production in mid-2025.
A 280-megawatt project award from Rosendin, a top 5 EPC and the largest employee-owned electrical contractor in the U.S. The project, which is located on the U.S. West Coast, will also utilize our 1P Pioneer solution and is expected to begin tracker production in mid-2025.
A $3.2 million earn-out on the company’s prior investment in Dimension Energy. The payment, which was received in the first quarter of 2025, brings the total escrow release and earn-outs received since 2021 to more than $15 million.
And finally, on March 4, 2024, the company entered into a binding term sheet to upsize the previously announced promissory note offering. Under the terms of the upsized agreement the company will issue to the Investor, in a private placement, senior secured promissory notes in an aggregate principal amount of up to an additional $10-$15 million dollars and common stock purchase warrants. The transaction is expected to close during the second quarter. This is in addition to the $15 million received in the fourth quarter of 2024.

Outlook
For the first quarter, we expect revenue at the midpoint of our guidance range to be up approximately 44% relative to the fourth quarter.

(in millions)	4Q’24 Guidance	4Q’24 Actual	1Q’25 Guidance⁽³⁾
Revenue	$10.0 – $14.0	$13.2	$18.0 – $20.0
Non-GAAP Gross Loss	$(4.2) – $(1.5)	$(3.4)	$(4.8) – $(2.3)
Non-GAAP Gross Margin	(42.2%) – (10.7%)	(25.6%)	(26.6%) – (11.7%)
Non-GAAP operating expenses	$8.2 – $9.0	$7.4	$7.7 – $8.4
Non-GAAP adjusted EBITDA	$(13.7) – $(9.9)	$(9.8)	$(13.3) – $(10.0)

We continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

Fourth Quarter 2024 Earnings Conference Call
FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its fourth quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

Footnotes
^{1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.}
^{2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on November 12, 2024.}
^{3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.}

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com


FTC Solar, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)

	Three months ended December 31,						Year ended December 31,
(in thousands, except shares and per share data)	2024			2023			2024			2023
Revenue:
Product	$	10,428		$	20,945		$	37,520		$	101,872
Service		2,774			2,256			9,835			25,130
Total revenue		13,202			23,201			47,355			127,002
Cost of revenue:
Product		13,553			19,620			48,185			93,314
Service		3,486			2,889			11,764			25,381
Total cost of revenue		17,039			22,509			59,949			118,695
Gross profit (loss)		(3,837	)		692			(12,594	)		8,307
Operating expenses
Research and development		1,474			1,450			5,915			7,166
Selling and marketing		2,051			4,924			8,881			14,811
General and administrative		6,066			6,054			25,440			37,107
Total operating expenses		9,591			12,428			40,236			59,084
Loss from operations		(13,428	)		(11,736	)		(52,830	)		(50,777	)
Interest expense, net		(208	)		(59	)		(319	)		(253	)
Gain from disposal of investment in unconsolidated subsidiary		4,722			421			8,807			1,319
Gain on sale of Atlas		906			—			906			—
Loss from change in fair value of warrant liability		(4,322	)		—			(4,322	)		—
Other income (expense), net		346			8			468			(257	)
Loss from unconsolidated subsidiary		(319	)		(324	)		(1,086	)		(660	)
Loss before income taxes		(12,303	)		(11,690	)		(48,376	)		(50,628	)
(Provision for) benefit from income taxes		68			513			(230	)		338
Net loss		(12,235	)		(11,177	)		(48,606	)		(50,290	)
Other comprehensive income (loss):
Foreign currency translation adjustments		(311	)		219			(249	)		(232	)
Comprehensive loss	$	(12,546	)	$	(10,958	)	$	(48,855	)	$	(50,522	)
Net loss per share:
Basic and diluted (*)	$	(0.96	)	$	(0.89	)	$	(3.83	)	$	(4.35	)
Weighted-average common shares outstanding:
Basic and diluted (*)		12,787,050			12,510,743			12,675,923			11,554,615

___________

(*)	Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

FTC Solar, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except shares and per share data)	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	11,247		$	25,235
Accounts receivable, net of allowance for credit losses of $1,717 and $8,557 at December 31, 2024 and December 31, 2023, respectively		39,709			65,279
Inventories		10,144			3,905
Prepaid and other current assets		15,028			14,089
Total current assets		76,128			108,508
Operating lease right-of-use assets		1,149			1,819
Property and equipment, net		2,217			1,823
Intangible assets, net		—			542
Goodwill		7,139			7,353
Equity method investment		954			240
Other assets		2,341			2,785
Total assets	$	89,928		$	123,070
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	12,995		$	7,979
Accrued expenses		20,134			34,848
Income taxes payable		325			88
Deferred revenue		5,306			3,612
Other current liabilities		10,313			8,138
Total current liabilities		49,073			54,665
Long-term debt		9,466			—
Operating lease liability, net of current portion		411			1,124
Warrant liability		9,520			—
Other non-current liabilities		2,422			4,810
Total liabilities		70,892			60,599
Commitments and contingencies
Stockholders’ equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2024 and December 31, 2023		—			—
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 12,853,823 and 12,544,533 shares issued and outstanding as of December 31, 2024 and December 31, 2023(*)		1			1
Treasury stock, at cost; 1,076,257 shares as of December 31, 2024 and December 31, 2023		—			—
Additional paid-in capital(*)		367,318			361,898
Accumulated other comprehensive loss		(542	)		(293	)
Accumulated deficit		(347,741	)		(299,135	)
Total stockholders’ equity		19,036			62,471
Total liabilities and stockholders’ equity	$	89,928		$	123,070

___________

(*)	Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

FTC Solar, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

	Year ended December 31,
(in thousands)	2024			2023
Cash flows from operating activities
Net loss	$	(48,606	)	$	(50,290	)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation		5,412			8,295
Depreciation and amortization		1,671			1,375
Loss from change in fair value of warrant liability		4,322			—
Gain from sale of property and equipment		—			(2	)
Amortization of debt discount and issue costs		296			709
Paid-in-kind non-cash interest		146			—
Provision for obsolete and slow-moving inventory		177			706
Loss from unconsolidated subsidiary		1,086			660
Gain from disposal of investment in unconsolidated subsidiary		(8,807	)		(1,319	)
Gain on sale of Atlas		(906	)		—
Warranties issued and remediation added		7,204			4,310
Warranty recoverable from manufacturer		558			90
Credit loss provisions		2,072			7,373
Deferred income taxes		83			138
Lease expense and other		1,123			996
Impact on cash from changes in operating assets and liabilities:
Accounts receivable		23,498			(23,600	)
Inventories		(6,416	)		10,338
Prepaid and other current assets		(934	)		(3,681	)
Other assets		(376	)		383
Accounts payable		4,963			(7,960	)
Accruals and other current liabilities		(19,292	)		10,582
Deferred revenue		1,754			(7,704	)
Other non-current liabilities		(2,696	)		(3,083	)
Lease payments and other, net		(1,031	)		(972	)
Net cash used in operations		(34,699	)		(52,656	)
Cash flows from investing activities:
Purchases of property and equipment		(1,645	)		(816	)
Proceeds from sale of Atlas software platform		900			—
Equity method investment in Alpha Steel		(1,800	)		(900	)
Proceeds from disposal of investment in unconsolidated subsidiary		8,807			1,319
Net cash provided by (used in) investing activities		6,262			(397	)
Cash flows from financing activities:
Proceeds from borrowings		14,550			—
Sale of common stock		—			34,007
Stock offering costs paid		—			(283	)
Financing costs paid		(60	)		—
Proceeds from stock option exercises		8			226
Net cash provided by financing activities		14,498			33,950
Effect of exchange rate changes on cash and cash equivalents		(49	)		(47	)
Decrease in cash and cash equivalents		(13,988	)		(19,150	)
Cash and cash equivalents at beginning of period		25,235			44,385
Cash and cash equivalents at end of period	$	11,247		$	25,235

Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

	Three months ended December 31,						Year ended December 31,
(in thousands, except percentages)	2024			2023			2024			2023
U.S. GAAP revenue	$	13,202		$	23,201		$	47,355		$	127,002
U.S. GAAP gross profit (loss)	$	(3,837	)	$	692		$	(12,594	)	$	8,307
Depreciation expense		182			139			716			478
Stock-based compensation		203			283			902			1,596
Severance costs		70			—			70			252
Non-GAAP gross profit (loss)	$	(3,382	)	$	1,114		$	(10,906	)	$	10,633
Non-GAAP gross margin percentage		(25.6	%)		4.8	%		(23.0	%)		8.4	%

The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

	Three months ended December 31,						Year ended December 31,
(in thousands)	2024			2023			2024			2023
U.S. GAAP operating expenses	$	9,591		$	12,428		$	40,236		$	59,084
Depreciation expense		(126	)		(99	)		(420	)		(355	)
Amortization expense		(134	)		(133	)		(535	)		(542	)
Stock-based compensation		(966	)		1,032			(4,510	)		(6,699	)
CEO transition		(194	)		—			(1,423	)		—
Non-routine legal fees		—			(33	)		(66	)		(214	)
Reverse stock split		(212	)		—			(212	)		—
Severance costs		(568	)		(2,347	)		(568	)		(4,170	)
Other (costs) credits		—			—			—			(3,241	)
Non-GAAP operating expenses	$	7,391		$	10,848		$	32,502		$	43,863

The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and twelve months ended December 31, 2024 and 2023, respectively:

	Three months ended December 31,						Year ended December 31,
(in thousands)	2024			2023			2024			2023
U.S. GAAP loss from operations	$	(13,428	)	$	(11,736	)	$	(52,830	)	$	(50,777	)
Depreciation expense		308			238			1,136			833
Amortization expense		134			133			535			542
Stock-based compensation		1,169			(749	)		5,412			8,295
CEO transition		194			—			1,423			—
Non-routine legal fees		—			33			66			214
Reverse stock split		212			—			212			—
Severance costs		638			2,347			638			4,422
Other costs		—			—			—			3,241
Other income (expense), net		346			8			468			(257	)
Gain on sale of Atlas		906			—			906			—
Loss from unconsolidated subsidiary		(319	)		(324	)		(1,086	)		(660	)
Adjusted EBITDA	$	(9,840	)	$	(10,050	)	$	(43,120	)	$	(34,147	)

The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended December 31, 2024 and 2023, respectively:

	Three months ended December 31,
	2024						2023
(in thousands, except shares and per share data)	Adjusted EBITDA			Adjusted Net Loss			Adjusted EBITDA			Adjusted Net Loss
Net loss per U.S. GAAP	$	(12,235	)	$	(12,235	)	$	(11,177	)	$	(11,177	)
Reconciling items –
Provision for (benefit from) income taxes		(68	)		—			(513	)		—
Interest (income) expense, net		208			—			59			—
Amortization of debt discount and issue costs in interest expense		—			60			—			177
Depreciation expense		308			—			238			—
Amortization of intangibles		134			134			133			133
Stock-based compensation		1,169			1,169			(749	)		(749	)
Gain from disposal of investment in unconsolidated subsidiary^(a)		(4,722	)		(4,722	)		(421	)		(421	)
Loss from change in fair value of warrant liability^(b)		4,322			4,322			—			—
CEO transition^(c)		194			194			—			—
Non-routine legal fees^(d)		—			—			33			33
Reverse stock split^(e)		212			212			—			—
Severance costs^(f)		638			638			2,347			2,347
Adjusted Non-GAAP amounts	$	(9,840	)	$	(10,228	)	$	(10,050	)	$	(9,657	)

Adjusted Non-GAAP net loss per share (Adjusted EPS):
Basic and diluted^(g)	N/A			$	(0.80	)	N/A			$	(0.77	)

Weighted-average common shares outstanding:
Basic and diluted^(g)	N/A				12,787,050		N/A				12,510,743

(a)	We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
(b)	We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
(c)	In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
(d)	Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
(e)	We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
(f)	Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
(g)	Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the twelve months ended December 31, 2024 and 2023, respectively:

	Year ended December 31,
	2024						2023
(in thousands, except shares and per share data)	Adjusted EBITDA			Adjusted Net Loss			Adjusted EBITDA			Adjusted Net Loss
Net loss per U.S. GAAP	$	(48,606	)	$	(48,606	)	$	(50,290	)	$	(50,290	)
Reconciling items –
Provision for (benefit from) income taxes		230			—			(338	)		—
Interest expense, net		319			—			253			—
Amortization of debt discount and issue costs in interest expense		—			296			—			709
Depreciation expense		1,136			—			833			—
Amortization of intangibles		535			535			542			542
Stock-based compensation		5,412			5,412			8,295			8,295
Gain from disposal of investment in unconsolidated subsidiary^(a)		(8,807	)		(8,807	)		(1,319	)		(1,319	)
Loss from change in fair value of warrant liability^(b)		4,322			4,322			—			—
CEO transition^(c)		1,423			1,423			—			—
Non-routine legal fees^(d)		66			66			214			214
Reverse stock split^(e)		212			212			—			—
Severance costs^(f)		638			638			4,422			4,422
Other costs^(g)		—			—			3,241			3,241
Adjusted Non-GAAP amounts	$	(43,120	)	$	(44,509	)	$	(34,147	)	$	(34,186	)

Adjusted Non-GAAP net loss per share (Adjusted EPS):
Basic and diluted^(h)	N/A			$	(3.51	)	N/A			$	(2.96	)

Weighted-average common shares outstanding:
Basic and diluted^(h)	N/A				12,675,923		N/A				11,554,615

(a)	We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
(b)	We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
(c)	We incurred one-time incremental recruitment fees in connection with hiring a new CEO in August 2024. In addition, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
(d)	Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
(e)	We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
(f)	Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
(g)	Other costs in 2023 included the write-off of remaining prepaid costs resulting from termination of our consulting agreement with a related party.
(h)	Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

The MIL Network –

April 1, 2025

MIL-OSI: Subsea7 awarded contract offshore Norway
Source: GlobeNewswire (MIL-OSI)

Luxembourg – 31 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable¹ contract by Equinor as technical service provider (TSP) for the Northern Lights Phase 2 project, offshore Norway.

Subsea7’s scope includes engineering, procurement, construction and installation of a five kilometre CO₂ pipeline, as well as installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities.

Project management and engineering will commence immediately at Subsea7’s office in Stavanger, Norway. Fabrication of the pipeline will take place at Subsea7’s spoolbase at Vigra, Norway and offshore operations will be executed in 2026 and 2027.

Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to continue our collaboration with Equinor TSP and the Northern Lights’ owners Equinor, Shell and TotalEnergies on phase 2 of this ambitious and pioneering project. We look forward to working together to increase the development’s carbon storage capacity to a minimum of five million tonnes per year, and to support the continued development of a new value chain for Norway and Europe.”

Northern Lights phase 2 is enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme.
1. Subsea7 defines a sizeable contract as being between $50 million and $150 million.
*******************************************************************************
Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com

Contact for media enquiries:
Jan Roger Moksnes
Communications Manager
Tel +47 41515777
janroger.moksnes@subsea7.com
www.subsea7.com

Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 31 March 2025 at 12:15 CET.

Attachment
- SUBC Northern Lights 2
The MIL Network –
March 31, 2025
MIL-OSI Africa: African Rare Earth Projects Advance Amid Rising Global Demand

Source: Africa Press Organisation – English (2) – Report:

CAPE TOWN, South Africa, March 31, 2025/APO Group/ —

The global demand for rare earth elements (apo-opa.co/3FI1pbZ) is projected to increase four-fold by 2030, driven by the energy transition and increasing investments in industrialization. African nations rich in rare earth minerals are accelerating exploration and production efforts to capitalize on this growth. With up to eight rare earth projects set for commissioning across the continent by 2029 – boosting Africa’s share of the global supply chain to 10% – the upcoming African Mining Week will spotlight opportunities across the rare earth value chain.

Africa’s rare earth sector remains largely untapped, thereby attracting the interest of global project developers eager to unlock its full potential. South African asset manager Novare, for example, signed a R1.8 billion agreement (apo-opa.co/3E9EG8f) in February 2025 with American firm ReElement Technologies to develop a rare earth refining and battery manufacturing facility. ReElement will contribute its refining technology while Novare will provide funding for the value addition initiative, with construction expected to begin in the second half of 2025.

In Namibia, the Japan Organization for Metals and Energy Security and Namibia Critical Metals (apo-opa.co/427nfNI) completed a production pilot for the Lofdal Project, one of only two xenotime-type heavy rare earth deposits currently under development worldwide. Meanwhile, in Angola, Pensana (apo-opa.co/43A3nW0) secured an $80 million loan from Absa Bank Limited in January 2025 to expedite the rollout of the Longonjo Project, which is expected to supply 5% of the world’s magnet metal rare earths demand – essential for the development of wind turbines and electric vehicles.

Major investors are also making bold moves in Africa’s rare earth sector. Billionaires Jeff Bezos and Bill Gates (apo-opa.co/3FJsOdC) have injected $537 million into exploration and mine development through mining startup KoBold Metals, further accelerating Africa’s rare earth ambitions. The funding will be directed toward rare earth mining ventures. Additionally, recognizing the strategic value of rare earths, multinational financial institution the African Development Bank proposed the development of the African Units of Account (AUA) (apo-opa.co/3FOTDxe) – a new currency backed by Africa’s critical mineral reserves, including rare earth elements. The initiative would help stabilize regional currency markets and attract more international investment in green energy projects, amidst the growing demand of critical minerals globally and Africa’s vast reserves.

The year 2025 continues to mark significant milestones in the growth of Africa’s rare earth sector, with the advancement of key projects (apo-opa.co/43uodGd) such as Phalaborwa and Steenkampskraal (South Africa), Makuutu (Angola), Ngualla (Tanzania) and Songwe (Malawi). Amid these developments, African Mining Week serves as a strategic platform for African regulators, industry stakeholders and global investors to engage in deal signings and forge partnerships, further solidifying Africa’s role in the global rare earth supply chain.

MIL OSI Africa –

March 31, 2025
MIL-OSI: Enlight Announces the Financial Close for Project Country Acres

Source: GlobeNewswire (MIL-OSI)

The debt financing package includes $773 million of construction loans

Country Acres consists of 403 MW of solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026

TEL AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announced today that the Company has received debt financing (the “Debt Financing”) for project Country Acres (“Country Acres” or “the Project”), located near Sacramento, California, USA.

As part of the Debt Financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.

The Project has a 30-year solar generation busbar PPAand 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District (“SMUD”).The Company expects to conclude a tax equity transaction during the construction period, noting that the Project has met the terms required to achieve safe harbor status for beginning of construction.

Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026. Construction at the 966-acre site has already begun, and all procurement contracts have been signed. The Project is expected to provide clean electricity equivalent to the average annual consumption of approximately 80,000 California households.

“We are grateful to once again be partnering with leading banks on one of our largest projects,” said Adam Pishl, President and CEO of Clenera. “The American-generated, reliable energy produced at Country Acres will fueling the homes and businesses in central California for decades to come.”

After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera are now constructing in the U.S. These include Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh). Along with additional projects planned to be built in the years to come, these projects are driving Enlight’s massive expansion into the U.S. renewable energy market. This is best illustrated by the growing run rate of Enlight’s U.S. revenue base, which is expected to reach $195-207 million annually after the completion of the projects now under construction.

The Company’s next projects in the western Unites States are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh). The two mega projects have almost completed their development phase, and are scheduled to begin construction in the coming months. Each of the two projects employs a grid connection of 1.0 GW, one of the largest in the US. These grid connections generate potential additional development opportunities in the future through the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity.

“Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build out of our large US project portfolio.”

“After the successful closing of Roadrunner, BNP Paribas is proud to once again support Clenera and Enlight as Coordinating Lead Arranger on their new landmark project financing of Country Acres,” said Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas. “Supporting premier platforms like Clenera squarely fits our energy infrastructure ambitions, and we look forward to growing our partnership with Clenera as they continue to execute on their high-quality U.S. renewables pipeline.”

Nasir Khan, Managing Director & Head of Real Assets and Global Trade Americas at Natixis Corporate & Investment Bankng said, “Natixis is thrilled to close our second transaction with Clenera on another robust renewable energy project financing, which aligns perfectly with our commitment to the energy transition. As Clenera continues to expand its pipeline of large-scale energy projects, we look forward to further strengthening our partnership and providing innovative capital solutions to meet its long-term financial needs.”

“CACIB is proud to partner with Clenera and Enlight once again on a landmark project which will deliver reliable, clean power to SMUD, underscoring our collective objective to provide long term sustainable and affordable power,” said Julien Tizorin – Head of Power and New Energy at CACIB

Sondra Martinez, Managing Director and Head of Originations Nord/LB’s said “Nord/LB is extremely excited to support Clenera and Enlight on the Country Acres financing. This deal demonstrates our commitment to supporting recurring clients as they advance the energy transition and provide affordable power to local communities.”

About Enlight Renewable Energy

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, win energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

Investor Contact

Yonah Weisz
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

The MIL Network –

March 31, 2025
MIL-OSI Banking: Samsung Solves: Tips To Recover From The Clocks Going Forward

Source: Samsung

Do you find yourself feeling more tired once the clocks spring forward for British Summer Time? Well, you’re not alone. Although losing an hour the night of Daylight Saving Time (DST) may seem insignificant, a study of the sleep patterns of Samsung Health users[1] across the world including 40 European countries reveals disruptions to sleep patterns can be felt weeks later, hitting younger age groups the hardest.

Clock Changes Takes a Toll on Sleep, With Younger Generations Most Disrupted

When looking into how much of an impact the clock change has on people the morning after, one thing is clear: everyone’s sleep patterns are affected. In fact, people fall asleep on average 37 minutes later than the previous night, and wake up 34 minutes earlier. While losing sleep isn’t easy at any age, those in their twenties likely felt it the most, losing half-an-hour more than everyone else thanks to an extremely late bedtime and a seeming inability to sleep in.

Sleep patterns remained inconsistent in the days following the time change as people struggled to return to their regular bedtimes and wake times, and those in their twenties again seemed to be affected the most. Unable to get their sleep patterns under control, this cohort continued to fall sleep more than 20 minutes later than normal, yet woke up only 5 minutes later – missing critical rest. By the third week, sleep patterns for all age groups were still not back to normal, with bedtimes 3 minutes later and wake up times still 14 minutes earlier than average.

Sleep Score – calculated based on an evaluation of a user’s total sleep time, time awake, sleep cycle, plus physical and mental recovery – was at the worst level for weeks after – and again, people in their twenties appeared to be most affected. When looking at the seven-day Sleep Score average, the twenties age group demonstrated the slowest score recovery rate, while older age groups adapted much quicker.

Useful Tips to Help You Recover for a Good Night’s Sleep

The time transition clearly affects the sleep patterns of all age groups long after the clocks change, but for younger generations, prioritising sleep management during this time couldn’t be more important. Sleep is essential for rest and repair of our body, as well as good physical and mental health[2].

In recognition of the clock changes, Sleep scientist and Samsung Wellness Council member, Vanessa Hill, shares useful tips in collaboration with Samsung Health on how to harness technology to understand your sleep patterns and habits for a better night’s rest as the clocks change.

Creating an ideal sleep environment is critical to a good night’s sleep.
Later this month, a Samsung Health app update[3] will make this possible by receiving insights into the key factors that influence sleep quality, including temperature, humidity, air quality and light intensity via a Sleep environment report[4] – leveraging Samsung’s home-based technology and the power of its extensive device ecosystem. With a better understanding of how your environment affects sleep, you can easily optimise your room conditions for an improved night’s rest.

In addition to perfecting your sleep environment, understanding how activity levels can impact sleep quality is key.
Samsung Health updates also bring enhancements to Energy Score, which provides an indicator of how much energy users can expend throughout the day. In addition to sleep and heart rate, a new detailed factor about activity – Activity Balance – will help you understand overall conditions in greater detail by evaluating the consistency of activity levels based on recent data from the past 2 weeks.

It can be helpful to understand how you’re sleeping and then make necessary adjustments through sleep coaching.
Sleep Coaching[5] makes this simple by seamlessly tracking your sleep patterns over 7 days and assigning a sleep animal based on the results. With a personally tailored coaching program, develop healthy habits and routines that set you on a positive path to achieving your sleep goals.

[1] Findings analysed sleep data of Samsung Health users via Galaxy Watch series and Galaxy Ring during DST in the spring of 2024.
[2] https://www.nhs.uk/every-mind-matters/mental-health-issues/sleep/
[3] Not intended for use in the detection, diagnosis, treatment, monitoring or management of any medical condition. Certain features may vary by market, carrier or paired device.
[4] Sleep Environment report feature will be available on smartphone with One UI 7 and Samsung Health app version 6.29.5 or later.
[5] Requires sleep data of at least 7 days, including 2 days off.

MIL OSI Global Banks –

March 31, 2025
MIL-OSI Banking: Panasonic Energy and Sumitomo Metal Mining to Collaborate in Recycling of Nickel for Lithium-Ion Batteries, Advancing Closed-Loop Circular Economy Initiatives

Source: Panasonic

Headline: Panasonic Energy and Sumitomo Metal Mining to Collaborate in Recycling of Nickel for Lithium-Ion Batteries, Advancing Closed-Loop Circular Economy Initiatives

Panasonic Energy Co., Ltd. has issued a press release entitled “Panasonic Energy and Sumitomo Metal Mining to Collaborate in Recycling of Nickel for Lithium-Ion Batteries, Advancing Closed-Loop Circular Economy Initiatives” You can read the press release with the following PDF link.

MIL OSI Global Banks –

March 31, 2025
MIL-OSI Banking: Osaka/Kansai Expo: Construction of Panasonic Group Pavilion “The Land of NOMO” Completed, Allowing Adults and Children to “Unlock” with the Latest Technology

Source: Panasonic

Headline: Osaka/Kansai Expo: Construction of Panasonic Group Pavilion “The Land of NOMO” Completed, Allowing Adults and Children to “Unlock” with the Latest Technology

The April 13 opening of the 2025 Japan International Expo (Expo 2025 Osaka, Kansai, Japan, “Expo 2025”) is rapidly approaching. In mid-February, a completion ceremony for Panasonic Group’s hands-on “The Land of Nomo” pavilion was held at the venue for Expo 2025 on Yumeshima in Konohana-ku, Osaka. Based on the concept of “Set your heart and mind free, and the world will open up,” the pavilion has various features to stimulate the senses of children—leaders of the next generation—and “Unlock” their imaginations. In the following we introduce more details about the completed pavilion, including features of each area, together with comments from architect Yuko Nagayama, who designed the building, and Michiko Ogawa, Director in charge of Kansai External Relations and EXPO Promotion at Panasonic Holdings Co.

Construction Completed on The Land of NOMO and Its “Unlock” Experience

The Panasonic Group’s The Land of NOMO pavilion was designed as a place where children, especially those from the Alpha generation, could experience the concept of “circulation,” which is the idea that everything is connected—matter, minds, sustainability, and well-being.
The keyword “recycling” is both a theme connecting exhibition content and also a feature of the pavilion’s design. The pavilion’s resource-recycling architecture, which actively utilizes recycled iron and copper recovered from end-of-Life appliances and waste materials from factories, achieves total carbon neutrality from procurement through dismantling. Commenting on the design, Nagayama said that it extends beyond reuse and usability to also express “Joy and Beauty.”

The recently completed “The Land of NOMO” consists of the 922 m2 “Unlock Experience Area” and the 165 m2 “Earth” exhibition area1. The Land of NOMO’s tagline is “Unlock your nature.”
1 Total floor area of The Land of NOMO is 1,731.64 m2, and the site area occupies 3,508.08 m2

The façade is covered with a membrane made of layered organdie2 and a special metal. The effect is of soft fabric fluttering in the sea breeze. Said Nagayama: “It’s a structure that changes its appearance and reveals different shapes depending on how you look at it.”
2 A thin, light, and transparent fabric

The façade was completed at the end of January 2025, and consists of 730 organdie membranes installed on 1,404 frames. The façade is formed by these stacked curved frames, which represent “circulation.” As many as 20 units are stacked together in some parts of the façade.

Outside the pavilion is displayed a prototype of a “glass-type perovskite solar cell” designed by artist Kaede Wajima, in collaboration with HERALBONY Co., Ltd., a company involved in a number of projects to decorate the city with art created by artists with disabilities.

During Expo 2025, The Land of NOMO pavilion will be lit up at night using electricity generated from hydrogen derived from zero-carbon electricity. A lighting ceremony was held on March 1 at the pavilion, which will be lit up with lights and mist to create a fantastic effect on the façade.

[embedded content]

A Glimpse of the Panasonic Group Pavilion “The Land of NOMO”

Unlock Experience Area—What to Expect in Each ZONE

The Land of NOMO is made up of the Unlock Experience Area and the “Earth” exhibition area. The Unlock Experience Area provides an experience that allows children to become aware of the sensitivities that lie dormant within themselves, freeing them from preconceived notions and unleashing their hidden powers.
The Unlock Experience Area has four zones and is an immersive space that stimulates the five senses by making full use of the Panasonic Group’s “spatial production” technologies related to light, video, sound, and air. In addition, using facial expression and behavior analysis techniques based on research into “Human Insight,” the possibilities and stories of each individual are depicted using a “butterfly” motif that reflects the person’s individuality and characteristics.

ZONE 1: Deep within the Mirror Pond—Wandering through the Land of Nomo

ZONE 1 uses technology based on “Space Tune ”—a 23.4-channel 3D sound system composed of high-quality Technics speakers and high-brightness projectors—to adjust the optimal sound quality according to the room’s setup.
Participants who wander into the zone have their senses sharpened cross-modally through three-dimensional sound, visuals, and vibrations, allowing them to fully perceive the world of “wind, water, light, and life”—elements they usually take for granted—beginning their Unlock experience.

ZONE 2: NOMO Forest—Exploring the Unknown World

ZONE 2 is a beautiful forest full of life and energy. The key to this experience is a crystal device embedded with a radio frequency identification (RFID) tag.

The person experiencing the installation holds the crystal in their hand and explores the unknown world as their heart (sensitivity) guides them. When the crystal is held up to exhibits representing rocks and trees, they respond with sound and light.
Six cameras are installed in this area, and the movements of the person experiencing the installation are analyzed based on information from the wireless tags and cameras.

ZONE 3: The Valley of Ancient Trees—Releasing Butterflies from Crystals

ZONE 3 has 17 ancient trees, each containing transparent OLED displays and four cameras for facial expression analysis. When participants peer into the ancient trees, their expressions are analyzed, and the behavioral data from ZONE 2 is analyzed using a “sensibility model.” This results in a display of visuals reflecting the individuality and characteristics of each person. Next, a “butterfly” is released from a crystal and guides them through the “Waterfall = Mist Wall.”

Waterfall—Taking a Courageous Step Forward

Here they encounter a Mist Wall3 7 meters wide and 3.5 meters high. A screen of mist in the shape of a waterfall is created using Silky Fine Mist, an extremely fine mist produced by dual-fluid nozzles. Images of butterflies and other objects are projected onto the mist using a high-brightness projectors. Summoning up their courage, they step into the space beyond.
3 A screen of images made from extremely fine mist with a particle diameter of 6μm, created using technology that suppresses diffusion and delivers air currents over long distances.

ZONE 4: Into the Wide Open Sky—Butterflies Flap Their Wings and Harmonize

ZONE 4 is a dynamic immersive theater where images are projected in a 360° space by 21 high-brightness projectors, and sound and visuals interact three-dimensionally. When people hold their crystal devices to the designated spots and use a “leaf-like fan device” to make wind, “butterflies” are born on the floor and produce various sounds as they flap their wings into the great sky. The separate sounds eventually harmonize, creating music, while vortex rings (mist rings) with a diameter of 1.3 meters4 are projected from five points on the ceiling, creating an immersive space.
4 A ring of mist created using a technology that traps and propels the mist in a vortex of air

Holding their crystal in this space projects the person’s personal “butterfly” onto the floor. Fanning the butterfly with a fan releases it into the sky.

After the experience, when participants return the crystal device to the designated location, each person receives an Unlock Card that reflects their experience results. By accessing the QR code printed on the card, they can look back on their experience in The Land of NOMO.

Earth Area—Experience the Society of the Future Where People and Nature Circulate Together

The Earth Area is a place where people can think together about a better future within an exhibition space where the cycles of human activity and natural activity interact with each other. Children visiting The Land of NOMO will have the opportunity to experience a future in which people and nature expand each other’s potential through an intuitive experience of touch and smell.
The exhibition space introduces the following five technologies that will help make the future a reality:
The Future of Food with the Power of Photosynthetic Microorganisms: Cyanobacteria (Photosynthetic Microorganisms)
The Future of Energy with “Power-Generating Glass”: Perovskite Solar Cells
The Future of Manufacturing Returning to Nature: Biodegradable Cellulose Fiber
The Future of Lighting with the Power of Luminous Microorganisms: Bio-Light (Luminous Microorganisms)
The Future of Human and Nature’s Cyclical Activities: Bio-Sensory Dome

The Future of Food with the Power of Photosynthetic Microorganisms: Cyanobacteria (Photosynthetic Microorganisms)

The Future of Energy with “Power-Generating Glass”: Perovskite Solar Cells

The Future of Manufacturing Returning to Nature: Biodegradable Cellulose Fiber

The Future of Lighting with the Power of Luminous Microorganisms: Bio-Light (Luminous Microorganisms)

The Future of Human and Nature’s Cyclical Activities: Bio-Sensory Dome

Hoping People Will Genuinely Enjoy a World Carefully Constructed by Adults

Ogawa and Nagayama shared their thoughts following the completion ceremony.
“This project, which began in October 2021, has finally reached the completion ceremony, and I feel like we’ve come a long way,” said Ogawa. “This pavilion was made possible by the support of nearly 200 engineers from the Panasonic Group who worked on it alongside their usual jobs, and I think that the objects and technologies that adults have created with such care will resonate with children in some way. I hope that they experience a sense of excitement, and that each person carries this feeling with them for a long time. I would be pleased if many people, both children and adults, have the opportunity to let go and enjoy the Unlock experience.”
“Children, so to speak, are ‘formless beings’ who are constantly changing. You could say that they’re still in the process of discovering what shape they will be,” said Nagayama. “It would be wonderful if these children could first see the facade of The Land of NOMO and be fascinated by the constantly changing colors and movements. I hope that they will see themselves in the ever-changing pavilion and be exhilarated.”

The Panasonic Group is promoting a variety of initiatives to realize “an ideal society offering material and spiritual affluence” and a better life for people everywhere. As a company founded in Osaka, Panasonic will convey the technological capabilities and appeal of Japanese companies to visitors from around the world during Expo 2025.

Related Videos

[embedded content]

Recap: The Journey to Completion of “The Land of NOMO”

Related Articles

MIL OSI Global Banks –

March 31, 2025
MIL-OSI United Nations: UNDRR 2024 Annual Report

Source: UNISDR Disaster Risk Reduction

02

Strategies, governance and capacity-building

Target E of the Sendai Framework calls for a substantial increase in the number of countries with national and local DRR strategies by 2020.

Though a strategy is not the end goal, UNDRR has found that countries with national DRR strategies tend to have more robust DRR governance and a higher prevalence of EWS, demonstrating the value of investment in this fundamental DRR pillar.

The Government of Jordan has developed its National Disaster Risk Reduction Strategy (2023–2030) in a participatory manner involving different governmental entities, ministries and municipalities, and the Public Security Directorate (Civil Defense), with support from UNDRR and the United Nations Development Programme country office. The strategy also integrates biological hazard risk reduction with the aim of building back better after the COVID-19 pandemic.

Within the framework of Jordan’s efforts to deal with increasing threats and risks, the National Centre for Security and Crises Management has played a major role in developing two integrated risk registers; the national risk register and the local register for governorates. Both registers aim to improve the kingdom’s capacity to respond to disasters through accurate identification of risks, and enhanced coordination between the local and national levels for improved risk governance.

Through this effective coordination between the national and local risk registers, Jordan has made great strides in reducing risks and enhancing community resilience, making the kingdom a role model for disaster management and risk reduction at the regional level.

Morocco, too, has taken concrete steps to strengthen its risk governance. It established the Directorate of Natural Risk Management under the Ministry of Interior as its national DRR coordination mechanism. Morocco also established the National Risk Observatory to collect, analyse and share data on natural hazard risk. Furthermore, Morocco established a National Risk Forecasting Centre for monitoring and alerting, and an Operational Risk Anticipation Centre for forecasting, alerting and risk management assistance systems. Another successful project comprised the generalization of coverage of the entire national territory using multiscale and multi-hazard risk maps (for natural hazards).

Albania’s National Disaster Risk Reduction Strategy demonstrates widespread integration of concerns related to climate change and triggers the engagement of new sectors, particularly tourism.

The vision statement explicitly brings together DRR, climate change and sustainable development using the language of resilience, while the document includes a detailed plan of action for DRR implementation that integrates institutions such as the Ministry of Tourism and Environment and the Ministry of Infrastructure and Energy.

In particular, it articulates the implementation of the ALBAdapt project Climate Services for a Resilient Albania. The Ministry of Tourism and Environment is identified as the lead institution for implementation of a set of activities that offer compounding co-benefits for both DRR and climate change adaptation, including the development of a people-centred MHEWS, the creation of a fully functional and well-resourced National Meteorological and Hydrological Service.

This integration is supported by articulations elsewhere in the country’s strategic profile, with the National Adaptation Plan 2019 including a priority area entitled “upgrading civil defence preparedness and DRR”. Elsewhere, the National Security Strategy of the Republic of Albania (2023–2028) addresses risks ranging from national security threats to climate change impacts, emphasizing resilience to disasters, while the National Strategy for Development and European Integration (NSDEI) 2022–2030 includes the integration of DRR and climate change adaptation planning among its priorities.

National DRR strategies are the bedrock for multi-hazard risk governance and the achievement of Sendai Framework targets. These strategies help transform risk knowledge into actions and programmes that save lives and livelihoods. In addition, they serve as guides for mobilizing resources, delegating roles and responsibilities within government, and identifying entry points for non-governmental stakeholder engagement, all leading to more inclusive, sustainable development.

With 131 countries now reporting having national DRR strategies, and 30 receiving technical support from UNDRR to develop them, this is just a snapshot of the progress being made globally in this important area.

Under Brazil’s presidency, the Group of 20 (G20) recognized DRR as a critical component of economic resilience. Collaborating closely with UNDRR, Brazil facilitated the adoption of the first-ever G20 Ministerial Declaration on DRR. This landmark declaration emphasized the necessity of accelerating the Sendai Framework for Disaster Risk Reduction’s implementation, aiming to reduce disaster losses by 2030, and called for the development of high-level principles for DRR financing. The work of the G20 DRR Working Group, with UNDRR as the lead knowledge partner, further reflected a comprehensive approach to integrating DRR into economic and social policies.

UNDRR’s capacity-building continues to go from strength to strength, with nearly 10,000 DRR practitioners being trained in 2024, 77 per cent of whom reported having a better understanding of DRR as a result. At one such workshop in the Global Education and Training Institute in Incheon, Republic of Korea, a remarkable collaboration unfolded – a pioneering workshop uniting experts from UNDRR and the Green Climate Fund (GCF) to empower government stakeholders from Mongolia and Bhutan to mobilize relevant partners and stakeholders and obtain funding for their DRR measures. This joint training begins a process of transforming the daunting challenges of climate change into opportunities for proactive DRR.

Delegates were empowered by not only technical insights, but also the forging of lasting partnerships. The workshop’s training modules, co-designed by UNDRR and GCF specialists, delved deep into practical tools such as the EW4All Checklist for Gap Analysis, equipping participants to critically assess their national capacities and pinpoint vulnerabilities. “Early warning systems are important components for our national climate change adaptation strategy,” noted Ms. Tserendulam Shagdarsuren, Director General of the Climate Change Department, Ministry of Environment and Tourism in Mongolia, emphasizing how the training illuminated the next steps for their evolving EWS.

This pilot UNDRR–GCF initiative is part of a broader strategy to replicate capacity-building endeavours in developing countries. Future workshops are planned for countries that are in very different geographic contexts yet face similar challenges (particularly those resulting from climate change), such as Somalia, Togo and the SIDS. These workshops aim to accelerate access to climate finance and enhance DRR measures worldwide.

In a continuation of the Media Saving Lives programme, UNDRR and partners trained 520 journalists and media practitioners in DRR and risk communications, bringing the total to over 2,500 from 80 countries. Media are an integral part of the EWS delivery chain, and engaging them to build trust between government and communities can be the difference between life and death when disaster hits.

The rise in global temperatures and the increasing frequency and severity of extreme heat events are rapidly becoming central challenges for nations worldwide. Yet many Member States, cities and societies remain ill-prepared to address this escalating threat. The imperative for enhanced extreme heat risk reduction, governance and management is clear. Without urgent and coordinated action, extreme heat will continue to endanger billions of lives, amplify health risks and threaten the ecosystems upon which we depend.

In response, the UNDRR/World Meteorological Organization (WMO) Centre of Excellence for Climate and Disaster Resilience – together with the Global Heat Health Information Network, Duke University and WMO Centre of Excellence for Climate and Disaster Resilience partners – has developed an extreme heat decision-support package for countries tackling this global threat. The package includes: international organization resource and ecosystem mapping, readiness reviews and profiles; national best practice analytics; evaluations of heat action plans; and materials for development of an extreme heat maturity index for self-assessment. These materials can enhance collaboration, integrated heat risk governance and policy responses to extreme heat.

UNDRR’s work and that of United Nations system partners, coupled with increasing demands for assistance from Member States, prompted and informed the United Nations Secretary-General’s Call to Action on Extreme Heat, issued in July 2024, in which he emphasized the need for urgent action if a future characterized by even more devastating heat impacts on lives, economies and ecosystems is to be avoided.

This work is in turn informing the development of a Common Framework for Heat Risk Governance, led by UNDRR with the Global Heat Health Information Network, and Member States, international organizations and stakeholders. The Framework will receive inputs from (and is designed to bring together) multiple sectors, domains and scales – from agriculture and food systems, to energy systems, transportation, construction materials and design, and urban cooling. It is expected to assist national and subnational decision makers in designing and resourcing integrated actions to reduce extreme heat risk to people, urban and rural ecosystems, and the environment, preventing the loss of lives and livelihoods.

MIL OSI United Nations News –

March 31, 2025
MIL-OSI United Nations: UNDRR Annual Report 2024

Source: UNISDR Disaster Risk Reduction

02

Strategies, governance and capacity-building

Target E of the Sendai Framework calls for a substantial increase in the number of countries with national and local DRR strategies by 2020.

Though a strategy is not the end goal, UNDRR has found that countries with national DRR strategies tend to have more robust DRR governance and a higher prevalence of EWS, demonstrating the value of investment in this fundamental DRR pillar.

The Government of Jordan has developed its National Disaster Risk Reduction Strategy (2023–2030) in a participatory manner involving different governmental entities, ministries and municipalities, and the Public Security Directorate (Civil Defense), with support from UNDRR and the United Nations Development Programme country office. The strategy also integrates biological hazard risk reduction with the aim of building back better after the COVID-19 pandemic.

Within the framework of Jordan’s efforts to deal with increasing threats and risks, the National Centre for Security and Crises Management has played a major role in developing two integrated risk registers; the national risk register and the local register for governorates. Both registers aim to improve the kingdom’s capacity to respond to disasters through accurate identification of risks, and enhanced coordination between the local and national levels for improved risk governance.

Through this effective coordination between the national and local risk registers, Jordan has made great strides in reducing risks and enhancing community resilience, making the kingdom a role model for disaster management and risk reduction at the regional level.

Morocco, too, has taken concrete steps to strengthen its risk governance. It established the Directorate of Natural Risk Management under the Ministry of Interior as its national DRR coordination mechanism. Morocco also established the National Risk Observatory to collect, analyse and share data on natural hazard risk. Furthermore, Morocco established a National Risk Forecasting Centre for monitoring and alerting, and an Operational Risk Anticipation Centre for forecasting, alerting and risk management assistance systems. Another successful project comprised the generalization of coverage of the entire national territory using multiscale and multi-hazard risk maps (for natural hazards).

Albania’s National Disaster Risk Reduction Strategy demonstrates widespread integration of concerns related to climate change and triggers the engagement of new sectors, particularly tourism.

The vision statement explicitly brings together DRR, climate change and sustainable development using the language of resilience, while the document includes a detailed plan of action for DRR implementation that integrates institutions such as the Ministry of Tourism and Environment and the Ministry of Infrastructure and Energy.

In particular, it articulates the implementation of the ALBAdapt project Climate Services for a Resilient Albania. The Ministry of Tourism and Environment is identified as the lead institution for implementation of a set of activities that offer compounding co-benefits for both DRR and climate change adaptation, including the development of a people-centred MHEWS, the creation of a fully functional and well-resourced National Meteorological and Hydrological Service.

This integration is supported by articulations elsewhere in the country’s strategic profile, with the National Adaptation Plan 2019 including a priority area entitled “upgrading civil defence preparedness and DRR”. Elsewhere, the National Security Strategy of the Republic of Albania (2023–2028) addresses risks ranging from national security threats to climate change impacts, emphasizing resilience to disasters, while the National Strategy for Development and European Integration (NSDEI) 2022–2030 includes the integration of DRR and climate change adaptation planning among its priorities.

National DRR strategies are the bedrock for multi-hazard risk governance and the achievement of Sendai Framework targets. These strategies help transform risk knowledge into actions and programmes that save lives and livelihoods. In addition, they serve as guides for mobilizing resources, delegating roles and responsibilities within government, and identifying entry points for non-governmental stakeholder engagement, all leading to more inclusive, sustainable development.

With 131 countries now reporting having national DRR strategies, and 30 receiving technical support from UNDRR to develop them, this is just a snapshot of the progress being made globally in this important area.

Under Brazil’s presidency, the Group of 20 (G20) recognized DRR as a critical component of economic resilience. Collaborating closely with UNDRR, Brazil facilitated the adoption of the first-ever G20 Ministerial Declaration on DRR. This landmark declaration emphasized the necessity of accelerating the Sendai Framework for Disaster Risk Reduction’s implementation, aiming to reduce disaster losses by 2030, and called for the development of high-level principles for DRR financing. The work of the G20 DRR Working Group, with UNDRR as the lead knowledge partner, further reflected a comprehensive approach to integrating DRR into economic and social policies.

UNDRR’s capacity-building continues to go from strength to strength, with nearly 10,000 DRR practitioners being trained in 2024, 77 per cent of whom reported having a better understanding of DRR as a result. At one such workshop in the Global Education and Training Institute in Incheon, Republic of Korea, a remarkable collaboration unfolded – a pioneering workshop uniting experts from UNDRR and the Green Climate Fund (GCF) to empower government stakeholders from Mongolia and Bhutan to mobilize relevant partners and stakeholders and obtain funding for their DRR measures. This joint training begins a process of transforming the daunting challenges of climate change into opportunities for proactive DRR.

Delegates were empowered by not only technical insights, but also the forging of lasting partnerships. The workshop’s training modules, co-designed by UNDRR and GCF specialists, delved deep into practical tools such as the EW4All Checklist for Gap Analysis, equipping participants to critically assess their national capacities and pinpoint vulnerabilities. “Early warning systems are important components for our national climate change adaptation strategy,” noted Ms. Tserendulam Shagdarsuren, Director General of the Climate Change Department, Ministry of Environment and Tourism in Mongolia, emphasizing how the training illuminated the next steps for their evolving EWS.

This pilot UNDRR–GCF initiative is part of a broader strategy to replicate capacity-building endeavours in developing countries. Future workshops are planned for countries that are in very different geographic contexts yet face similar challenges (particularly those resulting from climate change), such as Somalia, Togo and the SIDS. These workshops aim to accelerate access to climate finance and enhance DRR measures worldwide.

In a continuation of the Media Saving Lives programme, UNDRR and partners trained 520 journalists and media practitioners in DRR and risk communications, bringing the total to over 2,500 from 80 countries. Media are an integral part of the EWS delivery chain, and engaging them to build trust between government and communities can be the difference between life and death when disaster hits.

The rise in global temperatures and the increasing frequency and severity of extreme heat events are rapidly becoming central challenges for nations worldwide. Yet many Member States, cities and societies remain ill-prepared to address this escalating threat. The imperative for enhanced extreme heat risk reduction, governance and management is clear. Without urgent and coordinated action, extreme heat will continue to endanger billions of lives, amplify health risks and threaten the ecosystems upon which we depend.

In response, the UNDRR/World Meteorological Organization (WMO) Centre of Excellence for Climate and Disaster Resilience – together with the Global Heat Health Information Network, Duke University and WMO Centre of Excellence for Climate and Disaster Resilience partners – has developed an extreme heat decision-support package for countries tackling this global threat. The package includes: international organization resource and ecosystem mapping, readiness reviews and profiles; national best practice analytics; evaluations of heat action plans; and materials for development of an extreme heat maturity index for self-assessment. These materials can enhance collaboration, integrated heat risk governance and policy responses to extreme heat.

UNDRR’s work and that of United Nations system partners, coupled with increasing demands for assistance from Member States, prompted and informed the United Nations Secretary-General’s Call to Action on Extreme Heat, issued in July 2024, in which he emphasized the need for urgent action if a future characterized by even more devastating heat impacts on lives, economies and ecosystems is to be avoided.

This work is in turn informing the development of a Common Framework for Heat Risk Governance, led by UNDRR with the Global Heat Health Information Network, and Member States, international organizations and stakeholders. The Framework will receive inputs from (and is designed to bring together) multiple sectors, domains and scales – from agriculture and food systems, to energy systems, transportation, construction materials and design, and urban cooling. It is expected to assist national and subnational decision makers in designing and resourcing integrated actions to reduce extreme heat risk to people, urban and rural ecosystems, and the environment, preventing the loss of lives and livelihoods.

MIL OSI United Nations News –

March 31, 2025
MIL-OSI USA: Flame in Eternal Flame Memorial Temporarily Out

Source: US State of Hawaii

Flame in Eternal Flame Memorial Temporarily Out

Posted on Mar 28, 2025 in Main

The flame in the Eternal Flame Memorial is temporarily out because of a blocked gas line. The state of Hawai‘i Department of Accounting and General Services (DAGS) is working to uncover the source of the problem. Blocked gas lines are a rare occurrence.

This does not pose a safety issue. For now, the gas has been turned off. DAGS says this does not appear to be vandalism.

On Friday, Hawai‘i Gas Co. crews assisted DAGS by attempting to clear the blocked gas line between the meter on the ‘Ewa side of the memorial, and the flame, by using a high-pressure burst of air, but that was not successful. The next step is for DAGS to clear the line or to replace the plugged section of piping. DAGS will know more by early next week.

“DAGS is working tirelessly to repair this as soon as possible. The Eternal Flame burns endlessly in remembrance of the December 7, 1941 attack on Pearl Harbor. We understand the importance of maintaining this memorial to honor those who lost their lives defending our freedom,” said DAGS Director and Comptroller Keith Regan.

The memorial is part of the collection of the Hawai‘i State Foundation on Culture and the Arts (SFCA), an attached agency of DAGS. The copper and bronze abstract art sculpture by Kaua‘i sculptor Bumpei Akaji, a 442nd Regimental Combat Team veteran, sits across the Hawai‘i State Capitol in the Mauka Mall, at 415 S. Beretania Street.

MIL OSI USA News –

March 31, 2025

MIL-OSI: VAALCO Energy, Inc. to Present Live Via Investor Meet Company

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that George Maxwell, Chief Executive Officer, and Ron Bain, Chief Financial Officer, will provide a live presentation via Investor Meet Company Thursday, April 17, 2025. The presentation will begin at 10 a.m. British Summer Time (4 a.m. Central Time).

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until April 16, 2025, 09:00 BST (3 a.m. Central Time), or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Vaalco via:
https://www.investormeetcompany.com/vaalco-energy-inc/register-investor. Interested parties can also access the presentation on Vaalco’s web site, www.vaalco.com, under the “Investors” tab. An archived version will be available on Vaalco’s web site after the presentation.

Investors who already follow Vaalco on the Investor Meet Company platform will automatically be invited.

About Vaalco
Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	Vaalco@buchanan.uk.com

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities law (collectively “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

The MIL Network –

March 31, 2025

MIL-OSI: Agillic appoints new CFO Jack Sørensen

Source: GlobeNewswire (MIL-OSI)

Press release – Copenhagen – 31 March 2025

Jack Sørensen joins Agillic as its new Chief Financial Officer on 1 May 2025.

Jack will manage the finance team, oversee financial strategy and operations, and work closely with CEO Christian Samsø on investor relations.

Jack joins Agillic from Evaxion-Biotech A/S – a biotech company listed on Nasdaq New York and operating in Australia and Denmark – where he has been the VP of Finance and Reporting since 2022. Jack brings an extensive international experience across IT and SaaS, med- and biotech, telecom, and consultancy, having held various roles in companies like Deloitte, Chr. Hansen Holding, DONG Energy (Ørsted), Global Connect Outsourcing, and Widex.

Christian Samsø, CEO at Agillic, comments:
“I am very pleased to have concluded a swift recruitment process, welcoming Jack to Agillic already in May. We have a highly capable finance department, and I look forward to seeing Jack develop and lead the team, and together with the Executive Management team deliver on Agillic’s strategic priorities of ARR growth, positive cashflow from operations, and positive EDITDA as outlined with our 2025 guidance.”

Jack Sørensen adds:
“Agillic has an impressive portfolio and footprint in the Nordics. Like any SaaS business, it is subject to market conditions, but I see a strong foundation for growth and look forward to contributing to the continued journey.”

For further information, please contact
Christian Samsøe, CEO
+45 24 88 24 24
christian.samsoe@agillic.com

About Agillic A/S
Agillic A/S (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.

The MIL Network –

March 31, 2025

Category: Energy

Small Scale, Huge Payoff

The Tokyo Shift

Strategies, governance and capacity-building

Strategies, governance and capacity-building

Flame in Eternal Flame Memorial Temporarily Out