NewzIntel.com

Category: Energy

  • MIL-OSI: Baker Hughes, Frontier Infrastructure Announce Partnership to Accelerate Development of Carbon Capture and Storage, Data Center Projects in the U.S.

    Source: GlobeNewswire (MIL-OSI)

    • Frontier’s SCS Hub, spanning nearly 100,000 acres in Wyoming, will provide open-access CO₂ storage for industrial emitters and ethanol producers using its CO₂-by-rail strategy
    • Baker Hughes will provide key CCS and power generation technologies, including CO₂ compression, well design, and its industrial NovaLT™ gas turbines to support power solutions for data centers and industrial customers
    • Partnership allows Frontier to move forward with greater efficiencies and resources for project development

    HOUSTON and DALLAS and LONDON, March 03, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, and Frontier Infrastructure (“Frontier”), a Tailwater Capital portfolio company and a leading developer of low-carbon infrastructure across the U.S. Mountain West and Texas, on Monday announced a strategic partnership to accelerate the deployment of large-scale carbon capture and storage (CCS) and power solutions in the U.S. As part of the agreement, Baker Hughes will provide innovative technologies and resources in support of the development of large-scale CCS, power generation, and data center projects.

    Frontier is leading the development of the Sweetwater Carbon Storage Hub (“SCS Hub”), one of the largest open-source carbon sequestration assets in the country. Spanning nearly 100,000 acres in Wyoming, the hub is designed to support industrial emitters across the region and ethanol facilities across the Midwest utilizing its CO2-by-rail strategy, establishing Frontier as a new standard for scalable carbon storage infrastructure. Frontier currently holds three Class VI permits and has commenced drilling activities on its first wells with first injection commencing year-end 2025.

    As part of the agreement, Baker Hughes will provide technology solutions to support the development of the SCS Hub and future infrastructure projects. By leveraging its key technologies for well design, CO₂ compression, and long-term monitoring, Baker Hughes will help optimize project execution, allowing Frontier to move forward with greater efficiency and financial certainty.

    To further enhance reliable, lower-carbon energy solutions, Frontier is expanding its infrastructure footprint with new behind-the-meter power generation capacity. This includes the development of 256 megawatts (MW) of gas-fired generation, designed to meet the increasing power demands across Wyoming, the broader Mountain West, and Texas — particularly driven by the rapid expansion of data centers and industrial operations. Baker Hughes’ industrial NovaLT™ gas turbines will be deployed to support power generation, ensuring efficient and flexible energy delivery for Frontier.

    “With energy demand rising across the country, industrial customers need scalable, low-carbon solutions, and Frontier’s expanded infrastructure will deliver exactly that,” said Robby Rockey, president and co-CEO of Frontier Infrastructure. “By integrating gas-fired energy with the potential for permanent carbon storage, we are creating a direct, reliable power solution tailored to evolving industrial needs. Baker Hughes’ leadership in turbine technology, drilling services, and CCS innovation makes them an ideal partner in executing this vision.”

    “Baker Hughes is committed to delivering innovative solutions that support increasing energy demand, in part driven by the rapid adoption of AI, while ensuring we continue to enable the decarbonization of the industry,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Working with Frontier Infrastructure represents a significant opportunity to demonstrate how Baker Hughes’ portfolio is uniquely positioned to support CCUS projects for lower-carbon industrial and energy development.”

    Baker Hughes expects orders, in relation to this agreement, as Frontier projects progress. Frontier is a portfolio company of Tailwater Capital, a private equity firm specializing in integrated energy and environmental infrastructure investments. Frontier was advised by Jefferies LLC as financial adviser and Sidley Austin LLP as legal adviser.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    About Frontier Infrastructure
    Frontier Infrastructure is a leading developer of low-carbon infrastructure solutions across the Mountain West and Texas, specializing in integrated power generation and carbon capture and storage projects. The company is at the forefront of industrial decarbonization, providing scalable, permanent carbon storage and behind-the-meter power solutions to support growing regional energy demand. For more information, please visit www.frontierccus.com.

    For more information, please contact:

    Baker Hughes Media Relations
    Chiara Toniato
    +39 3463823419
    chiara.toniato@bakerhughes.com

    Tailwater Capital Media Relations
    Jill McMillan
    Managing Director, Communications & Public Affairs
    +1 214-489-7047
    jmcmillan@tailwatercapital.com

    Baker Hughes Investor Relations
    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Tailwater Capital Investor Relations
    John Schaufele
    Managing Director, Investor Relations & Fundraising
    Phone: 214-489-7043
    Email: jschaufele@tailwatercapital.com

    For Inquiries Related to Frontier Infrastructure
    Email: info@frontierccus.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Increases Deployments of Legacy NEM System Expansion Solution in California

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process. Homeowners can now expand their systems without losing NEM status for their existing setup, thanks to new Enphase® Energy System™ configurations with IQ® Microinverters, IQ® Batteries, and Enphase Power Control.

    Enphase first announced its solution for expanding legacy NEM systems in California last year. Since then, the application process for installing these systems with the top utilities in California has improved to support a more streamlined process. Hundreds of systems have been approved already, with many more expected to be approved soon.

    Many California solar homeowners are consuming more energy than they produce due to increasing home and transportation electrification. Previously, those on legacy NEM programs (1.0 and 2.0) couldn’t expand their systems without transitioning to NEM 3.0, which offers lower export rates. Now, with new Enphase system configurations and a power control feature, homeowners can expand their systems while retaining legacy NEM benefits. The existing system can continue exporting to the grid, while the new system is restricted from grid exports and designed to serve increased household consumption. This will help homeowners meet rising energy needs, lower electricity bills, and create more business opportunities for installers. Installers should check with their regional California utility for details on potential charges associated with implementing the new systems. Watch an explainer video from the Enphase Training Team here.

    “California utilities streamlining the approval process for expanding legacy systems has enabled us to more efficiently and effectively serve our customers,” said Mike Teresso, president at Baker Electric Home Energy. “Enphase’s solution is helping us meet growing energy demands while giving homeowners the flexibility they need for the future.”

    “We appreciate utilities simplifying the approval process for legacy NEM expansions in California,” said John Almond, CEO of Semper Solaris. “Our customers want to add more solar and storage without losing the value of their existing systems, and now they can do just that. This is a win for homeowners and a huge opportunity for installers like us to help more people take control of their growing energy needs.”

    “Expanding solar systems under legacy NEM used to be a challenge,” said Ed Murray, president of Aztec Solar. “Now, California’s application process is more streamlined, and Enphase’s innovative solution allows us to easily design solutions enabling savings and giving homeowners more energy independence. This is a big step forward for California solar!”

    In addition, Solargraf®, Enphase’s design and proposal software platform, can help installers seamlessly design and generate proposals for expanded legacy NEM systems. For new systems, the platform can also optimize solar and battery projects to help enable maximum savings under the new California solar rules.

    “This is exactly the kind of progress we want to see – utilities making it easier for homeowners to expand their clean energy systems without unnecessary barriers,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “Our software and hardware solution, combined with a more efficient utility approval process, enables homeowners to get more value from solar and battery systems and installers to expand their business quickly. We’re committed to supporting installers and homeowners as they navigate these new opportunities.”

    For more information about Enphase’s solution for expanding legacy NEM solar energy systems in California, please visit the Enphase website (Installers and Homeowners).

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the U.S. and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Power Control; expectations related to cost savings; and the timing of new features for Solargraf. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy 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.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

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

    The MIL Network –

  • MIL-OSI: Occidental Announces Offer to Exercise Warrants at a Temporarily Reduced Price

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced an offer to exercise its outstanding publicly traded warrants (the “Warrants”) at a temporarily reduced price (the “Offer”).

    The Offer is available to holders of the Warrants, each representing the right to purchase one share of Occidental’s common stock, $0.20 par value per share, at an exercise price of $22.00. The Warrants were initially distributed by Occidental on August 3, 2020 in the form of a dividend to the holders of record of Occidental’s common stock as of July 6, 2020 and are listed on the New York Stock Exchange under the symbol “OXY WS”. Warrant holders (the “Holders”) have the opportunity to exercise each of their Warrants at a temporarily reduced exercise price of $21.30. There is no minimum participation requirement with respect to the Offer.

    The Offer is subject to the terms and conditions set forth in the Offer to Exercise Warrants to Purchase Common Stock of Occidental Petroleum Corporation, dated March 3, 2025 (the “Offer to Exercise”), filed as an exhibit to Occidental’s Schedule TO filed with the U.S. Securities and Exchange Commission (“SEC”).

    To participate in the Offer and exercise the Warrants at the temporarily reduced exercise price, Holders must elect to participate prior to the expiration of the Offer at 5:00 p.m. Eastern Time on March 31, 2025, which may be extended by Occidental in its sole discretion (the “Expiration Date”), and must deliver payment and the required documentation in accordance with the Offer to Exercise prior to the Expiration Date. Holders who elect to participate in the Offer and do not withdraw their validly tendered Warrants will receive the shares of common stock issuable upon exercise of the Warrants promptly after the Expiration Date. Any Holder that tenders Warrants prior to the Expiration Date but changes their mind may withdraw their tender of Warrants at any time prior to the Expiration Date. 

    The purpose of the Offer is to encourage the exercise of the Warrants by temporarily reducing the exercise price. If all of the outstanding Warrants are exercised at the temporarily reduced exercise price, Occidental would receive gross proceeds of approximately $1.6 billion. Occidental intends to use the proceeds for general corporate purposes, which may include the redemption or repayment of certain of its outstanding indebtedness.

    For additional information or assistance, please contact D.F. King & Co., Inc., which is acting as Information Agent for the Offer, at:

    D.F. King & Co., Inc.
    48 Wall St, 22nd Floor
    New York, NY 10005
    Toll-Free: (888) 628-8208
    Email: OXY@dfking.com

    Additional Information

    The discussion of the Offer contained in this press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell securities. Holders should read the Schedule TO filed with the SEC and the exhibits attached thereto carefully because they contain important information, including the various terms and conditions set forth in the Offer to Exercise. The Schedule TO, including the Offer to Exercise and other related materials, will also be available to Holders at no charge on the SEC’s website at http://www.sec.gov or from D.F. King & Co., Inc., Occidental’s Information Agent for the Offer. Holders are urged to read those materials carefully prior to making any decisions with respect to the Offer.

    Occidental has filed with the SEC a registration statement that includes a prospectus (as supplemented by a prospectus supplement, the “Prospectus”) relating to the offering of the shares of common stock issuable upon exercise of the Warrants, and has further filed with the SEC a prospectus supplement relating to such registration statement and Prospectus in respect of the exercise of the Warrants at the reduced exercise price. Copies of the Prospectus, as further supplemented by the prospectus supplement, may be obtained from the SEC at http://www.sec.gov, or by contacting D.F. King & Co., Inc.

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

    About Occidental

    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the SEC, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Announces Distribution of $0.08 Per Share for March 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) announced today a monthly distribution of $0.08 per share for March 2025. This distribution is payable to common stockholders on March 31, 2025 (as outlined in the table below).

    The Company declares distributions on a monthly basis, with its next distribution expected to be declared in early April. Payment of future distributions is subject to the approval of the Company’s Board of Directors, as well as meeting the covenants on the Company’s debt agreements and the terms of its preferred stock.

    Record Date /
    Ex-Date    		 Payment Date Distribution Amount Return of Capital
    Estimate
    3/14/25 3/31/25 $0.08 75%(1)

    (1) This estimate is based on the Company’s anticipated earnings and profits. The final determination of the tax character of distributions will not be determinable until after the end of fiscal 2025 and may differ substantially from this preliminary information.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions. 

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI Russia: The qualifying round of the All-Russian school TIM championship has started at SPbGASU

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    The qualifying round of the School Olympiad “All-Russian School TIM Championship” has started at SPbGASU. From March 3 to 11, participants will take tests and complete practical tasks remotely using Renga software.

    The Olympiad is being held within the framework of the federal innovation platform “Innovative methodology for the formation of digital professional competencies of students and specialists in the construction industry” implemented at the SPbGASU. The organizer is the Educational Center for Digital Competencies (ECDC).

    Our university is holding the All-Russian School TIM Championship for the second time. As the director of the OCCK Inna Sukhanova said, this year’s competition is distinguished by the presence of a qualifying round, which was not there before, as well as a large number of participants: 180 students from grades 8–11 registered for February 28 (last time there were 44).

    “TIM-Championship is an important event for schoolchildren. In preparation for the tournament, the children master the information modeling program, which is used in the construction industry. Thus, schoolchildren can decide in advance on the choice of future specialty, check whether project activities are suitable for them. It is very important that SPbGASU holds such events. After all, with the help of such championships, many children can be interested in project activities and admission to our university,” said jury member Kirill Sukhanov, associate professor of the Department of Heat, Gas Supply and Ventilation of SPbGASU.

    The jury is headed by Nikita Gorovoy, a specialist at the OCC. Together with him and Kirill Sukhanov, the participants’ work will be assessed by Svetlana Ezhova, TIM coordinator at JSC “Head Design and Survey Institute “Chuvashgrazhdanproekt”, Alevtina German, BIM expert at Vysotskiy consulting, and Ekaterina Velichko, chief architect of the project, OOO “Metropolis”.

    Schoolchildren who successfully pass the selection will take part in the final stage. It will be held from March 26 to 28 with the possibility of in-person and remote participation.

    The award ceremony for the winners of the Olympiad will take place on April 25, 2025, as part of the VIII International Scientific and Practical Conference “Information Modeling in Construction and Architecture” (BIMAC-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 –

  • MIL-OSI: Next Hydrogen Solutions Inc. Announces Changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, March 03, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (TSXV: NXH, OTC: NXHSF) (“Next Hydrogen” or the “Company”), announced today the appointment of Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta will fill the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025.

    Ms. Mehta is VP of Business Development for Jenner Renewable Consulting. For the past 22 years Ms. Mehta has played a pivotal role in the growth of renewable energy, leading technical reviews, due diligence, and development for over 2,500 megawatts of wind and solar energy projects across North and South America. She served on the Board of Directors of the Canadian Wind Energy Association (CanWEA) from 2008 to 2015, becoming Chairperson in 2011, where she was instrumental in advancing Canada’s wind energy sector.

    “As Next Hydrogen accelerates its position as a large-scale green hydrogen solution provider, we are excited to welcome Adarsh to our board,” said Allan MacKensie, Chairperson of Next Hydrogen. “Her extensive experience in renewable energy, project development, and industry advocacy will be invaluable as we scale our technology and commercialization efforts.”

    “I am thrilled to join Next Hydrogen at such a transformative time,” said Adarsh Mehta. “Green hydrogen is a critical pillar in the global transition to clean energy, and Next Hydrogen is well-positioned to be a leader in this space. I look forward to contributing to the company’s growth and impact.”

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

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

    Notice regarding forward-looking statements:

    Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this press release are based on the current expectations of management of Next Hydrogen. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting Next Hydrogen, including risks regarding the industry in which Next Hydrogen operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company’s management’s discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR Plus) under Next Hydrogen’s profile at www.sedarplus.ca. Although the Company has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be taken as guaranteed. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

    The MIL Network –

  • MIL-OSI: Montauk Renewables Schedules Full Year 2024 Conference Call for Thursday, March 13, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, March 03, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the full year ended December 31, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Full Year 2024 Conference Call and Webcast Details

    Date: Thursday, March 13, 2025
    Time: 8:30 a.m. ET
    Participant Access: [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through March 13, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI United Kingdom: Q&A with the Deputy Mayor for Environment and Energy

    Source: Mayor of London

    In his election campaign ahead of the May 2024 elections, the Mayor’s manifesto committed to ‘Making London Greener’, including to:

    • Help schools in London reach net zero.
    • Introduce a new Green Roots Fund for community green spaces.
    • Develop a bold plan for swimmable rivers within 10 years.[1]

    Tomorrow, the London Assembly Environment Committee will meet with the Deputy Mayor for Environment and Energy for a question and answer session, exploring the progress made in achieving the Mayor’s manifesto priorities, as well as wider progress on areas in the London Environmental Strategy and London’s 2030 net zero target.
     
    Other topics will include noise pollution, the expansion of Heathrow Airport, green roots fund, and swimmable rivers.

    The guests are:

    • Mete Coban MBE, Deputy Mayor of London for Environment and Energy
    • Megan Life, Assistant Director for Environment and Energy, Greater London Authority (GLA)
    • Pete Daw, Head of Climate Change, GLA

    The meeting will take place on Tuesday 4 March 2025 from 10am in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend. 

    The meeting can also be viewed LIVE or later via webcast or YouTube.
     
    Follow us @LondonAssembly.
     

    MIL OSI United Kingdom –

  • MIL-OSI Africa: South Africa’s South African National Petroleum Company (SANPC) to Showcase Strategic Vision at Invest in African Energy (IAE) 2025

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

    PARIS, France, March 3, 2025/APO Group/ —

    South Africa’s newly established South African National Petroleum Company (SANPC) will host an investor roadshow at the Invest in African Energy (IAE) Forum in Paris this May, highlighting its strategic vision and the more than R95 billion in untapped market and investment opportunities in South Africa’s oil and gas sector. Under the theme “South Africa’s Energy Future: A New Age State Entity,” the presentation will be led by SANPC CEO Godfrey Moagi, following the company’s official launch, scheduled for April 2025.

    With a clear mandate to promote energy independence and diversification, SANPC is set to drive large-scale investments in the oil, gas and clean energy sectors. SANPC’s strategy includes ring-fencing all non-functioning assets, identifying assets that can be moved to the NOC and ensuring these assets can be traded and utilized effectively. At the IAE 2025, delegates will gain an exclusive look into SANPC’s far-reaching goals, including the creation of a state-backed energy company that will enhance the country’s energy security, facilitate the transition to cleaner energy sources and create employment opportunities for the nation’s youth.

    IAE 2025 (https://apo-opa.co/4h81CCe) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    SANPC’s strategic vision aligns with South Africa’s National Development Plan, which outlines the country’s goals to expand access to affordable, reliable energy while navigating the energy transition. The creation of SANPC marks a bold step toward achieving these objectives, acting as a catalyst for new ventures, partnerships and large-scale infrastructure projects. As South Africa’s energy landscape undergoes reform, SANPC aims to drive the rapid deployment of new projects while adhering to the highest sustainability standards and fostering regional integration in oil and gas.

    SANPC’s participation at IAE 2025 is part of the company’s series of investor roadshows, first launched at the African Energy Week: Invest in African Energies 2024 conference in Cape Town. These roadshows support the company’s commitment to attracting foreign investment and offer stakeholders the opportunity to engage with SANPC leadership, while gaining insight into the company’s vision for an energy future that fosters both economic and environmental sustainability.

    MIL OSI Africa –

  • MIL-OSI Africa: Centrale Électrique du Congo (CEC) Joins the Congo Energy & Investment Forum (CEIF) 2025 as Gas Turbine Overhaul Nears Completion

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

    BRAZZAVILLE, Republic of Congo, March 3, 2025/APO Group/ —

    With maintenance nearing completion on one of the three turbines at the 484 MW gas-fired Centrale Électrique du Congo (CEC) power plant, the Republic of Congo’s state-owned electricity company is strengthening its role in driving electrification and industrial growth. In 2024, CEC achieved its highest production year, generating 2.39 TWh with a peak demand of 423.9 MW.

    Gianmaria Pozzoli, Director General of CEC, will participate in the Congo Energy & Investment Forum (CEIF) this March, where he is expected to engage with investors, foster partnerships and advance economic development initiatives. His participation will provide valuable insights into Congo’s evolving energy landscape and CEC’s role in expanding the country’s power infrastructure.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    Earlier this month, CEC signed an MoU with investment holding company Zanaga Iron Ore Company Limited to evaluate power supply solutions for the Zanaga Iron Ore Project in Congo. The partnership will assess the technical, economic and legal aspects of power generation and distribution to support the project’s initial phase, which targets an annual production capacity of 12 million tons of iron ore.

    In June 2024, the World Bank allocated $100 million to improve electricity access in Congo, prompting the government to expand gas-to-power infrastructure to meet the country’s rising energy demand, projected to reach 900 MW by 2025. CEC, a key beneficiary of this initiative, utilizes natural gas from the Marine XII Block and currently operates two turbines, with the third undergoing maintenance. The facility is also being converted into a combined-cycle plant, a transition expected to be completed this year.

    Despite limited electricity access – with 68% of urban areas and 12% of rural areas connected to the grid – Congo has made notable progress in strengthening both domestic and regional energy networks. In 2021, Congo and the Democratic Republic of Congo (DRC) signed a cooperation agreement to implement the Boucle de l’Amitié Énergétique. The project’s initial phase focuses on enhancing power transmission between CEC’s Pointe-Noire facility and the Inga Hydroelectric Plant in the DRC, passing through Brazzaville.

    This three-nation collaboration is designed to increase electricity production, stabilize the grid and deepen economic and political ties. The initiative is expected to supply power to industrial zones across participating countries, spurring economic growth and development.

    “CEC’s participation at CEIF 2025 is pivotal in fostering key partnerships that will drive the country’s electrification and industrial growth. Their leadership in the energy sector, combined with strategic initiatives, positions them as an essential partner in attracting investment and advancing infrastructure development. The collaboration and insights shared at this event will be instrumental in unlocking new opportunities for sustainable energy solutions in Congo and the broader region,” states Sandra Jeque, Events and Project Director at Energy Capital & Power.

    MIL OSI Africa –

  • MIL-OSI Russia: The qualifying round of the Rosatom State Corporation professional skills championship was held at SPbGASU

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – The winning team (from left to right – Polina Orlova, Anna Yarullina, Kirill Ivanov, Nikolay Pridatchenko) and Nikita Gorovoy

    From February 23 to 28, the qualifying round of the 10th Industry Championship of Professional Skills of the Rosatom State Corporation, Atomskills-2025, in the Engineering Design competency was held at SPbGASU.

    The championship was held within the framework of the federal innovation platform “Innovative methodology for the formation of digital professional competencies of students and specialists in the construction industry” implemented at SPbGASU. The organizer was the Educational Center for Digital Competencies of our university.

    The objective of the “Engineering Design” competency is to demonstrate the participants’ abilities in developing and analyzing design and working documentation for facilities of any complexity based on initial data, within the framework of the technical assignment and current regulatory documentation, using information modeling technologies.

    The championship participants were third- and fourth-year students of various training programs. Five teams of four people took part in the championship, each of whom developed their own section. The teams included the following specialists:

    SPOIM – a specialist responsible for coordinating sections with each other and modeling using information modeling technology; a builder – a specialist responsible for the architectural and construction section of the project; a technologist – a specialist responsible for the engineering sections of the project; an electrician – a specialist responsible for the electrical section of the project.

    The jury of the selection round at our university included teachers and employees of SPbGASU: chief expert, category 2 specialist of the educational center of digital competencies Nikita Gorovoy, expert-mentor, associate professor of the department of heat and gas supply and ventilation Kirill Sukhanov, expert-mentor, associate professor of the department of heat and gas supply and ventilation Mikhail Fedorov, expert-mentor, senior lecturer of the department of architectural and building structures Alena Vedernikova, expert-mentor, assistant of the department of metal and wooden structures Viktor Tsyganovkin, expert-mentor, senior lecturer of the department of building physics, electric power engineering and electrical engineering Rostislav Baruzdin and expert-mentor, category 2 specialist of the educational center of digital competencies Yuri Zgoda.

    According to the results of the selection round, the first place was taken by the team consisting of Nikolai Pridatchenko (fourth year student of the Faculty of Civil Engineering), Anna Yarullina (fourth year student of the Faculty of Environmental Engineering and Urban Management), Kirill Ivanov (fourth year student of the Faculty of Civil Engineering) and Polina Orlova (fourth year student of the Faculty of Energy and Environmental Engineering). –

    The second place went to the team consisting of Anna Smirnova (fourth-year student of the Faculty of Civil Engineering), Anton Klyuev (third-year student of the Institute of Energy and Natural Sciences), Diana Balon (third-year student of the Institute of Energy and Natural Sciences), and Kirill Tishunin (third-year student of the Institute of Energy and Natural Sciences).

    In third place was the team of Zlata Zolotykh (fourth-year student of the Faculty of Civil Engineering), Ilya Zakharov (third-year student of the Institute of Energy and Natural Sciences), Mikhail Tsvetkov (fourth-year student of the Institute of Energy and Natural Sciences) and Nikita Lyamshev (second-year student of the Institute of Energy and Natural Sciences).

    The winners of the qualifying championship will go to the 10th Industry Championship of Professional Skills of the Rosatom State Corporation Atomskills-2025, which will be held from March 30 to April 5 in Yekaterinburg.

    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 –

  • MIL-OSI Europe: ASIA/SOUTH KOREA – Three priests go on a mission and the Pope’s blessing for the “Korea Mission Society” on the occasion of the 50th anniversary of its foundation

    Source: Agenzia Fides – MIL OSI

    Saturday, 1 March 2025

    Committee for Communications, Archdiocese of Seoul

    Seoul (Agenzia Fides) – The work of missionaries is an action that “touches hearts and leads to a deeper encounter with Jesus Christ”. This is the wish that Pope Francis, hospitalized at the Gemelli Hospital in Rome for more than two weeks, addresses to the “Korea Mission Society”, which is celebrating its golden Jubilee these days, that is, 50 years since its foundation (see Fides, 14/10/2024).The “Korea Mission Society” was in fact founded on February 26, 1975 (about 22 years after the end of the Korean War) thanks to an intuition of the Bishop Emeritus of Busan, John A. Choi Jae-seon. Approved by the Korean Episcopal Conference, it currently has 87 members, including missionary priests and lay people. Legally speaking, it now presents itself as a Society of Apostolic Life of diocesan law, under the responsibility of the Archdiocese of Seoul.The Society, which also has a “missionary school”, says it is “open to the whole world, wherever there is a need for missionaries”, with a particular interest in Asia. To date, in fact, dozens of missionaries have been sent outside Korean territory and are working in 9 countries, including Papua New Guinea, Taiwan and Hong Kong, but also in other countries in Africa and the American continent.Several events have accompanied February 26 in recent months, such as conferences, seminars and the ceremony of sending three diocesan priests as new missionaries.The ceremony, which took place on Friday, February 28, was presided over by Archbishop Peter Soon-taick Chung, who presented Joseph Yoon-sang Yoon, John Dae-yong Kim (who will travel to Taiwan), and Peter Byung-woong Oh (the latter bound for South America) with a wooden crucifix, a symbol of their commitment to the missionary path and their dedication to spreading the Gospel.“Although I feel anxious about leaving for such a distant land, I remember the words of a nun who reassured me: ‘God will be there before you, so do not worry.’ I will do my best to live joyfully alongside God, who is already here,” said Peter Byung-woong Oh. The celebration follows the solemn ceremony of the last hours, which also took place in the Cathedral of Myeongdong, during which the Apostolic Nuncio in Korea, Archbishop Giovanni Gasparri, read the message that the Pope wrote for the occasion and sent through the Cardinal Secretary of State.The Pontiff asked the missionaries to consider this important anniversary not as an end, but as “an inspiration for continued dedication to the spread of the Gospel”, overcoming the religious indifference that permeates our society in order “to proclaim the Good News effectively, even in difficult situations”.The celebration, presided over by Archbishop Jeong Soon-taek of the Archdiocese of Seoul and concelebrated by Cardinal Yeom Soo-jung and a large group of bishops and priests, was opened by a procession with the flags of the countries where the “Korea Mission Society” is present. A procession attended by representatives of the nine countries where the Korea Mission Society is present, with representatives from Papua New Guinea, Taiwan, China, Cambodia, Mozambique, the Philippines, Mexico and the United States.In his homily, Archbishop Jeong expressed his gratitude for the sacrifices and missionary work that the Society carries out, recalling that “mission is the very essence of the Church and its reason for being. Because we Christians, who have encountered God personally, do not keep God’s love locked up in our hearts”. (FB) (Agenzia Fides, 1/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI Africa: Wärtsilä Energy Joins Invest in African Energy (IAE) 2025 as Africa Pursues New Power Capacity

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

    PARIS, France, March 3, 2025/APO Group/ —

    Christoffer Ek, Director for Decarbonization Services at Wärtsilä Energy, will join the Invest in African Energy (IAE) Forum 2025 in Paris this May, bringing his expertise in sustainable energy solutions and decarbonization technologies to the forefront of Africa’s energy transition.

    Wärtsilä Energy, a global leader in smart technologies and services for the energy industry, has been at the cutting edge of decarbonizing energy systems through its innovative solutions. The company is dedicated to helping nations and organizations transition towards cleaner, more sustainable energy solutions by focusing on flexible power systems and renewable energy integration. Wärtsilä’s decarbonization strategy emphasizes the role of advanced technologies such as energy storage, hybrid power plants and renewable energy sources to reduce carbon emissions and accelerate the energy transition.

    IAE 2025 (www.Invest-Africa-Energy.com) is an exclusive forum designed to facilitate investment between African energy markets and global investors.Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Wärtsilä has been playing a key role in fueling Africa’s industrial and mining growth through power generation. In Senegal, the company was awarded a contract in September 2024 to supply engines and auxiliary equipment for a 17 MW power plant at the Boto gold mine. The company also renewed and expanded Operations & Maintenance contracts for power plants in Zambia and Madagascar last year, and signed a new maintenance agreement for two power plants in Morocco. In Nigeria, Wärtsilä secured a 10-year deal in May 2024 to operate and maintain a 50 MW captive power plant, ensuring reliable power for a cement production facility in Kogi State.

    At IAE 2025, discussions will focus on how Wärtsilä is supporting Africa’s energy transformation by providing cost-effective and scalable solutions to reduce the carbon footprint of the continent’s power generation systems. Ek’s participation will emphasize Wärtsilä’s commitment to sustainable energy innovation, addressing energy access challenges and driving economic growth in Africa while ensuring environmental responsibility.

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: “The Energy and Curiosity Here Are Truly Inspiring”: Dr. Brian Greene Visits Taj Mahal

    Source: Government of India (2)

    “The Energy and Curiosity Here Are Truly Inspiring”: Dr. Brian Greene Visits Taj Mahal

    “India Is Even More Beautiful from the Ground”: NASA Astronaut Mike Massimino on His Visit

    Posted On: 02 MAR 2025 9:44AM by PIB Delhi

    “The passion for science and innovation that I have witnessed in India is unparalleled. The energy and curiosity among students here are truly inspiring,” said Dr. Brian Greene during his visit to the Taj Mahal. Praising India’s distinctive approach to education and scientific research, he emphasized the enthusiasm and ambition of Indian students to make a global impact.

    “India is even more beautiful from the ground,” remarked former NASA astronaut Mike Massimino, who has observed the country from space. Expressing his admiration for India’s aesthetic appeal, he lauded the exceptional craftsmanship of the Taj Mahal, calling it a testament to India’s rich legacy of engineering and design.

     

    Dr. Brian Greene and Mike Massimino are currently visiting India, immersing themselves in the country’s rich scientific, educational, and cultural heritage. As part of their visit, they explored the iconic Taj Mahal, where they shared their admiration for India’s advancements in science, engineering, and craftsmanship.

    Prof. Brian Greene, a renowned theoretical physicist, author, and professor of mathematics and physics at Columbia University, is celebrated for his groundbreaking contributions to superstring theory, including the co-discovery of mirror symmetry and the discovery of spatial topology change.

     

    Mike Massimino, a veteran of two NASA space missions, holds a Ph.D. in Mechanical Engineering from the Massachusetts Institute of Technology (MIT) and currently serves as a professor of mechanical engineering at Columbia University. As the first astronaut to tweet from space, he has played a significant role in space exploration, particularly in the Hubble Space Telescope servicing missions in 2002 and 2009.

    Throughout his career, Massimino has been honored with multiple NASA Space Flight Medals, the NASA Distinguished Service Medal, and the American Astronautical Society’s Flight Achievement Award. He currently serves as the Senior Advisor for Space Programs at the Intrepid Sea, Air & Space Museum in New York City.

    Dr. Greene and Mr. Massimino’s visit to the Taj Mahal highlights India’s growing influence in the global scientific community. Their journey serves as a bridge between India’s historical excellence in craftsmanship and its rapidly advancing role in science and innovation on the world stage.

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    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2107467) Visitor Counter : 74

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah to inaugurate “Workshop on Sustainability and Circularity in Dairy Sector” in Bharat Mandapam, New Delhi on 3 March

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah to inaugurate “Workshop on Sustainability and Circularity in Dairy Sector” in Bharat Mandapam, New Delhi on 3 March

    The Workshop will witness signing of MoUs for setting up of Biogas plants in multiple states

    Sustainability, efficiency and circularity in dairy sector will lead to realization of Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’

    Workshop to discuss expansion of circular dairy practices and highlight the role of advanced technology in making dairy farming more efficient

    Posted On: 02 MAR 2025 7:29PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate the “Workshop on Sustainability and Circularity in Dairy Sector” on 3rdMarch 2025 at Bharat Mandapam, New Delhi. The Workshop will focus on policies and initiatives of Ministry of Cooperation and the Ministry of Animal Husbandry, Dairying and fisheries aimed at promoting sustainable dairy farming while ensuring economic growth with environmental responsibility. Circularity is an economic concept that focuses on the reuse, regeneration, and recycling of resources, products, and materials to make the most environmentally friendly use of available resources.

    The workshop will witness signing of Memorandums of Understanding (MoUs) for the establishment of biogas plants across multiple states, release of comprehensive guidelines aimed at promoting environmentally responsible practices in dairy farming and new financing initiatives under NDDB’s Large Scale Biogas/CBG projects and the Sustain Plus Project. The workshop will have technical sessions on sustainable manure management models which convert dairy waste into biogas, compressed biogas (CBG), and organic fertilizers.

    Experts from NDDB, industry, and global organizations will discuss ways to expand circular dairy practices, explore financing options, carbon credit opportunities, and waste-to-energy solutions, and highlight the role of advanced technology in making dairy farming more efficient. Sustainability and circularity in dairy sector along with increased efficiency will lead to realization of Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’.

    The workshop is being organized by the Department of Animal Husbandry & Dairying (DAHD), Government of India in coordination with National Dairy Development Board (NDDB). The event will bring together key dignitaries, including Union Minister for Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh, Secretary of DAHD and senior officials of ministries such as New & Renewable Energy, Forest & Climate Change, Petroleum & Natural Gas, Chemicals & Fertilizers, Jal Shakti. 

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    RK/VV/RR/PS

    (Release ID: 2107593) Visitor Counter : 37

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Modi Govt. promoting and acknowledging Grassroots Innovators for the First Time in India: Union Minister Dr. Jitendra Singh

    Source: Government of India

    Modi Govt. promoting and acknowledging Grassroots Innovators for the First Time in India: Union Minister Dr. Jitendra Singh

    Unsung Heroes Get Their Due Recognition as Padma Awards Become the ‘People’s Padma’ Under PM Modi’s Vision

    Emphasized Prime Minister Modi’s commitment to ‘Virasat Bhi aur Vikas Bhi,’ integrating India’s exclusive traditional knowledge with cutting-edge technology.

    Stressed that innovations originating in remote villages will be scaled up, ensuring equal opportunities and resources as available in urban areas.

    Breaking Barriers: Private Participation highlights Dr. Singh

    Posted On: 02 MAR 2025 6:27PM by PIB Delhi

    NEW DELHI, March 2: The Modi government is promoting and acknowledging grassroots innovators for the first time in India, said Union Minister Dr. Jitendra Singh.

    Addressing the Silver Jubilee celebration of the National Innovation Foundation (NIF) an autonomous institute under Department of Science and Technology, Government of India. of India via virtual mode, Dr. Jitendra Singh emphasized Prime Minister Modi’s commitment to ‘Virasat Bhi aur Vikas Bhi,’ integrating India’s exclusive traditional knowledge with cutting-edge technology. Dr. Jitendra Singh also released a postal stamp, followed by a Magazine titled ‘Innovation frontline’ and a coffee table book.

    Highlighting the critical role of rural innovation in India’s economy, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, Minister of State in the Prime Minister’s Office, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances, and Pensions, Dr. Jitendra Singh stressed that innovations originating in remote villages will be scaled up, ensuring equal opportunities and resources as available in urban areas.

    He applauded India’s transformation from the ‘Fragile Five’ to the ‘First Five’ and its soon-to-be fourth place in the global economy. He called for a scientific approach to harnessing underexplored sectors, including those in the rural areas, that were neglected under previous regimes.

    Dr. Jitendra Singh also recalled PM Modi’s clarion call to celebrate National Science Day with a festive fervour, as mentioned in last week’s ‘Mann Ki Baat’ program. He described it as unprecedented for a Prime Minister to extend such patronage to science and technology.

    Expressing his delight after speaking to the Padma Awardees who fostered innovation, Dr. Jitendra Singh questioned the long delay in recognizing these unsung heroes, many of whom began their work as early as the 1990s. He credited PM Modi for transforming the Padma Awards into ‘People’s Padma’ in the truest sense.

    The Minister highlighted the Micro Venture Innovation Fund (MVIF)—a pioneering initiative by NIF with SIDBI that has provided necessary risk capital to 238 innovation-based enterprise projects. Calling it a novel initiative, he debunked the myth that only elite scientists with fancy degrees can drive innovation and startups. He cited the success of the Lavender Revolution, backed by CSIR-IIIM Jammu, and the Floriculture Revolution, driven by CSIR-IHBT Palampur.

    ‘India’s Techade’ Vision: Affordable and Globally Appealing Technology, Dr. Singh reiterated that India’s technology is inherently affordable and cost-effective, making it globally appealing. Celebrating NIF’s 25-year journey, he announced that 713 patents have been granted in India and 5 in the USA, underscoring NIF’s role in fostering grassroots innovations. He also highlighted that NIF was one of the early institutions in India to host a Technology Business Incubator (TBI), now known as NIF Incubation and Entrepreneurship Council (NIFientreC). Over 25 grassroots startups and several hundred enterprises, some with ₹10+ crore annual turnover, are thriving under its support, creating rural employment opportunities.

    The S&T Minister emphasized that under PM Modi’s visionary leadership, India has unlocked the space sector for private participation. He also noted that, for the first time, the nuclear energy sector has been opened to private players, as announced in the recent budget.

    Building Viksit Bharat @ 2047 Dr. Singh called upon all innovators to contribute towards making India a ‘Viksit Bharat’ by 2047. Concluding his address, he described NIF’s 25-year journey as a testament to inclusivity, shaping India’s innovation landscape by successfully identifying, supporting, and disseminating grassroots innovations—reaching even the most remote border villages.

    “With science and technology thriving under PM Modi’s leadership, these are indeed the best times for innovation and research in India” concludes Minister Dr. Singh.

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    NKR/PSM

    (Release ID: 2107585) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Central Warehousing Corporation celebrates 69th Foundation Day

    Source: Government of India

    Posted On: 02 MAR 2025 4:28PM by PIB Delhi

    With Centre’s focus on infrastructure development, warehousing and logistics sector is seen as a key driver of economic growth: Union Food Minister Shri Pralhad Joshi

    Government of India aims to cut logistics costs with National Logistics Policy and PM Gati Shakti initiatives: Shri Joshi

    With the rapid expansion of e-commerce and the government’s focus on infrastructure development, the warehousing and logistics sector is seen as a key driver of economic growth. This was stated by Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi on the 69th Foundation Day of the Central Warehousing Corporation (CWC) today in New Delhi. Recognising its pivotal role in India’s logistics and supply chain infrastructure since its inception in 1957, he further commended the corporation’s efforts in operational efficiency, transparency, and accountability through integration of digital initiatives.

    Shri Joshi emphasised CWC’s crucial role in government initiatives such as Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA), ensuring efficient warehousing, handling, and transportation of essential commodities, including food grains, pulses, cotton, and groundnuts.

    Underlining the government’s commitment to reducing logistics costs, the Minister said, “With the launch of the National Logistics Policy (NLP) and the PM Gati Shakti Programme, we aim to bring down logistics costs from the existing 13-14% to global standards of around 8%. CWC, as a leading warehousing organization, is poised to support these objectives through modern infrastructure development and efficiency enhancements.”

    Speaking on the occasion, the Minister highlighted CWC’s transformation from a conventional warehousing entity to a dynamic logistics service provider, stating, “CWC has evolved into a symbol of efficiency, innovation, and reliability, with an extensive network of over 700 warehouses and an operational storage capacity of 148.29 lakh metric tonnes.”

    Reflecting on India’s historical legacy in warehousing, Shri Joshi remarked, “India has a rich history of storage solutions, dating back to the Indus Valley Civilization and Patliputra in the Mauryan and Gupta empires. Today, modern technology-driven warehousing has revolutionized the sector, with India’s warehousing market expected to grow at a remarkable 15% CAGR, reaching $35 billion by 2027.” The Minister acknowledged CWC’s significant contribution to infrastructure development and stated that CWC has expanded its storage capacity by an additional 21.65 lakh square feet in FY 2023-24 with a record capital expenditure of ₹613 crore. He added that its e-commerce capacity has grown twelvefold since 2021 to approximately 80 lakh square feet in 2025.

    He praised the asset monetization of CWC’s assets at 18 locations mobilizing an investment of ₹ 820 crores under the asset monetization plan. Under the Atmanirbhar Bharat Mission, CWC shall aim is to foster self-reliance by having an efficient and substantial supply chain by encouraging the private sector participation, investment in technology advancement and creating a conducive environment.

    Union Ministers of State for Consumer Affairs, Food and Public Distribution Shri B.L. Verma and Smt. Nimuben Jayantibhai Bambhaniya also graced the event.

    Both Ministers during their address reiterated CWC’s commitment towards ensuring food security of the nation by enabling seamless storage supply. Noting the decision undertaken by Hon’ble Prime Minister, Shri Narendra Modi to raise the Minimum Support Price (MSP) for all mandated Rabi crops for the 2025-26 marketing season, they underscored the government’s efforts for the welfare of farmers.

    The event commenced with a presentation on the overview of CWC performance by Shri Santosh Sinha, Managing Director, CWC. He emphasized upon the modernization of conventional warehouses in Tier-I and Tier-II cities, development of cold storage facility under PPP model and emphasizing on leveraging partnership with stakeholders. CWC has added new capacities with more than 120 lakhs sq ft capacity hired during 2024-25, storage of 70 Lakhs Cotton Bales and 1.90 crore bags of groundnut in the current season. On account of superior performance and consistent team efforts, the Corporation has been recently awarded ‘Navratna Status’ during April, 2024.

     

     

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    Abhishek Dayal/Nihi Sharma/Asmitabha Manna

    (Release ID: 2107547) Visitor Counter : 53

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Asia to dominate global CDU capacity additions through 2030, forecasts GlobalData

    Source: GlobalData

    Asia to dominate global CDU capacity additions through 2030, forecasts GlobalData

    Posted in Oil & Gas

    The global conventional refining industry is anticipated to expand considerably from 2025 to 2030, fueled by increasing energy demands from emerging markets and strategic investments in refining infrastructure. Consequently, the capacity additions of crude distillation units (CDUs) are accelerating globally, with Asia projected to lead these expansions across all regions through 2030, says GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Conventional Refineries Industry to 2030 – Capacity and Capital Expenditure Outlook with Details of All Operating and Upcoming Refineries,” reveals that Asia is likely to add CDU capacity additions of 8,874 thousand barrels per day (mbd) between 2025 and 2030, followed by the Middle East and Africa with 6,213 mbd and 5,307 mbd, respectively.

    Bhargavi Gandham, Oil and Gas Analyst at GlobalData, comments: “The increasing energy demand, driven by expanding populations and economies, especially in China, India, Pakistan, and Indonesia is anticipated to propel capacity additions in CDU across Asia.”

    India is expected to witness the highest CDU capacity additions in Asia, with 2,356 mbd capacity expected to be added by 2030. The CDU expansion project at the Vadinar refinery with a capacity of 515 mbd is the largest upcoming CDU refinery in the country in terms of capacity additions during 2025-30. It is slated to begin its operations in 2026. Other notable refineries, including Haldia III, Panipat, and Paradip, are expected to contribute significant capacity additions during the outlook period.

    GlobalData identifies China as the second highest contributor to the CDU capacity additions in Asia, approximately accounting for a quarter of the region’s capacity additions by 2030. Among the upcoming CDU projects in China, Caofeidian V leads with 401 mbd of CDU capacity to be added in 2029.

    Pakistan ranks third, contributing about 15% of the region’s total CDU capacity additions during the outlook period. The Larkana refinery leads in terms of upcoming CDU capacity with 400 mbd.

    Gandham concludes: “Several Asian nations are actively investing in the modernization and expansion of their refining infrastructure, aimed at strengthening energy security and improving refining efficiency. These initiatives are expected to drive CDU capacity additions in the region.”

    MIL OSI Economics –

  • MIL-OSI: Divestment of Energy & Marine business completed

    Source: GlobeNewswire (MIL-OSI)

    In continuation of company announcement no. 39/2024 of 1 July 2024 regarding the divestment of Alm. Brand Forsikring A/S’s Energy & Marine business to Gard Marine & Energy Insurance (Europe) AS, Alm. Brand Group is pleased to announce that the Danish Financial Supervisory Authority has approved the business transfer. The sale of the Energy & Marine business has been completed today.

    Alm. Brand Group still expects to distribute DKK 1.6 billion related to the divestment of the Energy & Marine business. This distribution is expected to take place in the form of share buyback to be initiated soon after closing of the transaction.

    Contact
    Please direct any questions regarding this announcement to:

    Investors and equity analysts:                             

    Head of IR, Rating and ESG reporting                 
    Mads Thinggaard                                                 
    Mobile no. +45 2025 5469         

    Press:                                                                                      

    Media Relations Manager
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachment

    The MIL Network –

  • MIL-OSI: NBPE Announces January Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    3 March 2025

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 January 2025 monthly NAV estimate.

    NAV Highlights (31 January 2025)

    • NAV per share was $27.10 (£21.81), a total return of 2.5% in the month, after accruing the 1H 2025 dividend
    • Approximately 78% of fair value based on private company valuation information as of Q4 2024 or based on 31 January 2025 quoted prices
    • Based on information received so far, private company valuations increased by 2.8% (measured against the NAV of all private investments) during Q4 2024 on a constant currency basis
    • NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
    • $281 million of available liquidity at 31 January 2025
    • ~21k shares repurchased during January 2025 at a weighted average discount of 29% which were accretive to NAV by <$0.01 per share
    As of 31 January 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 2.5% 2.1% 3.2%
    1.1%    		 70.1%
    11.2%    		 166.4%
    10.3%
    MSCI World TR (USD)*
    Annualised    		 3.6% 21.9% 33.4%
    10.1%    		 81.1%
    12.6%    		 186.7%
    11.1%
               
    Share price TR (GBP)*
    Annualised    		 0.2% (0.2%) 1.5%
    0.5%    		 59.3%
    9.8%    		 201.1%
    11.7%
    FTSE All-Share TR (GBP)*
    Annualised    		 5.5% 17.1% 25.5%
    7.9%    		 37.9%
    6.6%    		 87.1%
    6.5%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 31 January 2025

    NAV performance during the month driven by:

    • 3.0% NAV increase ($37 million) from the receipt of private company valuation information
    • 1.7% NAV decrease ($22 million) attributable to the 1H 2025 dividend accrual
    • 0.4% NAV decrease ($5 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.2% NAV decrease ($3 million) attributable to expense accruals
    • Immaterial impact on NAV from changes in FX

    $3 million of realisations in 2025 to date

    • $3 million of realisations received during the month of January, consisting of partial realisation proceeds

    $281 million of total liquidity at 31 January 2025

    • $71 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~21k shares repurchased in January 2025 at a weighted average discount of 29%
    • Buybacks were accretive to NAV by <$0.01 per share
    • On 19th February, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 31 January 2025 was based on the following information:

    • 6% of the portfolio was valued as of 31 January 2025
      • 6% in public securities
    • 72% of the portfolio was valued as of 31 December 2024
      • 72% in private direct investments
    • 22% of the portfolio was valued as of 30 September 2024
      • 22% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 31 January 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 74.7 5.8%
    Osaic 2019 Reverence Capital Financial Services 70.6 5.4%
    Solenis 2021 Platinum Equity Industrials 60.0 4.6%
    BeyondTrust 2018 Francisco Partners Technology / IT 50.0 3.9%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.1%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 39.2 3.0%
    Monroe Engineering 2021 AEA Investors Industrials 38.2 2.9%
    Mariner 2024 Leonard Green & Partners Financial Services 34.8 2.7%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 34.1 2.6%
    FDH Aero 2024 Audax Group Industrials 33.0 2.5%
    True Potential 2022 Cinven Financial Services 32.3 2.5%
    Staples 2017 Sycamore Partners Business Services 31.6 2.4%
    Marquee Brands 2014 Neuberger Berman Consumer 31.2 2.4%
    Auctane 2021 Thoma Bravo Technology / IT 28.8 2.2%
    Fortna 2017 THL Industrials 28.7 2.2%
    Viant 2018 JLL Partners Healthcare 27.1 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.5 2.0%
    Benecon 2024 TA Associates Healthcare 26.0 2.0%
    Agiliti 2019 THL Healthcare 25.3 1.9%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.4 1.9%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.8%
    Kroll 2020 Further Global / Stone Point Financial Services 23.6 1.8%
    USI 2017 KKR Financial Services 22.2 1.7%
    Qpark 2017 KKR Transportation 22.0 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.4 1.7%
    Exact 2019 KKR Technology / IT                            21.4 1.6%
    Bylight 2017 Sagewind Partners Technology / IT 19.5 1.5%
    AutoStore (OB.AUTO) 2019 THL Industrials 18.8 1.4%
    Total Top 30 Investments                             $975.2 75.1%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 79%
    Europe 20%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 22%
    Consumer / E-commerce 21%
    Industrials / Industrial Technology 17%
    Financial Services 16%
    Business Services 11%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 18%
    2018 15%
    2019 13%
    2020 12%
    2021 17%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.

    1Based on net asset value.

    Attachment

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. Acquires 70% Interest in and Becomes Operator of Offshore Côte D’Ivoire CI-705 Block

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that it has farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco will become operator of the block with a 70% working interest and a 100% paying interest though a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers (“km”) to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km2 and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3 million to acquire its interest in the new block which it believes has significant prospectivity.

    “We are very excited to expand our footprint offshore Côte d’Ivoire,” said George Maxwell, Vaalco’s Chief Executive Officer. “When we announced our entry into country in 2024 as a non-operating partner in the CI-40 block, we noted our excitement to be expanding our West African focus in a well-established and investment-friendly country. We believe the CI-705 block is favorably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential. Under the terms of the farm-in, we will operate the block with a 70% working interest and a 100% paying interest as we carry our partners at commercial terms through the seismic reprocessing and interpretation stages and potentially drilling up to two exploration wells. Our initial assessment is that there are both oil and natural gas prospects on the block and we plan to conduct a detailed, integrated geological analysis to assess and mature our understanding of the block’s overall prospectivity. We have demonstrated our ability to acquire, develop and enhance value with the accretive acquisitions we have executed in the past. We are also excited about the major projects that we have planned in 2025 and 2026, which are expected to deliver a step-change in organic growth across our portfolio. We are pleased to have yet another opportunity to add value and runway for Vaalco’s future.”

    Source: Vaalco Energy

    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 “forward-looking information” within the meaning of applicable Canadian securities laws. 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 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 balance sheet strength; and (vi) 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 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ca96dfc-9a1c-4e43-a010-fc63848983f2

    The MIL Network –

  • MIL-OSI: Manora Drilling Update

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 03, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the successful completion of an infill drilling campaign at the Manora field in Licence G1/48 (70% operated working interest), offshore Gulf of Thailand.

    Dr. Sean Guest, President and CEO commented:

    “Our most recent drilling at Manora has both increased oil production rates and successfully appraised additional targets which will form the basis of future infill development drilling.  While the Manora field accounts for only about 10% of our year-to-date production, it is an excellent example of the potential for Gulf of Thailand fields to add many years of economic field life through targeted ongoing activity.  In 2025 we intend to pursue a full year of drilling operations across our portfolio, aimed at continuing our proven track record of adding reserves year on year to support continued cash flow generation.” 

    Valeura drilled a five well programme, comprised of three production-oriented infill development wells and two appraisal wells.  In aggregate, the Company’s Manora field working interest share oil production before royalties has increased from 2,144 bbls/d (December 2024 average) to 2,866 bbls/d for the last 14-day period.  Additionally, the appraisal objectives of the campaign have yielded between three and five potential future drilling targets, which will be further evaluated for inclusion in a future drilling programme.

    The A34 well was drilled for infill development targets within the deep 600-series sands in the field’s eastern fault block.  The well was successful and has been completed as a multi-zone comingled producer.

    The horizontal A38 well was also drilled into the eastern fault block, with the objective of developing the shallower 300-series sands.  It was completed as a producer, with the well design incorporating an innovative downhole autonomous inflow control device (“ICD”) to manage water vs oil production.  The Company is monitoring the impact of this, and other ICDs deployed elsewhere on its fields, to optimise the application of this technology across the portfolio.

    The A36 well targeted sands across several known producing intervals in the field’s main fault block and has been completed as a multi-zone infill development well.  As is normal in many multi-zone wells, only the deepest targets are currently producing and the shallower zones will be brought on production later.

    The A35 well successfully appraised several zones of interest within the shallower 300-series sands.  While this appraisal well will not be used a producer (and accordingly has been plugged and abandoned), the results encountered have indicated the potential for three further development wells within this reservoir section, which will now be further studied and modelled for inclusion in future development drilling.

    The horizontal A37 well was drilled as a combination appraisal and development well.  The well encountered an encouraging appraisal target in the 500-series sands, which is now being matured for inclusion in a future drilling campaign.  The well’s development target, within the deeper 600-series sands was completed as a producer.

    Following completion of the Manora drilling campaign, the Company’s contracted drilling rig has mobilised to Licence B5/27 (100% operated interest) where it is currently conducting a drilling programme on the Jasmine C wellhead platform.

    For further information, please contact:  
       
    Valeura Energy Inc. (General Corporate Enquiries)                       
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com     		 +65 6373 6940
       
    Valeura Energy Inc. (Investor and Media Enquiries)                       
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com    		 +1 403 975 6752 / +44 7392 940495
       

    Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

    About the Company

    Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

    Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

    Advisory and Caution Regarding Forward-Looking Information

    Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

    Forward-looking information in this news release includes, but is not limited to, the potential for successfully appraised targets to form the basis of further infill development drilling, and the number of future drilling targets; the Company’s intention to pursue a full year of drilling operations across its portfolio in 2025; and the Company’s expectation to bring shallower zones on production later in the A36 well.  In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future. 

    Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

    Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

    The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

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

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI Economics: Personnel Changes of Executive Officers and Organizational Restructuring of Panasonic Energy

    Source: Panasonic

    Headline: Personnel Changes of Executive Officers and Organizational Restructuring of Panasonic Energy

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

  • MIL-OSI Global: Lack of justice in Indonesia’s climate plan may backfire, harming people and environment

    Source: The Conversation – Indonesia – By Wira A. Swadana, Climate Action Senior Lead, World Resources Institute

    Indonesia has developed several climate documents as pathways to curb climate change and adapt to its impacts. These impacts influence many elements of life, including displacement, the spread of infectious diseases, and even fatalities.

    Some of these documents include Enhanced Nationally Determined Contributions, Long-Term Strategy for Low Carbon and Climate Resilience 2050 (LTS-LCCR), and Low Carbon Development Indonesia (LCDI).

    As a scholar in social development and environmental policy, I conducted a descriptive analysis of more than five Indonesia’s climate documents to learn how the concept of a just transition is being integrated into Indonesia’s climate policies. My analisis reveals that the current narrative in those documents is limited to the outcomes of climate-related approaches.

    I found that these climate documents have failed to adequately address the social and environmental aspects that are fundamental to a ‘just transition’ — a global effort to combat climate change and shift towards a sustainable economy while improving the condition of people and the environment.

    Indonesia’s climate action is important because the country is home to vast tropical forests and extensive peatlands, which act as important carbon sinks. Yet, it remains one of the world’s largest emitters.

    Indonesia’s just transition is essential as it supports global efforts to mitigate climate change while ensuring that the shift is more sustainable and inclusive. Neglecting these factors in the transition can risk equity, justice, and inclusion for affected communities and ecosystems in Indonesia’s climate actions.

    The risks it posed

    So far, Indonesia’s just transition narrative concentrates mainly on the energy sector. For instance, the government’s white paper on just transition, released in September last year, centres solely on the energy aspect.

    Additionally, the use of the word just in the Just Energy Transition Partnership (JETP) — an international partnership aiming at speeding Indonesia’s renewable energy development and coal phase-out — has helped popularise the notion.

    A just transition should include broader efforts to limit and adapt to climate change, given these changes directly impact communities. Despite its increasing recognition in the energy sector, just transition remains a long way from being completely integrated into Indonesia’s climate initiatives.

    In the forestry sector, Indonesia’s strategy to apply Sustainable Forest Management (SFM) practices, which includes selective logging practices to minimise damage, may lead to the prohibition of traditional slash-and-burn farming in some areas. This threatens local communities that have long practised controlled burning as a sustainable land management method.

    Similarly, under FOLU Net Sink 2030 — Indonesia’s plan to reduce emissions from forestry and land-use — the government has introduced community forestry initiatives to improve livelihood. However, the strategy does not yet address the potential consequences for people who rely on forests for their livelihoods and cultural heritage, which could be jeopardised by by SFM practices.

    Moreover, Indonesia’s climate resilience strategies for coastal communities overlook the socio-cultural importance of fishing as a key source of income. For example, the government plans to provide business development training to assist fishing families in diversifying their income in response to extreme weather conditions. However, without acknowledging the deep cultural and economic ties these communities have to fishing, such initiatives risk being ineffective.

    The cost we bear

    The lack of justice in Indonesia’s transition agenda has backfired, with negative consequences for both people and the environment.

    For example, the energy shift demands Indonesia to exploit more of its abundant nickel resources for EV batteries, particularly in central and eastern Indonesia. To assist nickel mining and processing, the government has implemented several policies.

    While the nickel boom has helped resource-rich provinces like North Maluku and Central Sulawesi boost their economic growth, it has also had serious impacts. Indonesia’s greenhouse gas emissions climbed by 20% between 2022 and 2023, owing to the dependency on coal for nickel processing facilities.

    Beyond emissions, nickel mining has also led to deforestation and pollution, affecting local communities who rely on natural resources for their livelihoods and cultural preservation, while also harming biodiversity in mining areas.

    The expense of the nickel rush demonstrates how an unjust energy transition can exacerbate challenges faced by vulnerable communities and further degrade the environment.

    Next steps

    To integrate just transition principles effectively, Indonesia must first redefine the term ‘just transition’ within its own context. Currently, the term has not been properly incorporated into any of Indonesia’s climate-related documents.

    A clear and context-specific definition will allow Indonesia to pursue a transition that is both equitable and inclusive.

    To accomplish this, the government must engage a wide range of stakeholders in defining and planning the transition to all climate-related initiatives. This encompasses, but is not limited to, all sectors. The goal is to secure broad participation — not only from the public and private sectors, but also from local communities, vulnerable groups including women and Indigenous peoples, as well as other key actors.

    A more defined concept and well-structured plan will make it easier to implement, monitor, and evaluate the change. Simultaneously, this inclusive strategy should ensure a fair and equitable distribution of both benefits and burdens. All actors must be able to participate in decision-making and take action prior to and during the transition process.

    Indonesia must also have a robust monitoring and evaluation mechanism in place to support its climate actions. The country can learn from Scotland, which has developed a just transition framework with clear outcomes and measurable indicators while ensuring participation and continuous learning from all stakeholders.

    Drawing on insights from existing literature and reports will help Indonesia develop a framework that is well-suited to its unique context.

    Wira A. Swadana tidak bekerja, menjadi konsultan, memiliki saham, atau menerima dana dari perusahaan atau organisasi mana pun yang akan mengambil untung dari artikel ini, dan telah mengungkapkan bahwa ia tidak memiliki afiliasi selain yang telah disebut di atas.

    – ref. Lack of justice in Indonesia’s climate plan may backfire, harming people and environment – https://theconversation.com/lack-of-justice-in-indonesias-climate-plan-may-backfire-harming-people-and-environment-249246

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Union Minister of Chemicals & Fertilizers and Health & Family Welfare, Shri Jagat Prakash Nadda inaugurates the week long celebrations of Jan Aushadhi Diwas, 2025 by flagging off vehicles carrying the information about Pradhan Mantri Bhartiya Janaushadhi Pariyojana in New Delhi today

    Source: Government of India

    Union Minister of Chemicals & Fertilizers and Health & Family Welfare, Shri Jagat Prakash Nadda inaugurates the week long celebrations of Jan Aushadhi Diwas, 2025 by flagging off vehicles carrying the information about Pradhan Mantri Bhartiya Janaushadhi Pariyojana in New Delhi today

    Let us create a Jan-Andolan for Janaushdahi: Shri Jagat Prakash Nadda

    PMBJP has led to total savings of approx. Rs.30,000 crores for the citizens during the past 10 years

    Posted On: 01 MAR 2025 1:26PM by PIB Delhi

    Union Minister of Chemicals & Fertilizers and Health & Family Welfare, Shri Jagat Prakash Nadda inaugurated the weeklong celebrations of Jan Aushadhi Diwas, 2025 by flagging off the Rath (Chariot) and 10 other vehicles carrying the information about Pradhan Mantri Bhartiya Janaushadhi Pariyojana from Nirman Bhawan today. Union Minister of State for Chemicals & Fertilizers, Ms. Anupriya Patel and Secretary, Department of Pharmaceuticals, Shri Amit Agrawal were also present on the occasion.

     

    Addressing the gathering during the flag off ceremony Shri Jagat Prakash Nadda urged the citizens of the country to participate in these programs for wider awareness about this noble project of the Government so that a Jan-Andolan is created for Jan-Aushadhi.

    Ms. Anupriya Patel also addressed the gathering and gave a brief about seven days week long programs to be held across the country for celebration of 7thJan Aushadhi Diwas.

    At the initiative of the Prime Minister Shri Narendra Modi, the 7thof March is celebrated every year as “Jan Aushadhi Diwas” with a view to enhance awareness about the scheme and promote generic medicines.  As in earlier years, week-long events have been planned at various locations across the country from the 1st to the 7th of March 2025. The vehicles that have been flagged off today will disseminate the information about PMBJP in the National Capital Region (NCR).

    With an objective of making quality generic medicines available at affordable prices to all, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) was launched by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India. Under this scheme, dedicated outlets known as Jan Aushadhi Kendras (JAKs) are opened to provide generic medicines.

    As on 28.02.2025, 15000 Jan Aushadhi Kendras (JAKs) have been opened across the country. Product basket of PMBJP comprises 2047 drugs and 300 surgical equipment which are sold at retail shops at 50% to 80% cheaper than branded medicines.

    Under PMBJP, the government has set a target to open 25000 JAKs by 31st March, 2027 across the country. The target of opening 15000 JAKs by March, 2025 has already been achieved by PMBI on 31.01.2025.

    In order to cover large category of medicines, 29 Major Therapeutic Groups like Antibiotics & Anti-infectives, Anti-Cancer, Anti-Diabetics, Cardiovascular Drugs, Analgesics and Antipyretic, Anti-Allergic, Gastro-Intestinal Agents, Vitamins & Minerals, Food supplements/Nutraceuticals, Topical Medicines etc have been covered in PMBJP basket. Further, 300 Surgical Equipment & Consumable like Masks, Orthopedic Rehabilitation Products, Surgical Dressings, Syringes & Needles, Sanitary Napkins, Sutures, Diapers, Rubber Gloves, Oximeter, Rapid Antigen Test Kit, etc have also been covered under PMBJP basket.

    In the financial year i.e., 2023-24, PMBJP has made sales of Rs. 1470 Crore (at MRP) which has led to savings of approximately Rs. 7350 Cr. to the citizens. In the current financial year i.e., 2024-25, PMBJP has made sales of Rs. 1760 Crore (at MRP) till 28.02.2025. In the last 10 years, the no. of Kendras have increased by 180 times and the sales have also increased more than 200 times. In all, during the past 10 years, total savings of approximately Rs. 30,000 crores for the citizens have been possible due to this noble scheme.

     *****

    MV/AKS

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Towards a Fit and Healthy India: Combating Obesity Through Collective Action

    Source: Government of India (2)

    Posted On: 01 MAR 2025 10:41AM by PIB Delhi

    “By making small changes in our food habits, we can make our future stronger, fitter and disease-free.”

    • Prime Minister, Shri Narendra Modi

     

    Introduction

    Obesity has become a major public health challenge in India, affecting people across all age groups and increasing the risk of non-communicable diseases (NCDs) such as diabetes, heart disease, and hypertension. Driven by unhealthy diets, sedentary lifestyles, and environmental factors, obesity is rising at an alarming rate, impacting both urban and rural populations. The shift towards processed foods, reduced physical activity, and lifestyle changes has further contributed to this growing crisis.

     

    Recognizing the urgency of this issue, Prime Minister Narendra Modi, in his recent Mann Ki Baat address, emphasized the need for nationwide awareness and collective action to reduce obesity, particularly through lower edible oil consumption. He nominated prominent individuals across India to lead an awareness movement. This call for collective action highlights the importance of tackling obesity at both individual and community levels, reinforcing the need for a fitter and healthier India. The Government of India has launched several initiatives, including the Fit India Movement, NP-NCD, POSHAN Abhiyaan, Eat Right India, and Khelo India, to promote healthier lifestyles, better nutrition, and physical activity. These programs aim to encourage long-term behavioural change, ensuring a healthier future for all. As India moves towards Amrit Kaal, a whole-of-government and whole-of-society approach is being adopted to tackle obesity through policy reforms, community engagement, and regulatory measures. Strengthening public health systems, promoting sustainable food habits, and increasing awareness are key to reversing this trend and safeguarding future generations from obesity-related health risks.

    Understanding Obesity: Definition and Causes

    What is Obesity?

    According to the World Health Organization (WHO), obesity is defined as an abnormal or excessive fat accumulation that presents a risk to health. The commonly used metric to classify obesity is Body Mass Index (BMI), where a BMI of 25 or above is considered overweight, and a BMI of 30 or above is classified as obese. In India, a person is considered overweight if their Body Mass Index (BMI) is between 23.0 and 24.9 kg/m², and obese if their BMI is 25 kg/m² or higher. Morbid obesity occurs when a person’s BMI is 35 or more.

    What is BMI?

    Body Mass Index (BMI), previously known as the Quetelet index, is a simple way to check if an adult has a healthy weight. It is calculated by dividing a person’s weight in kilograms by their height in meters squared (kg/m²). To find BMI, take a person’s weight (kg) and divide it by their height (m) squared.

    Healthy BMI Range
    A normal BMI falls between 18.5 and 24.9, based on the World Health Organization (WHO) guidelines.

    Global Statistics

    The prevalence of overweight and obesity has been rising steadily among both adults and children worldwide. Between 1990 and 2022, the percentage of children and adolescents (aged 5–19 years) with obesity increased fourfold, from 2% to 8%. During the same period, the proportion of adults (aged 18 and older) with obesity more than doubled, rising from 7% to 16%.

    India’s Obesity Statistics

    • As per the National Family Health Survey (NFHS)-5 (2019-21), overall, 24% of Indian women and 23% of Indian men are overweight or obese
    • As per the NFHS-5, (2019-2021) in the category of ages 15-49 years, 6.4 % of women and 4.0 % of men, are obese.
    • There has also been an increase in the percentage of children under 5 years who are overweight (weight-for-height) from 2.1 percent in NFHS-4 (2015-16) to 3.4 percent in NFHS-5 (2019-21) at All-India level.

    Key Factors Driving the Rise of Obesity in India

    Government of India’s Strategic Framework for Obesity Prevention

    Policy Innovations and Measurable Outcomes

     

    Recognizing obesity as a critical public health concern, the Government of India has launched comprehensive, multi-pronged initiatives to prevent, manage, and reduce obesity at all levels. The interventions are strategically designed by multiple ministries to promote a holistic approach that integrates health, nutrition, physical activity, food safety, and lifestyle modifications. These efforts can be categorized under the following key intervention areas:

     

    1. Ministry of Health and Family Welfare (MoHFW) – Strengthening Public Health Responses

    1.1 National Programme for Prevention and Control of Non-Communicable Diseases (NP-NCD) 

    In India, non-communicable diseases (NCDs) cause 63% of all deaths, according to WHO’s 2018 – NCD India profile. The leading causes are cardiovascular diseases (27%), followed by chronic respiratory diseases (11%), cancers (9%), diabetes (3%), and other conditions, including obesity (13%).

    Non-communicable diseases (NCDs) such as cardiovascular diseases, cancers, diabetes, and chronic respiratory diseases are largely driven by modifiable lifestyle factors, including tobacco use, unhealthy diets, physical inactivity, and alcohol consumption. Air pollution further increases the risk. These factors contribute to obesity, high blood pressure, elevated blood sugar, and raised cholesterol levels, all of which significantly increase the likelihood of developing NCDs. Since many of these risk factors are preventable, addressing obesity and unhealthy habits can play a crucial role in reducing the burden of NCDs.

    The Department of Health and Family Welfare under the National Programme for Prevention and Control of Non-Communicable Diseases (NCDs) (NP-NCD) through the National Health Mission (NHM), aims to promote health through behaviour change by engaging communities, civil society, media, and development partners. It focuses on screening, early diagnosis, management, referral, and follow-up at all healthcare levels to ensure continuous care. The program also strengthens the capacity of healthcare providers for prevention, treatment, rehabilitation, awareness (IEC/BCC), monitoring, and research. Additionally, it enhances supply chain management for essential drugs, equipment, and logistics while ensuring effective supervision, evaluation, and nationwide implementation through a uniform ICT system.

    Mortality due to Non Communicable Diseases in India

    Key Components

    • Facilities Established Under NPCDCS – 682 District NCD Clinics, 191 District Cardiac Care Units, 5,408 CHC NCD Clinics. 
    • Preventive Care & Awareness – Implemented through Ayushman Bharat HWCs with wellness activities & community outreach.

    2. Ministry of AYUSH: Promoting Traditional & Holistic Wellness Practices

    The Ministry of Ayush has implemented several initiatives to address obesity and promote effective weight management through Ayurveda:

     

    1. Specialized Ayurvedic Care: The All India Institute of Ayurveda (AIIA) in New Delhi offers specialized treatments for obesity and related lifestyle disorders. These treatments combine Panchakarma therapies, Ayurvedic medications, personalized dietary guidelines, and yoga therapy. To date, approximately 45,000 patients with diabetes and metabolic disorders have benefited from these services.

     

    1. Research and Evidence Generation: The Central Council for Research in Ayurvedic Sciences (CCRAS) conducts research to validate the safety and efficacy of Ayurvedic interventions for lifestyle disorders, including obesity. Studies have demonstrated that practices such as Dincharya (daily regimen), Ritucharya (seasonal regimen), Ahara (dietary guidelines), and Yoga are effective in maintaining overall health and preventing conditions like obesity.
    2. Ayurswasthya Yojana: This Central Sector Scheme, operational since FY 2021-22, includes the ‘Ayush and Public Health’ component aimed at promoting AYUSH interventions in community healthcare. The scheme supports projects focused on managing lifestyle disorders and non-communicable diseases (NCDs), with 11 projects currently addressing issues such as obesity, diabetes, hypertension, and osteoporosis.
    3. Collaborative Research Efforts: The Ministry has partnered with the Council of Scientific and Industrial Research (CSIR) to enhance scientific research in Ayurveda. This collaboration focuses on developing and implementing research programs that integrate traditional Ayurvedic knowledge with modern science, particularly in managing lifestyle disorders like obesity.

    Through these comprehensive measures, the Ministry of Ayush is actively contributing to the prevention and management of obesity, promoting a holistic approach to health and well-being.

     

    3. Ministry of Women and Child Development:

    POSHAN Abhiyaan : Preventing Childhood Obesity

     

    POSHAN Abhiyaan, launched on 8th March 2018, is the Government of India’s flagship initiative for holistic nourishment. It aims to improve nutritional outcomes for children, adolescent girls, pregnant women, and lactating mothers by fostering a convergent ecosystem that enhances nutrition content, delivery, and awareness to combat malnutrition and promote overall wellness.

     

     

    Key Components of POSHAN Abhiyaan & Poshan 2.0

     

    POSHAN Abhiyaan adopts a holistic approach to tackle malnutrition through technology-driven monitoring, multi-ministerial collaboration, and community engagement under the Jan Andolan Movement. It promotes Poshan Vatikas (Nutri-Gardens) for homegrown nutrition, strengthens Anganwadi services and adolescent health under Mission Saksham Anganwadi & Poshan 2.0 (2021), and integrates AYUSH-based wellness practices. The program emphasizes maternal and child nutrition, dietary diversity, and food fortification, encouraging millet consumption and nutrient-rich diets to combat anemia and deficiencies.

     

    4. Ministry of Youth Affairs and Sports: Fostering a Culture of Physical Fitness

    4.1 Fit India Movement: A Mass Fitness Revolution 

    • Launched by PM Narendra Modi in 2019, the Fit India Movement promotes active lifestyles and encourages individuals to incorporate fitness into daily routines.
    • Key Components:
      • Fit India School Certification for schools incorporating physical activity in their curriculum.
      • Fit India Sundays on Cycle initiative promoting cycling and walking in urban spaces 

    Dr. Mansukh Mandaviya, Union Minister of Youth Affairs and Sports, inaugurated the ‘Fit India Cycling Drive’

    • Community-led fitness programs such as mass yoga sessions, running clubs, and workplace fitness challenges.

    4.2 Khelo India Programme: Building an Active Generation

    The Khelo India – National Programme for Development of Sports was launched in 2016-17 to promote sports participation at all levels, from schools to elite competitions, by fostering a culture of athletic excellence across the country. It focuses on providing top-notch training and world-class infrastructure to young athletes, ensuring they receive the necessary resources to excel in their respective sports. The scheme ensures equal sports opportunities across rural and urban India.

     

    Major Achievements:

    5. Food Safety and Standards Authority of India (FSSAI): Regulating Food for Public Health

    5.1 Eat Right India Movement (FSSAI): Reforming Food Choices for a Healthier Future 

    The Eat Right India movement, initiated by the Food Safety and Standards Authority of India (FSSAI), encompasses several key initiatives aimed at ensuring safe, healthy, and sustainable food for all. Below are the primary initiatives:

    Key Initiatives of Eat Right India

     

    Supply-Side Initiatives:

    • Food Safety Training and Certification (FoSTaC): The Food Safety Training and Certification (FoSTaC) certificate is issued by FSSAI, certifying food safety supervisors in every food business.
    • Certification Programs: Ensures hygiene in street food hubs, markets, stations, and places of worship.
    • Hygiene Rating: Rates restaurants, catering services, sweet shops, and meat vendors on hygiene standards.

     

    Demand-Side Initiatives:

    • Consumer Awareness: Promotes food safety through Eat Right Campus & Eat Right School programs.
    • Adulteration Detection: Provides DART Book & Magic Box for home and school food testing.

     

    Food Safety DART Book – The Detect Adulteration with Rapid Test (DART) booklet provides over 50 easy household tests to detect food adulteration using simple solutions. Freely downloadable for public awareness, it cannot be used for commercial purposes or imply FSSAI endorsement.

     

    Food Safety Magic Box – FSSAI’s Food Safety Magic Box-Companion Book is a learning tool for schools, teachers, and parents, featuring 102 simple tests to detect food adulterants, along with a companion guidebook.

     

             FOOD SAFETY-MAGIC BOX                                    FOOD SAFETY – DART BOOK

     

    • Mobile Testing: Deploys Food Safety on Wheels for remote-area testing & training.
    • Food Fortification: Promotes fortified staples to tackle micronutrient deficiencies.

    The Food Safety & Standards Authority of India (FSSAI) plays a pivotal role in guiding public dietary choices and regulating food safety standards to combat obesity and lifestyle-related diseases.

    5.2 Nationwide Awareness Campaign – ‘Aaj Se Thoda Kam’
    To encourage healthier eating habits, FSSAI launched the ‘Aaj Se Thoda Kam’ campaign, urging consumers to gradually reduce their intake of fat, sugar, and salt. This multimedia campaign includes:

    • Short educational videos with subtitles in 12 languages to reach a diverse audience.
      1. Flyers, banners, and audio clips reinforcing the message of mindful eating.
      2. A dedicated ‘Eat Right India’ website, offering valuable resources for making informed dietary changes.

     

     

    5.3 Regulating High Fat, Salt, and Sugar (HFSS) Foods
    FSSAI, in collaboration with the ICMR-National Institute of Nutrition (NIN), has recommended mandatory labeling of High Fat, Salt, and Sugar (HFSS) foods. This initiative aims to:

    1. Ensure clear front-of-pack labeling on ready-to-eat foods.
    2. Help consumers make informed choices and moderate their intake of unhealthy foods.

    5.4 Multi-Platform Public Awareness Initiatives
    The Government, with FSSAI’s leadership, has been actively spreading awareness through:

    a. Print, electronic, and social media campaigns educating the public on healthier food choices.

    b. Integration with the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS), which supports state-level awareness activities on obesity prevention and healthy living.

    5.5 RUCO Initiative

    FSSAI’s RUCO (Repurpose Used Cooking Oil) initiative ensures that used cooking oil is not re-entered into the food chain but is safely repurposed. When oil is repeatedly used for frying, harmful Total Polar Compounds (TPC) form, increasing the risk of diseases like hypertension, atherosclerosis, and liver disorders. To protect public health, FSSAI has set a 25% TPC limit beyond which oil must not be used. Under the EEE Strategy (Education, Enforcement, Ecosystem), used cooking oil is collected by aggregators from food businesses and redirected for biodiesel or soap production, promoting health, energy security, and environmental sustainability.  

    Conclusion

     

    Obesity is a pressing public health challenge in India, but the nation is actively addressing it through a comprehensive, multi-sectoral approach. Under the leadership of Prime Minister Narendra Modi, the Government of India has launched strategic interventions integrating health, nutrition, fitness, and regulatory measures. Initiatives such as the Fit India Movement, NP-NCD, POSHAN Abhiyaan, Eat Right India, and Khelo India are fostering a culture of health consciousness, preventive care, and active living. As India moves towards Amrit Kaal, the vision of a Fit and Healthy India is becoming a reality. With sustained commitment, cross-sector collaboration, and active citizen participation, the country is well-positioned to reverse obesity trends and safeguard future generations. By prioritizing awareness, lifestyle changes, and policy-driven action, India can set a global example in tackling obesity—building a nation that thrives on wellness, vitality, and holistic well-being.

     

    References

    · https://pib.gov.in/PressReleseDetailm.aspx?PRID=2105618&reg=3&lang=1

    · https://www.who.int/health-topics/obesity#tab=tab_1

    · https://www.who.int/europe/news-room/fact-sheets/item/a-healthy-lifestyle—who-recommendations#:~:text=Note.,osteoarthritis%2C%20some%20cancers%20and%20diabetes.

    · https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1823047

    · https://sansad.in/getFile/loksabhaquestions/annex/1712/AU3780.pdf?source=pqals – LOK SABHA UNSTARRED QUESTION NO. 3780

    · https://ncdc.mohfw.gov.in/wp-content/uploads/2024/11/Obesity-English.pdf

    · https://mohfw.gov.in/sites/default/files/NP-NCD%20Operational%20Guidelines_0.pdf

    · https://pib.gov.in/PressReleasePage.aspx?PRID=1812388

    · https://sansad.in/getFile/annex/267/AU168_aJuwFy.pdf?source=pqars – RAJYA SABHA UNSTARRED QUESTION NO. 168

    · https://x.com/moayush/status/1771778688310210809/photo/1

    · https://www.mygov.in/campaigns/poshan-abhiyaan-2024/

    · https://x.com/PIBWCD/status/1702599507563946219

    · https://pib.gov.in/PressReleasePage.aspx?PRID=1910409

    · https://fitindia.gov.in/

    · https://fitindia.gov.in/fit-india-school-registration

    · https://pib.gov.in/PressReleasePage.aspx?PRID=2105644

    · https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2085581

    · https://pib.gov.in/PressReleasePage.aspx?PRID=2078544

    · https://x.com/kheloindia/header_photo

    · https://pib.gov.in/PressReleasePage.aspx?PRID=1740750

    · https://eatrightindia.gov.in/eri-initiatives.jsp

    · https://foodsafetystandard.in/eat-right-india/

    · https://eatrightindia.gov.in/eri-initiatives.jsp

    · https://foodsafetystandard.in/eat-right-india/

    · https://www.fssai.gov.in/book-details.php?bkid=363

    · https://www.fssai.gov.in/book-details.php?bkid=346

    · https://eatrightindia.gov.in/eatrightschool/assets/resource/file/fs_magicbox.pdf

    · https://eatrightindia.gov.in/EatRightIndia/images/gallery/books/aaj_se_thoda_kam.jpg

    · https://westregion.fssai.gov.in/RUCO.php

    · https://eatrightindia.gov.in/ruco/

    Click here to download PDF

    ******

    Santosh Kumar/ Ritu Kataria / Vatsla Srivastava

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Allens advises Zenith on $1.9 billion refinancing

    Source: Allens Insights

    Allens has advised Zenith Energy on its $1.9 billion refinancing and increase to its existing bank debt facilities, providing more than $1 billion in growth capital to support the development of new projects.

    The refinancing, backed by a syndicate of 14 Australian and international lenders, provides growth funding to support Zenith’s financial capacity as it expands its role in delivering renewable and hybrid power solutions. A portion of the transaction includes green loan facilities structured under Zenith’s Green Finance Framework, aligning with the Asia Pacific Loan Market Association’s Green Loan Principles.

    ‘We congratulate Zenith and the financiers on this significant transaction, which supports Zenith’s ability to capitalise on the opportunities of the energy transition. This refinancing highlights the strong market confidence in Zenith’s strategy and the role it plays in enabling decarbonisation in the resources sector. We are very pleased to continue our long standing relation with Zenith and to be able to support it into the future,’ said partner Rod Aldus.

    Allens legal team

    Banking & Finance

    Rod Aldus (Partner), Michael Ryan (Partner), Tania Joppich (Senior Associate), Bronte Barber (Lawyer)

    MIL OSI News –

  • MIL-OSI Economics: African Development Bank reiterates commitment to bold action on energy and climate finance at 2025 Finance in Common Summit

    Source: African Development Bank Group

    Energy access and sustainable finance took center stage at the 2025 Finance in Common Summit, where two roundtable discussions addressed critical financing gaps and highlighted pathways to achieving universal energy access in Africa. 

    During the discussions, the African Development Bank reiterated its commitment to unlocking investment for Africa’s energy future and scaling climate financing as part of its recently-launch Mission 300 initiative, in anticipation of COP30.

    With 600 million people in Sub-Saharan Africa still without electricity, the urgency of addressing energy access cannot be overstated. The first roundtable convened Local Finance Institutions (LFIs), national and local governments, utilities, and private sector leaders to explore solutions to financing constraints. Participants shared best practices, tackled investment bottlenecks, and discussed innovative de-risking mechanisms for energy projects.

    “LFIs are the lifeblood of our economies, possessing a unique understanding of local contexts, needs, and opportunities,” noted African Development Bank Vice President, Nnenna Nwabufo, who moderated the session. “They are essential for mobilizing the necessary capital, fostering local entrepreneurship, and scaling sustainable energy projects.”

    While significant progress has been made in expanding energy access across Africa, major challenges remain. In January 2025, the Mission 300 Energy Summit generated strong political momentum, with 48 African Heads of State committing to accelerating policy reforms, and 12 countries presenting National Energy Compacts outlining clear targets for energy access.

    Backed by the World Bank, the African Development Bank and other development partners, Mission 300  aims to provide  300 million Africans with electricity access by 2030. “This ambitious goal is within reach, but it demands concerted action, innovative financing solutions, and strong partnerships,” emphasized Nwabufo.

    However, financing remains a major bottleneck, particularly for last-mile connectivity and off-grid solutions. Public development banks and local finance institutions play a pivotal role in mobilizing the estimated $170 billion needed to achieve universal access. “Traditional financing models often fall short in meeting the specific needs of local communities and small-scale energy projects…this is where LFIs, with their local expertise, can make a transformative difference,” Nwabufo added.

    Private funds such as the Gaia Energy Impact, a venture capital firm dedicated to renewable energy, are crucial for financing early-stage innovation and making projects investment-ready to attract more capital. “However, de-risking tools provided by public institutions, such as concessional funding, blended finance and guarantees, play a major role in leveraging private capital,” explained Hélène Demaegdt, President and Founder, of the impact fund.

    A united vision for the future of energy access

    The second roundtable shifted focus to Latin America and the Caribbean (LAC), where development banks have been at the forefront of climate finance. Experts from sovereign wealth funds, vertical funds, and private investors joined key institutional players to explore pathways for scaling sustainable financing.

    With COP30 on the horizon, panelists emphasized the importance of a robust taxonomy to attract global capital. Brazil’s pioneering efforts—through initiatives like the Brazil Climate and Ecological Transformation Investment Platform (BIP) and Eco Invest Brazil—served as a model for emerging markets.

    “As we move to COP30 we are committed to doubling down on looking at all sources of revenues and pulling all levers,” said Tatiana Rosito, Secretary for International Affairs for Brazil’s Ministry of Finance.

    Discussions reinforced the necessity of blended finance models, philanthropic support, and sovereign wealth funds to bridge the climate adaptation and mitigation financing gap. The session set the stage for deeper engagements leading up to COP30, ensuring that emerging markets secure the capital needed for a just energy transition.

    “COP30 will be a defining moment for Africa and the world. We cannot afford another cycle of pledges without action,” insisted Nwabufo.

    “This needs to be an accountability COP,” echoed Mafalda Duarte, Executive Director of the Green Climate Fund. “We need less big announcements but more giving a sense of trust and confidence that we will focus deliberately on critical partnerships, implementation and results.”

    Duarte also emphasized the need to broaden the investor base beyond multilateral development banks. “We know that the private investors are not doing as much as they could and should, so should be included as part of a more integrated narrative.”

    “We must demonstrate that finance will not remain a barrier to Africa’s sustainable future but a catalyst for shared prosperity. It is not just about securing financing for Africa’s climate goals; it is about demonstrating that investing in Africa’s climate resilience is smart economics, benefitting both Africa and the global economy,” Nwabufo affirmed.

    MIL OSI Economics –

  • MIL-OSI Australia: Australia’s energy transition: capitalising on global investment shifts post-US election

    Source: Allens Insights

    An increasingly complex global environment 13 min read

    Within hours of his inauguration on 20 January 2025, President Trump signed almost 100 executive orders and issued several memorandums and announcements. These included a wind-back of the Inflation Reduction Act (the IRA), withdrawal from The Paris Agreement, halting approvals for new offshore wind farm projects, fast-tracking approval processes for fossil fuels and implementing tariffs on Canada, China and Mexico, some of which were subsequently paused.

    It is early days, so there is limited evidence as to whether this will result in a meaningful change to actual investment allocations in sectors such as renewable energy, but it certainly demonstrates that the global investment environment is becoming increasingly complex, and we believe there is potential for some portion of capital to be redirected away from the US.

    While a potential global reallocation of debt and equity capital and other key energy transition resources such as labour and equipment may be advantageous for a number of countries, the extent to which Australia will be able to capitalise on these opportunities will be tested by the many existing challenges that remain and need to be solved.

    In this Insight, we reflect on the potential consequences of recent policy changes in the US following the re-election of the Trump administration and how this may impact the energy transition in Australia.

    Key takeaways

    • The winding back of the Inflation Reduction Act and other renewables policies under the new US administration may lead to a global redirection of capital away from the US to other jurisdictions, with the reallocation of key resources such as labour and materials easing global supply chain pressures in some pockets.
    • Features specific to Australia’s clean energy market, including our debt and equity markets, and supportive legislative environment may be attractive to certain classes of investors seeking to reallocate capital that was previously earmarked for the US.
    • Similarly, certain local projects experiencing challenges with labour and materials shortages will welcome the potential redistribution and freeing up of such resources.
    • However, the upcoming federal election adds uncertainty to the future direction of Australia’s clean energy policy. Anti-ESG sentiment, fuelled by the renewed emphasis of this theme from the US, may have a further chilling effect on investor confidence.
    • In addition to political uncertainties, Australia’s energy transition continues to face domestic challenges such as approval and connection delays, skilled labour and materials shortages (which are not easily solved even if there is a global redistribution of such resources), and a slow transmission infrastructure build-out. These challenges need to be addressed to fully attract inbound capital.
    • While recognising the very real ongoing local challenges, on the global stage Australia will still be viewed as an attractive investment destination for renewable energy, including relative to the US and parts of Europe. The competitive advantages that are specific to the Australian renewables sector will help Australia compete for the redirection of global capital flows.

    Recent policy changes in the US

    The new US administration has wasted no time in implementing executive orders with the intention of sending policy signals and directing investment in the energy industry in the US in the short to medium term. While the policy situation in the US continues to change on a daily basis, key policies and actions that are expected to directly curb investment in the renewable energy industry in the US are:

    Winding back of the IRA

    Trump’s ‘Unleashing American Energy’ executive order pauses the disbursement of funds allocated under the IRA. This will have direct impacts on existing and planned energy transition projects, including Australian investment into the US in areas such as hydrogen.

    While the IRA is not expected to be fully repealed given a number of projects benefiting from the IRA are in Republican states, the change in stance under the new administration certainly represents a significant shift in direction, given that—up until the commencement of the new administration—the IRA was widely promoted as the single biggest climate investment in US history, with more than US$369 billion of government spending earmarked for energy transition projects, including a vast range of renewable energy technologies. Indeed, it is estimated that as at January 2025, the IRA in its previous form had attracted nearly US$500 billion of investment in low carbon energy and domestic manufacturing, with private investment exceeding public spending by five to six fold.1

    Offshore wind ban

    The withdrawal by President Trump of the Offshore Continental Shelf (OCS) from wind energy leasing is anticipated to create major hurdles for the offshore wind industry in the US. The terms of the withdrawal will mean new offshore wind projects are unlikely to get off the ground, as they will not be able to get leases on the OCS. Projects with existing leases may also be at risk of review, which may result in revisions to the sizing of such leases, or even their cancellation.

    Drill, baby drill

    Trump’s energy strategy pivots away from the clean energy initiatives under the Biden administration towards a prioritisation of oil and gas. Through a number of executive orders, President Trump has decreased regulatory roadblocks to new oil and gas projects, expanded the areas in which hydrocarbon exploration can take place, restarted approval processes for LNG export projects and initiated a renewed push for the adoption of fracking across the US mainland.

    As a result, the US will immediately become a more attractive destination for oil and gas companies to deploy capital and develop new projects. This is in distinct contrast to the Australian investment landscape. Despite the change in the discourse relating to gas that we’ve seen over the past few years, with both the federal and various state governments now publicly calling out the role of gas as an important part of the energy transition, new projects are still facing long delays in securing approvals and opposition from community groups.

    Anti-ESG investment sentiment

    All of these and many other actions and policies under the new US administration have contributed to a further rise in anti-ESG investment sentiment. Globally, and in part as a possible reaction to that sentiment, we have seen major financial institutions and asset managers pulling back from public net zero and other climate-related commitments.

    Australia’s clean energy investment landscape

    Australia’s clean energy landscape is likely to be influenced by a number of global shifts arising from key US policy changes, including the global reallocation of debt and equity capital, disruption and redistribution of supply chains, key materials and labour, and a changing political environment and public sentiment.

    While these shifts may, in some respects, be positive for Australian clean energy projects and investment, our energy transition continues to face significant challenges. The impact on energy policy following a possible change in federal government is significant, with uncertainty around whether a number of the key initiatives pursued over the past few years will continue. These include the Rewiring the Nation initiative, which funds the construction of new transmission infrastructure, and the offshore wind industry which is underpinned by federal legislation. Of course, there is then the issue of the Coalition’s nuclear policy and how this might impact the direction of the energy market in Australia.

    In addition to this sovereign risk, Australia continues to grapple with significant approval delays and transmission connection issues for energy transition projects, preventing developers from fully capitalising on the opportunity to attract capital. We will cover these issues in more detail in future Insights in this series.

    Many of the orders and policies under the Trump administration are expected to:

    • present significant hurdles for new projects in the US (particularly in the renewable energy sector and generation projects both onshore and offshore);
    • create or exacerbate delays and challenges for certain existing US projects, some of which may be shelved or abandoned completely; and
    • increase political and social complexity and scrutiny of investment policies that are explicitly linked to decarbonisation or climate-related targets.

    In particular, the winding back of the IRA is expected to result in capital of up to US$80 billion being diverted away from the US.2 Should this eventuate, a huge global reallocation of capital can be expected to occur, potentially creating new opportunities for certain segments and projects in the Australian energy sector.

    Emerging technologies and non-traditional revenue structures

    While Australia benefits from a mature, sophisticated and liquid project finance market, for certain clean energy projects, such as those involving newer and emerging technologies or non-traditional revenue profiles (like hydrogen, batteries and other storage assets), there is often a need for support from a range of traditional and non-traditional funding sources. These can include government lender support or private debt providers who may be willing to provide greater flexibility in their terms for certain projects that are higher up the risk curve given their different investment mandates and risk appetite.

    The capital expected to ‘free up’ as a result of a more challenging investment environment in the US will come from a wide range of sources, including commercial banks, private debt lenders and funds. With strong existing liquidity in the Australian project finance bank debt market, we see opportunities for non-traditional lenders, particularly private debt lenders who may be looking to reallocate their investment, to increase their participation in the Australian energy market, especially on projects involving emerging technologies or with non-traditional revenue profiles. We may see more of those types of lenders providing standalone funding or supplementing and sitting alongside traditional bank debt and government funding on certain clean energy projects.

    This activity may be facilitated by other current features of the Australian market, such as the RBA recently starting a gradual easing cycle on interest rates, as well as industry-specific features that support new project development and funding, such as legislated emissions reduction targets, and government-led funding and revenue underwriting initiatives, at both a federal and state level, such as the Commonwealth Capacity Investment Scheme and NSW’s Electricity Infrastructure Roadmap for renewable energy zones and Long Term Energy Services Agreements. It remains to be seen what effect the Australian election outcome may have on federal energy policy, and we have already seen a shift in Queensland in terms of government support for energy transition-related targets and projects.

    M&A activity and expansion of energy platform investment

    On the equity side, for similar reasons noted earlier, we anticipate that Australia should be viewed as a relatively attractive jurisdiction for increased investment from equity investors who may be pulling back their investment allocations in projects in the US. In the Australian context, potential increased equity interest from investors looking for scale and diversification may further drive the proliferation of energy platforms and portfolios. This is a major trend that has proven to be highly attractive and viable for sponsors in the local market across the past 12-24 months, leading to a number of platforms and portfolios becoming available in the pipeline and seeking to be connected with equity and debt capital providers. Investors with more specific asset or technology-based mandates may also look to increase their investment in sectors that have proven to be increasingly bankable, such as the utility-scale batteries sector or, depending on their investment mandate, sectors involving more emerging technologies.

    The extent to which these potential opportunities will result in a net benefit for Australia will be tested by a number of existing sector challenges. These include political uncertainty and a possible pullback by certain investors from the sector generally in the context of heightened scrutiny from stakeholders around ‘environmental agendas’. We have also seen a retreat by certain investors from some technologies such as utility-scale solar, and there are, of course, the pain points with permitting, connection, access and social licence affecting all projects. All of these factors lessen competition for assets, placing downward pressure on returns and presenting issues for Australia as an investment destination for capital seeking a home.

    The significant hurdles, delays and other challenges for renewable energy projects in the US, combined with more general measures such as tariffs, leading to potential trade wars, are expected to significantly disrupt supply chains, key materials and labour. Looking at some of Australia’s existing challenges under these themes, we anticipate that there may be upside for certain segments of the clean energy industry.

    Labour and supply chain opportunities

    The redistribution of resources such as labour and equipment that is no longer required for projects in the US may present opportunities for Australian projects such as solar, wind and storage, as well as facilitating the buildout of transmission infrastructure. Shortages in skilled labour and materials have been a key hurdle facing Australia’s ambitious pipeline of energy development projects and transmission infrastructure buildout. Key equipment and components for energy projects are in high demand globally. Production slots for these items can be booked out years in advance and prices have continually been increasing. Program timing for these large-scale projects is critical, with delays resulting in projects losing their position in the queue for both key components and grid access, which is contributing to cost overruns and blowouts.

    While there is no easy solution to existing supply chain problems, we expect that a redistribution of supply of material, transportation and labour resources away from the US may provide some assistance with overcoming these challenges.

    Offshore wind sector

    The sweeping actions taken by the Trump administration raise serious concerns for the offshore wind industry in the US. From a global perspective, it will mean a huge volume of such development projects may be withdrawn from the US or delayed for some time. In addition to the associated equity and debt investment that will no longer be deployed for those projects and will therefore need to be reallocated, this also means key resources such as contractors, suppliers and operators, as well as key materials, transportation and components, which were previously committed to that project pipeline, will become available globally. The freeing up of some of these resources may assist to address existing shortages in the Australian offshore industry.

    This redistribution presents opportunities for Australia, in particular when we consider some of the current regulatory and policy settings already in place for our offshore wind industry. While still in its early stages, the federal and Victorian governments have been at the forefront of developing an offshore wind market in Australia, with the introduction of an offshore electricity licensing framework at a federal level and a clear policy direction from the Victorian Government outlining its offshore wind targets.

    That said, the offshore wind industry in Australia is still very much in its infancy, and the progress that has been made under current Labor governments at the state level is at risk of being paused or wound back should we see a change of federal government at the upcoming election.

    The substantial shift in stance that the new US administration has taken on energy policy has heightened criticism of energy investment from certain political and social voices and, relatedly, has contributed to a general anti-ESG and anti-woke narrative.

    This increases the complexity of the investment environment surrounding the energy sector globally. In Australia, we see this potentially amplifying certain political and social licence challenges, but will not necessarily be a significant detractor from opportunities for the energy transition in Australia given that, as an investment destination, it remains attractive relative to other parts of the world.

    Emboldening political and community challengers

    We expect to see key planning and environment approvals required under federal and state legislation remaining a challenge for developers, both in terms of delays in securing those approvals and increasingly stringent assessment requirements and conditions once those approvals have been obtained.

    This may be exacerbated depending on the outcome of the upcoming federal election this year. The Coalition has taken a considerably stronger stance against renewables generally, and this may be further fuelled by the renewed emphasis on anti-ESG investing and anti-woke sentiment from the US. For example, we have seen the federal opposition’s recent announcement of its intention to revoke the Southern Ocean Offshore Wind Zone if elected, criticism from federal opposition leader, Peter Dutton, of ‘woke’ bankers who refuse lending to certain sectors on environmental grounds and a promise that, if elected, the opposition would unwind emissions reporting rules that came into effect on 1 January.

    Similarly, we may see community opposition and social licence challengers emboldened by that anti-ESG and anti-woke narrative. In the context of the build-out of generation and transmission projects, this may result in even more protracted stakeholder consultation and negotiations with underlying tenure owners, as well as legal challenges to approved and operating projects.

    Green lending and investment policies

    There is increased complexity and uncertainty around ESG investment and, as part of that, renewable energy investment. As discussed earlier, the political climate in the US has contributed to this and that climate is potentially emboldening certain local political players to more explicitly support policies that curb renewables investment. It may be that we see Australian businesses feeling pressure to follow what we have seen globally in terms of businesses withdrawing or distancing themselves from explicit climate-related commitments. However, we see limited evidence and rationale that this alone will drive a substantive diversion of capital away from the renewables sector, especially where the investment case for projects is commercially and scientifically compelling.

    Further, while we have seen certain anti-woke and anti-ESG sentiment echoed in Australia and specifically in the renewable sector, this has not been at the same level of intensity as in the US and so, from that perspective, it is another consideration for investors who are seeking to redeploy capital that was previously committed to US renewables projects, when assessing Australia as a relatively appealing destination.

    That said, shifts in sentiment against ESG agendas will certainly add to the already growing scrutiny from corporate, political and community stakeholders, and this may become more pronounced should there be a change of government at the next election. Against this backdrop, to ensure the Australian renewables sector can capitalise on the potential opportunities presented by the global reallocation of capital and resources, it has never been more important to demonstrate a compelling investment case to equity and debt investors. Crucially, this will involve continued work to overcome the many industry, community and project-level hurdles in the sector.

    Looking to the future

    Despite these local challenges, there remain many reasons why Australia should still be viewed as an attractive investment destination for renewable energy. The advantages Australia has in terms of its stable legal and political system (including bipartisan support for 2050 net zero targets and significant government support for industry at both state and federal level) and its vast, high quality renewable energy sources will continue to bolster Australia’s ability to compete for global capital flows.

    MIL OSI News –