Category: Energy

MIL-OSI: Crown LNG Signs Gas Sales MOU with India Gas Exchange

Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (Nasdaq: CGBS) (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, announced today the execution of a Memorandum of Understanding (MOU) with the India Gas Exchange Ltd. (“IGX”), India’s first automated national level trading platform. The MOU outlines how Crown and IGX plan to cooperate on liquefied natural gas (“LNG”) sales to pipeline customers downstream from Crown’s planned LNG import terminal in Kakinada, India.

The signing ceremony on the sidelines of India Energy Week 2025 in New Delhi included Swapan Kataria, CEO of Crown LNG, and Rajesh Kumar Mediratta, Managing Director & CEO of IGX, and was witnessed by The Honorable Member of Parliament from Kakinada Shri Tangella Uday Srinivas, an advocate for building infrastructure to empower millions of households and to improve the development of new industries in Andhra Pradesh, including data centers requiring uninterrupted 24/7 power supply.

The non-binding MOU provides a framework for LNG cargoes traveling through Crown’s regasification terminal to be listed, marketed, and sold on the IGX. Under the agreement, IGX will drive market awareness through workshops and industry engagement initiatives, encouraging wider participation in gas trading. Crown LNG will collaborate closely with IGX on LNG cargo arrivals and sales, ensuring a stable and efficient supply chain. Together, they aim to unlock new opportunities in India’s energy sector and reinforce the role of natural gas as a key driver of sustainable economic growth. Both organizations will explore further areas of cooperation to accelerate India’s 15% gas-based economy target by 2030, as envisioned by Prime Minister Narendra Modi.

“This collaboration will offer Crown a unique position to sell gas to a large base of producers, traders, and offtakers throughout India,” said Swapan Kataria, Crown LNG CEO. “We believe this agreement is the first of several that will address the lack of supply for the eastern coast of the fourth largest LNG importer in the world. Together with IGX and our growing network of trusted local partners, we are excited to strengthen India’s energy security and to help make natural gas more accessible to industries and micro-enterprises across India.”

The Kakinada terminal has received an approved total import capacity of 7.2 MMTPA. Crown expects to achieve final investment decision for the project in 2026 and to deliver first gas in 2029.

About Crown LNG Holdings Limited
Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.

Forward-Looking Information and Statements

Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of Crown’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Crown. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Crown LNG Contacts

Investors
Caldwell Bailey
ICR, Inc.
CrownLNGIR@icrinc.com

Media
Zach Gorin
ICR, Inc.
CrownLNGPR@icrinc.com

The MIL Network –

February 19, 2025

MIL-OSI: Franklin Electric Reports Fourth Quarter 2024 and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Highlights

Consolidated net sales of $485.7 million, an increase of 3% to the prior year
Energy Systems and Distribution net sales increased 5% and 6%, respectively, while Water Systems net sales were flat
Operating income was $43.0 million with operating margin of 8.9%
GAAP fully diluted earnings per share (EPS) was $0.72

Full Year 2024 Highlights

Consolidated net sales of $2.0 billion, a decrease of 2% to the prior year
Distribution net sales increased 2%, while Water Systems and Energy Systems net sales decreased 2% and 8%, respectively
Operating income was $243.6 million with operating margin of 12.1%
GAAP fully diluted earnings per share (EPS) was $3.86
Cash flows from operating activities were $261.4 million

FORT WAYNE, Ind., Feb. 18, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its fourth quarter and full year financial results for fiscal year 2024.

Fourth quarter 2024 net sales were $485.7 million, compared to fourth quarter 2023 net sales of $473.0 million. Fourth quarter 2024 operating income was $43.0 million, compared to fourth quarter 2023 operating income of $50.8 million. Fourth quarter 2024 EPS was $0.72, versus EPS in the fourth quarter 2023 of $0.82.

Full year 2024 net sales were $2.0 billion, compared to full year 2023 net sales of $2.1 billion. Full year 2024 operating income was $243.6 million, compared to full year 2023 operating income of $262.4 million. Full year 2024 EPS was $3.86, versus EPS in the full year 2023 of $4.11.

“The fourth quarter marked a solid finish to a challenging year. Our results were driven by strong performance in our newly renamed Energy Systems segment. While we have worked through the elevated post-COVID backlogs at this time, underlying demand remains healthy, and we continue to execute on productivity initiatives as we align our businesses with the more normalized environment,” commented Joe Ruzynski, Franklin Electric’s CEO.

“Our resiliency is supported by the breadth of our global portfolio, which has proven to be a strategic asset as we closed out a year shaped by macroeconomic pressures. Order trends have improved, and with the support of a very healthy balance sheet, we are well-positioned to capitalize on opportunities in the year ahead. In 2025, our focus turns to driving revenue growth and margin expansion as we accelerate innovation and growth,” concluded Mr. Ruzynski.

Segment Summaries

Water Systems net sales were $279.6 million in the fourth quarter, flat compared to the fourth quarter 2023. Results were driven by higher sales of groundwater products, water treatment products and all other surface products. These sales increases were offset by lower sales of large dewatering pumps, which had a record fourth quarter last year. Water Systems operating income in the fourth quarter 2024 was $35.6 million. Fourth quarter 2023 Water Systems operating income was $44.1 million.

Distribution net sales were $157.2 million, an increase of $9.2 million or 6 percent compared to the fourth quarter 2023. Sales increases were driven by higher volumes and the incremental impact from a recent acquisition. The Distribution segment operating income in the fourth quarter 2024 was $0.5 million. Fourth quarter 2023 Distribution operating income was $1.0 million.

Energy Systems net sales were $68.8 million in the fourth quarter 2024, an increase of $3.1 million or 5 percent compared to the fourth quarter 2023. Sales increases were driven by higher volumes and price realization. Energy Systems operating income in the fourth quarter 2024 was a record for any fourth quarter at $24.7 million. Fourth quarter 2023 Energy Systems operating income was $19.4 million. The Company has changed the name of the Fueling Systems segment to Energy Systems to reflect its diverse portfolio and growth strategy, as well as to better reflect the markets and customers served by the segment.

Cash Flow

The Company ended 2024 with a cash balance of $220.5 million, an increase of $135.5 million compared to the end of 2023. Net cash flows from operating activities for 2024 were $261.4 million versus $315.7 million in the same period in 2023. Cash flow in 2023 benefitted from actions the Company took to improve working capital including inventory reductions as its supply chain resiliency and lead times improved during the year.

2024 Guidance

The Company expects its full year 2025 sales including the impact of its recently announced acquisitions to be in the range of $2.09 billion to $2.15 billion and full year 2025 EPS to be in the range of $4.05 to $4.25.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The fourth quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/9jnstij5

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register.vevent.com/register/BI4b232e4ceea6435ba8f046e92e18e563

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, February 18, 2025, through 9:00 am ET on Tuesday, February 25, 2025, by visiting the listen-only webcast link above.

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
InvestorRelations@fele.com


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In thousands, except per share amounts)

	Fourth Quarter Ended						Fiscal Year End
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023

Net sales	$	485,745		$	472,970		$	2,021,341		$	2,065,133

Cost of sales		321,505			312,961			1,304,061			1,368,125

Gross profit		164,240			160,009			717,280			697,008

Selling, general, and administrative expenses		117,846			108,825			470,136			433,476

Restructuring expense		3,360			356			3,499			1,091

Operating income		43,034			50,828			243,645			262,441

Interest expense		(1,339	)		(1,481	)		(6,319	)		(11,790	)
Other income, net		630			1,831			1,339			3,696
Foreign exchange expense, net		(1,590	)		(4,026	)		(6,818	)		(12,124	)

Income before income taxes		40,735			47,152			231,847			242,223

Income tax expense		6,443			8,322			50,238			47,489

Net income	$	34,292		$	38,830		$	181,609		$	194,734

Less: Net income attributable to noncontrolling interests		(637	)		(281	)		(1,300	)		(1,462	)

Net income attributable to Franklin Electric Co., Inc.	$	33,655		$	38,549		$	180,309		$	193,272

Income per share:
Basic	$	0.73		$	0.83		$	3.92		$	4.17
Diluted	$	0.72		$	0.82		$	3.86		$	4.11

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)

	December 31,		December 31,
	2024		2023
ASSETS

Cash and cash equivalents	$	220,540	$	84,963
Receivables (net)		226,826		222,418
Inventories		483,875		508,696
Other current assets		32,950		37,718
Total current assets		964,191		853,795

Property, plant, and equipment, net		223,566		229,739
Lease right-of-use Assets, net		62,637		57,014
Goodwill and other assets		570,212		587,574
Total assets	$	1,820,606	$	1,728,122


LIABILITIES AND EQUITY

Accounts payable	$	157,046	$	152,419
Accrued expenses and other current liabilities		139,989		104,949
Current lease liability		18,878		17,316
Current maturities of long-term debt and short-term borrowings		117,814		12,355
Total current liabilities		433,727		287,039

Long-term debt		11,622		88,056
Long-term lease liability		43,304		38,549
Income taxes payable non-current		–		4,837
Deferred income taxes		10,193		29,461
Employee benefit plans		29,808		35,973
Other long-term liabilities		22,118		33,914

Redeemable noncontrolling interest		1,224		1,145

Total equity		1,268,610		1,209,148
Total liabilities and equity	$	1,820,606	$	1,728,122

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

	2024			2023
Cash flows from operating activities:
Net income	$	181,609		$	194,734
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		56,073			52,260
Non-cash lease expense		21,438			18,852
Share-based compensation		12,061			10,133
Other		(13,327	)		10,259
Changes in assets and liabilities:
Receivables		(17,045	)		19,150
Inventory		10,889			48,176
Accounts payable and accrued expenses		15,285			(23,085	)
Operating leases		(21,129	)		(18,874	)
Income taxes-U.S. Tax Cuts and Jobs Act		(3,870	)		(2,902	)
Other		19,369			7,007

Net cash flows from operating activities		261,353			315,710

Cash flows from investing activities:
Additions to property, plant, and equipment		(41,682	)		(41,415	)
Proceeds from sale of property, plant, and equipment		1,182			1,494
Acquisitions and investments		(5,201	)		(34,831	)
Other investing activities		73			463

Net cash flows from investing activities		(45,628	)		(74,289	)

Cash flows from financing activities:
Net change in debt		29,235			(115,529	)
Proceeds from issuance of common stock		7,204			9,193
Purchases of common stock		(61,041	)		(43,332	)
Dividends paid		(46,876	)		(41,723	)
Deferred payments for acquisitions		(2,591	)		(802	)

Net cash flows from financing activities		(74,069	)		(192,193	)

Effect of exchange rate changes on cash		(6,079	)		(10,055	)
Net change in cash and cash equivalents		135,577			39,173
Cash and cash equivalents at beginning of period		84,963			45,790
Cash and cash equivalents at end of period	$	220,540		$	84,963

Key Performance Indicators: Net Sales Summary

	Net Sales For the Fourth Quarter
	United States			Latin			Europe, Middle			Asia			Total
(in millions)	& Canada			America			East & Africa			Pacific			Water			Energy**			Distribution			Other/Elims			Consolidated

Q4 2023	$161.2			$46.6			$45.5			$26.3			$279.6			$65.7			$148.0			($20.3		)	$473.0
Q4 2024	$158.5			$44.3			$49.7			$27.1			$279.6			$68.8			$157.2			($19.9		)	$485.7
Change	($2.7		)	($2.3		)	$4.2			$0.8			$0.0			$3.1			$9.2			$0.4			$12.7
% Change		-2	%		-5	%		9	%		3	%		0	%		5	%		6	%					3	%

Foreign currency translation, net*	($0.4		)	($5.5		)	($0.8		)	($0.8		)	($7.5		)	$0.0			$0.0						($7.5		)
% Change		0	%		-12	%		-2	%		-3	%		-3	%		0	%		0	%					2	%

Acquisitions	$3.1			$0.0			$0.0			$0.0			$3.1			$0.0			$4.0						$7.1
% Change		2	%		0	%		0	%		0	%		1	%		0	%		3	%					2	%

Volume/Price	($5.4		)	$3.2			$5.0			$1.6			$4.4			$3.1			$5.2			$0.4			$13.1
% Change		-3	%		7	%		11	%		6	%		2	%		5	%		4	%		-2	%		3	%

	Net Sales For the Full Year
	United States			Latin			Europe, Middle			Asia			Total
(in millions)	& Canada			America			East & Africa			Pacific			Water			Energy**			Distribution			Other/Elims			Consolidated

FY 2023	$744.4			$174.2			$198.3			$86.8			$1,203.7			$296.5			$673.3			($108.4		)	$2,065.1
FY 2024	$708.5			$170.9			$211.4			$93.2			$1,184.0			$273.7			$685.5			($121.9		)	$2,021.3
Change	($35.9		)	($3.3		)	$13.1			$6.4			($19.7		)	($22.8		)	$12.2			($13.5		)	($43.8		)
% Change		-5	%		-2	%		7	%		7	%		-2	%		-8	%		2	%					-2	%

Foreign currency translation, net*	($0.9		)	($9.7		)	($6.3		)	($2.4		)	($19.3		)	$0.0			$0.0						($19.3		)
% Change		0	%		-6	%		-3	%		-3	%		-2	%		0	%		0	%					-1	%

Acquisitions	$17.6			$0.0			$0.0			$0.0			$17.6			$0.0			$17.1						$34.7
% Change		2	%		0	%		0	%		0	%		1	%		0	%		3	%					2	%

Volume/Price	($52.6		)	$6.4			$19.4			$8.8			($18.0		)	($22.8		)	($4.9		)	($13.5		)	($59.2		)
% Change		-7	%		4	%		10	%		10	%		-1	%		-8	%		-1	%		12	%		-3	%

*The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.
** Recognizing the Company’s diverse portfolio and growth strategy, it renamed its Fueling Systems segment to Energy Systems to better reflect the markets and customers served by this business.

Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)	For the Fourth Quarter 2024
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	35.6		$	24.7		$	0.5		$	(17.8	)	$	43.0
% Operating Income To Net Sales		12.7	%		35.9	%		0.3	%					8.9	%

Operating Income and Margins
(in millions)	For the Fourth Quarter 2023
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	44.1		$	19.4		$	1.0		$	(13.7	)	$	50.8
% Operating Income To Net Sales		15.8	%		29.5	%		0.7	%					10.7	%

Operating Income and Margins
(in millions)	For the Full Year of 2024
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	197.9		$	93.6		$	24.3		$	(72.2	)	$	243.6
% Operating Income To Net Sales		16.7	%		34.2	%		3.5	%					12.1	%

Operating Income and Margins
(in millions)	For the Full Year of 2023
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	196.6		$	92.7		$	34.3		$	(61.2	)	$	262.4
% Operating Income To Net Sales		16.3	%		31.3	%		5.1	%					12.7	%

The MIL Network –

February 19, 2025

MIL-OSI Asia-Pac: APEDA showcases India’s Organic Legacy at BIOFACH 2025 with leading Organic exporters from across India

Source: Government of India (2)

In a celebration of India’s rich agricultural heritage and the growing demand for sustainable farming, the Agricultural and Processed Food Products Export Development Authority (APEDA) organized participation of Indian exporters under India Pavilion at BIOFACH 2025 held from February 11 to 14, 2025 at Messezentrum in Nuremberg, Germany. The APEDA India pavilion at BIOFACH 2025 was inaugurated by Shri Shatrughna Sinha, Consul General of India, Munich along with Shri Abhishek Dev, Chairman, APEDA.

The event also marked the signing of a Letter of Intent (LoI) between APEDA and Nuremberg Messe on 11.02.2025 to make India the Partner Country of the Year at BIOFACH 2026. The LoI, signed by Ms. Victoria Vehse, Vice President and Member of the Management Board for Nuremberg Messe and Shri Abhishek Dev, Chairman APEDA in the presence of Shri Shatrughna Sinha, Consul General, Consulate General of India, Munich. The signing was a defining moment in the long-standing partnership between India and BIOFACH, with India previously holding the esteemed Partner Country title in 2012. It also sets the stage for India to take the spotlight in this global event next year and present INDIA’s strength as the organic food basket for the world at BIOFACH 2026.

The India pavilion at this year’s event showcased a vast array of organic products including pulses, spices, rice, processed foods and essential oils. The thoughtfully curated display not only highlighted India’s agricultural prowess but also invited visitors to experience the deep-rooted cultural narratives that had shaped India’s organic farming tradition.

To showcase the vast diversity of organic food products and offerings from India, APEDA facilitated the participation of more than 20 co exhibitors including exporters, FPOs and State Government Organisations showcasing a vibrant display of products like Rice, Oilseeds, Herbs, Spices, Pulses, Cashew, Ginger, Turmeric, Large Cardamom, Cinnamon Mango Puree, Essential Oils amongst others.

At the India pavilion, apart from display of a wide range of organic products, Attendees were invited to journey through the vibrant flavours and aromas of India, with curated food tastings designed to evoke the essence of India’s organic bounty. From the fragrant, aromatic Biryani, made with premium organic Basmati rice and exotic spices, to the calming and immune-boosting properties of a Golden Turmeric Latte, every dish served as a celebration of India’s organic offerings. In addition, the pavilion featured live cooking demonstrations, where visitors savoured a range of authentic Indian dishes such as Millet Dosa.

Furthermore, the cultural experience at the India Pavilion extended beyond the culinary delights, with visitors being treated to Henna Art, a symbol of India’s rich cultural diversity and artistic expression. This cultural element provided a tangible connection to India’s centuries-old traditions, bridging the gap between sustainable farming and the broader cultural heritage that defined the nation.

As the world increasingly shifts its focus toward sustainability and eco-friendly living, APEDA’s participation at BIOFACH 2025 reinforced India’s role as a global leader in organic agriculture. With a rapidly growing organic market, India remains committed to offering high- quality, sustainably produced products that meet international standards. This commitment was further exemplified by APEDA’s focused approach to supporting Indian exporters, ensuring they are equipped to meet the demands of a global market that is progressively seeking more sustainable and organic food solutions. Amongst the Non-European Nations, India had the highest participation at the event.

APEDA’s Pavilion at BIOFACH 2025 demonstrated the best of India’s organic excellence which was found in the products on display, the stories of exporters from the entire length and breadth of the country and their shared commitment to a healthier and more sustainable future.

India’s organic farming sector with its deep-rooted history and evolving future is ready to take centre stage once again at BIOFACH 2026. As global attention turns to India’s agricultural innovations, APEDA aims to forge collaborations and partnerships that would pave the way for India to become the world’s most trusted and sought-after source of organic food products.

***

Abhishek Dayal/Abhijith Narayanan

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Programme Agreement Signed with Reliance New Energy Battery Limited for 10 GWh capacity under the PLI for Advanced Chemistry Cell (ACC) Scheme

Source: Government of India

Programme Agreement Signed with Reliance New Energy Battery Limited for 10 GWh capacity under the PLI for Advanced Chemistry Cell (ACC) Scheme

Out of 50 GWh capacity, 40 GWh cumulative capacity has been awarded under the scheme.

Posted On: 18 FEB 2025 11:29AM by PIB Delhi

In a major step forward for India’s advanced battery manufacturing sector, the Ministry of Heavy Industries (MHI), Government of India, signed a Programme Agreement with Reliance New Energy Battery Limited (a subsidiary of Reliance Industries Limited) under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) on February 17, 2025. This agreement awards Reliance New Energy Battery Limited a 10 GWh ACC capacity, following a competitive global tender process and makes it eligible to receive incentives under India’s ₹ 18,100 crore PLI ACC scheme.

This signing is another critical milestone in the implementation of the technology agnostic PLI Scheme on the “National Programme on Advanced Chemistry Cell (ACC) Battery Storage,” approved by the Cabinet in May 2021 with a total outlay of Rs.18,100 crore aimed at achieving a total manufacturing capacity of 50 GWh. With this signing, a cumulative capacity of 40 GWh has been awarded to four selected beneficiary firms out of 50 GWh capacity. In the first round of bidding conducted in March 2022, three beneficiary firms were allocated a total capacity of 30 GWh, and the Programme Agreements for that round were signed in July 2022.

During the ceremony, senior officials from MHI emphasized that the PLI ACC Scheme is designed to boost local value addition while ensuring that the cost of battery manufacturing in India remains globally competitive. The scheme allows the beneficiary firm the flexibility to adopt the most suitable technology and associated inputs for establishing state-of-the-art ACC manufacturing facilities, thereby supporting mainly the EV and renewable energy storage sectors.

In tandem with the PLI ACC scheme, the Union Budget for FY2025-26 introduced several transformative measures aimed at accelerating domestic battery manufacturing and supporting the growth of the e-mobility ecosystem in the country. Notably, the Budget exempted 35 additional Capital Goods for EV battery manufacturing from Basic Customs Duty (BCD), a targeted initiative designed to boost the production of lithium-ion batteries within India. Moreover, its emphasis on reinforcing domestic manufacturing and promoting value addition, further underscores vision of establishing a robust, self-reliant advanced battery ecosystem.

The Ministry of Heavy Industries remains committed to creating an enabling environment for innovation, fostering a robust domestic supply chain, and attracting significant Foreign Direct Investment—all crucial elements in advancing India’s strategic vision for sustainable development and self-reliance. This initiative of Government of India has acted as a catalyst for Indian cell manufacturers to setup cell manufacturing facilities. Apart from the PLI beneficiary, 10+ companies have already started setting up 100+ GWh additional capacity.

*****

TPJ/NJ

(Release ID: 2104281) Visitor Counter : 72

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI: HighPeak Energy, Inc. Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share on its common stock to be paid March 25, 2025 to stockholders of record on March 3, 2025.

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

Investor Contact:

Ryan Hightower
Vice President, Business Development
817.850.9204
rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.

The MIL Network –

February 19, 2025
MIL-OSI: Diamondback Energy, Inc. Announces Midland Basin Acquisition
Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today announced that it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, subject to customary adjustments (the “Double Eagle Acquisition”). The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility and/or proceeds from term loans and senior notes offerings.

As part of this agreement, Diamondback and Double Eagle have also agreed to accelerate development on a portion of Diamondback’s non-core southern Midland Basin acreage. This acceleration is expected to bring forward Net Asset Value (“NAV”) to Diamondback by developing Diamondback’s lower quality acreage at a faster pace than current expectations. As a result, Diamondback expects significant Free Cash Flow growth in 2026 and beyond with minimal capital deployment through this accelerated development plan.

Diamondback is also committing today to sell at least $1.5 billion of non-core assets to accelerate pro forma debt reduction in order to maintain its strong balance sheet. Diamondback expects to reduce net debt to $10 billion and, long term, maintain leverage of $6 billion to $8 billion.

“Double Eagle is the most attractive asset remaining in the Midland Basin,” stated Travis Stice, Chairman and Chief Executive Officer of Diamondback. “With 407 locations adjacent to our core position, this largely undeveloped asset adds high-quality inventory that immediately competes for capital. Additionally, we see value uplift to our existing inventory as acreage overlap allows for meaningful lateral length extensions and infrastructure synergies. We look forward to seamlessly implementing our industry leading cost and operational structure on this differentiated asset.”

Mr. Stice continued, “The Permian Basin continues to consolidate rapidly. We have worked tirelessly over the last thirteen years to position Diamondback to have the longest duration of high quality, low-breakeven inventory; a position we are solidifying with today’s announcement. While we are adding a small amount of leverage to complete this trade, we are confident that we can quickly reduce debt both naturally through our consistent and growing Free Cash Flow and through our commitment to sell at least $1.5 billion of non-core assets.”

Cody Campbell and John Sellers, Co-Chief Executive Officers of Double Eagle, commented, “We are excited to announce our agreement with Diamondback. We believe our team has built a truly standout asset that further increases Diamondback’s high-quality inventory. It was important to us that we maintain the stewardship of this asset going forward not only with a world-class Midland operator but also a group that shares our core values and understands the importance of community impact in West Texas.”

Asset Highlights: Consolidated Scale in the Midland Basin
- Approximately 40,000 net acres in the core of the Midland Basin
- Estimated run-rate production of approximately 27 MBo/d (69% oil)
- $200 million of capital expenditures anticipated in 2025 at current Midland Basin well costs of $555 to $605 per foot
- Extends pro forma inventory life in the core of the Midland Basin
- 68% of the asset is undeveloped with 407 estimated gross (342 net) horizontal locations in primary development targets with an average lateral length of approximately >11,000’
- 44 gross upside locations primarily located in emerging zones
Transaction Highlights
- Valued at approximately 5.2x 2025 EBITDA
- Enhances expected pro forma 2026 Free Cash Flow per share by 5%+
- Immediately accretive to all relevant financial metrics including Cash Flow per share, Free Cash Flow per share and NAV per share
Timing and Approvals

Diamondback expects the transaction to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

Advisors

TPH&Co, the energy business of Perella Weinberg Partners, is serving as financial advisor to Diamondback. Kirkland & Ellis LLP is acting as legal advisor to Diamondback.

RBC Capital Markets, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Double Eagle. Vinson & Elkins LLP is acting as legal advisor to Double Eagle.

About Diamondback

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of production, revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending drop down transaction with Viper Energy, Inc., the Double Eagle Acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC+ and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; trade wars; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Diamondback Investor Contact:

Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

The MIL Network –
February 19, 2025
MIL-OSI Europe: Record employment levels in companies supported by EI, IDA and Údarás na Gaeltachta reflect strength and resilience
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

18th February 2025

Over 546,763 jobs in client companies of Government agencies in 2024, an increase of 7,030 jobs on 2023

The Minister for Enterprise, Tourism and Employment Peter Burke has today (18.02.2025) published two surveys on the Irish economy, which reflect the continued strength and resilience of industry in Ireland in the face of the challenges posed by global economic and political headwinds.

The Annual Employment Survey 2024 finds that jobs in client companies of Enterprise Ireland, the IDA and Údarás na Gaeltachta, are now at their highest ever level, at over 546,763 jobs, which is a 1.3% increase on 2023 figures.

The Annual Business Survey of Economic Impact 2023 shows strong growth in sales, exports, value added and direct expenditures in the Irish economy for both Irish and foreign-owned companies in 2023.

The Minister said:

“These results demonstrate the strength and resilience of our jobs market and industry in Ireland, in spite of the challenges posed by global economic and political headwinds.

“In 2024, employment growth in Irish owned firms was strong across the board, including in the Construction, Business Services and Food & Drink sectors. Total permanent, full-time jobs among Irish-owned companies has increased by another 2.3% this year, with Irish-owned companies growing in employment in every year over the past decade.

“Among Foreign owned firms, employment growth in Chemicals, Business Services and Medical Devices sectors has meant that we have maintained 300,000 roles across FDI, with 2,237 additional roles added this year. Sales and exports continue to grow strongly, and these companies purchase goods and services in the local economy.

“Government enterprise policy is working and making a significant impact on employment levels and wider society. My Department will maintain a laser focus on jobs, actively supporting and incentivising Irish businesses, while also investing in bringing new jobs to Ireland”

Annual Employment Survey 2024 Key Findings:
- Employment in FDI firms increased by 0.3% since 2023, with 1,064 additional total jobs.
- In Irish-owned firms, employment increased by 2.7%, an increase of 5,966 total jobs since 2023.
- Among Irish owned firms the Energy, Water, Waste Construction sector gained the most jobs followed by Business Services with +1,444 and +995 full time jobs respectively.
- Among foreign owned firms Chemicals and Business Services gained the most jobs with +1,307 and +879 full time jobs respectively.
- Growth in employment between 2015-2024 was strongest in the Dublin region with an increase of 69.4% (+82,129), followed by the South-West (up 44.5%, +24,233 full time jobs). All regions grew employment over the ten-year period.
Annual Business Survey of Economic Impact (2023) Key Findings:
- Total sales amounted to €509.7 billion in 2023 which represents an increase of 6.8% in current prices on the previous year’s figure of €477.2 billion.
- Total exports in 2023 amounted to €459.4 billion, an increase of 7.0% on the previous year of €429.4 billion, with 92.4% of these exports being from foreign-owned enterprises.
- Value added (sales less materials and services costs) has also increased over this time-series and in 2023 amounted to €206.2 billion, up 6.4% on the previous year with 43.5% of this increase attributable to the foreign owned IT services sector.
- Direct Expenditure in the Irish Economy (Payroll, Irish Materials, Irish Services) has increased over 2022 by 4.8% to €78.5 billion in 2023. The level of direct expenditure in the Irish economy by foreign-owned client companies was €40.9 billion and €37.5 billion for Irish-owned client companies.
The Department of Enterprise, Trade and Employment co-ordinates these surveys of the client companies of the enterprise development agencies (Enterprise Ireland, IDA Ireland and Údarás na Gaeltachta). The results are presented by company ownership in terms of Irish and foreign-owned firms.

The indicators collected include annual sales and exports and payroll, materials and services costs. Data collected in 2023 and 2024 is merged with results of previous surveys to provide trend data and indicators are available by ownership and sector and are used by the agencies in their annual reports and end-of-year statements.

Agencies have commenced surveys of client companies for the 2024 Annual Business Survey of Economic Impact with all results expected early 2026.

ENDS

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MIL OSI Europe News –
February 18, 2025
MIL-OSI United Kingdom: Severn Trent bring exciting job opportunities to Coventry

Source: City of Coventry

It’s estimated that there’s some 1.5m people above the age of 16 currently unemployed across the UK, with many of those across the Midlands.

Severn Trent’s commitment to change that statistic is seeing it create opportunities to connect people to jobs in Coventry.

Working with Coventry City Council, the company is bringing back it’s Big Boost for Coventry – where it promises jobs, skills, training and work opportunities for those in the city and beyond.

The company is to be joined by employers such as British Army, EON, National Gas, Warwickshire Police, NHS and more – following the success of its first event that saw over 500 people through the doors at the Transport Museum.

The event, that’s free to enter and will take place on Thursday 6th March 2025 – between 10am and 2pm at Coventry Transport Museum.

As well as employers with live jobs, there’s free cv workshops, virtual reality interview practice, and other employability training and other support available, such as help with water bills and cost of living support.

Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “It’s fantastic that Severn Trent want to bring another jobs fair back to the city. The last event was a huge success, so we hope to build on that for 2025. We want to make sure our residents are equipped with the right skills to go onto pursue future careers in and around the city. The jobs fair is definitely something that will help support this.

“I encourage anyone looking for support with interview skills, CV writing, confidence building or seeking work opportunities to go along.”

To support the event the museum is also offering a massively discounted day rate to the museum of only £5 for anyone who attends. Where it’s usually £15 for the year.

Adam Stevens, Societal Programme Officer, at Severn Trent said: “Our first event in Coventry was hugely successful, so we had to plan and bring back another session quickly to bring more opportunities to the city. We’re a big employer in Coventry and know our responsibility in creating opportunities and connecting people to them. We want people to come out and look at what jobs are available, as well as other opportunities like apprenticeships and free employability training.

“We’re looking forward to seeing many local people there taking advantage of some of the biggest employers together in one room to help boost employment in Coventry and make use of our free training sessions can get people job ready.”

The event builds on the company’s work in region, where it first launched a 10-year plan to support 100,000 people who are at risk of water poverty by tackling one of the underlying causes of poverty.

The company has been partnering with local schools, hosting jobs fairs, as well as delivering mentoring to prison leavers – in its commitment to help support those from marginalised groups with employment opportunities.

To register your interest to this free event, visit Severn Trent’s Big Boost for Cov Jobs Fair Tickets, Thu 6 Mar 2025 at 10:00 | Eventbrite

MIL OSI United Kingdom –

February 18, 2025
MIL-OSI Asia-Pac: Climate Friendly Households Programme Further Enhanced To Encourage Climate Action

Source: Asia Pacific Region 2 – Singapore

Eligible HDB households will receive additional $100 and programme expanded to include private households.

Singapore, 18 February 2025 – To encourage greater involvement in climate action and enable more households to be more efficient in their use of energy and water, the National Environment Agency (NEA) and PUB, Singapore’s National Water Agency will further enhance the Climate Friendly Households Programme (CFHP).

2               From 15 April 2025, Singaporean and Permanent Resident HDB households will be able to claim an additional $100 in Climate Vouchers, on top of the existing $300. The enhanced CFHP will also be expanded to include Singapore Citizen households living in private residential properties. This means that eligible HDB and private households can claim a total of $400 worth of Climate Vouchers.

3               To claim[1] the additional Climate Vouchers, eligible households can visit go.gov.sg/cv-claim from 15 April 2025 and log in with their Singpass account. For more information on Climate Vouchers, you can visit go.gov.sg/cv-guide.

4               The Climate Vouchers are valid until 31 December 2027 and can be used at over 150 participating retailers with over 500 outlets to purchase energy- and water-efficient household products.

5               With this latest expansion in 2025 to include private households, the CFHP will cover around 90 percent of households in Singapore.

6               By switching to more resource efficient appliances and fittings, households can reduce their energy and/or water consumption, lower their utility bills and help to tackle climate change.

7               More information on the enhanced Climate Friendly Households Programme is available at go.gov.sg/climatevouchers.

[1] As eligible residents will receive the vouchers based on their registered address at the point of claim, those who have shifted houses recently should update their registered address with ICA before making the claim.

MIL OSI Asia Pacific News –

February 18, 2025

MIL-OSI: Full-year 2024 results

Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Full-year 2024 results

Revenues of €22,096 million in 2024, down -1.9%
Revenue growth at constant exchange rates* of -2.0% for the full year, and -1.1% in Q4
Bookings at €23.8 billion with a 1.08 book-to-bill
Stable operating margin*, at 13.3% of revenues
Net profit, Group share, up +0.5% and basic earnings per share up +1.2%
Organic free cash flow0F^*of €1,961 million
Proposed dividend of €3.40 per share

Paris, February 18, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 17 in Paris to review and adopt the accounts1F¹ of the Capgemini Group for the year-ended December 31, 2024.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our performance in the fourth quarter is in line with expectations. As anticipated, Manufacturing and France experienced strong headwinds, whereas we saw an improvement in Financial Services and Consumer Goods & Retail, as well as a robust Public Sector.

The Group demonstrated strong resilience in 2024, maintaining its operating margin and free cash flow generation, thanks to the growth of its high value-added offerings as well as its ecosystem of leading technology partners.

Client demand continues to be driven by efficiency, operational agility and cost-optimization programs which are driving traction for our Cloud and Data & AI services. The Group is recognized as a global leader in AI by market analysts, reflecting our continued investments. Generative AI supported strong bookings and accounted for around 5% of bookings in Q4. The acquisition of Syniti strengthens the Group’s data-driven digital transformation capabilities.

Our clients keep showing a strong appetite for technology and recognize the value we bring as their trusted business and technology transformation partner. However, we remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”

KEY FIGURES

(in millions of euros)	2023	2024	*Change*
Revenues	22,522	22,096	-1.9%
Operating margin*	2,991	2,934	-1.9%
as a % of revenues	13.3%	13.3%	0pt
Operating profit	2,346	2,356	+0.4%
as a % of revenues	10.4%	10.7%	+0.3pts
Net profit (Group share)	1,663	1,671	+0.5%
Basic earnings per share (€)	9.70	9.82	+1.2%
Normalized earnings per share (€)*	12.44	12.23	-1.7%
Organic free cash flow^*	1,963	1,961	-€ 2m
Net cash / (Net debt)*	(2,047)	(2,107)

In an environment that proved weaker than initially anticipated, Capgemini demonstrated in 2024 the resilience of its operating model and its leadership on AI and Generative AI. Clients focused on driving efficiency, prioritizing operational agility and cost optimization while discretionary spend remained soft. This environment has fueled a strong demand for transformation programs which translated into continued traction for Capgemini’s Cloud, Data & AI services as well as its innovative offerings, most notably in intelligent supply chain, digital core and generative AI projects. This is contributing to the continuous improvement of the portfolio mix toward innovation and enhanced client value creation.

Capgemini reported revenues of €22,096 million in 2024, down -1.9% year-on-year. Constant currency growth* was -2.0%, at the top end of the outlook as revised in October 2024. Organic growth* (i.e., excluding the impact of currency fluctuations and changes in Group scope) was -2.4%. After bottoming out in Q1, revenue trends gradually improved through the year with a revenue decline limited to -1.1% at constant currency and -1.5% organically in Q4.

With bookings of €23,821 million in 2024 and €6,806 million in Q4, the Group maintained a strong commercial momentum despite client decision cycles that remain long, achieving a solid book-to-bill of 1.08 for the year, and 1.22 in Q4. When compared to 2023 bookings, this represents, at constant exchange rates, a decrease of -0.5% for the year and an increase of +1.9% in Q4. Generative AI bookings amounted to close to 4% of Group bookings for the year and around 5% for Q4.

The ongoing shift in Capgemini’s offerings portfolio towards higher value services, coupled with enhanced operational efficiency, generated a 50 basis points increase in gross margin to 27.4% of revenues, reflecting the resilience of its operating model. This enabled the Group to absorb the incremental investment in selling efforts aimed at driving future growth and offset the slight increase in G&A expenses.

Consequently, the operating margin* was stable at 13.3% of revenues, or €2,934 million, in line with the operating margin target set for 2024.

Other operating income and expenses was a net expense of €578 million, down €67 million year-on-year. This decrease is mainly attributable to lower restructuring charges, which decreased by €55 million.

Capgemini’s operating profit was €2,356 million, or 10.7% of revenues, compared with €2,346 million, or 10.4% of revenues in 2023.

Capgemini reported a net financial income of €13 million in 2024, compared to a net expense of €42 million in 2023, reflecting higher interest income.

The income tax expense was €681 million, up from €626 million last year. This represents an increase in the effective tax rate from 27.2% in 2023 to 28.8% this year.

Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit rose by +0.5% year-on-year to €1,671 million. Basic earnings per share increased by +1.2% to €9.82. Normalized earnings per share* was €12.23, compared with €12.44 in 2023.

Organic free cash flow* generation remained strong at €1,961 million, in line with the 2024 target and the previous year despite lower revenues.

CAPITAL ALLOCATION & BALANCE SHEET

In 2024, Capgemini actively redeployed close to €2.0 billion of capital, essentially funded by the organic free cash flow of the year. Capgemini invested €827 million in acquisitions. The Group also paid dividends of €580 million (€3.40 per share) to Capgemini SE shareholders and allocated €972 million to share buybacks: €498 million on its multiyear program and €474 million to neutralize the dilution of the 11^th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €415 million.

In October 2024, the Group also redeemed in full and at maturity its €600 million bond issued in April 2018.

At December 31, 2024, the Group had cash, cash equivalents and cash management assets of €3.1 billion. After accounting for borrowings of €5.1 billion as well as for derivative instruments, Group net debt* is €2.1 billion, slightly up compared with €2.0 billion at December 31, 2023.

The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 7, 2025. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group’s historical distribution policy.

OPERATIONS BY REGION

At constant exchange rates, revenues in North America (28% of Group revenues) decreased by -4.1% with improving trends in H2. The Financial Services, Consumer Goods & Retail and Telco, Media & Technology (TMT) sectors were the main drivers of improvement. In contrast, the Manufacturing and Public sectors slowed down in H2. The operating margin increased to 16.5%, from 15.6% in 2023.

The United Kingdom and Ireland region (12% of Group revenues) remained resilient, posting a -1.0% decline in revenue primarily driven by the contraction of the Consumer Goods & Retail sector. The region’s return to growth in H2 was driven by the recovery in Financial Services and the continued strength in the Energy & Utilities sector. The operating margin reached 19.7% compared with 18.6% in 2023.

France (20% of Group revenues) revenues decreased by -3.5%, in an environment that led to a visible degradation in H2. This evolution was mostly driven by the contraction of the Manufacturing sector. However, as in most regions, Financial Services visibly improved through the year. The operating margin contracted from 12.6% to 10.2%.

In the Rest of Europe region (31% of Group revenues), revenues stood at +0.1% with solid Public and Energy & Utilities sectors and Financial Services returning to growth. The Manufacturing sector also negatively weighed on activity in the region. The operating margin was 12.0%, slightly up from 11.7% a year earlier.

Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were slightly down
-0.3% driven by a slower Financial Services sector in Asia-Pacific. However, the Public Sector in Asia-Pacific and the Consumer Goods & Retail sector in Latin America, both enjoyed double-digit growth rates. The operating margin slightly improved to 12.4% compared with 12.2% the year before.

OPERATIONS BY BUSINESS

At constant exchange rates, Strategy & Transformation consulting services (9% of Group revenues) reported +3.2% growth in total revenues* in 2024. This continued momentum illustrates the strength of the Group’s positioning as a strategic partner to its clients.

Applications & Technology services (62% of Group revenues and Capgemini’s core business) reported
a -2.1% decrease in total revenues.

Finally, Operations & Engineering services total revenues (29% of Group revenues) decreased -2.1%.

OPERATIONS IN Q4 2024

Q4 was the third consecutive quarter of gradual improvement in growth rate. As expected, the Financial Services and Consumer Goods & Retail sectors saw an acceleration and TMT returned to growth. This was offset by the slowdown in Manufacturing.

Geographically, growth rates improved substantially in North America, but also the United Kingdom and Ireland, Asia-Pacific and Latin America, but slowed down visibly in France.

Group revenues totaled €5,581 million in Q4 2024, a decline of -1.1% year-on-year at constant exchanges rate and -1.5% organically. This decline in revenue can be solely attributable to -6.1% slowdown in Manufacturing.

At constant exchange rates, the decline in revenues in the North America region was limited to -1.6%, with the growth in Financial Services, Consumer Good & Retail and TMT, more than offset by the weakness in the Manufacturing and Energy & Utilities sectors. Revenues in the United Kingdom and Ireland region grew +1.5%, supported by the good performance of the Energy & Utilities and Manufacturing sectors and to a lesser extent the growth in Financial Services. In France, the weakness in the Manufacturing, Consumer Goods & Retail and Energy & Utilities sectors led the revenue to decline -5.8%. Revenues in the Rest of Europe region were stable (+0.1%), driven by robust activity in the Public, Energy & Utilities and Financial Services sectors that offset the decline in the Manufacturing sector. Finally, revenues in the Asia-Pacific and Latin America region grew by +4.6% supported by the visible recovery in the Financial Services and Consumer Goods & Retail sectors, more than offsetting the weak Manufacturing and Energy & Utilities sectors.

HEADCOUNT

At December 31, 2024, the Group’s total headcount stood at 341,100, slightly up by +0.2% year-on-year and +0.7% compared to the end of September 2024.

The onshore workforce decreased by -1.1% at 144,200 employees, while the offshore workforce was up by +1.2% to 196,900 employees, i.e., 58% of the total headcount.

ESG PERFORMANCE

In 2024, Capgemini demonstrated continued leadership in corporate responsibility by making significant advancements aligned with its ESG (Environment, Social and Governance) policy and commitments.

From an environmental standpoint, Capgemini set ambitious near-term (2030) and long-term (2040) carbon reduction targets in 2022, including a 90% reduction in all emissions (Scope 1, 2 and 3) by 2040 to reach its “net zero emissions” targets as validated by the SBTi (Science-Based Targets initiative). At the end of 2024, the Group had reduced its absolute emissions (Scope 1, 2 and 3) by 35% compared to 2019. Reflecting the commitment to 100% renewable electricity (RE100) by 2025, Capgemini’s scope 1 and 2 emissions have decreased by 93% since 2019. The share of renewable energy in the Group’s electricity consumption reached 98% last year up from 96% in 2023.

In human capital development, Capgemini continued to invest in its talent in 2024. The average number of learning hours per employee trained reached 77 hours last year, significantly up notably with the expansion of the generative AI training program.

The Group also made notable progress in gender balance, nearing its global objective of 40% by 2025. By the end of 2024, women comprised 39.7% of the total workforce, up by almost 1 point year-on-year and almost 7 points since 2019. The proportion of women among executive leadership positions globally reached 29.0%, up by almost 3 points year-on-year and more than 12 points since 2019.

The scale of impact through digital inclusion initiatives also extended greatly in 2024. Overall, the Group’s various programs and partnerships with leading non-profit organizations benefited almost 3.2 million individuals in 2024.

In recognition of this continued progress, the Group was confirmed as a constituent of the Dow Jones Sustainability Index (DJSI) Europe and maintained its position on the “A list” in the 2024 CDP (Carbon Disclosure Project) assessment.

OUTLOOK

The Group’s financial targets for 2025 are:

Revenue growth of -2.0% to +2.0% at constant currency;
Operating margin of 13.3% to 13.5%;
Organic free cash flow of around €1.9 billion.

CONFERENCE CALL

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

PROVISIONAL CALENDAR

April 29, 2025        Q1 2025 revenues
May 7, 2025        Shareholders’ meeting
July 30, 2025        H1 2025 results
October 28, 2025        Q3 2025 revenues

The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

May 20, 2025 Ex-dividend date on Euronext Paris
May 22, 2025 Payment of the dividend

DISCLAIMER

This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

ABOUT CAPGEMINI

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

Get the Future You Want | www.capgemini.com

* *

APPENDIX3F²

BUSINESS CLASSIFICATION

Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
- Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

DEFINITIONS

Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

Reconciliation of growth rates	Q1 2024	Q2 2024	Q3 2024	Q4 2024	FY 2024
Organic growth	-3.6%	-2.3%	-2.1%	-1.5%	-2.4%
Changes in Group scope	+0.3 pts	+0.4 pts	+0.5 pts	+0.4 pts	+0.4 pts
Growth at constant exchange rates	-3.3%	-1.9%	-1.6%	-1.1%	-2.0%
Exchange rate fluctuations	-0.2 pts	+0.4 pts	-0.3 pts	+0.5 pts	+0.1 pts
Reported growth	-3.5%	-1.5%	-1.9%	-0.6%	-1.9%

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

RESULTS BY REGION

	Revenues	Year-on-year growth		Operating margin rate
	2024 (in millions of euros)	reported	at constant exchange rates	2023	2024
North America	6,188	-4.2%	-4.1%	15.6%	16.5%
United Kingdom and Ireland	2,753	+1.6%	-1.0%	18.6%	19.7%
France	4,380	-3.5%	-3.5%	12.6%	10.2%
Rest of Europe	6,851	+0.2%	+0.1%	11.7%	12.0%
Asia-Pacific and Latin America	1,924	-2.6%	-0.3%	12.2%	12.4%
TOTAL	22,096	-1.9%	-2.0%	13.3%	13.3%

RESULTS BY BUSINESS

	Total revenues*	Year-on-year growth
	2024 (% of Group revenues)	At constant exchange rates in Total revenues* of the business
Strategy & Transformation	9%	+3.2%
Applications & Technology	62%	-2.1%
Operations & Engineering	29%	-2.1%

SUMMARY INCOME STATEMENT AND OPERATING MARGIN

(in millions of euros)	2023	2024	*Change*
Revenues	22,522	22,096	-1.9%
Operating expenses	(19,531)	(19,162)
Operating margin	2,991	2,934	-1.9%
as a % of revenues	13.3%	13.3%	0bp
Other operating income and expenses	(645)	(578)
Operating profit	2,346	2,356	+0.4%
as a % of revenues	10.4%	10.7%	+30bp
Net financial expenses	(42)	13
Income tax income/(expense)	(626)	(681)
Share of profit of associates and joint-ventures	(10)	(11)
(-) Non-controlling interests	(5)	(6)
Profit for the period, Group share	1,663	1,671	+0.5%

NORMALIZED AND DILUTED EARNINGS PER SHARE

(in millions of euros)	2023	2024	*Change*
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
BASIC EARNINGS PER SHARE (in euros)	9.70	9.82	+1.2%
Diluted average number of shares outstanding	177,396,346	176,375,256
DILUTED EARNINGS PER SHARE (in euros)	9.37	9.47	+1.1%

(in millions of euros)	2023	2024	*Change*
Profit for the period, Group share	1,663	1,671	+0.5%
Effective tax rate	27.2%	28.8%
(-) Other operating income and expenses, net of tax	469	412
Normalized profit for the period	2,132	2,083	-2.3%
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
NORMALIZED EARNINGS PER SHARE (in euros)	12.44	12.23	-1.7%

CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

(in millions of euros)	2023	2024
Net cash from operating activities	2,525	2,526
Acquisitions of property, plant and equipment and intangible assets, net of disposals	(254)	(310)
Net interest cost	(11)	37
Repayments of lease liabilities	(297)	(292)
ORGANIC FREE CASH FLOW	1,963	1,961
Other cash flows from (used in) investing and financing activities	(2,126)	(2,788)
Increase (decrease) in cash and cash equivalents	(163)	(827)
Effect of exchange rate fluctuations	(115)	97
Opening cash and cash equivalents	3,795	3,517
Closing cash and cash equivalents	3,517	2,787

NET DEBT

(in millions of euros)	December 31, 2023	December 31, 2024
Cash and cash equivalents	3,536	2,789
Bank overdrafts	(19)	(2)
Cash and cash equivalents	3,517	2,787
Cash management assets	161	268
Long-term borrowings	(5,071)	(4,281)
Short-term borrowings and bank overdrafts	(675)	(863)
(-) Bank overdrafts	19	2
Borrowings, excluding bank overdrafts	(5,727)	(5,142)
Derivative instruments	2	(20)
NET CASH / (NET DEBT)	(2,047)	(2,107)

ESG PERFORMANCE

	Objectives	Key Performance Indicators	2019 (baseline)	2023	2024	Change vs. 2019	2025 Objective	2030 Objective (vs 2019)
Environment	Be carbon neutral for our own operations no later than 2025 and across our supply chain by 2030, and committed to becoming a net zero business by 2040	Scope 1 & 2 – Absolute emissions (ktCO₂e)	154.1	13.6	11.2	-93%		-80%
		Scope 3 – Employee commuting emissions per headcount (tCO₂e/head)	1.08	0.50	0.55	-49%		-55%
		Scope 3 – Business travel emissions per headcount (tCO₂e/head)	1.26	0.50	0.48	-62%		-55%
		Scope 3 – Purchased goods and services (ktCO₂e)	305.7	352.1	301.5	-1%		-50%
	Transition to 100% renewable electricity by 2025, and electric vehicles by 2030	% of electricity from renewables	28%	96%	98%	+70pts	100%
Social	Increase average learning hours per employee by 5% every year to ensure regular lifelong learning	Average Completed Learning Hours per headcount trained during the reporting period	41.9	53.8	77.4	+85%
	40% of women in our teams by 2025	% of women in the workforce	33.0%	38.8%	39.7%	+6.7pts	40%
	5m beneficiaries supported by our digital inclusion programs by 2030	Cumulated number of beneficiaries since 2018	29,012	4.4m	7.5m			5m
Governance	30% of women in Group executive leadership positions in 2025	% of women in Group executive leadership positions	16.8%	26.2%	29.0%	+12.2pts	30%
	Maintain over 80% of the workforce with an Ethics score of 7-10	% of the headcount with an Ethics score of 7-10		86%	85%		>80%	>80%
	Be recognized as a front leader in data protection and cybersecurity	Cyber Rating agencies – CyberVadis score		958	977		940-950 out of 1,000
		DPO certification		72%	76%		95%

Note: in the table above, 2024 data may include some estimates and some historical data points have been restated to ensure comparability.

¹ Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
² Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Attachments

The MIL Network –

February 18, 2025

MIL-OSI USA: Padilla, Schiff, EPW Democrats Demand Answers After Trump Illegally Pulls Zero-Emission Vehicle Infrastructure Funding

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Schiff, EPW Democrats Demand Answers After Trump Illegally Pulls Zero-Emission Vehicle Infrastructure Funding

California was set to receive $384 million from National Electric Vehicle Infrastructure program over 5 years
WASHINGTON, D.C. — U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.), members of the Senate Committee on Environment and Public Works (EPW), joined all Democratic members of the Committee in demanding answers from Department of Transportation (DOT) Secretary Sean Duffy about the abrupt cutoff of funds for the National Electric Vehicle Infrastructure (NEVI) Formula Program. The Joint Office of Energy and Transportation approved California’s five-year NEVI Deployment Plan on September 29, 2023, granting the state $384 million for critical zero-emission vehicle infrastructure along its highways, but the Trump Administration has illegally frozen the NEVI program.
The NEVI program — included in the Bipartisan Infrastructure Law — provides funding directly to states for installing public zero-emission vehicle charging stations, which would lower fuel costs for families, reduce U.S. dependence on fossil fuels, and create construction jobs nationwide. In a memo to state departments of transportation, the Federal Highway Administration announced states will no longer have access to $3 billion in previously approved federal funds for future construction projects.
“All 50 states plus the District of Columbia and Puerto Rico invested time and resources to prepare their plans, and all plans were approved by the U.S. Department of Transportation. Your abrupt cutoff of NEVI funding disregards these efforts and subjects states and their partners to delay, uncertainty, and bureaucratic red tape. It also threatens the jobs, innovation, and environmental benefits that this program was ready and authorized to deliver through implementation,” wrote the Senators.
“Unfortunately, your refusal to release NEVI funds to states is part of a larger, ongoing pattern by the Trump Administration of subverting the Constitution’s dedication to Congress of authority over federal spending,” continued the Senators. “As sweeping and vague as recent Executive Orders may be in expressing the administration’s policy preferences, they do not provide license under the Constitution to cut off funding for programs authorized and funded by Congress and enacted into law, and upon which our sovereign states have justifiably relied.”
The NEVI program invests in states to accelerate the nationwide buildout of public zero-emission vehicle charging infrastructure. States have already awarded more than $510 million in NEVI funding to construct charging ports, with more contracts ready to move forward. By pulling this funding, the Trump Administration is jeopardizing planned construction that could establish charging stations every 50 miles along 70 percent of major travel corridors by the end of 2055. Canceling this funding would leave many families, particularly in rural communities, without access to affordable zero-emission vehicle chargers.
Expanding access to reliable chargers will give Americans more choices in vehicles by making clean energy options more practical and by reducing dependence on expensive fossil-fueled cars. If implemented, NEVI investments will help curb the carbon pollution driving climate change, which poses an increasing threat to the U.S. economy and to American families through higher prices for groceries, insurance, and more.
In addition to Senators Padilla and Schiff, Senators Sheldon Whitehouse (D-R.I.), Angela Alsobrooks (D-Md.), Lisa Blunt Rochester (D-Del.), Mark Kelly (D-Ariz.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), and Bernie Sanders (I-Vt.) also signed the letter.
The Senators requested documents and information by February 18, 2025, and an immediate reinstatement of NEVI funding.
Senator Padilla has consistently fought to reduce emissions across the transportation and freight sectors. Last year, Padilla successfully pushed the Biden Administration to launch a National Zero-Emission Freight Corridor Strategy to guide the national deployment of zero-emission medium- and heavy-duty freight transportation vehicle (ZE-MHDV) charging and fueling infrastructure, which followed his efforts to call on the Joint Office to prioritize the deployment of ZE-MHDV as part of its core mission.
Since 2024, Senator Padilla has announced over $440 million for zero-emission vehicle charging and fueling infrastructure from the Charging and Fueling Infrastructure Grant Program. In 2023, Padilla, Senator Cory Booker (D-N.J.), and Representative Nanette Díaz Barragán (D-Calif.-44) introduced the bicameral EVs for All Act, legislation that would increase access to zero-emission vehicles for residents of public housing across the nation.
Full text of the letter is available here and below:
Dear Secretary Duffy,
We write in strong opposition to your cutoff of funding for the National Electric Vehicle Infrastructure (NEVI) Formula Program. This action shows blatant disrespect for the law and for constitutional order.
Established in the bipartisan infrastructure law, the NEVI program provides funding for every state in the nation. As a condition for using this funding, the Biden Administration required each state department of transportation to submit for approval an EV Infrastructure Deployment Plan—a responsible step to encourage states to think carefully about how they spend their funds under this program. All 50 states plus the District of Columbia and Puerto Rico invested time and resources to prepare their plans, and all plans were approved by the U.S. Department of Transportation. Your abrupt cutoff of NEVI funding disregards these efforts and subjects states and their partners to delay, uncertainty, and bureaucratic red tape. It also threatens the jobs, innovation, and environmental benefits that this program was ready and authorized to deliver through implementation.
Unfortunately, your refusal to release NEVI funds to states is part of a larger, ongoing pattern by the Trump Administration of subverting the Constitution’s delegation to Congress of authority over federal spending. As sweeping and vague as recent Executive Orders may be in expressing the administration’s policy preferences, they do not provide license under the Constitution to cut off funding for programs authorized and funded by Congress and enacted into law, and upon which our sovereign states have justifiably relied.
For these reasons, we urge you to retract your February 6 letter and to implement the law according to your responsibilities. In addition, in order to assist us in understanding how and why you reached this decision hastily and in blatant disregard of the law, please respond to the following questions and requests for production of documents by no later than February 18, 2025:
1. On what legal grounds does the Department of Transportation (DOT) believe it has the authority to cancel all funding nationwide for the NEVI program? Please cite to specific statutory or regulatory authority that permits DOT to cancel such a Congressionally-authorized appropriation. We note that executive orders do not qualify as such statutory or regulatory authority, as they are neither statutes nor regulations.
2. Did any individual or office within the White House, the Office of Management and Budget (OMB), or the so-called “Department of Government Efficiency” specifically instruct you to cancel funding for the NEVI program? If so, who did?
3. Please provide all emails dated November 5, 2024, through February 6, 2025, among and between you, DOT officials, the Trump-Vance Transition Team, the White House, Elon Musk, anyone working for or affiliated with the so-called “Department of Government Efficiency,” Russell Vought, and Office of Management and Budget officials—including but not limited to all “special government employees”—concerning the NEVI program.
Thank you for your attention to this matter.
Sincerely,

MIL OSI USA News –

February 18, 2025
MIL-OSI Economics: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: African Development Bank Group

African Development Bank Group President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

African Development Bank Group President Dr. Akinwumi Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s operations, which have impacted more than half a billion lives over the past decade.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

African Heads of State and Government display copies of the Dar es Salaam Energy Declaration at the closing session of the Africa Energy Summit, 28 January 2025.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” said Dr. Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

The Africa Investment Forum, a joint effort with eight other partner institutions, has mobilized over $200 billion in infrastructure investment commitments. (Picture: Africa Investment Forum Founding Partners and other officials during the Opening Session of the Africa Investment Forum 2024 Market Days, Rabat, 4 December 2024.)

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

UN Secretary-General António Guterres reiterated calls for reform of the international financial architecture.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity in addressing Africa’s challenges

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.
MIL OSI Economics –
February 18, 2025
MIL-OSI Europe: Record Employment Levels in Companies Supported by EI, IDA & Údarás na Gaeltachta reflect strength and resilience
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

18th February 2025

Over 546,763 jobs in client companies of Government agencies in 2024, an increase of 7,030 jobs on 2023

The Minister for Enterprise, Tourism and Employment Peter Burke has today (18.02.2025) published two surveys on the Irish economy, which reflect the continued strength and resilience of industry in Ireland in the face of the challenges posed by global economic and political headwinds.

The Annual Employment Survey 2024 finds that jobs in client companies of Enterprise Ireland, the IDA and Údarás na Gaeltachta, are now at their highest ever level, at over 546,763 jobs, which is a 1.3% increase on 2023 figures.

The Annual Business Survey of Economic Impact 2023 shows strong growth in sales, exports, value added and direct expenditures in the Irish economy for both Irish and foreign-owned companies in 2023.

The Minister said:

“These results demonstrate the strength and resilience of our jobs market and industry in Ireland, in spite of the challenges posed by global economic and political headwinds.

“In 2024, employment growth in Irish owned firms was strong across the board, including in the Construction, Business Services and Food & Drink sectors. Total permanent, full-time jobs among Irish-owned companies has increased by another 2.3% this year, with Irish-owned companies growing in employment in every year over the past decade.

“Among Foreign owned firms, employment growth in Chemicals, Business Services and Medical Devices sectors has meant that we have maintained 300,000 roles across FDI, with 2,237 additional roles added this year. Sales and exports continue to grow strongly, and these companies purchase goods and services in the local economy.

“Government enterprise policy is working and making a significant impact on employment levels and wider society. My Department will maintain a laser focus on jobs, actively supporting and incentivising Irish businesses, while also investing in bringing new jobs to Ireland”

Annual Employment Survey 2024 Key Findings:
- Employment in FDI firms increased by 0.3% since 2023, with 1,064 additional total jobs.
- In Irish-owned firms, employment increased by 2.7%, an increase of 5,966 total jobs since 2023.
- Among Irish owned firms the Energy, Water, Waste Construction sector gained the most jobs followed by Business Services with +1,444 and +995 full time jobs respectively.
- Among foreign owned firms Chemicals and Business Services gained the most jobs with +1,307 and +879 full time jobs respectively.
- Growth in employment between 2015-2024 was strongest in the Dublin region with an increase of 69.4% (+82,129), followed by the South-West (up 44.5%, +24,233 full time jobs). All regions grew employment over the ten-year period.
Annual Business Survey of Economic Impact (2023) Key Findings:
- Total sales amounted to €509.7 billion in 2023 which represents an increase of 6.8% in current prices on the previous year’s figure of €477.2 billion.
- Total exports in 2023 amounted to €459.4 billion, an increase of 7.0% on the previous year of €429.4 billion, with 92.4% of these exports being from foreign-owned enterprises.
- Value added (sales less materials and services costs) has also increased over this time-series and in 2023 amounted to €206.2 billion, up 6.4% on the previous year with 43.5% of this increase attributable to the foreign owned IT services sector.
- Direct Expenditure in the Irish Economy (Payroll, Irish Materials, Irish Services) has increased over 2022 by 4.8% to €78.5 billion in 2023. The level of direct expenditure in the Irish economy by foreign-owned client companies was €40.9 billion and €37.5 billion for Irish-owned client companies.
The Department of Enterprise, Trade and Employment co-ordinates these surveys of the client companies of the enterprise development agencies (Enterprise Ireland, IDA Ireland and Údarás na Gaeltachta). The results are presented by company ownership in terms of Irish and foreign-owned firms.

The indicators collected include annual sales and exports and payroll, materials and services costs. Data collected in 2023 and 2024 is merged with results of previous surveys to provide trend data and indicators are available by ownership and sector and are used by the agencies in their annual reports and end-of-year statements.

Agencies have commenced surveys of client companies for the 2024 Annual Business Survey of Economic Impact with all results expected early 2026.

ENDS

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MIL OSI Europe News –
February 18, 2025
MIL-OSI USA: Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford

Source: US State of North Carolina

Headline: Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford

Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford
lsaito
Mon, 02/17/2025 – 15:11

Raleigh, NC

Today, Governor Josh Stein announced a major expansion for Pennsylvania Transformer Technology, LLC (PTT), a domestic manufacturer of power and distribution transformers, to add 217 new jobs in Hoke County. The company will invest more than $102.5 million to expand its manufacturing footprint in the City of Raeford.

“PTT’s expansion is an outstanding economic development win for Hoke County and the entire state of North Carolina,” said Governor Josh Stein. “North Carolina is home to the largest manufacturing workforce in the Southeast and a central East Coast location, setting up our rural communities for more success.”

Headquartered in Canonsburg, Pennsylvania, with a nearly-century-old history, PTT is a leading domestic manufacturer of power and distribution transformers for the electric utility, municipal power, renewable energy and industrial markets. With plans to build an additional 300,000 square feet across two new state-of-the-art facilities in Raeford, PTT’s expansion is designed to increase its manufacturing capacity of transformers in the United States and contribute to reducing domestic supply chain shortages of critical transformer equipment.

“We built our first factory in Hoke County, North Carolina back in 1992 and have been proudly manufacturing power transformers in this community for over 30 years,” said Sandeep Chakravarty, President of PTT. “We are thrilled to further invest in and expand our operations in Hoke County. This new state-of-the-art facility will not only enhance our production capacity, it will provide economic benefits to the community by creating additional well-paying, high-quality jobs and more broadly, contribute to the country’s economic growth and the energy transition.”

“This major investment is more proof that North Carolina is indeed the best state to do business,” said N.C. Commerce Secretary Lee Lilley. “When companies that currently operate in our state reinvest here, it validates our efforts to provide a quality pool of skilled talent, and business friendly environment where companies can grow and thrive.”

While salaries for the new positions will vary, the average annual salary is expected to be $64,949, exceeding the Hoke County average of $42,659. These new jobs could create a potential positive aggregate annual payroll impact of more than $14 million to the local economy.

A performance-based grant of $800,000 from the One North Carolina Fund will support the company’s expansion in Hoke County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.

“This is outstanding news for Raeford and Hoke County,” said N.C. Senator Danny Earl Britt, Jr. “These new jobs and millions of investments are the right sparks to energize our community, and our people stand ready to support the company in its next phase of growth.

“PTT has been a fantastic corporate citizen in Raeford for more than 30 years,” said N.C. Representative Garland E. Pierce. “This continued partnership gives us a great vote of confidence in our ability to support such a transformative company as they execute its strategic plan for decades to come.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Department of Transportation and its Rail Division, North Carolina Community College System, North Carolina Railroad Company, Aberdeen & Rockfish Railroad, Golden LEAF Foundation, North Carolina’s Southeast, Hoke County, Raeford/Hoke Economic Development, City of Raeford, and Piedmont Natural Gas.

Feb 17, 2025

MIL OSI USA News –

February 18, 2025
MIL-OSI Security: Recycling old Radium into Cancer Drugs

Source: International Atomic Energy Agency – IAEA

An IAEA expert mission was deployed to Suva, Fiji, to support the recovery and transportation of radium-226 to the USA, where the sources will be used as a feedstock to produce actinium-225, an alpha-emitting isotope which is increasingly used in targeted cancer treatments. IAEA supports countries in managing legacy radium-226 sources under the IAEA’s Global Radium Management Initiative.

MIL Security OSI –

February 18, 2025
MIL-OSI New Zealand: Shuttering govt entities? Public service boss’s comments welcomed

Source: ACT Party

“ACT enthusiastically welcomes a debate on shuttering redundant government entities,” says ACT Public Service spokesperson Todd Stephenson after the Public Service Commissioner raised the prospect publicly.

“For households and businesses in an economic slump, cancelling old subscriptions is a financial no-brainer, and it’s time for the Government to run the ruler over its own redundant commitments.

“For starters, we could close ministries focused on serving specific demographic groups, and instead spend the funding based on need, through the Social Investment Agency.

“We could scrap the Human Rights Commission and instead strengthen the Human Rights Review Tribunal – the body that can actually act on human rights breaches.

“We could abolish the Energy Efficiency and Conservation Authority, and the Climate Change Commission, and just let the emissions trading scheme do its job.

“If we’re serious about growing the economy, we need to shrink the scope of the government, focus on doing the basics well, and return savings to taxpayers. We need to transfer power and resources away from Wellington and back to the firms, farms, and families doing the real work to pull us out of recession.”

MIL OSI New Zealand News –

February 18, 2025
MIL-OSI Asia-Pac: India Energy Week 2025
Source: Government of India

India Energy Week 2025

Driving Global Energy Innovation and Collaboration for a Sustainable Future

Posted On: 17 FEB 2025 6:47PM by PIB Delhi

India is driving not only its growth but also the growth of the world, with the energy sector playing a significant role.

-Prime Minister Shri Narendra Modi

A Global Energy Confluence

India Energy Week (IEW) 2025, held from February 11 to 14, 2025, at the Yashobhoomi Convention Centre, New Delhi, is a premier global event in the energy sector. The event held under the patronage of the Ministry of Petroleum and Natural Gas and organized by the Federation of Indian Petroleum Industry (FIPI) has grown into the world’s second-largest energy conference.

A Hub of Innovation and Transformation

The India Energy Week exhibition has grown exponentially to become the world’s new meeting place for energy professionals, with millions of dollars of business conducted onsite, positioning it at the very heart of international business.

A key facilitator of dialogue between international and regional producers, the event provides international exhibitors with the opportunity to network with key buyers from over 120 countries across the full energy value chain. Exhibitors will have the opportunity to showcase cutting-edge technologies that drive sustainable energy solutions, forge strategic partnerships, and explore opportunities to shape the future of energy.

Defining Achievements of IEW 2025

Key Focus Areas of IEW 2025
- Energy Transition & Green Future: Major focus on biofuels, flex-fuel vehicles, ethanol blending, and green hydrogen. India is steadily progressing toward its goal of producing 5 million metric tons (MMT) of green hydrogen annually by 2030.
- Exploration & Production (E&P) Reforms: Launch of Open Acreage Licensing Program (OALP) Round X, covering 200,000 sq. km, along with regulatory changes to boost investment in oil and gas exploration.
- India-US Energy Cooperation: Strengthening LNG supply partnerships and increasing natural gas consumption in India’s energy mix from 6% to 15%.
- Global Energy Investments: Expanding investments in oil and gas assets across Brazil, Venezuela, Russia, and Mozambique while benefiting from emerging oil sources.
- Startup & Innovation Recognition: The Avinya’25 – Energy Startup Challenge, led by the Ministry of Petroleum and Natural Gas, awarded innovative startups for breakthroughs in CO₂ capture, ESG solutions, and renewable energy. The Vasudha – Oil and Gas Startup Challenge recognized overseas startups revolutionizing the upstream oil and gas sector with AI-driven solutions.
Navigating the Nine Thematic Zones

IEW 2025 introduced nine thematic zones, each focusing on different aspects of the energy sector:
1. Hydrogen Zone – Hosted by Oil India Limited, showcasing cutting-edge innovations in hydrogen fuel generation.
2. Biofuels Zone – Highlighting India’s advancements in Biodiesel, Bioethanol, Compressed Biogas, and Sustainable Aviation Fuel.
3. Renewable Energy Zone – Featuring innovations in solar, wind, and other renewable energy technologies.
4. LNG EcoSystem – Hosted by Petronet LNG, focusing on India’s downstream LNG supply chain and eco-friendly fuel solutions.
5. Make in India Zone – Hosted by Engineers India Limited, highlighting indigenous energy manufacturing capabilities.
6. City Gas Distribution Zone – Hosted by GAIL, emphasizing India’s rapid progress towards a gas-based economy.
7. Petrochem Zone – Hosted by ONGC, showcasing advancements in petrochemical technologies and sustainable solutions.
8. Innovation Zone – Featuring emerging startups and breakthrough technologies in energy.
9. Digitalisation Zone – Showcasing AI, IoT, and automation in optimizing energy production and distribution.
India: The Rising Energy Powerhouse

India, the world’s third-largest energy consumer, is poised for the highest energy demand growth. Under PM Narendra Modi’s leadership, the nation is advancing towards a greener future with significant investments in secure, sustainable, and affordable energy. India Energy Week 2025 will serve as a key platform for global collaboration, driving discussions on energy security, innovation, and sustainability.

A dynamic energy landscape

India’s Path to Sustainability

As a rapidly advancing economic powerhouse, India faces the twin challenge of surging energy demand while mitigating its carbon footprint. In response, Hon’ble Prime Minister Shri Narendra Modi launched the concept of “Panchamrit” at COP 26, representing a blend of five essential elements. “Panchamrit” underscores India’s commitment to addressing climate change and fostering sustainable growth on a global scale.

Panchamrit: India’s Five Point Pledge Towards Climate Change
1. India will take its non-fossil energy capacity to 500 GW by 2030
2. By 2030, India will reduce the carbon intensity of its economy by less than 45%
3. India will meet 50% of its energy requirements from renewable energy by 2030
4. By the year 2070, India will achieve target of net-zero
5. India will reduce the total projected carbon emissions by one billion tonnes till 2030
Conclusion

India Energy Week 2025 serves as a pivotal platform for global energy stakeholders to exchange ideas, foster partnerships, and witness India’s leadership in energy transition. As Shri Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, highlighted, IEW 2025 will act as a catalyst for groundbreaking projects in green hydrogen, solar advancements, and exploration technologies, reinforcing India’s commitment to sustainability and innovation. With a focus on transformative collaboration and investment, the event will shape the global energy agenda, positioning India at the forefront of energy security, technological progress, and a sustainable future.

References

Download in PDF

***

Santosh Kumar/ Sarla Meena/ Anchal Patiyal

(Release ID: 2104168) Visitor Counter : 19

MIL OSI Asia Pacific News –
February 18, 2025
MIL-OSI Asia-Pac: Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai today

Source: Government of India

Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai today

Smt. Nirmala Sitharaman also inaugurates first ‘Sachal Aaykar Seva Kendra’ virtually

FM Smt. Nirmala Sitharaman addresses and interacts with stakeholders in a post-budget meeting in Mumbai

Increased capex, focus on reducing fiscal deficit and boosting consumption, saving and investment by the citizens: Union Finance Minister

Posted On: 17 FEB 2025 5:56PM by PIB Mumbai

: Mumbai, February 17, 2025

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS – MSME) for facilitating loans upto Rs. 100 crore to MSMEs for purchase of machinery or equipment without collateral, in pursuance of the Union Budget 2024-25 announcement, at the post-budget stakeholders’ interaction in Mumbai, today.

The Union Minister also virtually inaugurated the first ‘Sachal Aaykar Seva Kendra’ at Mumbai, to be operational in Navy Nagar Colaba from 18^th and 19^th February, 2025, and is designed to facilitate access to digital services, provide assistance for grievance redressal and to promote tax awareness.

At the same function, Smt. Sitharaman also handed over ceremonial keys to the home owners benefitted by the SWAMIH Investment Fund of SBI Ventures Ltd. Union MoS (Finance) Shri Pankaj Chaudhary, Secretary (Finance) Shri Tuhin Kanta Pandey, Secretary (DEA) Shri Ajay Seth, Secretary (Dept. of Expenditure) Dr. Manoj Govil, Secretary (Dept. of Financial Services) Shri M. Nagaraju, Secretary (DIPAM) Shri Arunish Chawla, CBDT Chairman Shri Ravi Agrawal and CBIC Chairman Shri Sanjay Kr. Agarwal were also present on the occasion.

In her keynote address, Smt. Sitharaman stated that Government continues its post-COVID capital and asset-building strategy, with increased allocations for capital expenditure to drive infrastructure development. The Finance Minister outlined the major takeaways from the Budget 2025-26, emphasizing economic growth, responsible fiscal management, and key structural reforms aimed at realising the vision of Viksit Bharat.

Increased Capital Expenditure

Government’s emphasis post Covid for public expenditure in asset building continues and hence, capex is 10.2 percent more in Budget 2025-26 than last budget (Vote-on-account 2024-25). The capex budget has been significantly increased and stands at around Rs. 16 lakh crore, stated the Finance Minister.

Boost to R& D and STEM

Highlighting the importance of research and development, the Finance Minister noted that significant steps have been taken to support R&D, especially in STEM fields, with private sector participation being encouraged. She also reaffirmed the Government’s commitment to ongoing reforms in manufacturing, Ease of Doing Business (EODB), and social infrastructure to strengthen economic foundations.

Focus on Fiscal Consolidation, Reduction of Fiscal Deficit

The Government remains steadfast in its commitment to fiscal consolidation, with a clear roadmap to bring the fiscal deficit below 4.5%. Borrowings are focused on capital asset creation, ensuring sustainable economic growth. She assured, “We are on track to bring the Debt-to-GDP ratio down to 50% by FY 2030-31. This reflects our disciplined approach towards financial stability without compromising on education, healthcare, or infrastructure investments.”

Boosting Consumption, Saving and Investment by the citizens

“This Budget focuses on boosting consumption while ensuring economic momentum. By providing tax concessions, we are enabling taxpayers to spend, save and invest, giving them the freedom to make financial decisions that best suit their needs.”

New I-T Act

The Income Tax Act, 1961, is set to be replaced by the new law which is currently under review by the Select Committee. With 60,000 inputs received, it is one of the most comprehensive tax reform exercises undertaken and reflects the spirit of Jan-bhagidaari. The new law will reduce complexity by consolidating provisions, reducing the number of sections from 800 to 500, and simplifying language for better interpretation. “FAQs The Finance Minister praised the CBDT for completing this monumental task within six months, stating, “This is a landmark effort towards simplification and transparency in taxation. Our aim is to make compliance easier and more efficient for every taxpayer.”

Opening up newer sectors for investments – Space, Energy, Nuclear Energy, Critical Minerals

Newer sectors such as space and nuclear energy have been opened up for investments, ensuring global competitiveness and technological advancement. Stressing the importance of energy security, she remarked, “With the rise in data centers and industrial expansion, our energy sector must scale accordingly”, stated the Finance Minister. The MSME Loan Guarantee scheme now extends to critical minerals, with the Government signing MoUs with multiple countries for import of important critical minerals. Additionally, full exemption of Customs Duties on 25 Critical Minerals have been announced in the union budget. This will benefit sectors like space, defence, telecommunications, high-tech electronics, nuclear energy and renewable energy, where these rare earth minerals are critical.

Education and Health

Education and health remain key priorities, with more universities being considered for student loan support to enhance accessibility to higher education. The insurance sector has been opened up with necessary safeguards, ensuring broader participation while maintaining financial security. Union Budget 2025 increased the sectoral cap of insurance sector to 100% from 74%.

PM Dhan Dhaanya Krishi Yojana for better agricultural productivity

Addressing food security, the Finance Minister highlighted the introduction of PM Dhan Dhaanya Krishi Yojana, which aims to improve agricultural productivity across 100 districts known for low agricultural output. This programme will help 1.7 crore farmers to enhance agricultural productivity, improve irrigation facilities and facilitate long-term and short-term credit “Strengthening food security in rural India is paramount, and this initiative will uplift our farmers and boost productivity where it is needed most,” she said.

The interaction with stakeholders was followed by a press conference, the proceedings of which may be accessed here.

Rabee/ Sriyanka /Dhanalaxmi/PM

Follow us on social media: @PIBMumbai /PIBMumbai /pibmumbai pibmumbai[at]gmail[dot]com

(Release ID: 2104140) Visitor Counter : 81

MIL OSI Asia Pacific News –

February 18, 2025

MIL-OSI Asia-Pac: The cumulative exports (merchandise & services) during April-January 2024-25 is estimated at USD 682.59 Billion, as compared to USD 636.69 Billion in April-January2023-24, an estimated growth of 7.21%.

Source: Government of India (2)

Ministry of Commerce & Industry

The cumulative exports (merchandise & services) during April-January 2024-25 is estimated at USD 682.59 Billion, as compared to USD 636.69 Billion in April-January2023-24, an estimated growth of 7.21%.

The cumulative value of merchandise exports during April-January2024-25 was USD 358.91 Billion, as compared to USD 353.97 Billion during April-January2023-24, registering a positive growth of 1.39%.

Non-Petroleum exports in January2025 valued at USD 32.86Billion registered an increase of14.47% as compared to USD 28.71Billion in January2024.

The cumulative Non-Petroleum exports in April-January2024-25 valued at USD 305.84Billion registered an increased of7.90% as compared to USD 283.45Billion in April-January2023-24.

Non-petroleum & Non-Gems & Jewellery exports registered an increase of 14.33% from USD 26.12 Billion in January2024 to USD 29.87 Billion in January2025.

Major drivers of merchandise exports growth in January2025 include Electronic Goods, Engineering Goods, Drugs & Pharmaceuticals, Rice and Gems & Jewellery.

Electronic Goods exports increased by 78.97 % from USD 2.29 Billion in January2024 to USD 4.11 Billion in January2025.

Engineering Goods exports increased by 7.44 % from USD 8.77 Billion in January2024 to USD 9.42 Billion in January2025.

Drugs & Pharmaceuticals exports increased by 21.46 % from USD 2.13 Billion in January2024 to USD 2.59 Billion in January2025.

Rice exports increased by 44.61 % from USD 0.95 Billion in January2024 to USD 1.37 Billion in January2025.

Gems & Jewelleryexports increased by 15.95 % from USD 2.59 Billion in January2024 to USD 3 Billion in January2025.

Posted On: 17 FEB 2025 6:15PM by PIB Delhi

India’s total exports (Merchandise and Services combined) for January2025* is estimated at USD 74.97 Billion, registering a positivegrowth of 9.72 percent vis-à-vis January2024.Total imports (Merchandise and Services combined) for January2025* is estimated at USD 77.64 Billion, registering a positive growth of 12.98 percent vis-à-vis January2024.

Table 1: Trade during January2025*

		January2025 (USD Billion)	January2024 (USD Billion)
Merchandise	Exports	36.43	37.32
Merchandise	Imports	59.42	53.88
Services*	Exports	38.55	31.01
Services*	Imports	18.22	14.84
Total Trade (Merchandise +Services) *	Exports	74.97	68.33
	Imports	77.64	68.72
	Trade Balance	-2.67	-0.39

* Note: The latest data for services sector released by RBI is for December2024. The data for January2025 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-January2023-24 and April-September2024 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Total Trade during January2025*

India’s total exports during April-January2024-25* is estimated at USD 682.59 Billion registering a positive growth of 7.21 percent. Total imports during April-January2024-25* is estimated at USD 770.06 Billion registering a growth of 8.96 percent.

Table 2: Trade during April-January2024-25*

		April-January2024-25 (USD Billion)	April-January2023-24 (USD Billion)
Merchandise	Exports	358.91	353.97
Merchandise	Imports	601.90	560.27
Services*	Exports	323.68	282.71
Services*	Imports	168.17	146.48
Total Trade (Merchandise +Services) *	Exports	682.59	636.69
	Imports	770.06	706.75
	Trade Balance	-87.47	-70.06

Fig 2: Total Trade during April-January2024-25*

MERCHANDISE TRADE

Merchandise exports during January2025 were USD 36.43 Billion as compared to USD 37.32 Billion in January2024.
Merchandise imports during January2025 were USD 59.42 Billion as compared to USD 53.88 Billion in January2024.

Fig 3: Merchandise Trade during January2025

Merchandise exports during April-January2024-25 were USD 358.91 Billion as compared to USD 353.97Billion during April-January2023-24.
Merchandise imports during April-January2024-25 were USD 601.90 Billion as compared to USD 560.27 Billion during April-January2023-24.
Merchandise trade deficit during April-January2024-25 was USD 242.99 Billion as compared to USD 206.29 Billion during April-January2023-24.

Fig4: Merchandise Trade during April-January2024-25

Non-petroleum and non-gems & jewellery exports in January2025 were USD 29.87Billion compared to USD 26.12Billion in January2024.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January2025 were USD 41.20Billion compared to USD 34.23Billion in January2024.

Table 3: Trade excluding Petroleum and Gems & Jewellery during January2025

	January2025 (USD Billion)	January2024 (USD Billion)
Non- petroleum exports	32.86	28.71
Non- petroleum imports	45.99	38.35
Non-petroleum & Non-Gems & Jewellery exports	29.87	26.12
Non-petroleum & Non-Gems & Jewellery imports	41.20	34.23

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during January2025

Non-petroleum and non-gems & jewellery exports in April-January2024-25 were USD 281.46 Billion, compared to USD 256.56 Billion in April-January2023-24.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-January2024-25 were USD 378.34 Billion, compared to USD 354.86 Billion in April-January2023-24.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-January2024-25

	April-January2024-25 (USD Billion)	April-January2023-24 (USD Billion)
Non- petroleum exports	305.84	283.45
Non- petroleum imports	447.06	414.77
Non-petroleum &Non Gems& Jewellery exports	281.46	256.56
Non-petroleum & Non Gems & Jewellery imports	378.34	354.86

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-January2024-25

SERVICES TRADE

The estimated value of services export for January2025* is USD 38.55 Billion as compared to USD 31.01Billion in January2024.
The estimated value of services imports for January2025* is USD 18.22 Billion as compared to USD 14.84Billion in January2024.

Fig 7: Services Trade during January2025*

The estimated value of service exports during April-January2024-25* is USD 323.68 Billion as compared to USD 282.71 Billion in April-January2023-24.
The estimated value of service imports during April-January2024-25* is USD 168.17 Billion as compared to USD 146.48 Billion in April-January2023-24.
The services trade surplus for April-January2024-25* is USD 155.52 Billion as compared to USD 136.23 Billion in April-January2023-24.

Fig 8: Services Trade during April-January2024-25*

Exports ofOther Cereals (103.2%), Electronic Goods (78.97%), Tobacco (59.18%), Coffee (57.07%), Rice (44.61%), Jute Mfg. Including Floor Covering (40.67%), Meat, Dairy & Poultry Products (35.66%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (27.71%), Tea (21.97%), Drugs & Pharmaceuticals (21.46%), Handicrafts Excl. Hand Made Carpet (19.49%), Carpet (18.04%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (16.41%), Gems & Jewellery (15.95%), Plastic & Linoleum (13.31%), Man-Made Yarn/Fabs./Made-Ups Etc. (12.14%), Rmg Of All Textiles (11.45%), Cereal Preparations & Miscellaneous Processed Items (11.13%), Ceramic Products & Glassware (10.44%), Marine Products (7.98%), Engineering Goods (7.44%), Cashew (6.85%), Leather & Leather Products (6.37%), Spices (2.32%) and Fruits & Vegetables (0.81%) record positive growth during January2025 over the corresponding month of last year.
Imports of Project Goods (-48.14%), Pearls, Precious & Semi-Precious Stones (-29.11%), Coal, Coke & Briquettes, Etc. (-15.22%) and Petroleum, Crude & Products (-13.49%) record negative growth during January2025 over the corresponding month of last year.
Services exports is estimated to grow by 14.49percent during April-January2024-25* over April-January2023-24.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in January2025 vis a vis January2024 are U S A (39.02%), Japan (53.53%), Bangladesh Pr (17.27%), U K (14.84%) and Nepal (20.84%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-January2024-25 vis a vis April-January2023-24 are U S A (8.95%), U Arab Emts (6.82%), Netherland (9.17%), U K (14.17%) and Japan (21.12%).
Top 5 import sources, in terms of change in value, exhibiting growth in January2025 vis a vis January2024 are China P Rp (17.06%), Thailand (136.63%), U S A (33.46%), Germany (72.15%) and U K (101.62%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-January2024-25 vis a vis April-January2023-24 are U Arab Emts (35.58%), China P Rp (10.6%), Russia (7.17%), Switzerland (16.61%) and Thailand (32.59%).

*Link for Quick Estimates

***

Abhishek Dayal / Abhijith Narayanan

(Release ID: 2104150)

MIL OSI Asia Pacific News –

February 18, 2025

MIL-OSI Asia-Pac: Government approves Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme till 2025-26 during the 15th Finance Commission cycle

Source: Government of India

Government approves Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme till 2025-26 during the 15th Finance Commission cycle

Government allows 100% State Production of Tur, Urad and Masur under PSS for 2024-25

Government to procure 100% of State’s Tur, Urad, and Masur Production for Next Four Years

Union Minister Shri Shivraj Singh Chouhan approves Tur Procurement in 9 States under Price Support Scheme for the kharif 2024-25 season

12,006 Farmers benefited as 0.15 LMT Tur procured in Andhra Pradesh, Karnataka, Maharashtra and Telangana

Centre Assures 100% Purchase of Tur from Farmers Through NAFED and NCCF

Centre assures to purchase 100% of Tur produced by farmers through central nodal agencies namely NAFED and NCCF

Posted On: 17 FEB 2025 5:30PM by PIB Delhi

The Government of India approved the continuation of the integrated Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme during the 15th Finance Commission Cycle up to 2025-26. The integrated PM-AASHA Scheme is administered to bring-in more effectiveness in the implementation of procurement operations that would not only help in providing remunerative prices to the farmers for their produce but also control the price volatility of essential commodities by ensuring their availability at affordable prices to consumers. Under the Price Support Scheme of the integrated PM-AASHA Scheme, the procurement of the notified Pulses, Oilseeds and Copra conforming to the prescribed Fair Average Quality (FAQ) is undertaken by the Central Nodal Agencies (CNAs) at the MSP directly from the pre-registered farmers through the State level agencies.

In order to incentivize the farmers contributing to enhancement of domestic production of pulses and to reduce the dependence on imports, the Government has allowed the procurement of Tur, Urad and Masur under PSS equivalent to 100% of the production of the State for the procurement year 2024-25.

The Government has also made an announcement in Budget 2025 that procurement of Tur (Arhar), Urad and Masur up to 100% of the production of the State will be continued for another four years through Central Nodal Agencies to achieve self- sufficiency in pulses in the country.

Union Minister for Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan has approved the procurement of Tur (Arhar) in Andhra Pradesh, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Telangana and Uttar Pradesh under Price Support Scheme for the Kharif 2024-25 Season for a total quantity consolidating to 13.22 LMT.

The procurement has already started in Andhra Pradesh, Karnataka, Maharashtra and Telangana and a total quantity of 0.15 LMT of Tur (Arhar) has been procured in these States till 15.02.2025 benefitting 12,006 farmers of these States. The procurement of Tur (Arhar) in other States also will commence very soon. Govt. of India is committed to purchase 100% of Tur produced by farmers through central nodal agencies namely NAFED and NCCF.

*****

MG/RN

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MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI United Nations: Time for Reparatory Justice, Permanent Security Council Seats for Africa, Secretary-General Tells Continental Summit

Source: United Nations General Assembly and Security Council

Following are UN Secretary-General António Guterres’ remarks at the African Union Summit, held today in Addis Ababa:

President Mohamed Ould Ghazouani — thank you for your leadership in the outstanding exercise of your mandate. Presidente João Lourenço — parabéns e aguardo com expetativa a oportunidade de trabalhar consigo como novo Presidente da União Africana.

I also want to give a very special expression of gratitude to the Chairperson of the African Union Commission, Moussa Faki, for his eight years of strong and permanent commitment to multilateralism and impeccable cooperation with the United Nations. Dear Moussa, working with you is a privilege, a pleasure and an honour.

The partnership between the African Union and the United Nations has never been stronger. Together, we see an Africa brimming with hope and possibility. You have a booming, enterprising population, including the largest number of young people in the world. The African Continental Free Trade Area is poised to turbocharge the region’s economy.

And calls to address the legacies of colonialism and slavery are growing louder, as reflected in your theme this year — and as reflected in the leadership of so many passionate voices for the liberation of Africa such as the great Dr. Sam Nujoma of Namibia whose life we celebrate and whose loss we mourn.

The world must never forget that Africa is the victim of two colossal and compounded injustices. First, the profound impact of colonialism and the trans-Atlantic slave trade. The roots stretch back centuries and the bitter fruit continues to affect Africans and people of African descent to this day.

Decolonization, alone in itself, was not a panacea. Political independence did not free countries from structures based on exploitation and decades of economic, social and institutional underinvestment. It is high time for reparatory justice frameworks to be put in place.

Second, Africa was under colonial domination when today’s multilateral system was created — and that injustice endures. Look no further than the United Nations Security Council. There is no excuse that Africa still lacks permanent representation in the twenty-first century.

I will keep working with the African Union and all Member States to ensure the representation Africa needs and the justice you deserve — including with two permanent members of the Security Council. And we will keep pressing together for an international financial architecture that is no longer outdated, dysfunctional and unfair.

Correcting age-old injustices is essential to address here-and-now challenges. And the good news is that we have many of the solutions we need. Last year, you helped drive that effort at the United Nations, with the Pact for the Future. I thank Africa for its support that was vital to approve the Pact. Our task now is to make those commitments a reality. South Africa’s Group of 20 (G20) Chairmanship could not come at a better time.

Let me point to four areas for action.

First, we must push for peace, security and alleviating appalling levels of human suffering. Sudan is being torn apart before our eyes — and is now home to the world’s largest displacement crisis and famine.

As we near the holy month of Ramadan, it is time for an immediate cessation of hostilities. The international community must come together to stop the flow of weapons and the bankrolling of bloodshed.

In the Democratic Republic of the Congo, the Congolese people have been suffering — yet again — from a brutal cycle of violence. And the fighting that is raging in South Kivu — as a result of the continuation of the M23 [23 March Movement] offensive — threatens to push the entire region over the precipice.

Regional escalation must be avoided at all costs. There is no military solution. The deadlock must end — the dialogue must begin. And the sovereignty and territorial integrity of the DRC must be respected.

The conclusions of the recent joint EAC-SADC [East African Community-Southern African Development Community] Summit offer a way forward — with a renewed call for an immediate ceasefire and new momentum for regional efforts based on the Luanda and Nairobi processes.

Now is the time for swift implementation. And you can count on the continued support of the United Nations, including the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO).

In the Sahel, the clear and present threat of terrorism is undermining peace, security and sustainable development. And in Somalia, we are urging predictable funding for the African Union Support and Stabilization Mission, and I hope that our voice will be heard by the Security Council.

And as we gather here in Africa, I know all our minds are also very much on Gaza. A resumption of hostilities must be avoided at all costs. The Palestinian people have suffered too much. I welcome efforts by the parties to abide by the ceasefire agreement — and urge action for a permanent ceasefire and release of all hostages.

Peace is possible in the Middle East — and that starts with tangible, irreversible and permanent progress toward the two-State solution — Israel and Palestine — living side-by-side in peace and security.

On all fronts, we stand shoulder-to-shoulder with the African Union to advance security, stability, human rights and the rule of law.

Second, we must keep working together to deliver the AU 2063 Agenda and the 2030 Agenda for Sustainable Development — and drive action on finance. African countries pay up to eight times more to borrow than developed countries. Twenty are in or at risk of debt distress.

The Pact for the Future supports international a financial architecture reform to reflect today’s economy, ensuring fair representation, and urging effective action on debt relief. And I will stand with Africa as a matter of justice and to right the historic wrongs.

Third, the climate crisis. Climate disasters are tearing across Africa: Destroying lives, upending livelihoods, devastating economies, and inflaming conflict. At the same time, the renewables revolution is unstoppable — and Africa is poised to become a global clean energy powerhouse.

Yet today Africa receives just 2 per cent of global renewables investment. Realizing Africa’s potential requires access to affordable finance — including by implementing the twenty-ninth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) finance decision fully and on time and supporting development of a road map to realize $1.3 trillion a year.

Africa has contributed little to the climate crisis, yet is paying the price with record droughts, floods and heat. Climate justice requires a massive investment in adaptation, with the international community bearing an enormous responsibility.

Developed countries must double adaptation finance. And countries must significantly boost the Loss and Damage Fund. Allow me a note, when the Loss and Damage Fund was created, the pledging conference that took place has allowed for an amount that is equivalent to the highest contract for a [baseball] player in the United States. It is absolutely necessary to make the Loss and Damage Fund an effective instrument to support developing countries in adaptation.

And we also need justice when it comes to your abundant critical minerals. Too often, your countries are plundered — bound to the bottom of value chains — as others grow rich on your resources.

The work of the United Nations Panel on Critical Energy Transition Minerals is designed to help embed justice, sustainability and human rights across the value chain. Africa’s minerals must benefit Africa’s people.

Finally, we need action on new technologies, including artificial intelligence (AI). Almost two thirds of all Africans have no reliable internet access. We have a historic responsibility to ensure AI benefits humanity, not just a privileged few, States and businesses.

The Global Digital Compact shares the ambitions of the African Digital Compact — universal connectivity, capacity- building, and responsible AI governance. I will soon present a report on innovative voluntary financing models and capacity-building initiatives to help the global South harness AI for the greater good. Together, let’s ensure these commitments are honoured.

The United Nations and the African Union stand united in our determination to deliver justice for your continent, leaving no one behind. We have much to build upon. So, together, let’s make commitments reality. And say with one voice: Viva Africa!

MIL OSI United Nations News –

February 18, 2025
MIL-OSI Africa: Financing Oil and Gas (O&G) Projects in Congo: Increased Investment to Drive Output

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

BRAZZAVILLE, Congo (Republic of the), February 17, 2025/APO Group/ —

As the Republic of Congo endeavors to boost its oil production to 500,000 barrels per day (bpd) by 2027 and expedite gas exploration and production, the Ministry of Hydrocarbons is simultaneously prioritizing the modernization of downstream infrastructure to address energy insecurity. With new regulatory measures, large-scale infrastructure projects and a strong push toward sustainability, the country has seen an influx of international investment, thereby strengthening Congo’s momentum toward ambitious reforms in the hydrocarbon sector.

Towards Increased Production

The Congolese subsidiary of China Oil Natural Gas Oversees Holding Ltd (Cogo) plans to invest $150 million to boost oil production over the next three years in the Conkouati-Koui and Nanga III fields in Congo. The company will drill four wells – two in each field – with the project set to expand to include 3D seismic surveys and further data analysis. On October 3, 2024, the new Director General of Cogo’s Congolese subsidiary Fublert Dzimbe presented the company’s activity roadmap to the Minister of Hydrocarbons Bruno Jean-Richard Itoua.

Meanwhile, oil and gas supermajor TotalEnergies announced last year that it will invest $600 million to strengthen exploration and production activities in Congo. The investment will be used to finance exploration and maintain production in the country’s deep offshore Moho Nord field, which accounts for approximately half of all Congolese oil production – roughly 140,000 bpd. TotalEnergies’ commitment to Congo’s oil production is set to ensure additional production of 40,000 bpd, adding to the country’s current levels of 267,000 bpd.

Set to finance a seven-year development program across the Mengo-Kundji-Bindi IIoilfields in Congo, oil and gas company Trident secured a $300 million financing facility from pan-African multilateral financing institution Afreximbank in 2023. The capital will enable the company to increase production – up to 30% of national crude output – while opening job creation opportunities.

A Focus on Refining

Currently, the Congolaise de raffinage, a subsidiary of the state-owned Société nationale des pétroles du Congo, operates the nation’s sole refinery in Pointe-Noire. With a processing capacity of one million tons per year, the refinery converts crude oil into finished products such as butane gas, gasoline, kerosene, light diesel and heavy fuel oil, meeting approximately 70% of the country’s refined energy needs.

To address growing domestic demand and reduce the reliance on imports, the government has initiated the construction of a new refinery in Fouta – near Pointe Noire. Known at the Atlantic Petrochemical Refinery, the project is being developed in partnership with the Chinese firm Beijing Fortune Dingheng Investment, representing an investment of around $600 million. The first phase aims to achieve a production capacity of 2.5 million tons per year, focusing on high-quality gasoline and diesel. The refinery is expected to commence operations by the end of 2025, contributing significantly to national energy security.

As sub-Saharan Africa’s fourth-largest oil producer, Congo presents significant investment opportunities for global investors. The country aims to attract fresh capital to its oil sector, with a licensing round set to be launched at the inaugural Congo Energy & Investment Forum (CEIF) 2025, taking place in Brazzaville from March 24-26. Meanwhile, the country is preparing to launch its Gas Master Plan alongside a new Gas Code at CEIF 2025, which are set to provide a strategic framework for investing in the country’s gas value chain.

MIL OSI Africa –

February 18, 2025
MIL-OSI Canada: Family Day: Minister Fir | Déclaration de la ministre Fir à l’occasion du jour de la Famille
Source: Government of Canada regional news (2)
“For the past 35 years, Albertans have welcomed Family Day as an opportunity to gather with loved ones and celebrate what it means to be a family.

“Families are at the core of province’s identity, and this Family Day we celebrate everything that families do for us, our community and our province.

“This Family Day, Alberta’s government wants to ensure that all families have the opportunity to spend time together and make new memories, so we are providing free admission to nine museums and historic sites across the province.

“The museums in our province offer countless opportunities for learning and memorable experiences. Your family can check out Alberta’s mechanical heritage at the Reynolds Museum in Wetaskiwin and exciting dinosaur discoveries at the Royal Tyrrell Museum in Drumheller or learn more about the traditional knowledge of the Blackfoot people at Head-Smashed-In Buffalo Jump.

“From my family to yours, Happy Family Day, Alberta!”

Quick facts
- The nine provincial historic sites and museums offering free admission on Feb. 17 are:
  
  Head-Smashed-In Buffalo Jump
  
  Frank Slide Interpretive Centre
  
  Lougheed House
  
  Oil Sands Discovery Centre
  
  Remington Carriage Museum
  
  Reynolds Museum
  
  Royal Alberta Museum
  
  Royal Tyrrell Museum of Palaeontology
  
  Rutherford House
Madame Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine, a fait la déclaration suivante à l’occasion du jour de la Famille :

« Depuis 35 ans, les Albertaines et les Albertains profitent du jour de la Famille pour se rassembler avec leurs proches et célébrer l’importance des liens familiaux.

« Les familles sont au cœur de l’identité de notre province. En ce jour de la Famille, nous rendons hommage à tout ce qu’elles apportent à nos vies, à nos communautés et à l’ensemble de la province.

« En cette journée de la famille, le gouvernement de l’Alberta souhaite offrir à toutes les familles l’occasion de se retrouver et de créer de nouveaux souvenirs. C’est pourquoi nous offrons l’entrée gratuite à neuf musées et lieux historiques de la province.

« Les musées de notre province regorgent de possibilités d’apprentissage et d’expériences inoubliables. Partez en famille découvrir le patrimoine mécanique de l’Alberta au musée Reynolds de Wetaskiwin, les dinosaures passionnants du musée royal Tyrrell de Drumheller, ou encore les connaissances traditionnelles des Pieds-Noirs au précipice à bisons Head-Smashed-In.

« De ma famille à la vôtre, joyeuse fête de la famille en Alberta!

En bref
- Les neuf lieux historiques et musées provinciaux suivants offrent l’entrée gratuite le 17 février :
  
  Le précipice à bisons Head-Smashed-In
  
  Le Centre d’interprétation Frank Slide
  
  La Maison Lougheed
  
  Le Centre de découverte des sables bitumineux
  
  Le musée Remington Carriage
  
  Le musée Reynolds
  
  Le Musée royal de l’Alberta
  
  Le musée de paléontologie Royal Tyrrell
  
  La Maison Rutherford
MIL OSI Canada News –
February 18, 2025
MIL-OSI Africa: Imperatus Energy Chief Executive Officer (CEO) Unpacks Downstream Strategy for Congo

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

BRAZZAVILLE, Congo (Republic of the), February 17, 2025/APO Group/ —

As the Republic of Congo strives to reach a crude oil production target of 500,000 barrels per day, it is also making significant strides in advancing its downstream sector. Energy trading companies, such as Imperatus Energy, will be pivotal to ensuring efficient distribution and market stability during this expansion strategy. In an interview with Energy Capital & Power (https://EnergyCapitalPower.com), Imperatus Energy CEO Oumar Semega discussed the company’s supply chain strategies and infrastructure development updates in Congo.

What strategies are being implemented by Imperatus Energy to ensure a reliable and efficient supply chain for petroleum and gas products?

As a specialized energy trading company, Imperatus Energy adopts a flexible and optimized approach to secure a reliable supply of petroleum and gas products in the African market. We prioritize diversification of supply sources by working with a vast network of international and regional producers, refineries and suppliers.

Our logistics and flow management strategy involves collaboration with storage terminals, pipeline operators and maritime, river and land transport providers. By negotiating agreements, we optimize costs and ensure the swift and secure distribution of products. We also leverage technology to enhance visibility and performance through risk management tools, digital cargo tracking platforms and advanced trading systems.

To mitigate risks, we employ proactive risk management and regulatory compliance strategies, including financial hedging to counter oil and gas price volatility.

How does Imperatus Energy collaborate with local and international partners to meet the Republic of Congo, and Africa’s, energy needs?

Imperatus Energy adopts a collaborative approach, working with a strategic network of local and international partners to secure competitive and reliable petroleum and gas supplies for Africa. We maintain partnerships with international producers and refineries, ensuring access to significant energy volumes under optimal conditions.

To support local markets, we work closely with importers and petroleum distribution companies, offering flexible solutions in terms of volume, delivery schedules and payment terms. This helps local players efficiently distribute energy to end consumers.

With rising demand for energy logistics and storage in the Republic of Congo, how is Imperatus Energy developing its infrastructure to address these challenges?

We partner with refineries, storage terminals and top logistics operators to secure transportation and product availability in key markets. This strategy enables flexibility in responding to demand fluctuations while optimizing transport and storage costs.

Through advanced logistics management, we identify the best supply routes based on existing infrastructure, including floating storage, pipelines, maritime, river, rail and road transport. By securing agreements with suppliers and storage operators, we ensure uninterrupted supply, even during market tensions. We also leverage technology for real-time shipment tracking, demand forecasting and trading optimization.

How does Imperatus Energy facilitate transactions and payment solutions for its energy clients?

Imperatus Energy provides secure and flexible payment solutions, recognizing the financing and liquidity challenges in African markets. We offer tailored payment options, including deferred payments, trade financing through credit lines, letters of credit for secured transactions, installment plans for cash flow management and multi-currency payment capabilities. By partnering with banks and financial institutions, we ensure access to funding for petroleum and gas purchases. To optimize international transactions, we assist with currency conversion and foreign exchange operations, negotiating favorable conditions with banking partners to minimize transaction costs.

As a Gold Sponsor at the inaugural Congo Energy & Investment Forum 2025, what are your expectations for this event?

Imperatus Energy views this event as a platform to reinforce our commitment to Africa’s energy market, particularly in the Republic of Congo. We aim to strengthen partnerships by engaging with key industry players, including government officials, financial institutions, local businesses and international investors, to foster sustainable energy collaborations.

Understanding market trends and investment opportunities is another priority. The forum provides a unique chance to analyze regulatory developments and identify investment prospects in energy trading, imports and distribution.

MIL OSI Africa –

February 18, 2025
MIL-OSI: Sustain SoCal to Host Second Annual Sustainable Communities: Solutions in Resiliency Conference
Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., Feb. 17, 2025 (GLOBE NEWSWIRE) — via InvestorWire — Sustain Southern California (“Sustain SoCal”) is proud to host the Sustainable Communities: Solutions in Resiliency conference to be held on Thursday, February 20, 2025. The in-person event will take place at The Cove at UCI Beall Applied Innovation, located at 5270 California Ave., Irvine, CA 92617.

Following its successful launch in 2024, we are pleased to organize the second edition of this event, addressing housing-related concerns, including critical issues such as climate readiness and availability, resilience in the face of environmental disruptions, the changing landscape of insurance, fire safety, and local self-resiliency.

Given recent fire emergencies in states such as California’s unchecked urbanization, water quality risk as a result of burn zone runoff, and instability in our energy grid, the demand for such a forum has never been greater. This one-of-a-kind conference is where innovation meets sustainability. Among the promising advancements driving the transformation of communities is the integration of digital twin technologies, helping usher in an era of eco-conscious urban development.

This event will unite industry veterans, renowned pioneers, thought leaders, and policy influencers from Southern California and surrounding regions. Invaluable perspectives and practical insights will be explored, fostering dialogue and collaboration to drive the transformation of communities into vibrant, resilient, and sustainable hubs.

The conference agenda will include dynamic, insights-rich sessions such as:
- Housing: How Climate Readiness & Availability Intersect
- How Beneficial Fire Will Mitigate the Wildfire Crisis: An Environmental Liability Solution
- Water Management as Key to Disaster Preparedness & Cleanup
- Wildfire Resilience: How Smart Buildings Safeguard Critical Infrastructure
- Microgrids & Mobile Energy Units as Emergency Resources
The event will also feature the Innovator Showcase, a special exhibition where attendees can interact with cutting-edge innovations to help achieve responsible, sustainable urban and suburban living.

The conference also provides attendees with a unique opportunity to engage directly with key experts, industry peers, enthusiastic researchers, and students.

C. Scott Kitcher, President and CEO of Sustain SoCal, reiterated the significance of this event: “What began as an event to lay the foundation for Sustain SoCal’s extensive 2025 program has quickly transformed into a complex discussion about climate resilience and emergency preparedness in light of the recent LA fires. This event will examine a multitude of lessons learned when it comes to housing development, the changing landscape of insurance, water quality, the research needed in regards to ecological buffer zones, microgrid applications in times of evacuation and emergency response, and much more. Conversations kicked off during Sustainable Communities: Solutions in Resiliency will be continued throughout the upcoming year in our Communities Working Group, offered to Sustain SoCal Members.”

For more information and registration details, visit: https://sustainsocal.org/event/sustainable-communities/

About Sustain SoCal
Sustain SoCal, a non-profit organization, accelerates sustainability and economic growth through innovation, collaboration and education in Southern California. The organization has a ten-year history in exploring and implementing pragmatic, real-world solutions to the challenges created by growth, change and inefficiency. It conducts conferences, workshops and networking events that lead to initiatives that positively impact our region’s economic progress and sustainability. For more information, please visit www.sustainsocal.org.

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The MIL Network –
February 18, 2025
MIL-OSI: NANO Nuclear Energy Strengthens Intellectual Property Portfolio with Four New Patent Applications
Source: GlobeNewswire (MIL-OSI)

Protections Surrounding Key Enabling ALIP Technology Adds to NANO Nuclear’s Stable of Granted or Acquired Patents and Patent Applications

New York, N.Y., Feb. 17, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has filed four new separate utility patent applications with the United States Patent and Trademark Office (USPTO) related to NANO Nuclear’s Annular Linear Induction Pump (ALIP) technology.

The ALIP technology, a thermal management and distribution system which is based on electromagnetic (rather than mechanical) pumps, is a core technology in the development of advanced molten-salt and liquid-metal nuclear reactors. By utilizing a time-varying magnetic field, ALIPs enable the movement of conductive fluids without mechanical components, reducing wear and maintenance requirements while increasing efficiency.

The ALIP technology, acquired by NANO Nuclear last year and part of its suite of energy systems, is considered a key-enabling technology for the development of advanced nuclear reactors, not only for NANO Nuclear’s microreactors in development but as a third-party commercial opportunity for other advanced nuclear reactor systems.

In addition to enhancing energy conversion cycles, optimizing thermal management, and ensuring operational longevity in high-temperature applications across the energy, propulsion, and industrial sectors, applications of the ALIP technology extend beyond nuclear energy to space power and propulsion systems, industrial cooling systems, and defense applications, positioning NANO Nuclear at the forefront of emerging high-performance fluid control markets.

A U.S. Department of Energy’s Small Business Innovation Research (SBIR) Phase III project is ongoing to refine the ALIP technology, led by inventor and NANO Nuclear’s Head of Thermal Hydraulics and Space Program Dr. Carlos O. Maidana, with a view to separately commercialize the technology as a component for liquid metal and all molten salt-based nuclear reactors.

Figure 1 – NANO Nuclear Energy’s Annular Linear Induction Pump (ALIP) technology cross-sectional visualization.

“The development and eventual commercialization of the ALIP technology is essential for advancing next-generation nuclear reactor solutions,” said Carlos O. Maidana, Ph.D., Head of Thermal Hydraulics and Space Program of NANO Nuclear Energy. “Filing these utility patents highlights our commitment to leading the charge in next-generation technologies that are critical to the ongoing evolution of advanced energy systems. I’m pleased to have housed these inventions within NANO Nuclear and to lead the team to progress and refine this technology.”

The newly filed patent applications include:
1. Patent Application # 19/030,148, titled “Integrated platform and method for optimizing an electromagnetic pump,” relates to the development of software for the design of annular linear induction pumps.
2. Patent Application # 19/030,130, titled “Electromagnetic pump system and method for moving conducting fluid,” relates to the design of the next generation of annular linear induction pumps.
3. Patent Application # 19/030,098, titled “Electromagnetic pump and method for manufacturing the same,” relates to the advanced manufacturing of annular linear induction pumps.
4. Patent Application # 19/030,068, titled “Cooling system for electromagnetic pump system,” relates to the design of a micro-channel cooling system, using advanced manufacturing methods, for annular linear induction pumps operating at very high temperature.
These intellectual properties are expected to provide enhanced component life span and operation metrics in all advanced molten-salt and liquid-metal reactors, including NANO Nuclear’s KRONOS MMR^™, LOKI MMR^™, and ODIN portable microreactor, all of which are currently in development.

“The filing of these additional utility patents further bolsters our intellectual property portfolio and helps to ensure the protection of our progress in developing this key enabling technology,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “We believe that the ALIP technology will be instrumental in the development and optimization of the next generation of advanced nuclear reactors, and I’m pleased with the progress Dr. Maidana has overseen through the SBIR Phase III program. We look forward to continuing our progress with ALIP with a view towards including in it our own microreactors in development as well as seeking to separately commercialize it as soon as possible.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

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The MIL Network –
February 18, 2025
MIL-OSI Global: Heat pumps have a cosiness problem

Source: The Conversation – UK – By Aimee Ambrose, Professor of Energy Policy, Member of Fuel Poverty Evidence and Trustee of the Fuel Poverty Research Network, Sheffield Hallam University

How we keep warm at home accounts for 17% of the UK’s greenhouse gas emissions. The UK cannot reach net zero emissions, and end its contribution to climate change, without ending its reliance on natural gas as the dominant source of heating.

As elsewhere in Europe, heat pumps (which use electricity to draw heat out of the air or ground and circulate it indoors) are regarded as the best way to reduce carbon emissions. But are people ready to ditch their gas boilers?

My colleagues and I spent three years researching what people need, want and expect from their heating systems by asking 300 people in eight settlements across the UK, Finland, Sweden and Romania about their experiences of trying to keep warm at home. These memories ranged from as early as 1945 to the present day.

Among the four countries we studied, the uptake of heat pumps is most sluggish in the UK and Romania. In Sweden, heat pumps are an established technology, used to heat homes outside of dense urban areas that tend to be served by heat networks, where a boiler is shared by multiple dwellings and heat pumped to each home through pipes.

Successive oil crises accelerated the roll-out of electric heating in Sweden during the 1970s. Our participants credited widespread trust in the Swedish government at the time for the successful adoption of heat pumps.

Relatively low trust in the government makes it more difficult to increase heat pump uptake in the UK, a problem shared by Romania, where, low trust in the government follows decades of communist rule during which energy could be cut off to maintain supply to industries.

When coal was king and stoves were guilt-free

We found that there were strong attachments to high-carbon fuels in many of the communities we studied – even where people were committed to a future with low-carbon energy.

In former coalfields, such as Rotherham in south Yorkshire and Jiu Valley in south-west Romania, people spoke wistfully of the coal industry which provided jobs, housing and plentiful fuel for heating and cooking, except during industrial disputes. The coal fire was where most of our participants let their minds linger.

The subsequent move to natural gas heating for most UK households, which started in the 1960s, failed to evoke the same enthusiasm. People did acknowledge the benefits of being able to heat the whole home evenly with gas central heating and remembered feeling glad to no longer have to clean out the grate, but this was a less remarkable era in home heating. Participants talked about it in less detail, for less time and with less enthusiasm.

Many of our Finnish participants, despite having heat pumps or connection to a district heating network, wanted to continue burning wood at home. This treasured practice brought a sense of wellbeing. The intense pleasure of the fireside created a sense of homeliness and enabled cultural traditions such as cooking on a wood fire, plus the multi-sensory experience of a wood-fired sauna.

Some participants worried about being considered an “environmental criminal” for driving a diesel car, but regarded burning wood as more socially acceptable. Outside of cities, plots of woodland are inherited in some families. Gathering firewood was a ritual many enjoyed and didn’t want to give up.

Nice, but not sustainable.
Skylines/Shutterstock

More affluent participants in the UK also valued their wood burning stoves – a growing trend essentially borrowed from Scandinavian neighbours. Those we interviewed in Sweden also prized their wood burners but usually only in the homes or cabins where they holidayed.

Thermal delight

In 1979, US architect Lisa Heschong’s concept of “thermal delight” held that building designers were forgetting the importance of enabling pleasure through heat. Our research participants had not forgotten, however, and confirmed that we seek the most joyous route to warming our bodies.

While the necessary speed of the net zero transition entails a clean sweep that substitutes fossil-fuelled heating for low-carbon, electric alternatives, our research shows that this may be unappealing to many households.

The people we met wanted heating options to reflect different needs and preferences. Our participants valued central heating for bringing their houses to a consistent temperature, but this did not preclude a desire for the radiant heat of the log burner on some days. They also wanted the option of plugging in a portable, electric heater when they only needed to heat one room.

They enjoyed the contrast between the intense warmth of the fireside and a cool bedroom and many regarded an even heat throughout the home as “uninviting” – something that met their needs but not their desires. The experience of different eras of home heating had taught them the value of flexibility and variety, which makes a “clean sweep” to electric heating unattractive.

These findings do not mean that heat pumps are doomed. Indeed, heat pumps have a lot to offer in terms of reducing heating emissions. What we found does indicate a need for multiple ways to heat the home within scenarios for reaching net zero emissions.

The transition from coal to gas heating is within living memory in the UK.
AstroStar/Shutterstock

Partly, this calls for innovation in home heating technology. There is really no place for burning solid fuels in a net zero future, but a concerted effort between heating researchers, designers and technologists could create a beautiful heat source that acts as a focal point, and offers something akin to the multi-sensory joy of the fireside.

The findings also indicate the need to change how heating transitions are talked about by the government and energy companies. Away from an implacable duty to switch heating sources and the need for efficiency, and towards the joy and abundance of a heat source that (in the case of heat pumps) offers four times the heat output for the same energy input as a gas boiler.

The best way to sell the low-carbon heating transition is locally, where the kinds of attachments and allegiances to heat that we have uncovered are best appreciated and understood. Local authorities are typically best placed to do that.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

Aimee Ambrose receives funding from The Collaboration for the Humanities and Social Sciences in Europe (CHANSE) and The Arts and Humanities Research Council (AHRC).

– ref. Heat pumps have a cosiness problem – https://theconversation.com/heat-pumps-have-a-cosiness-problem-249529

MIL OSI – Global Reports –

February 18, 2025
MIL-OSI Global: Namibia’s Shark Island: Europe’s push for green hydrogen risks compromising sites of colonial genocide

Source: The Conversation – Canada – By Rosanna Carver, Postdoctoral Research Fellow, University of Victoria

An aerial view of Shark Island and the town of Lüderitz in Namibia. (Black Court Studios)

In September 2025, Namibia will host the Global African Hydrogen Summit. The Namibian government has ambitions to turn the country into a leading producer of green hydrogen for export to markets in Europe and elsewhere. However, the lands and waters now regarded as being essential to Europe’s energy transition are tied to traumatic memories of colonial violence; especially the ocean, which is the final resting place for thousands of Namibians.

As countries around the world transition to renewable energy, an inconspicuous peninsula in Namibia known as Shark Island is positioned to play a key role in the production of so-called “green” hydrogen, which is a proposed alternative to fossil fuels.

However, the peninsula and its waters are at risk of being compromised by proposed port expansions to support the transportation of green hydrogen. Shark Island, near the town of Lüderitz, is now a campsite for tourists.

But Shark Island is also called Death Island, and it was a concentration camp and a site of genocide during German colonial rule from 1884 to 1915. The concentration camp has since been destroyed, leaving little evidence of the violence that occurred there. However, recent international investigations highlight what many Namibians have known and worked on for generations.

Germany’s colonization and genocide

In 1884, German colonizer Adolf Lüderitz annexed Namibia, intending to finance colonial rule through minerals. Between 1904 and 1908, German colonial forces killed approximately 100,000 people (80 per cent of the Herero and half of the Nama population). The genocide also affected the ǂNukhoen and the ǂAonin communities.

During the genocide, those who were not immediately killed were sent to concentration camps, where they were forced to perform manual labour, such as working on railways and harbours. This occurred across Namibia, including on the coast: in Swakopmund and Lüderitz alone, more than 1,550 Nama died.

The research agency Forensic Architecture has digitally reconstructed the camps and identified evidence of burial places. On Shark Island, they demonstrate that the port expansion “poses further imminent risk to the site.”

Attention has been given to the land-based component of green hydrogen projects including the multinational joint venture, Hyphen Energy. But the ocean, which Namibia’s development projects also interact with, is often overlooked as a space of memory, justice and relations. This is in part due to colonial and apartheid histories that erased or excluded people from the coasts and oceans.

During colonial rule, German colonizers incarcerated Namibians offshore aboard ships. They also threw the bodies of those who had died in the concentration camp into the ocean. The local saying “the sea will take you” highlights how the ocean is involuntarily tied to memories of death and trauma.

Namibians have not forgotten the violence that occurred on the land and at sea. Local groups are restoring grave sites and establishing memorials. The discussion of recognition, justice and equitable rights and access to the coast and ocean are important for Namibia’s communities and the decedents of those killed during the genocide.

Waves of energy colonialism

Green hydrogen has a central role in global decarbonization ambitions. Namibia is considered an “export production site” for Europe’s future hydrogen economy. This is due to its solar and wind potential, and access to the ocean.

Hydrogen can only be produced in Namibia if the infrastructure exists to enable it. For example, hydrogen requires the industrial and transportation infrastructure to get it to international markets. To meet these demands, the Namibian Ports Authroity is proposing port expansions in the city of Walvis Bay and Lüderitz, where expansion could have implications for Shark Island and its waters.

Campaigners in Namibia are demanding the government and industry halt the expansion plans on Shark Island, and meaningfully engage with reconciliation. Among them is the Windhoek-based Black Court Studio, where Natache Iilonga, co-author of this article, is the creative director.

These proposed developments signal the continued European dominance in Namibia’s blue and green economy projects. They enable energy colonialism, where the push for green energy continues colonial injustices. European countries and industry perpetuate ecological, social and cultural harm to satisfy their own climate change agendas.

Projects and partnerships between Namibia and European countries like Germany are emblematic of (neo)colonial power relations. While these projects propose to foster co-operation, they also continue to dispossess communities from their lands and waters, and erase environmental and cultural relations.

Through “development assistance,” the German government and non-governmental organizations continue to influence economic projects in Namibia, while avoiding discussion of meaningful reparations for colonial crimes.

Read more:
Germany’s genocide in Namibia: deal between the two governments falls short of delivering justice

The land and ocean are not merely passive witnesses to colonial violence. Black Court Studio incorporates the ocean as a dynamic participant in the conversation about these violent histories, and justice and healing. Through community exercises and counter-mapping, the studio explores people’s socio-cultural relations with the ocean.

Together, the studio’s interventions are beginning to resituate previously erased and forgotten connections with Shark Island. This work also highlights cultural and spiritual relations with the ocean that persist despite this dispossession.

Namibia’s ocean and coasts are not empty spaces to be exploited for the benefit of Europe’s energy future. A deeper understanding of histories, and present day connections, provide lessons for meaningful reconciliation.

Natache Iilonga is a practicing architect with Iilonga Architects Inc and the co-founder of Black Court Studios Namibia.

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

– ref. Namibia’s Shark Island: Europe’s push for green hydrogen risks compromising sites of colonial genocide – https://theconversation.com/namibias-shark-island-europes-push-for-green-hydrogen-risks-compromising-sites-of-colonial-genocide-239549

MIL OSI – Global Reports –

February 18, 2025
MIL-OSI: BYD Energy Storage Signed World’s Largest Grid-scale Battery Storage Projects of 12.5GWh

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, Feb. 17, 2025 (GLOBE NEWSWIRE) — Recently, BYD Energy Storage and Saudi Electricity Company successfully signed the world’s largest grid-scale energy storage projects contracts with a capacity of 12.5GWh at the time. Combined with the previously delivered 2.6GWh project, the total cooperation now has amounted to a massive 15.1GWh of projects.

The Project Kick-off Meeting

This cooperation is a pivotal stride towards advancing Saudi Arabia’s renewable energy industry and aligning with the ambitious goals set forth in Saudi Arabia’s Vision 2030 initiative. In response to the pressing global climate challenges, SEC has been steadfast in its commitment to reshaping Saudi Arabia’s energy landscape and spearheading exploration in renewable energy, driven by the Kingdom’s ambition to achieve its optimal energy mix of 50% of renewables by 2030.

The BESS equipment in the projects will be installed at five sites in the country. BYD Energy Storage will supply new-generation MC Cube-T ESS that adopt its globally pioneering CTS (Cell-to-System) super-integrated technology, with a Vcts (proportion of cell volume to system volume) index exceeding 33%. These installations will integrate into Saudi Arabia’s power transmission network, playing a pivotal role in addressing challenges posed by the rising number of renewable energy generation systems, ensuring stable power supply, and meeting peak energy demands.

17 years ago, the first pilot BESS system was delivered from BYD to the market to seek for the potential value of LFP-based battery storage system to be coupled in electricity network system. To date, BYD Energy Storage has delivered over 75GWh of BESS equipment to 350 projects spanning more than 110 countries and regions worldwide. Its diverse product portfolio caters to various application scenarios across generation side, utility side and consumption side, forming a complete industrial chain encompassing research, development, manufacturing, sales, and service. BYD Energy Storage proved itself to be well-equipped to supply an ultra-large-scale project exceeding 15.1GWh.

This landmark project will redefine the value and status of electrochemical energy storage solutions in the global energy landscape. Taking this cooperation as a new starting point, BYD Energy Storage will continue to increase investment in technology research and development and join hands with global partners to usher in a new era of energy transition, leading the energy storage industry towards a clean and sustainable future.

Links:
www.bydenergy.com
www.bydglobal.com

Media Contact:
Qifen Zhong
zhong.qifen@fdbatt.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/de81db5a-c23a-4e43-85ae-89dc133ea635

The MIL Network –

February 18, 2025
MIL-OSI United Kingdom: GB Energy & Grangemouth show ‘You can’t trust Labour’

Source: Scottish National Party

‘You can’t trust Labour’. It was an oft made comment during the latter year’s of Tony Blair’s premiership; particularly because of his role in dragging the UK into the Iraq war on the basis of a lie.

But it took six years for that phrase to become common usage. With the current Westminster Labour government of Keir Starmer it’s only taken six months.

And recently we saw an example which explains why trust in Keir Starmer’s Labour party has nosedived.

Before the 2024 election Labour promised that Aberdeen would get 1,000 jobs from hosting the GB Energy headquarters; but now the appointed boss of GB Energy says it will only create 200 jobs in five years.

The GB Energy boss who won’t even be working in Aberdeen but Manchester! So much for a ‘headquarters’ in Aberdeen.

These revelations have been followed more recently by news that Grangemouth’s refinery is to close after 100 years.

Again, another example of how Labour can’t be trusted.

Before the election Labour, along with Keir Starmer and Anas Sarwar, promised to save the jobs:

:wilted_flower: Before the Westminster election, Labour promised to save Grangemouth – they’ve broken that promise. :point_down: pic.twitter.com/coS3gDL2l0

— The SNP (@theSNP) February 6, 2025

Now it’s scenes of Anas Sarwar repeatedly pleading that he’s powerless because it’s a private company…

Anas Sarwar promised in the 2024 Westminster election that Labour would save the jobs at Grangemouth.

Labour broke that promise. pic.twitter.com/GAng87jhjz

— The SNP (@theSNP) February 7, 2025

…a private company Labour will financially support when it comes to a football stadium in England and a refinery in Belgium!

Labour Government promises to back Ineos owners Old Trafford project and has also been given a £600million loan guarantee by the UK Labour Government for a refinery in Belgium.

I thought Labour promised to save Grangemouth! pic.twitter.com/MMqNq2TaqR

— Gordon Macdonald MSP (@GMacdonaldSNP) February 9, 2025

And it was Westminster who tied their own hands when it gave Grangemouth to the private sector:

The SNP’s @MichelleThomson on @bbcdebatenight reminding us that Westminster tied its own hands when it gave Grangemouth to the private sector.

Once again, Scotland is bearing the brunt of Westminster’s mismanagement. pic.twitter.com/kVeXePfm7k

— The SNP (@theSNP) February 6, 2025

Is it any wonder that even Grangemouth’s own Labour MP sounds like he doesn’t trust Labour?

:face_with_peeking_eye: Even Labour’s own MPs know they’ve betrayed Grangemouth

Watch below :point_down: pic.twitter.com/roXsOcP17m

— The SNP (@theSNP) February 10, 2025

Even a letter he wrote to Starmer was signed by only one other Scottish Labour MP. So much for Scottish Labour MPs standing up for Scotland.

But those two examples are just the tip of the iceberg when it comes to Labour promises.

Take the WASPI women pensioners; betrayed so often by the Tories and now by Labour. As leader of the opposition, Starmer promised to “do something about it”, saying he understood their anger at having “the goalposts moved”.

In 2020 he railed against the two-child cap on child benefits. In the days running up to the election Scots were told to vote Labour to end child poverty.

Yet just after the election he suspended seven Labour MPs for voting with the SNP to scrap the cap on child benefit and tackle child poverty.

Then there’s the winter fuel payment for pensioners. In the run up to voting in July 2024 Starmerrailed against the Tories about how pensioners suffered under the Tories and promised them security.

Safely in Downing Street his government announced a cut to pensioners’ winter fuel payments despite research by his own party that it could cause 4,000 deaths.

And what about National Insurance?

Labour’s manifesto specifically pledged that they would not raise national insurance. In her budget Rachel Reeves increased employer national insurance – a policy that will hit those employing lower paid workers the hardest, charities, GPs and care homes.

You would think such a level of untrustworthy behaviour would be more than enough after seven months; but there’s more that specifically affects Scotland.

In the July 2024 election Anas Sarwar expressly promised that Scottish Labour ‘would put Scotland at the heart of Starmer’s government‘; and ‘stand up to Keir Starmer and defend Scotland’s interests‘.

Instead, as a group, Scottish Labour MPs have meekly voted for cutting the winter fuel payment, keeping the two-child benefit, and failing to support WASPI women.

And there’s a range of issues where that group of MPs have been subdued when it comes to putting Scotland at the heart of Starmer’s government.

In August 2024 Rachel Reeves pulled funding for an £800 million computer at Edinburgh University with a Labour source saying the project made “little strategic sense.”

Yet by January Keir Starmer was announcing that his government had arranged £14 billion of investment in various AI projects.

At the end of January Rachel Reeves announced her plans for growth in the UK … which amounted to a concentration of UK government assistance between the cities hosting the UK’s two elitist universities.

The absence for similar assistance for Scotland was notable despite claiming it would deliver to “all corners of the UK“:

Labour have announced they are investing taxpayer money to drive growth “across the UK”.

Guess where almost all of it is going. pic.twitter.com/Fo332thuae

— The SNP (@theSNP) January 30, 2025

Take CCS, or Carbon Capture & Storage; since the 2014 independence referendum the North East of Scotland has been repeatedly promised that Westminster would invest millions in it.

Rachel Reeves eventually announced funding for Carbon Capture & Storage … in Teesside and Merseyside. No Scottish Labour MP or MSP has even mentioned this slap in the face to Scotland.

Is it any wonder Scots believe Anas Sarwar doesn’t stand up to Keir Starmer. It’s no wonder Scottish Labour’s vote is at its lowest level in three years.

And what is Anas Sarwar’s latest move as we approach a Scottish election year? To say he is open to ‘good ideas’ from Nigel Farage’s Reform party.

A party that would like to abolish the Scottish Parliament and privatise the NHS. The party of Brexit which has increased the cost-of-living creating less money for public services.

And Anas Sarwar’s latest gambit just raises more questions about trust in Labour. He’s now pledging to protect SNP policies like free tuition, free prescriptions and the Scottish Child Payment.

After months of accusing the SNP government of ’18 years of failure’ he’s now saying it has been 18 years of “successes”.

But why should anyone trust what many see as a panicked announcement by Anas Sarwar?

On several occasions Labour’s Holyrood group of MSPs have voted against SNP government budgets which contained those policies. Even now they are not supporting the SNP budget containing those policies.

A previous Scottish Labour leader notoriously called those policies a ‘something for nothing‘ culture which should end.

Anas Sarwar’s health spokesperson, Jackie Baillie, is on record as saying prescription charges should “absolutely” be abolished.

As for tuition fees it was only in February 2024 that Sarwar’s finance spokesperson, Michael Marra, said backdoor tuition fees, like endowments, would have to be considered.

Shortly after Labour MSPs voted with the Tories in Holyrood against free tuition.

And let’s not forget the behaviour of Anas Sarwar’s boss, Keir Starmer. In 2020 he promised Labour members in the party leadership election that he would “support the abolition of tuition fees”.

Yet by September 2023 he claimed it would be ‘impossible‘ to abolish tuition fees … despite the fact that is the reality in Scotland.

And let’s not forget which party first introduced tuition fees – whose policy they ultimately are.

Just weeks before the 1997 election Tony Blair pledged: “Labour has no plans to introduce tuition fees for higher education.”

A year after taking power, Blair went ahead and introduced tuition fees.

It all just shows how the people of Scotland don’t and can’t trust any promise by Scottish Labour. Like a branch office they will always follow their bosses in Westminster.

There’s only one party that Scots can trust to stand up and speak for Scotland. Speak out about Westminster ignoring your communities when it comes to investment. To vote for the benefit of Scotland’s pensioners, families and workers – the SNP.

MIL OSI United Kingdom –

February 18, 2025

Category: Energy

Programme Agreement Signed with Reliance New Energy Battery Limited for 10 GWh capacity under the PLI for Advanced Chemistry Cell (ACC) SchemeOut of 50 GWh capacity, 40 GWh cumulative capacity has been awarded under the scheme.

India Energy Week 2025Driving Global Energy Innovation and Collaboration for a Sustainable Future

Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai todaySmt. Nirmala Sitharaman also inaugurates first ‘Sachal Aaykar Seva Kendra’ virtually

January2025

April-January2024-25

Government approves Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme till 2025-26 during the 15th Finance Commission cycleGovernment allows 100% State Production of Tur, Urad and Masur under PSS for 2024-25

Quick facts

Madame Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine, a fait la déclaration suivante à l’occasion du jour de la Famille :

En bref

When coal was king and stoves were guilt-free

Thermal delight

Germany’s colonization and genocide

Waves of energy colonialism

Programme Agreement Signed with Reliance New Energy Battery Limited for 10 GWh capacity under the PLI for Advanced Chemistry Cell (ACC) Scheme

Out of 50 GWh capacity, 40 GWh cumulative capacity has been awarded under the scheme.

India Energy Week 2025

Driving Global Energy Innovation and Collaboration for a Sustainable Future

Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai today

Smt. Nirmala Sitharaman also inaugurates first ‘Sachal Aaykar Seva Kendra’ virtually

Government approves Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme till 2025-26 during the 15th Finance Commission cycle

Government allows 100% State Production of Tur, Urad and Masur under PSS for 2024-25