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Category: Energy

  • MIL-OSI USA: McConnell Praises President Trump’s Selection of Paducah as Future Home of AI Infrastructure

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY) today praised the Trump Administration’s selection of the Department of Energy’s Paducah Site, home of the Paducah Gaseous Diffusion Plant (PGDP), as one of four locations for cutting-edge artificial intelligence (AI) data centers and energy generation projects: 
    “This is great news for the Paducah community, and I want to thank President Trump for selecting the Paducah Site to host new AI infrastructure. The site at the Paducah Gaseous Diffusion Plant has long held a critical role in advancing U.S. national security, and is poised, yet again, to be a national leader in an emerging and important technology. I am proud of the Paducah community and its workforce and know they are prepared to continue working closely with the Department of Energy to further instill PGDP’s role in national security while helping facilitate greater U.S. leadership in AI.” 
    NOTE: Earlier this year, Senator McConnell contacted U.S. Department of Energy Secretary Chris Wright on behalf of the community in support of Paducah’s submission for the nationwide search for the highly competitive Artificial Intelligence Infrastructure on DOE Lands program. 

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI: AMSC to Report First Quarter Fiscal Year 2025 Financial Results on July 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    AYER, Mass., July 24, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its first quarter fiscal year 2025 financial results after the market close on Wednesday, July 30, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.

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

    A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

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

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

       
    AMSC Contacts  
    AMSC Director of Communications: Investor Relations Contact:
    Nicol Golez LHA Investor Relations
    Phone: 978-399-8344 Carolyn Capaccio, CFA
    Nicol.Golez@amsc.com  Phone: 212-838-3777
      amscIR@allianceadvisors.com 
       

    The MIL Network –

    July 25, 2025
  • MIL-OSI Africa: Liberia salutes African Development Bank President Adesina in landmark Government session

    Source: APO – Report:

    • I want you to know that your legacy in Liberia is strong and enduring, President Boakai tells Adesina
    • “With your vast natural resources, Liberia has no business being poor.” — Adesina

    Liberian President Joseph Nyuma Boakai convened the full spectrum of his government leadership to hear from African Development Bank President Dr. Akinwumi Adesina (www.AfDB.org), whom he lauded for a transformative decade at the helm of Africa’s premier development finance institution.

    The expanded cabinet meeting, held Tuesday 22 July at the Ellen Johnson Sirleaf Ministerial Complex in Monrovia, brought together all three branches of the Liberian government: executive ministers, legislative leaders, the Chief Justice, and heads of state-owned enterprises. The event served as both a celebration of partnership and a platform for Adesina to share leadership insights as he nears the end of his term in August 2025.

    “You have shown the world that bold ideas, when combined with clear vision and determination, can produce extraordinary results,” President Boakai declared. “Through your leadership, the African Development Bank has invested in real solutions that touch lives every day.”

    Underscoring the gravity of the occasion, the Liberian president added: “The fact that all three branches of our government are represented speaks volumes about the value we place on your visit and the respect we have for your leadership and contributions.”

    In his rousing keynote address titled “Liberia: Arise, and Shine!”, Dr. Adesina reflected on the Bank’s enduring partnership with Liberia, which has resulted in $1.02 billion in investments across 72 projects since 1967.

    Key achievements include nearly 2,500 km of electricity transmission lines connecting Liberia with Côte d’Ivoire, Sierra Leone, and Guinea; the Liberia Energy Efficiency and Access Project, which delivered nearly 40,000 new grid connections; and 177 km of new roads including the transformational Fish Town-Harper and Karloken to Fish Town corridors.

    A central highlight of the event was the launch of the Liberia Youth Entrepreneurship Investment Bank (YEIB), a flagship $17 million initiative under the African Development Bank’s Youth in Africa strategy. Liberia becomes the first African country to establish the dedicated youth-focused financial institution, aimed at equipping young Liberians aged 18-35 with the tools and capital to drive national development through entrepreneurship.

    President Boakai described the Bank’s portfolio as “more than numbers on paper.”

    “They are roads that connect our communities, energy that lights homes and businesses, and agriculture projects that strengthen food security and create income for our farmers,” he said.

    Drawing from his experience as Nigeria’s former Minister of Agriculture, and his decade-long leadership of the Bank, Adesina offered the Liberian cabinet a 7-point framework for transformational governance: setting clear and ambitious goals, ensuring measurable results, promoting teamwork and accountability and reforming institutions, especially the civil service and judiciary.

    “Don’t just blow the whistle, use your yellow card or red card. There is no need for rules in a soccer game if the referee never uses the yellow card or the red card,” Adesina said. “You cannot spend time baby-sitting poor performers. The public is eager for results and time is not on your side. So, be firm. Reward performers. Dispense with non-performers.”

    He recommended the adoption of a “One Government approach”, as well as the establishment of a presidential awards program to “recognize and incentivize inter-agency collaboration”; drawing from similar models at the African Development Bank.

    The Bank Group President urged the country to unlock greater value from its abundant resources. “With your vast natural resources, Liberia has no business being poor,” he stated. “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth.”

    During a Q&A session, Adesina emphasized the importance of technical and vocational training, citing that 60 percent of Liberia’s population is under the age of 35. He was responding to Education Minister Jarso Maley Jallah who inquired about strengthening entrepreneurship through the education system.

    Responding to a question from the Minister of Information, Cultural Affairs and Tourism, Jerolinmek Piah on achieving fiscal targets, Adesina urged the government to plug revenue leakages, noting that Africa loses $88 billion annually to illicit financial flows. “Make your country investable: invest in transparency, rule of law, create the right environment, provide incentives,” he added.

    Sannah Ziama, a local investor, praised Adesina’s visionary leadership and called for sustained investments in solar power to unlock Liberia’s industrial potential.

    As a low-income country and transition State, Liberia continues to benefit from the African Development Fund, the Bank’s concessional lending arm, as well as the Transition Support Facility, and the Nigeria Trust Fund.

    Liberia is also part of the inaugural group of countries that have developed energy compacts under the Mission 300 program, a joint initiative of the African Development Bank and the World Bank to deliver electricity to 300 million Africans by 2030.

    In recognition of his exceptional contributions, President Boakai presented Adesina with a Presidential Pin of Honour. Adesina had previously received Liberia’s highest national honour – the Order of the Star of Africa, Grade of Grand Band – in 2018.

    “Dr. Adesina, as you prepare to move on from this chapter, I want you to know that your legacy in Liberia is strong and enduring, President Boakai said. “The programs you have championed will continue to make an impact for years to come. Thank you for your faith in Liberia’s potential, and thank you for investing in our people, especially our youth.”

    Adesina was accompanied by the Bank’s Director General for West Africa, Lamin Barrow; Bank Executive Director for Liberia, Sierra Leone, The Gambia, Ghana and Sudan, Rufus Darkortey; and Acting Country Manager, Foday Yusuf Bob.

    Liberia’s historical connection with the African Development Bank dates back to the institution’s founding, when Liberian official Romeo Alexander Horton served as the pioneer Chairman of the Committee of Nine that established the Bank in 1964.

    Read Dr. Adesina’s address here (https://apo-opa.co/4maNUla).

    – on behalf of African Development Bank Group (AfDB).

    Media Contacts:
    Natalie Nkembuh and Tolu Ogunlesi
    Communication and External Relations
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

    .

    MIL OSI Africa –

    July 25, 2025
  • MIL-OSI USA: Oversight Committee Leaders Applaud President Trump’s Bold Plan to Cement America’s Dominance in Artificial Intelligence

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON – Today, House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.), Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.), and Subcommittee on Cybersecurity, Information Technology, and Government Innovation Chairwoman Nancy Mace (R-S.C.) applauded President Trump’s new Action Plan to cement U.S. dominance in artificial intelligence (AI) and usher in a new golden age of American AI innovation. The White House unveiled “Winning the AI Race: America’s AI Action Plan,” outlining more than 90 federal policy initiatives today across three strategic pillars—Accelerating Innovation, Building American AI Infrastructure, and Advancing U.S. Leadership in Global Diplomacy and Security—that the Trump Administration will implement in the coming weeks and months.

    “President Trump’s bold leadership has once again delivered a transformative vision for America’s future in artificial intelligence. This Administration understands that AI represents the next frontier, and maintaining our technological edge is a critical priority in the years ahead. This AI Action Plan embraces AI innovation in the United States and aims to reduce barriers in the AI field to ensure America’s dominance on the international stage. The House Oversight Committee will continue to support the Trump Administration’s AI initiatives and evaluate legislative opportunities aimed at addressing the barriers and challenges preventing the federal government from fully realizing the benefits of AI,” said Chairman James Comer. 

    “Under President Trump’s leadership, America is charting a bold course to secure global dominance in artificial intelligence. The President’s AI Action Plan embraces American innovation and takes decisive steps to eliminate bureaucratic barriers that have slowed AI progress. America has the talent, expertise, and resources to lead the world in AI but what we needed most was a president with the vision to recognize its importance for our future prosperity. Alongside President Trump’s Administration, the Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs will discuss ways to effectively and responsibly harness AI to bolster the United States’ economic competitiveness, national security, and technological leadership,” said Subcommittee Chair Eric Burlison.   

    “President Trump’s AI Action Plan—reshaping AI regulatory frameworks, investing in infrastructure, and championing American AI values globally—is a critical step toward ensuring we win the AI race. This Administration recognizes that barriers remain, and challenges must be addressed if the government is to fully realize the benefits of this transformative technology. The Subcommittee on Cybersecurity, Information Technology, and Government Innovation will continue working to ensure the entire federal government is equipped with the tools and authority needed to responsibly deploy AI at scale and unlock its full potential,” said Subcommittee Chair Nancy Mace.

    Alongside President Trump’s efforts to secure America’s leadership in AI, the House Oversight Committee is spearheading efforts to remove unnecessary barriers and accelerate responsible AI innovation—boosting efficiency, improving public services, and delivering savings for taxpayers. In addition, the Committee is engaging with AI industry leaders on how to unleash the technology the right way: effectively and responsibly. 

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI Economics: Resource Advisory: Understanding electricity generation capacity in the United States

    Source: US Energy Information Administration – EIA

    Headline: Resource Advisory: Understanding electricity generation capacity in the United States

    U.S. ENERGY INFORMATION ADMINISTRATION
    WASHINGTON DC 20585

    FOR IMMEDIATE RELEASE
    July 24, 2025

    The U.S. Energy Information Administration (EIA) publishes monthly data on operating, planned, and retired electricity generating capacity in the United States.

    All EIA resources that discuss electricity capacity rely on data that power plant builders and operators report to EIA on the Form EIA-860 (annual) and Form EIA-860M (monthly) surveys. These data can answer important questions often asked of EIA, including:

    • How much natural gas capacity is currently operating in the United States?
    • How many solar projects are planned to come online this year?
    • How much nuclear capacity has retired since 2010?
    • How has battery capacity changed since 2010?
    Table 1. Net summer capacity of operating electricity generators by select fuel sources (megawatts)
      June 2024 June 2025
    Natural gas 506.6 508.4
    Coal 175.1 172.4
    Wind 150.2 154.8
    Solar photovoltaic 104.9 134
    Nuclear 96.8 98.4
    Hydropower 79.8 79.9

    Key terms
    Generator: A generator is a unit that produces electric power. A power plant typically has multiple generators. EIA data on capacity is organized by generator, not by power plant.

    Net summer capacity: When tracking electricity generation capacity, EIA—and most of the electricity industry—typically relies on net summer capacity. Net summer capacity is the maximum amount of power that generation equipment can supply to the grid at the time of summer peak demand.

    Utility-scale: Utility-scale systems include power plants that have at least 1 megawatt of electricity generation capacity. EIA data on capacity are largely limited to utility-scale power plants.

    Operating capacity
    The EIA-860M spreadsheet has a tab labeled “Operating” that includes all U.S. utility-scale electricity generators along with their county, state, net summer capacity, technology, energy source, operating year, planned retirement date (if applicable), and operating status.

    The data are lagged by one month and are the most current and most complete capacity data available.

    EIA also has several tables with distilled data that are lagged by two months, but you may find these tables easier to navigate or to track trends:

    • Electric Power Monthly Tables 6.2a, 6.2b, and 6.2c show electricity generating capacity by state for all sources, renewable sources, and fossil fuel sources, respectively. Tables show current data compared with year-ago data.
    • Monthly Energy Review Table 7.7a tracks national electricity generation capacity by source since 1950.

    Planned capacity additions
    The EIA-860M spreadsheet has a tab labeled “Planned” that includes all U.S. utility-scale electricity generators that operators plan to bring online, along with their county, state, net summer capacity, technology, energy source, planned time frame for entering operation, and current status.

    The schedules for capacity additions often change; the 860M shows specific projects planned to come online, but it is not a forecasting tool.

    Electric Power Monthly Table 6.5 lists planned electricity capacity additions, lagged one month behind the EIA-860M.

    Retired capacity
    The EIA-860M spreadsheet has a tab labeled “Retired” that includes all U.S. utility-scale electricity generators that operators that have retired since 2002, along with their county, state, net summer capacity, technology, energy source, and retirement date.

    Electric Power Monthly Table 6.6 lists planned electricity capacity retirements, lagged one month behind the EIA-860M.

    Forecasts and projections
    EIA relies on 860M data to forecast capacity changes in its Short-Term Energy Outlook Table 7e by fuel source for the current and next calendar year. These forecasts sometimes include capacity additions or retirements not reported on the EIA-860M, based on EIA’s interpretation of the market. EIA’s Annual Energy Outlook 2025 Table 9 presents multiple scenarios for the capacity that would need to be built over the long term under multiple market and policy conditions.

    EIA has experts available to discuss capacity data and trends. Members of the press can contact EIA’s media relations team with any questions or requests at EIAMedia@eia.gov.

    The data described in this advisory were prepared by the U.S. Energy Information Administration, the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.

    EIA Press Contact: Chris Higginbotham, EIAMedia@eia.gov

    MIL OSI Economics –

    July 25, 2025
  • MIL-OSI USA: Resource Advisory: Understanding electricity generation capacity in the United States

    Source: US Energy Information Administration

    U.S. ENERGY INFORMATION ADMINISTRATION
    WASHINGTON DC 20585

    FOR IMMEDIATE RELEASE
    July 24, 2025

    The U.S. Energy Information Administration (EIA) publishes monthly data on operating, planned, and retired electricity generating capacity in the United States.

    All EIA resources that discuss electricity capacity rely on data that power plant builders and operators report to EIA on the Form EIA-860 (annual) and Form EIA-860M (monthly) surveys. These data can answer important questions often asked of EIA, including:

    • How much natural gas capacity is currently operating in the United States?
    • How many solar projects are planned to come online this year?
    • How much nuclear capacity has retired since 2010?
    • How has battery capacity changed since 2010?
    Table 1. Net summer capacity of operating electricity generators by select fuel sources (megawatts)
      June 2024 June 2025
    Natural gas 506.6 508.4
    Coal 175.1 172.4
    Wind 150.2 154.8
    Solar photovoltaic 104.9 134
    Nuclear 96.8 98.4
    Hydropower 79.8 79.9

    Key terms
    Generator: A generator is a unit that produces electric power. A power plant typically has multiple generators. EIA data on capacity is organized by generator, not by power plant.

    Net summer capacity: When tracking electricity generation capacity, EIA—and most of the electricity industry—typically relies on net summer capacity. Net summer capacity is the maximum amount of power that generation equipment can supply to the grid at the time of summer peak demand.

    Utility-scale: Utility-scale systems include power plants that have at least 1 megawatt of electricity generation capacity. EIA data on capacity are largely limited to utility-scale power plants.

    Operating capacity
    The EIA-860M spreadsheet has a tab labeled “Operating” that includes all U.S. utility-scale electricity generators along with their county, state, net summer capacity, technology, energy source, operating year, planned retirement date (if applicable), and operating status.

    The data are lagged by one month and are the most current and most complete capacity data available.

    EIA also has several tables with distilled data that are lagged by two months, but you may find these tables easier to navigate or to track trends:

    • Electric Power Monthly Tables 6.2a, 6.2b, and 6.2c show electricity generating capacity by state for all sources, renewable sources, and fossil fuel sources, respectively. Tables show current data compared with year-ago data.
    • Monthly Energy Review Table 7.7a tracks national electricity generation capacity by source since 1950.

    Planned capacity additions
    The EIA-860M spreadsheet has a tab labeled “Planned” that includes all U.S. utility-scale electricity generators that operators plan to bring online, along with their county, state, net summer capacity, technology, energy source, planned time frame for entering operation, and current status.

    The schedules for capacity additions often change; the 860M shows specific projects planned to come online, but it is not a forecasting tool.

    Electric Power Monthly Table 6.5 lists planned electricity capacity additions, lagged one month behind the EIA-860M.

    Retired capacity
    The EIA-860M spreadsheet has a tab labeled “Retired” that includes all U.S. utility-scale electricity generators that operators that have retired since 2002, along with their county, state, net summer capacity, technology, energy source, and retirement date.

    Electric Power Monthly Table 6.6 lists planned electricity capacity retirements, lagged one month behind the EIA-860M.

    Forecasts and projections
    EIA relies on 860M data to forecast capacity changes in its Short-Term Energy Outlook Table 7e by fuel source for the current and next calendar year. These forecasts sometimes include capacity additions or retirements not reported on the EIA-860M, based on EIA’s interpretation of the market. EIA’s Annual Energy Outlook 2025 Table 9 presents multiple scenarios for the capacity that would need to be built over the long term under multiple market and policy conditions.

    EIA has experts available to discuss capacity data and trends. Members of the press can contact EIA’s media relations team with any questions or requests at EIAMedia@eia.gov.

    The data described in this advisory were prepared by the U.S. Energy Information Administration, the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.

    EIA Press Contact: Chris Higginbotham, EIAMedia@eia.gov

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Bill to Fund Key Interior and Environmental Programs in Maine Clears Appropriations Committee

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Appropriations Committee, announced that she secured significant funding and provisions for Maine in the Fiscal Year (FY) 2026 Interior, Environment, and Related Agencies Appropriations Act. The bill, which was officially approved by the Senate Appropriations Committee today, now awaits consideration by the full Senate and House.

    The measure, which was advanced by a vote of 26-2, provides $38.6 billion in nondefense discretionary funding.

    “This legislation would provide important investments in Maine’s public lands, national parks, and tribal programs. It would promote healthy and resilient communities by supporting critical infrastructure that would help to provide clean drinking water and mitigate increasing flood risks,” said Senator Collins. “As the Chair of the Appropriations Committee, I will continue to advance this funding as the appropriations process moves forward.”

    Bill Highlights:

    Local Projects: Nearly $68 million for Congressionally Directed Spending projects in Maine.

    Spruce Budworm Treatment: $10 million for the U.S. Forest Service to provide assistance to states for an emerging spruce budworm outbreak approaching the northeastern border. Last year, Senator Collins secured $14 million to help combat the spread of spruce budworm in Maine forests in disaster relief legislation.

    Carbon Neutrality of Biomass: Includes a provision that recognizes biomass as carbon neutral across federal agencies.

    Brownfields Grants: $25.7 million for the Brownfields Projects Grant, as well as $46.3 million for Brownfields Categorical Grants.

    Wild and Scenic Rivers Program: $5.6 million for the Wild and Scenic Rivers Program at the National Park Service, which includes an increase in funding for the York River Wild and Scenic Program, bringing their total to $300,000.

    Clean Water and Drinking Water State Revolving Funds (SRF): $2.8 billion for the Clean Water SRF and the Drinking Water SRF.

    Community Wood Energy Program: $15 million for the Community Wood Energy Program, a competitive grant program that supports the installation of wood energy systems and wood product manufacturing facilities.

    Water System PFAS Support Funding: $116 million for EPA’s Public Water System Supervision categorical grant programs, which provides PFAS cleanup assistance to state drinking water programs.

    Staffing at National Wildlife Refuges: $525.5 million and report language directing the Refuge system to fill vacant positions in Maine.

    Rural Water Technical Assistance Grant Program: $30.7 million and the continuation of report language directing that funding be awarded competitively.

    Northeastern States Research Cooperative (NSRC): $6 million for the NSRC. A collaboration among universities in Maine, New Hampshire, Vermont, and New York, the NSRC sponsors research to sustain the health of northern forest ecosystems and communities, to develop new forest products, improve forest biodiversity management, and to establish a Digital Forestry Systems Research Consortium.

    National Estuary Program (NEP): $40 million for the NEP. The Casco Bay Estuary Partnership and Piscataqua Region Estuaries are members of the NEP.

    Community Forest and Open Space Conservation Program: $6 million for this program, which provides support to tribes, local governments, and qualifying nonprofits for fee purchase of forestlands to convert to community forests.

    This funding advanced through the markup of the FY 2026 Interior, Environment, and Related Agencies Appropriations bill—an important step that now allows the bill to be considered by the full Senate. Committee consideration of legislation is a key part of regular order, which helps our government function efficiently and deliver results for the people of Maine and America.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA News: Wide Acclaim for President Trump’s Visionary AI Action Plan

    Source: US Whitehouse

    Yesterday, the White House unveiled the Trump Administration’s transformative strategy to propel the United States into a new era of artificial intelligence dominance. Under President Donald J. Trump’s leadership, this groundbreaking blueprint establishes core tenets to accelerate innovation, fortify essential infrastructure, and assert U.S. leadership in diplomacy and security — cementing our position as the global AI powerhouse.

    As Nvidia CEO Jensen Huang put it: “America’s unique advantage that no country could possibly have is President Trump.”

    The AI Action Plan was immediately hailed across the technology industry:

    AI Innovation Association President Steve Kinard: “President Trump’s AI Action Plan is a bold path to global American leadership. Every American citizen, company, university and institution has a role to play. By prioritizing American workers, free speech, and security, it positions the U.S. to win the AI race and usher in a new era of prosperity and strength. The AI Innovation Association stands ready to support this initiative.”

    Alliance for the Future: “The White House just advanced a more unified national AI strategy. States with clear, effective AI policies will be better positioned for federal support. A strong step toward alignment, innovation, and leadership.”

    Amazon: “Amazon supports & continues to work at the state and federal level to establish consistent standards that promote the secure, responsible development of AI. We look forward to continued collaboration to fully realize AI’s potential in driving economic growth & tech advancement.”

    American Beverage: “We applaud President Trump’s action plan to ensure America’s continued leadership in the global pursuit of artificial intelligence innovation and infrastructure. Maintaining our edge in this technology is important to the growth of American manufacturing and the good-paying jobs manufacturers provide in communities across the country.”

    Chevron Corporation Chairman and CEO Mike Wirth: “President Trump’s American AI Action Plan is a bold and necessary step to ensure the United States leads the next great technological revolution. As I’ve said before, America has triumphed in every industrial era—from steel to energy—and we have the power and leadership to do it again in artificial intelligence. This plan recognizes that AI innovation doesn’t happen in a vacuum—it demands reliable, scalable energy and infrastructure. By streamlining permitting, investing in data centers, and unleashing American energy, the President is laying the foundation for a future where AI strengthens our economy, our national security, and our global leadership. Chevron stands ready to help power this future.”

    American Edge Project CEO Doug Kelly: “President Trump’s AI Action Plan is a giant leap forward in the race to secure American leadership in artificial intelligence. By prioritizing innovation, infrastructure, talent, and global reach, the plan confronts key barriers to American competitiveness, begins to fill long-standing gaps in our national strategy, and helps position the U.S. to beat China in this high-stakes tech race … Time is of the essence: China has had a national plan for global AI leadership since 2017, and is executing it relentlessly with talent, infrastructure, state-backed investment, and international influence. This is our moonshot moment. Now is the time for the country to rally together behind a shared, national mission to win the AI race. The stakes could not be higher.”

    American Innovators Network: “The American Innovators Network (AIN), a national organization representing American Little Tech companies, commends President Trump and his administration for their bold and decisive action to counter China’s growing influence in the global AI landscape. The new guidelines and recommendations unveiled today mark a pivotal moment in securing America’s dominance in this critical technological race, and we are grateful for President Trump’s leadership in prioritizing policies that empower innovation and strengthen our national competitiveness.”

    American Society of Association Executives President and CEO Michelle Mason: “President Trump’s Artificial Intelligence Action Plan strategically positions the United States as a global leader in the development and deployment of AI technology. ASAE applauds the focus on industry-driven training programs that equip workers with the skills they need to be successful in the workforce of tomorrow. ASAE’s members are eager to support efforts to create these training programs, and we encourage continued collaboration between the federal government and the association community.”

    Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “President Trump’s AI Action Plan will ensure America leads the world in innovation, economic freedom, and technological progress. By removing regulatory roadblocks, empowering innovative small business owners, and embracing open-source development, this plan puts the ingenuity of the American people—not bureaucrats—in the driver’s seat of the AI revolution. This move by the White House rightly course-corrects four years of Biden-era efforts to centrally control AI development and stifle American innovation. We applaud the administration’s commitment to protecting free speech and ensuring private-sector breakthroughs aren’t halted by burdensome regulation. It’s now time for Congress to work alongside the administration to codify these efforts in order to create generational change that will enable AI adoption across industries, remove permitting barriers to build infrastructure, and unleash innovation.” 

    Anthropic: “Today, the White House released ‘Winning the Race: America’s AI Action Plan’—a comprehensive strategy to maintain America’s advantage in AI development. We are encouraged by the plan’s focus on accelerating AI infrastructure and federal adoption, as well as strengthening safety testing and security coordination. Many of the plan’s recommendations reflect Anthropic’s response to the Office of Science and Technology Policy’s (OSTP) prior request for information … The alignment between many of our recommendations and the AI Action Plan demonstrates a shared understanding of AI’s transformative potential and the urgent actions needed to sustain American leadership. We look forward to working with the Administration to implement these initiatives while ensuring appropriate attention to catastrophic risks and maintaining strong export controls. Together, we can ensure that powerful AI systems are developed safely in America, by American companies, reflecting American values and interests.”

    Arm: “We commend the Administration’s actions to unleash investment in AI, semiconductors, and the energy to power it. Arm, together with our partners, is working rapidly to bring AI to all forms of computing. Today’s announcements will accelerate AI data center and cloud infrastructure deployment in particular, while advancing plans to promote exports of the U.S. AI stack and ensuring American technology innovation. We look forward to continuing to work with the Administration as it enacts and builds on today’s actions.” 

    Box CEO Aaron Levie: “America’s AI Action Plan is quite strong. It has a clear a mission to win the AI race and accelerate the development and use of AI by removing roadblocks or aiding adoption. Importantly, it focuses on the positive benefits of AI, which we’re all seeing every day.”

    Business Roundtable: “BRT supports the @WhiteHouse AI Action Plan’s efforts to strengthen infrastructure, advance permitting reform, invest in workforce development and develop clear frameworks that empower US businesses to accelerate AI innovation and adoption.”

    Business Software Alliance CEO Victoria Espinel: “The White House AI Action Plan offers a roadmap for the United States’ AI future anchored on the adoption of technology. The Business Software Alliance welcomes ‘America’s AI Action Plan’ for addressing a range of issues including talent and workforce development, infrastructure and data, and AI governance that serve as pillars for successful AI adoption and US competitiveness. BSA appreciates the Action Plan’s commitment to creating the essential conditions for widespread AI adoption. The Action Plan advances key BSA recommendations for AI talent, including developing an AI skills curriculum, improving access to training resources, and leveraging real-time workforce data. It emphasizes the development of critical infrastructure and reliable energy resources necessary to scale AI deployment. The Action Plan also reinforces the roles of the Center for AI Standards and Innovation (CAISI) and NIST in the development of standards and evaluation tools, a foundation for both domestic AI governance and in promoting international collaboration on AI. Additionally, the Action Plan streamlines government procurement processes, enabling public-sector agencies to more effectively access and adopt cutting-edge commercial AI solutions.”

    Center for Data Innovation Senior Policy Manager Hodan Omaar: “The AI Action Plan shows the Trump administration is serious about winning the global AI race. It marks a clear evolution from the President’s 2019 AI initiative and reflects just how dramatically the global AI landscape has shifted over the past six years. The plan rightly recognizes that beating China demands a comprehensive effort—unleashing infrastructure to fuel model development, removing regulatory frictions that slow development and deployment, and promoting the export of American AI technology. These steps put the United States on a path not only to benefit from AI today, but to remain the global leader in the future.”

    Connected Nation Chairman and CEO Tom Ferree: “This marks a transformational moment for American innovation. The release of the National AI Action Plan signals to the world that the United States intends not only to compete—but to lead—in the global race for artificial intelligence. We applaud the Trump Administration’s bold and comprehensive strategy, which rightly prioritizes accelerating innovation, unleashing infrastructure investment, and ensuring our nation’s AI capabilities are second to none. Connected Nation enthusiastically supports the plan’s focus on building out data center capacity, fast-tracking permitting, and expanding our skilled workforce. These are critical steps toward positioning the U.S. as the undisputed hub of next-generation computing.”

    Consumer Choice Center Head of Emerging Technology Policy James Czerniawski: “The AI Action Plan is a bold vision for the future of ensuring AI leadership by the Trump administration. The Golden Age of America is made possible when we position our innovators to be as successful as possible, ensuring American consumers can benefit from the AI revolution happening on our shores. The economy of tomorrow starts with the building blocks laid out in this action plan. The provision which reviews rulemaking of the Federal Trade Commission is especially encouraging, quashing legal theories that would complicate or slow American consumers gaining access to AI technologies. This is a world of difference from the hostile regulatory approach of the Biden Administration, and a welcome breath of fresh air for consumers who want cutting-edge tech.”

    Consumer Technology Association CEO Gary Shapiro: “Congratulations to @POTUS and the @WhiteHouse team on an AI Action Plan recognizing the U.S. must win the global AI race. The plan cuts red tape for innovators, boosts AI adoption across sectors, supports a future-focused AI workforce, and advances the American AI tech stack as the foundation for global tech growth.”

    Data Center Coalition President Josh Levi: “The Data Center Coalition thanks President Trump for releasing Winning the AI Race: America’s AI Action Plan—a bold framework to ensure the United States remains the undisputed global leader in artificial intelligence. The administration’s plan recognizes that developing a robust domestic data center industry is vital to promoting U.S. national security, global economic competitiveness, and continued American AI dominance … Today’s announcement is a major step forward, and we look forward to continuing to work with the administration and lawmakers to ensure the U.S. remains at the forefront of global innovation and digital resilience.”

    Dell Technologies CEO Michael Dell: “Proud to see the White House AI Action Plan accelerating innovation, building home‑grown AI infrastructure, and strengthening America’s security. 🇺🇸 Dell Technologies is all‑in—ready to power U.S. ingenuity, create jobs, and keep us leading the future. 🚀”

    GE Vernova Chief Corporate Officer, Chief Sustainability Officer, and Head of Government Affairs Roger Martella: “It was energizing to see the White House release its action plan today on how the U.S. can make significant strides with leading on #ArtificialIntelligence and #datacenters for the nation and its partners, advancing strategic efforts on a most critical part of the #innovation economy.”

    Gecko Robotics: “Gecko Robotics welcomes the AI action plan published by the White House today. The United States must win the global AI race and will only do so by using artificial intelligence to supercharge energy production itself. At the same time, it is critical that we collect and use high-fidelity data to feed AI models, and we remain at the forefront of leading this charge.”

    General Catalyst Institute President Teresa Carlson: “Today, the Trump Administration unveiled their widely-anticipated AI Action Plan. Upon review, I am encouraged by their pro-growth approach that prioritizes American innovation, national security, and federal leadership over bureaucratic barriers. This policy was not crafted in a vacuum. It was part of an inclusive process, where earlier this year the General Catalyst Institute submitted views on behalf of startups as to how best deepen America’s AI leadership through transformative technologies.”

    Heritage Foundation Center for Technology and the Human Person Acting Director Wesley Hodges: “The AI Action Plan is a call for a new industrial renaissance, an ambitious strategy that the Administration should be commended for leading. It charts the course for building significant domestic compute infrastructure—from expanding energy capacity, to constructing data centers and increasing domestic advanced semiconductor manufacturing. At the same time, the plan also emphasizes that American AI technology must be developed free of ideological bias, and ensure working families are benefited and not left behind. We look forward to supporting the administration’s work to align this technology with human flourishing.”

    IBM Chairman and CEO Arvind Krishna: “IBM applauds the White House for its bold and timely AI Action Plan, which prioritizes open innovation, strengthens U.S. technological leadership, and proposes a supportive regulatory environment for AI development and deployment. The plan is a critical step towards harnessing AI for sustained economic growth and national competitiveness.”

    Information Technology Industry Council President and CEO Jason Oxman: “President Trump’s AI Action Plan presents a blueprint to usher in a new era of U.S. AI dominance. The administration’s vision takes essential steps to ensure the U.S. can win the global AI race by prioritizing U.S. energy production and infrastructure development to power AI’s growth, promoting U.S. AI leadership internationally by supporting the export of the full stack of American AI technologies to partners and allies, and accelerating adoption of AI across the public and private sectors. Importantly, the President’s Plan includes key directives for agencies and communicates clear U.S. policy objectives that will encourage widespread adoption and fuel U.S. technological and economic competitiveness. As agencies begin implementing the President’s plan, we encourage policymakers to invest in modernizing government technology and to leverage industry’s deep expertise to maintain America’s AI leadership.”

    Internet Works Executive Director Peter Chandler: “As the AI race accelerates globally, it’s encouraging to see policymakers recognize the need for bold investment in innovation, adoption, and infrastructure.  Middle Tech companies, many of whom are deployers and integrators of AI tools, are essential to ensuring that AI benefits reach small businesses, everyday users, and communities across the country. We welcome the Trump Administration’s emphasis on modernizing our digital and energy infrastructure and expanding support for open, responsible AI development and adoption.  To win the AI race, we need policy frameworks that are risk-based and right-sized—supporting trust, safety, and competition across the full tech ecosystem. Internet Works stands ready to partner with leaders at every level to shape an AI future that’s secure, innovative, and built for everyone.”

    Lightspeed Venture Partners Founder Ravi Mhatre: “In AI, you either own the frontier or get commoditized. The AI Action Plan helps ensure that America continues to build by streamlining regulation, identifying opportunities for AI to scale, and getting more energy online. It will help ensure America owns the future of AI while others still try to catch up to what we built yesterday.”

    Lumen Technologies: “Lumen Technologies supports the Administration’s AI Action Plan and its call for a unified framework to accelerate AI innovation and next-generation fiber infrastructure deployment across the U.S. As a leading networking services company building the digital backbone for AI, Lumen is investing heavily to meet the demands of AI-driven enterprises and public-sector modernization and understands the criticality of secure, high-performance networks. We applaud the efforts included in the plan by the FCC, OMB and OSTP that aim to reduce regulatory barriers to innovation, modernize permitting, and streamline the NEPA review process for critical fiber and data center infrastructure. Winning the AI future requires clear, consistent policies that accelerate nationwide deployment of network infrastructure and public-private partnerships that turn this plan into reality. Lumen stands ready to work with federal and state agencies to ensure America leads the AI revolution.”

    Meta Chief Global Affairs Officer Joel Kaplan: “The AI race is about the future of US economic power & national security. President Trump’s strong leadership on AI will help us keep our foot on the gas. We’re in the middle of a fierce competition with China for AI leadership. The White House’s AI Action Plan is a bold step to create the right regulatory environment for companies like ours to invest in America. @Meta is proud to be investing hundreds of billions of dollars in job-creating infrastructure across the US, including state-of-the-art data centers, creating American jobs in the process.”

    Micron Technology President and CEO Sanjay Mehrotra: “We support the White House’s AI Action Plan, which underscores the strategic importance of U.S. semiconductor manufacturing as critical infrastructure for the global AI economy. Memory is foundational to AI — powering technologies across data centers, automotive, telecommunications, defense, and consumer electronics. As the only U.S.-based memory manufacturer and a technology leader, Micron is investing $200 billion in manufacturing and R&D to create 90,000 American jobs and help ensure U.S. leadership in the AI era through a resilient and secure supply chain.”

    National Association of Manufacturers President and CEO Jay Timmons: “Reflecting President Trump’s vision for the United States to lead on artificial intelligence, the White House’s AI Action Plan underscores what manufacturers across the country already know: AI is no longer a future ambition—it is already central to modern manufacturing. For years, manufacturers have been developing and deploying AI-driven technologies—machine vision, digital twins, robotics and more—to make shop floors safer, strengthen supply chains and drive growth.”

    National Association of Realtors EVP and Chief Advocacy Officer Shannon McGahn: “We applaud the administration’s release of Winning the AI Race: America’s AI Action Plan, which reinforces the U.S. as a global leader in this transformative technology. It’s especially encouraging to see real estate infrastructure recognized as a cornerstone of America’s future. Housing is essential to economic strength and innovation, and we urge policymakers to apply the plan’s smart permitting strategies to help tackle today’s housing supply crisis.”

    National Association of Wholesaler-Distributors: “The National Association of Wholesaler-Distributors (NAW) applauds President Trump’s newly released AI Action Plan, which outlines a comprehensive and forward-looking approach to federal artificial intelligence (AI) policy. We are particularly encouraged to see several of NAW’s recommendations—submitted during the Administration’s Request for Information process in March—reflected in the plan … NAW looks forward to continuing to work with the Administration to ensure the outcomes from the Action Plan support further AI deployment and adoption across the wholesale distribution industry.”

    National Mining Association President and CEO Rich Nolan: “The administration’s recognition of the importance of existing power plants and prioritization of safeguarding them is clear acknowledgement that the coal fleet is essential to U.S. AI leadership. For the U.S. to guide and shape the AI revolution – and seize this tremendous opportunity – we need a grid and energy resources capable of shouldering the enormous new electricity demand now on our doorstep. Prioritizing the ongoing operation of essential coal plants – with the capacity to meet increased demand – combined with reforming our power markets around the goal of grid stability articulated in this action plan puts us firmly on the path for success.”

    NetChoice Director of Policy Patrick Hedger: “NetChoice applauds the White House’s AI Action Plan overall and is encouraged to see the focus on red tape reduction and investment in America’s future. From unleashing energy to embracing regulatory humility and ensuring our AI systems are adopted around the world, we look forward to working with the President to usher in the Golden Age of American innovation. The difference between the Trump administration and Biden’s is effectively night and day. The Biden administration did everything it could to command and control the fledgling but critical sector. That is a failed model, evident in the lack of a serious tech sector of any kind in the European Union and its tendency to rush to regulate anything that moves. The Trump AI Action Plan, by contrast, is focused on asking where the government can help the private sector, but otherwise, get out of the way.”

    Oil and Gas Workers Association: “President Trump’s EO for rapid buildout of data centers means more demand for reliable, affordable natural gas. Demand = Drilling … Drilling = Jobs … Thank you, @POTUS!”

    Palantir: “AI is the birthright of the country that harnessed the atom and put a man on the moon. With today’s AI Action Plan, the Trump Administration has written the source code for the next American century. Palantir is proud to support it.”

    QTS Co-CEO Tag Greason: “The Trump Administration’s AI Action Plan will advance efforts to ensure the United States maintains leadership in AI, including both technology development and critical digital infrastructure. As the digital infrastructure leader, QTS is focused on responsibly and sustainably building the future of our country and economy. We continue to listen and engage with the communities we call home with a steadfast commitment to providing job opportunities, fostering economic growth, working with local suppliers, and operating as trusted neighbors. This historic action and investment will directly benefit communities where we are developing data centers for AI.”

    Salesforce Inc. President and Chief Legal Officer Sabastian Niles: “We welcome the Administration’s strong emphasis on AI adoption, workforce readiness, and government modernization in today’s AI Action Plan. Trusted AI will be a cornerstone of national competitiveness, security, and continued American innovation.  Salesforce is committed to helping the public and private sectors harness its full potential.”

    Siemens USA President and CEO Barbara Humpton: “Excited to join business leaders today for the launch of The White House’s #AIActionPlan boosting American leadership in #AI and innovation to greater heights. Every day, Siemens USA is using #IndustrialAI to revitalize U.S. #manufacturing, build critical #infrastructure, and expand what’s humanly possible for American workers. We’re creating a new industrial tech sector that combines the real and digital worlds, thanks to Industrial AI, digital twins, software-defined automation, and more. Of course, no company can truly lead in AI without a solid foundation of trust. That’s why I was so pleased to see a framework for accelerating innovation while maintaining security included in the AI Action Plan. By focusing on secure infrastructure, industrial R&D, digital transformation, and workforce development, we can help manufacturers of all sizes join the next AI-driven industrial revolution. It’s an exciting time for Industrial AI, and I can’t wait to see where Siemens, our customers, and our partners will go next with this industry-changing technology.”

    Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “America’s AI future is a powerful and positive one that expands opportunities and unlocks new possibilities and industries. U.S. entrepreneurs are the driving force behind AI innovation, and small business owners are already benefitting from transformative AI tools. The possibilities and opportunities are boundless, but the U.S. must continue to lead and win the AI race. ‘America’s AI Action Plan’ lays out a strategy to make that happen. The plan embraces America’s innovative potential and addresses the incentives and hurdles to fully harness innovation, including the human and physical infrastructure required to cement U.S. leadership. SBE Council congratulates President Trump and the White House team for developing an extraordinary AI Action Plan, and we look forward to working with the Administration and Congress on its implementation.”

    Society for Human Resource Management: “The President’s plan is not just about technology—but about people. The emphasis is on a worker-first approach that addresses American competitiveness in an AI-driven workforce. The plan reflects a fundamental truth that SHRM has long championed: technology alone does not move the workplace forward—people do.”

    Software & Information Industry Association SVP for Global Public Policy Paul Lekas: “The AI Action Plan represents a meaningful strategy to support innovation and security, strengthen U.S. competitiveness, and ensure the benefits of AI are broadly shared. This plan provides the roadmap to cement the United States as the global leader in AI by supporting innovation and security, strengthening U.S. competitiveness, and ensuring the benefits of AI are broadly shared. We’re especially encouraged by the plan’s focus on workforce development and AI literacy as core elements of AI infrastructure. These are key components for building trust and ensuring all communities can participate in and benefit from AI’s potential.”

    Special Competitive Studies Project President Ylli Bajraktari: “Building on the foundational work of the National Security Commission on Artificial Intelligence (NSCAI), SCSP has consistently advocated for a comprehensive national strategy to secure America’s technological future. This AI Action Plan provides a critical component for winning the techno-economic competition of the 21st century. It correctly identifies that our national security and economic prosperity, as well as America’s global leadership position, are now intertwined with leadership in AI. We are committed to helping transform this strategic vision into enduring national policy.”

    TechNet CEO Linda Moore: “TechNet strongly supports the administration’s AI Action Plan and is especially grateful for their willingness to work with industry to establish best practices. This policy framework takes critical steps towards developing a strong domestic workforce, building critical AI infrastructure, launching public-private partnerships, removing regulatory barriers to innovation, strengthening the domestic AI stack, and enhancing U.S. global AI diplomacy. The AI Action Plan makes clear that countering Chinese influence and securing America’s leadership in the AI race are top priorities for the United States. We look forward to continuing to work closely with the administration on policies that advance AI innovation while safeguarding the public interest and ensuring America’s global AI dominance.”

    The James Madison Institute Director of National Strategy Edward Longe: “Trump’s AI action plan isn’t just federal policy—it’s a blueprint state lawmakers should follow immediately to root out the regulatory creep that’s strangling AI, even in red states.”

    U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley: “We applaud President Trump and his administration for issuing the AI Action Plan to strengthen U.S. global leadership in artificial intelligence. This forward-looking plan takes steps to accelerate innovation by fixing a regulatory landscape hobbled by conflicting state-level laws and activist-driven overreach, streamlining permitting for critical AI infrastructure, ensuring reliable and affordable energy for consumers and businesses, and advancing U.S. leadership in AI diplomacy. These proposed actions will position the United States to tackle our most pressing challenges and lead the global AI race by setting the gold standard for the development and deployment of responsible, transformative technologies. America is counting on this crucial technology to propel economic growth for all sectors, from small business to energy and health care, and the AI Action Plan presents a roadmap to unlock AI’s full potential. We will work with the administration to help implement this plan and foster a competitive, open, and innovation-driven AI ecosystem.”

    USTelecom President and CEO Jonathan Spalter: “The Trump Administration’s AI action plan is a turbo boost for American innovation. From clearing regulatory roadblocks to reforming outdated permitting to doubling down on security, this is the kind of bold leadership we need to win the AI race. But even the best-engineered AI needs a track built for speed—and that’s where fiber comes in. Fiber broadband is the fast lane for America’s AI future: powerful, secure, scalable, and built to go the distance, whether you’re in a big city or a heartland town. Broadband providers are tuned up, fully fueled, and ready to work with the Administration to help America stay a lap ahead in the competition for AI leadership.”

    Workday VP of Corporate Affairs Chandler Morse: “Workday has long advocated for federal action that drives critical AI innovation and builds trust. The Administration’s AI Action Plan, announced today, seeks to avoid excessive regulatory hurdles, elevate human potential through targeted and timely reskilling, and accelerate AI adoption at the federal level. This sends a strong message to federal agencies, the U.S. economy, and global stakeholders on the benefits of driving AI competitiveness.”

    xAI: “Today’s announcement by the White House is a positive step toward removing regulatory barriers and enabling even faster innovation for the benefit of Americans and for humanity as a whole. We are pleased to see the White House prioritize AI innovation.”

    Zoom Chief Global Affairs Officer Josh Kallmer: “Just got back from an inspiring day where I had the opportunity to be part of the conversation around the President’s #AI Action Plan. It was energizing to see so many leaders across industries coming together to talk about the future of AI in the U.S.”

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI Russia: Kazakhstan Increases Oil Refining to 8.8 Million Tons in January-June 2025

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Almaty, July 24 (Xinhua) — Three leading oil refineries in Kazakhstan increased oil refining to 8.83 million tons in the first six months of 2025, which is 685 thousand tons more than in the same period of 2024, the press service of Kazakhstan’s oil and gas company KazMunayGas (KMG) reported on Thursday.

    According to KMG, during the reporting period, about 6.84 million tons of light oil products were produced, including gasoline, diesel and aviation fuel, which is 893 thousand tons /4.44 percent/ higher than last year’s figure.

    The total refining depth at the three refineries reached 89.61 percent, and the yield of light oil products was 77.53 percent. At the same time, the combustion of process fuel and the volume of irrecoverable losses were reduced by 0.78 percent, or 7,333 tons.

    The modernization of the Caspi Bitum refinery was also completed in the first half of the year. The plant’s capacity now allows it to process up to 1.5 million tons of oil and produce 750 thousand tons of bitumen per year. In the two months since its launch after modernization, the plant has processed over 216 thousand tons of oil and produced more than 78 thousand tons of bitumen. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

    July 25, 2025
  • MIL-OSI Africa: Dangote’s Game Changing Impact on African Energy

    Source: APO

    The historic commencement of operations at the 650,000 barrels-per-day Dangote Refinery has redefined Africa’s refining ambitions, establishing a new epicenter for oil product supply across West Africa and beyond. As the continent’s largest single-train refinery – and one of the most technologically advanced globally – Dangote represents a turning point for African energy self-sufficiency, reducing import dependence and reshaping traditional trade flows within the Atlantic Basin.

    Already, the refinery has begun exporting refined products, with early shipments pointing to a diversification of destinations – from regional African markets to Europe and Asia. These developments are ushering in a new era for crude and product flows, as well as domestic monetization strategies. The facility’s ability to process a slate of Nigerian and other light sweet crudes is having far-reaching implications not only for Nigeria’s upstream sector but for oil producers across the Gulf of Guinea, potentially prompting shifts in production plans, infrastructure investment and regional trade dynamics.

    As Africa’s premier energy event returns to Cape Town, African Energy Week (AEW) 2025: Invest in African Energies will place a critical spotlight on West Africa’s evolving refining landscape with a dedicated workshop on the “The Dangote Refinery and its Impact on the African Refining Balance.” Hosted by the African Energy Chamber (AEC) and S&P Global Commodity Insights, the session will take place on Monday, September 29 from 11:30 to 12:30, drawing key industry stakeholders and policy leaders into a dynamic discussion on one of the most transformational projects in the continent’s oil and gas sector.

    Beyond reshaping crude and product markets, the refinery is also impacting fuel quality and environmental standards in the region. Dangote’s state-of-the-art configuration allows it to produce Euro V standard fuels, a major step forward for countries long reliant on lower-quality imports. This creates new opportunities for West African governments to strengthen fuel specifications, improve urban air quality and reduce exposure to volatile global supply chains.

    The workshop will also explore the broader impact of Dangote on Africa’s existing refining infrastructure. With aging, underutilized refineries scattered across the continent, the rise of a mega refinery capable of meeting domestic and regional demand poses significant questions for legacy plants. Will they modernize, reposition themselves to serve niche needs or shut down entirely in the face of more efficient competition? The discussion will address the strategic responses by national oil companies and private operators as they navigate this new refining era.

    “AEW 2025 continues to serve as the continent’s definitive platform for energy dialogue, investment and innovation, with the Dangote workshop exemplifying the type of forward-looking conversations shaping the future of African energy. As West Africa’s refining ambitions begin to bear fruit – and as the continent seeks to capture more value across its energy value chain – the implications for energy security, trade and industrial development are profound,” says NJ Ayuk, Executive Chairman, African Energy Chamber.

    To register for the workshop click here (https://apo-opa.co/4o5lfQ4).

    Distributed by APO Group on behalf of African Energy Chamber.

    About African Energy Week:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    Media files

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    MIL OSI Africa –

    July 25, 2025
  • MIL-OSI USA: ICYMI: Gov. Hochul’s Op-Ed in the USA Today Network

    Source: US State of New York

    oday, the USA Today Network published an op-ed by Governor Kathy Hochul outlining her commitment to securing New York’s clean energy future, including her bold new directive to the New York Power Authority to take the next step towards building an advanced nuclear power plant in Upstate New York. From leading the nation in community solar to delivering major offshore wind projects, Governor Hochul lays out her vision for an energy strategy to power the next generation of jobs, technology, and economic growth and explains why advanced nuclear must be part of that future. Text of the op-ed can be viewed online and is available below:

    Affordability starts with energy.

    Whether it’s powering a home, a business, or a factory floor, reliable and reasonably priced electricity makes New York’s high quality of life possible. That’s why I’ve made it a cornerstone of our strategy to grow jobs, attract investment, and give families a reason to stay and build their lives here.

    It’s why I’ve worked to attract transformational economic development projects, like Micron’s $100 billion semiconductor campus outside of Syracuse and our nation-leading effort to create the country’s largest super computer dedicated to responsible AI in Buffalo. These investments bring jobs, opportunity, and long-overdue momentum to upstate communities.

    I grew up in Western New York. I remember when the region thrived — when energy from the Niagara River powered steel plants, car factories, and a middle class strong enough to support entire towns. In 1961, President John F. Kennedy stood at the opening of the Niagara hydropower plant and called it “an example to the world of North American efficiency and determination.”

    But when the economic tides shifted and innovation stalled, upstate cities were left behind. What followed was decades of disinvestment and job loss.

    Now, New York has a chance to reverse that trend — but we need to ensure we have the sufficient power to do it. I believe our state can lead the next energy revolution and, in doing so, bring a new era of prosperity to the regions that once powered America.

    NYPA must embrace advance nuclear power upstate

    That’s why I recently directed the New York Power Authority to take the next step in building an advanced nuclear power plant upstate. It’s a bold move, but one grounded in reality. If we want to power the economy of the future, we need a clean, reliable, around-the-clock source of electricity. Advanced nuclear power can deliver that.

    New York is already a national leader in renewable energy. We’ve topped the charts two years running as the number one community solar market in the country and beat our 2025 distributed solar goal a year ahead of schedule. We built South Fork Wind, the nation’s first utility-scale offshore wind farm, and put two more major projects — Sunrise Wind and Empire Wind — back on track after I raised their importance directly with the White House.

    These aren’t just policy wins. They represent real jobs, clean power, and progress.

    But solar only works when the sun shines, and wind turbines only spin when the weather is right. The industries of tomorrow need a fully dependable electric grid. They need certainty, which means renewables and clean baseload.

    The next chapter of New York’s economy depends on our ability to power it. Without enough clean and affordable energy, we won’t be able to support the jobs, homes and innovations we’re fighting to bring here.

    Imagine this: Microchips manufactured outside Syracuse are shipped to the University at Buffalo, where they power AI research. Those breakthroughs spark new startups in Rochester, create supply chain opportunities in Binghamton, and support robotics labs in Schenectady. That’s the future we want for upstate New York — one where our communities are connected, our workforce is empowered and our economy is firing on all cylinders.

    But that vision doesn’t run on hope. It runs on electricity, and a lot of it.

    That’s why I’ve committed to an all-of-the-above energy strategy. In just the last five years, we’ve built more than two gigawatts of renewable energy, making New York’s electric grid the second cleanest per capita in the country. But we can’t stop there.

    Advanced nuclear power can fuel New York’s future

    Advanced nuclear power offers baseload electricity without burning fossil fuels. One gigawatt can power one million homes. It’s reliable, carbon-free, and scalable. And it’s not untested — New York already has three nuclear plants that have operated safely and efficiently for decades. These next-generation reactors will be even more advanced and secure.

    I understand concerns about cost. Some projects, like the plant in Georgia, came in late and over budget. We are learning from those experiences, applying best practices and ensuring tight oversight. We can show the country that New York still knows how to build with ambition, discipline and results.

    We’re not just imagining the future. We’re constructing it. When we pair New York’s world-class workforce with forward-looking energy investments, we unlock a new era of innovation and inclusive economic growth.

    Energy helped write the story of the Rust Belt’s rise and fall. Now, it can power the comeback. Let’s seize that opportunity — and build the future that every New Yorker deserves.

    Kathy Hochul is Governor of New York.

    MIL OSI USA News –

    July 25, 2025
  • MIL-Evening Report: Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds

    Asia Pacific Report

    Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.

    Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.

    Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.

    “For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.

    “While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.

    “It is not the Pacific that we fought for going back all those years.

    “So we need to be very concerned about these storm clouds gathering.”

    Lessons for humanity
    Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.

    She was also head of the United Nations Development Programme (UNDP) in 2009-2017.

    “When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.

    “Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.

    “All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”


    Nuclear-free Pacific reflections with Helen Clark         Video: Greenpeace

    In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.

    “It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].

    “These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.

    Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report

    Testing ground for ‘others’
    “So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.

    “Mind you, they regarded French Polynesia as France.

    “David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.

    “We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.

    “I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”

    New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.

    “I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.

    ‘Absolutely shocking’
    “It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.

    “It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.

    “Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.

    “The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.

    “And that governs the deployment of medium range missiles in Europe.

    “The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”

    With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.

    Developments with Iran
    “We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.

    “It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.

    “There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.

    “And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”

    Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”

    “It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”

    Then Clark spoke about the “complications” facing New Zealand.

    Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report

    Teariki’s message to De Gaulle
    In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:

    “No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”

    “May you, Mr President, take back your troops, your bombs, and your planes.

    “Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.

    “Then, our future generations would not be able to blame you for the birth of monsters and deformed children.

    “Then, you would give the world an example worthy of France . . .

    “Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”

    ‘Emotional moment’
    Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.

    “It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.

    “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.

    “French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”

    He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.

    “By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”

    France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.

    Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report

    ‘Poisoned gift’
    Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.

    He described how the compensation programme was inadequate, lengthy and complicated.

    Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.

    He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.

    “It is a poisonous gift that will cost millions for the local government to fix.”

    Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.

    A Q and A session was also held to round off the stimulating evening.

    A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report

    MIL OSI Analysis – EveningReport.nz –

    July 25, 2025
  • MIL-Evening Report: Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds

    Asia Pacific Report

    Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.

    Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.

    Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.

    “For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.

    “While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.

    “It is not the Pacific that we fought for going back all those years.

    “So we need to be very concerned about these storm clouds gathering.”

    Lessons for humanity
    Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.

    She was also head of the United Nations Development Programme (UNDP) in 2009-2017.

    “When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.

    “Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.

    “All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”


    Nuclear-free Pacific reflections with Helen Clark         Video: Greenpeace

    In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.

    “It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].

    “These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.

    Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report

    Testing ground for ‘others’
    “So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.

    “Mind you, they regarded French Polynesia as France.

    “David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.

    “We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.

    “I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”

    New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.

    “I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.

    ‘Absolutely shocking’
    “It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.

    “It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.

    “Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.

    “The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.

    “And that governs the deployment of medium range missiles in Europe.

    “The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”

    With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.

    Developments with Iran
    “We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.

    “It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.

    “There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.

    “And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”

    Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”

    “It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”

    Then Clark spoke about the “complications” facing New Zealand.

    Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report

    Teariki’s message to De Gaulle
    In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:

    “No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”

    “May you, Mr President, take back your troops, your bombs, and your planes.

    “Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.

    “Then, our future generations would not be able to blame you for the birth of monsters and deformed children.

    “Then, you would give the world an example worthy of France . . .

    “Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”

    ‘Emotional moment’
    Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.

    “It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.

    “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.

    “French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”

    He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.

    “By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”

    France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.

    Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report

    ‘Poisoned gift’
    Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.

    He described how the compensation programme was inadequate, lengthy and complicated.

    Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.

    He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.

    “It is a poisonous gift that will cost millions for the local government to fix.”

    Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.

    A Q and A session was also held to round off the stimulating evening.

    A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report

    MIL OSI Analysis – EveningReport.nz –

    July 25, 2025
  • MIL-OSI USA: DOE Announces Site Selection for AI Data Center and Energy Infrastructure Development on Federal Lands

    Source: US Department of Energy

    The forthcoming solicitations will drive innovation in reliable energy technologies, contribute to lower energy costs, and strengthen American leadership in artificial intelligence

    WASHINGTON– The U.S. Department of Energy (DOE) today announced the next steps in the Trump administration’s plan to accelerate the development of AI infrastructure through siting on DOE lands.  DOE has selected four sites—Idaho National Laboratory, Oak Ridge Reservation, Paducah Gaseous Diffusion Plant and Savannah River Site—to move forward with plans to invite private sector partners to develop cutting edge AI data center and energy generation projects.  

    Today’s announcement supports the Trump administration’s goals of utilizing Federal lands to lower energy costs and help power the global AI race, as outlined in President Trump’s Executive Orders on Accelerating Federal Permitting of Data Center Infrastructure, Deploying Advanced Nuclear Reactor Technologies for National Security, and Unleashing American Energy.  

    “By leveraging DOE land assets for the deployment of AI and energy infrastructure, we are taking a bold step to accelerate the next Manhattan Project—ensuring U.S. AI and energy leadership,” said Energy Secretary Chris Wright. “These sites are uniquely positioned to host data centers as well as power generation to bolster grid reliability, strengthen our national security, and reduce energy costs.”

    DOE received enormous interest in response to its April request for information (RFI) that helped inform the selection of these sites. The chosen locations are well-situated for large-scale data centers, new power generation, and other necessary infrastructure. 

    DOE looks forward to working with data center developers, energy companies, and the broader public in consultation with states, local governments, and federally recognized tribes that these projects will serve to further advance this important initiative. More details regarding project scope, eligibility requirements, and submission guidelines at each site will be available with the site-specific releases. These solicitations are expected to be released in the coming months and partners could be selected by the end of the year. DOE is also evaluating additional sites that could issue solicitations in the future.  

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI Security: Mayors Reflect on Hosting Nuclear Facilities

    Source: International Atomic Energy Agency – IAEA

    “My city of Idaho Falls owns and operates its electric utility, integrating hydropower, wind, geothermal, and emerging hydrogen technologies. We are now planning to add micro-reactors. As policymakers, we study complex energy markets, transmission and regulations, all so we can provide reliable, cost-effective power to our citizens. And they in turn support nuclear because it offers safe, reliable, carbon-free, baseload energy. Advanced reactors are the path forward securing our community’s energy future while keeping costs low for generations to come.” 

    MIL Security OSI –

    July 25, 2025
  • MIL-OSI NGOs: Mayors Reflect on Hosting Nuclear Facilities

    Source: International Atomic Energy Agency (IAEA) –

    “My city of Idaho Falls owns and operates its electric utility, integrating hydropower, wind, geothermal, and emerging hydrogen technologies. We are now planning to add micro-reactors. As policymakers, we study complex energy markets, transmission and regulations, all so we can provide reliable, cost-effective power to our citizens. And they in turn support nuclear because it offers safe, reliable, carbon-free, baseload energy. Advanced reactors are the path forward securing our community’s energy future while keeping costs low for generations to come.” 

    MIL OSI NGO –

    July 25, 2025
  • MIL-OSI United Nations: Mayors Reflect on Hosting Nuclear Facilities

    Source: International Atomic Energy Agency (IAEA)

    “My city of Idaho Falls owns and operates its electric utility, integrating hydropower, wind, geothermal, and emerging hydrogen technologies. We are now planning to add micro-reactors. As policymakers, we study complex energy markets, transmission and regulations, all so we can provide reliable, cost-effective power to our citizens. And they in turn support nuclear because it offers safe, reliable, carbon-free, baseload energy. Advanced reactors are the path forward securing our community’s energy future while keeping costs low for generations to come.” 

    MIL OSI United Nations News –

    July 25, 2025
  • MIL-OSI Banking: Microsoft Research Asia launches Singapore lab

    Source: Microsoft

    Headline: Microsoft Research Asia launches Singapore lab

    Left to Right: Mr. Rodrigo Kede Lima, President, Microsoft Asia; Ms. Dee Templeton, Corporate Vice President, Microsoft CTO Office; Dr. Tan See Leng, Minister for Manpower & Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry; Dr. Peter Lee, President, Microsoft Research; Dr. Doug Burger, Technical Fellow and Corporate Vice President, Microsoft Research; Mr. Jermaine Loy, Managing Director, Singapore Economic Development Board (EDB); Dr. Lidong Zhou, Corporate Vice President, Managing Director, Microsoft Research Asia

    New Microsoft Research Asia lab in Singapore to drive fundamental research and talent development in collaboration with local institutions

    Singapore, July 24, 2025 – Microsoft today announced the launch of Microsoft Research Asia – Singapore, its first lab in Southeast Asia, aimed at driving cutting-edge AI research, co-innovating AI-powered solutions for key industries, and nurturing the next generation of AI talent across the region. Supported by the Singapore Economic Development Board (EDB), the establishment of the lab further deepens Microsoft’s commitment to Singapore’s thriving innovation ecosystem and expands its global research footprint in Asia.

    Guest-of-Honour, Dr. Tan See Leng, Minister for Manpower & Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry, delivered his remarks at the launch ceremony of the Microsoft Research Asia Singapore lab today alongside Dr. Peter Lee, President of Microsoft Research.

    Singapore as a Strategic Hub in Microsoft’s Global Research Network

    As a key node in Microsoft’s global research network, Microsoft Research Asia – Singapore will drive innovation on intertwined goals: deploying industry-transforming AI, pursuing frontier breakthroughs in AI foundations, and advancing responsible, socially beneficial applications. Its research agenda supports Singapore’s National AI Strategy 2.0 and aligns with Microsoft’s broader vision for AI as a force that empowers individuals, transforms industries, and addresses global challenges.

    “Singapore plays a critical role in our global research strategy,” said Peter Lee, President of Microsoft Research. “Its leadership in science, engineering and digital governance, along with its strong culture of public-private-academic collaboration, makes it an ideal environment for advancing inclusive and impactful AI. Through this lab, we are investing in long-term collaborations that accelerate discovery and bring real-world solutions to the region.”

    “The establishment of Microsoft Research Asia’s first lab in Southeast Asia reflects our commitment to partner leading tech players to deliver real-world impact through AI, from Singapore,” said Jermaine Loy, Managing Director, EDB. “Importantly, the new lab will create new opportunities for researchers and companies in areas such as healthcare and finance. We look forward to deepening our collaboration with Microsoft to advance Singapore’s digital economy.” 

    The launch marks a strategic expansion of Microsoft Research Asia, building upon two decades of collaboration with Singapore’s universities, research institutions and innovation leaders. With a committed presence in Singapore, Microsoft will enhance joint research, cultivate local talent, and contribute to national and regional research ecosystem and development.

    Driving Multi-Domain AI Innovation through Interdisciplinary Collaboration

    The strategic priorities of Microsoft Research Asia – Singapore are already taking shape through a series of interdisciplinary initiatives. By collaborating with local partners and leveraging cross-sector expertise, the lab is applying advanced AI technologies across key industrial and societal domains:

    • Accelerating industry transformation through domain-specific foundation models and agentic AI that generate actionable insights across sectors like healthcare, finance, and logistics.
    • Advancing precision health by leveraging SingHealth’s data and expertise to develop AI capabilities aimed at delivering personalized analysis and enhanced diagnostic accuracy to enable better patient outcomes.
    • Pushing the frontiers of spatial intelligence with National University of Singapore (NUS) and Nanyang Technological University Singapore (NTU Singapore) to develop embodied AI for complex tasks in smart environments.
    • Adapting AI to align with Southeast Asian cultural context and norms, ensuring systems are both reliable and trustworthy within the region.

    “These initiatives reflect our commitment to combining deep fundamental research with close cross-disciplinary collaboration,” said Lidong Zhou, Corporate Vice President of Microsoft and Managing Director of Microsoft Research Asia. “By working closely with Singapore’s research and innovation ecosystem, we aim to accelerate scientific discovery and build AI technologies that drive real impact for industry, society, and individuals alike.”

    Developing AI Talent and Strengthening Ecosystem Collaboration

    Another key pillar of Microsoft Research Asia – Singapore is nurturing AI talent and deepening academic collaboration to drive scientific excellence and support Singapore’s vibrant innovation ecosystem. The lab works closely with leading institutions including the National University of Singapore (NUS), Nanyang Technological University, Singapore (NTU Singapore), and Singapore Management University (SMU) to advance both fundamental and applied research, while equipping the next generation of researchers with real-world experience.

    Today’s launch builds on the announcement earlier this year of Microsoft Research Asia’s five-year research collaboration agreement with NUS to accelerate AI research and cultivate computing talent across the region. As part of this collaboration, the lab aims to nurture PhD students through the Industrial Postgraduate Programme (IPP), a programme supported by EDB, as well as PhD programmes offered by the NUS School of Computing.

    In addition, Microsoft Research Asia is fostering academic exchange and strengthening the research ecosystem through summer schools and joint workshops with NUS, NTU Singapore and SMU.  

    About Microsoft Research Asia

    Microsoft Research Asia, established in 1998, is Microsoft’s research arm in the Asia-Pacific region. By embracing interdisciplinary and cross-boundary research rooted in the Asia-Pacific region, Microsoft Research Asia aims to define the new paradigm of computing and create breakthrough technologies that shape the future of AI and humanity for the better, both regionally and globally. For more information, visit: https://www.microsoft.com/en-us/research/lab/microsoft-research-asia

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    For media inquiries, please contact:

    Microsoft Singapore

    Zoe Knobel: [email protected]

    Edelman (partner agency for Microsoft Singapore) Edelman: [email protected]

    MIL OSI Global Banks –

    July 25, 2025
  • MIL-OSI Africa: Enlit Africa 2025 Post Event Report has launched: A defining moment for Africa’s power, energy, and water sectors

    Source: APO

    Enlit Africa (http://apo-opa.co/46V5oxu), brought to you by VUKA Group (https://WeAreVUKA.com), is thrilled to announce the release of the Enlit Africa 2025 Post Event Report, a comprehensive summary of the transformative three-day event held in Cape Town. With over 7,000 attendees from 68 countries, this year’s gathering solidified its position as a pivotal platform for driving Africa’s energy and water transition forward.

    The report captures the essence of an event that went beyond dialogue, showcasing real action, bold thinking, and meaningful connections under the theme “Challenge the Status Quo.” It offers a detailed look at the conversations, innovations, and outcomes that are shaping the future of Africa’s power, energy, and water sectors.

    Download the report (http://apo-opa.co/4kWSaUn)

    What’s Inside the Report?

    Key Themes: The report offers key insight into critical discussions on small modular reactor (SMR) regulation, battery storage, tariff reform, and municipal turnaround strategies, and highlights how these issues are reshaping the continent’s energy agenda and driving tangible progress.

    Event Highlights:

    From inspiring keynotes by leaders like South Africa’s Minister Kgosientsho Ramokgopa to the Renewable Energy & Storage Hub addressing grid and finance gaps, the report showcases moments that defined the event.

    The Project & Investment Network facilitated connections between projects and funding, while Women in Energy celebrated inclusive leadership. Water Security Africa reframed water as critical infrastructure.

    Site Visit Snapshots:

    Beyond the conference, delegates visited live sites showcasing generation, distribution, water, and hybrid energy systems. The report includes reflections on smart infrastructure, storage systems, and sustainable designs in action.

    Top Strategic Recommendations:

    Actionable guidance across technology, policy, investment, and human capital, backed by evidence and ready for implementation.

    Impact by the Numbers:

    Data-driven insights into the event’s reach and influence, offering proof of the growing momentum behind Africa’s energy and water transition. From ROI validation to partnership scouting, the metrics provide essential context for decision-makers.

    A Call to Action

    The conversations at Enlit Africa 2025 sparked a movement, but the work doesn’t stop here. The Post Event Report is a tool to reconnect with key moments, reflect on critical insights, and stay ahead in shaping Africa’s sustainable future.

    Download your copy (http://apo-opa.co/46V5oxu) of the Enlit Africa 2025 Post Event Report today to explore the metrics, strategies, and stories behind the movement. Join us in carrying this momentum forward as we continue to transform Africa’s power, energy, and water sectors together.

    Save the date for Enlit Africa 2026: 19 – 21 May 2026 at the CTICC in Cape Town, South Africa. Pre-register here (http://apo-opa.co/4o0ihwx).

    Distributed by APO Group on behalf of VUKA Group.

    Contact details:
    For sponsorship or exhibition opportunities, contact Marcel du Toit: marcel.dutoit@wearevuka.com

    For speaking opportunities, contact Boipelo Mothlowa: Boipelo.mothlowa@wearevuka.com

    For media enquiries, contact Natalie Simms: Natalie.simms@wearevuka.com

    About Enlit Africa:
    Enlit Africa brings the top manufacturers, associations, institutions, and government leaders together to shape a sustainable, prosperous energy and water future for Africa. A leading power, energy and water conference and exhibition, Enlit Africa is designed to provide a unique platform to connect decision-makers and determine Africa’s future direction of travel. 

    Enlit Africa takes place annually at the CTICC, Cape Town, South Africa. The event is CPD accredited by the SAIEE and SAICE, thereby contributing to the professional development of industry experts.

    For more information, please visit the Enlit Africa website at https://Enlit-Africa.com or contact our team at info@enlit-africa.com.

    About The VUKA Group:
    VUKA Group (https://WeAreVUKA.com) brings people and organisations together to connect with information and each other in meaningful conversations to reach the next level of growth in their industry ecosystem. With 20 years of experience in Africa, the group serves the Energy, Mining, Smart Mobility, Transport and Retail sectors, through a range of industry touchpoints across digital, print and in-person platforms. With a commitment to data at its core, the group is well-positioned to support industry stakeholders today and into the future. Operating from Cape Town, South Africa the group is actively involved in projects across continental Africa and boasts a diverse African team who take great pride in the work they do for the sectors and markets they serve.

    Media files

    .

    MIL OSI Africa –

    July 25, 2025
  • MIL-OSI: Fullmark Energy Appoints Energy Industry Veteran to Chief Financial Officer Delivering Path to Diversified Portfolio Growth

    Source: GlobeNewswire (MIL-OSI)

    The Fullmark Board Adds a Seat with Utility Industry Executive Underscoring Leadership Expertise

    Appointments Demonstrate Momentum as Company Surpasses Milestones Across Multiple Battery Energy Storage Projects in the U.S.

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — Fullmark Energy, a leading independent power producer (IPP) focused exclusively on energy storage, today announced the appointment of a new Chief Financial Officer as well as the addition of a board member. These appointments are intended to send market signals that Fullmark is doubling down on its commitment to power industry customers. The company has been expanding its executive team since its rebrand in May 2025 in service of its vision of expanding energy storage project operational excellence across the U.S.

    These hires will help Fullmark increase its commitment to pioneering innovative storage solutions that maximize efficiency and return on investment.

    Bruce Thompson has been appointed chief financial officer (CFO), with over 30 years of experience in risk management, structured transactions, finance and origination. Bruce has focused on energy markets since 1996 and renewable energy since 2007, most recently serving as the CFO of Jupiter Power LLC. He has structured and negotiated over 1 GW of renewable hedge agreements, power purchase agreements and REC sales agreements with Fortune 100 corporate energy consumers, federal agencies, utilities and commodity trading companies. Bruce has also been responsible for securing the future revenues of utility-scale wind and solar projects with Lendlease Energy Development LLC and Pioneer Green Energy, and served at executive levels in the retail and wholesale energy space, responsible for connecting wholesale energy trading businesses to emerging electronic exchanges.

    Kyle Crowley has been appointed to the Board as a member with over 20 years of experience in the electric and gas utility and power generation industries, and 30 years of M&A experience, leading strategy, large-scale mergers, acquisitions and joint ventures. Most recently, Kyle was the Senior Vice President of Corporate Finance and Development at Exelon (NASDAQ: EXC), where he was responsible for the corporate development, corporate financial planning, treasury and insurance functions. Throughout his time, he led over 50 closed transactions with a total equity value of approximately $40 billion, including the acquisitions of Constellation Energy and Pepco Holdings, Inc., and helped grow Exelon from two to six utilities.

    “From the start, my goal for Fullmark has been driving high-quality projects that boost grid resilience and value for all stakeholders, and these strategic appointments will accelerate that path,” said Chris McKissack, President & CEO of Fullmark Energy. ”Bruce and Kyle have incredible track records of building business value, developing and implementing impactful top and bottom-line strategies. At Fullmark Energy, we see energy storage as the backbone of a balanced transition, and with data-driven leadership, we’re scaling smart and high-quality projects.”

    Fullmark Energy, backed by InfraRed Capital Partners, develops, builds, owns and operates standalone battery energy storage system (BESS) projects across the United States that enhance grid reliability, increase renewable energy integration and create value for all stakeholders. The company currently manages 300 MWh of operating and in-construction projects, with a robust 4 GW development pipeline strategically positioned across multiple U.S. markets. Fullmark’s portfolio approach to project development reduces single points of failure through geographic distribution while strengthening revenue profiles through diversified offtake agreements.

    About Fullmark Energy
    Fullmark Energy is unlocking the potential of energy storage to accelerate renewables, enhance grid reliability, and benefit communities, financial investors, stakeholders and partners. Founded in 2018, Fullmark Energy develops, builds, owns and operates energy storage projects across the U.S. The company’s holistic asset development and ownership model prioritizes mutually beneficial, long-term relationships with partners and stakeholders to move projects from concept to operations. Fullmark Energy is securely backed by a fund managed by InfraRed Capital Partners, an infrastructure asset manager with $13 billion in equity under management. With a four-gigawatt pipeline and a mix of projects operating and under construction, we are making the promise of energy storage a reality. Learn more about Fullmark Energy’s unique approach to energy storage at www.fullmarkenergy.com. 

    Contacts
    Nic Savo
    203-456-0843
    fullmarkenergy@teamsilverline.com

    The MIL Network –

    July 25, 2025
  • MIL-OSI: Fullmark Energy Appoints Energy Industry Veteran to Chief Financial Officer Delivering Path to Diversified Portfolio Growth

    Source: GlobeNewswire (MIL-OSI)

    The Fullmark Board Adds a Seat with Utility Industry Executive Underscoring Leadership Expertise

    Appointments Demonstrate Momentum as Company Surpasses Milestones Across Multiple Battery Energy Storage Projects in the U.S.

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — Fullmark Energy, a leading independent power producer (IPP) focused exclusively on energy storage, today announced the appointment of a new Chief Financial Officer as well as the addition of a board member. These appointments are intended to send market signals that Fullmark is doubling down on its commitment to power industry customers. The company has been expanding its executive team since its rebrand in May 2025 in service of its vision of expanding energy storage project operational excellence across the U.S.

    These hires will help Fullmark increase its commitment to pioneering innovative storage solutions that maximize efficiency and return on investment.

    Bruce Thompson has been appointed chief financial officer (CFO), with over 30 years of experience in risk management, structured transactions, finance and origination. Bruce has focused on energy markets since 1996 and renewable energy since 2007, most recently serving as the CFO of Jupiter Power LLC. He has structured and negotiated over 1 GW of renewable hedge agreements, power purchase agreements and REC sales agreements with Fortune 100 corporate energy consumers, federal agencies, utilities and commodity trading companies. Bruce has also been responsible for securing the future revenues of utility-scale wind and solar projects with Lendlease Energy Development LLC and Pioneer Green Energy, and served at executive levels in the retail and wholesale energy space, responsible for connecting wholesale energy trading businesses to emerging electronic exchanges.

    Kyle Crowley has been appointed to the Board as a member with over 20 years of experience in the electric and gas utility and power generation industries, and 30 years of M&A experience, leading strategy, large-scale mergers, acquisitions and joint ventures. Most recently, Kyle was the Senior Vice President of Corporate Finance and Development at Exelon (NASDAQ: EXC), where he was responsible for the corporate development, corporate financial planning, treasury and insurance functions. Throughout his time, he led over 50 closed transactions with a total equity value of approximately $40 billion, including the acquisitions of Constellation Energy and Pepco Holdings, Inc., and helped grow Exelon from two to six utilities.

    “From the start, my goal for Fullmark has been driving high-quality projects that boost grid resilience and value for all stakeholders, and these strategic appointments will accelerate that path,” said Chris McKissack, President & CEO of Fullmark Energy. ”Bruce and Kyle have incredible track records of building business value, developing and implementing impactful top and bottom-line strategies. At Fullmark Energy, we see energy storage as the backbone of a balanced transition, and with data-driven leadership, we’re scaling smart and high-quality projects.”

    Fullmark Energy, backed by InfraRed Capital Partners, develops, builds, owns and operates standalone battery energy storage system (BESS) projects across the United States that enhance grid reliability, increase renewable energy integration and create value for all stakeholders. The company currently manages 300 MWh of operating and in-construction projects, with a robust 4 GW development pipeline strategically positioned across multiple U.S. markets. Fullmark’s portfolio approach to project development reduces single points of failure through geographic distribution while strengthening revenue profiles through diversified offtake agreements.

    About Fullmark Energy
    Fullmark Energy is unlocking the potential of energy storage to accelerate renewables, enhance grid reliability, and benefit communities, financial investors, stakeholders and partners. Founded in 2018, Fullmark Energy develops, builds, owns and operates energy storage projects across the U.S. The company’s holistic asset development and ownership model prioritizes mutually beneficial, long-term relationships with partners and stakeholders to move projects from concept to operations. Fullmark Energy is securely backed by a fund managed by InfraRed Capital Partners, an infrastructure asset manager with $13 billion in equity under management. With a four-gigawatt pipeline and a mix of projects operating and under construction, we are making the promise of energy storage a reality. Learn more about Fullmark Energy’s unique approach to energy storage at www.fullmarkenergy.com. 

    Contacts
    Nic Savo
    203-456-0843
    fullmarkenergy@teamsilverline.com

    The MIL Network –

    July 25, 2025
  • MIL-OSI Submissions: Why do MAGA faithful support Trump if his ‘big beautiful bill’ will likely hurt many of them?

    Source: The Conversation – USA – By Alex Hinton, Distinguished Professor of Anthropology; Director, Center for the Study of Genocide and Human Rights, Rutgers University – Newark

    Supporters of President Donald Trump demonstrate near his Mar-a-Lago home in Palm Beach, Fla., on July 17, 2025. Joe Raedle/Getty Images

    President Donald Trump signed the wide-ranging One Big Beautiful Bill Act into law on July 4, 2025. It focuses on cutting taxes, mainly for households that earn US$217,000 or more each year, as well as increasing funding for military and border security and revamping social programs.

    Republicans tout it as providing “an economic lifeline for working families” and “laying a key cornerstone of America’s new golden age.”

    Democrat lawmakers argue that, in reality, Trump’s act “steals from the poor to give to the ultra-rich.”

    The act is estimated to increase the country’s debt by more than US$3 trillion over 10 years, while knocking more than 10 million people off Medicaid.

    About 41.4 million adults in the U.S. receive Medicaid. And 49% of Medicaid recipients who voted in the 2024 election backed Trump.

    While 94% of Democrats and Democratic-leaning independents said in a May 2025 survey that they are worried Medicaid cuts will lead to more adults and children losing their health insurance, 44% of Republicans and Republican-leaning independents expressed concern about this, according to the KFF Health Tracking Poll.

    Why, then, do Trump’s Make America Great Again supporters – especially those who will be hit hard by cuts to food assistance programs and health care, including hospitals – continue to support him even as he enacts policies that some think go against their interests? Indeed, over 78% of Republicans or Republican-leaning voters say they support the measure Trump signed.

    As an anthropologist who studies MAGA and American political culture, I understand that many of the MAGA faithful believe that Trump is a once-in-a-lifetime leader who is catapulting the U.S. into a new golden age.

    Sure, their reasoning goes, bumps in the road are expected. But they think that most of the criticism of Trump and this latest bill is ultimately fake news spread by radical leftists who have what some call Trump Derangement Syndrome, meaning anti-Trump hysteria.

    President Donald Trump holds up the One Big Beautiful Bill Act that he signed into law on July 4, 2025, at the White House.
    Alex Brandon − Pool/Getty Images

    Trump alone can fix it

    In the eyes of the MAGA faithful, Trump is no ordinary politician. To them, he is a savior who can help ward off the threat of radical left socialism. They believe Trump’s proclamation: “I alone can fix it.”

    Some see Trump’s survival of an assassination attempt on July 13, 2024, as evidence he is divinely chosen to lead the country. Trump himself claimed during his second inaugural address, “I was saved by God to make America great again.”

    As I have repeatedly observed firsthand at Trump rallies and MAGA gatherings and heard in my conversations with Trump supporters, many Trump supporters – even those whom Democrats contend will be hurt by the bill – see the bill as a key step to making America great again. Doing so will not be easy and may cause some pain.

    But as Trump himself has noted about policies such as tariffs, “sometimes you have to take medicine to fix something.”

    ‘Fake news!’

    Even if the bill may cause some short-term pain, MAGA stalwarts contend, the apocalyptic claims of critics of massive health cuts are hoaxes spread by the radical left media. White House National Economic Council director Kevin Hassett, for example, dubbed the Medicare cut claims “a big fake news story.”

    This view, based on my research and observations, is unsurprising. Trump has been pushing the “fake news conspiracy” theory, which holds that the media is part of the deep state, since his first term. He even dubbed the press “the enemy of the people.”

    Trump’s fake news rhetorical strategy has been successful in helping him maintain support. Trump supporters take it for granted that negative news coverage of the president is most likely fake news.

    The Trump administration frequently invokes this conspiracy theory, including statements with headlines like “100 Days of HOAXES: Cutting Through the Fake News.”

    The White House is taking the same approach with the new legislation. In June 2025, the Trump administration issued a statement stating “Myth vs. Fact: The One Big Beautiful Bill” and “MYTHBUSTER: The One Big Beautiful Bill Cuts Spending, Deficit – and That’s a Fact.”

    There is already evidence that this depiction is resonating in places such as rural Nebraska, where many residents do not blame Trump for a health clinic that claims it is shutting down due to Medicaid cuts. “Anyone who’s saying that Medicaid cuts is why they’re closing is a liar,” said one woman of the clinic’s closure.

    President Donald Trump holds a rally in July 2024 in Harrisburg, Pa.
    Spencer Platt/Getty Images

    ‘Crushing it’ in the Golden Age

    More broadly, the MAGA faithful contend, the bill’s critics miss the bigger picture. For the most part, Trump has been “crushing it” while putting “‘W’ after ‘W’ on the board.”

    From their perspective, Trump has assembled an all-star Cabinet team that is implementing key pillars of the MAGA agenda, such as restricting immigration, blocking unfair trade and avoiding drawn-out wars.

    Trump supporters underscore the president’s accomplishments on immigration. Attempted unauthorized border crossings of migrants have plummeted in 2025, amid a rise in arrests of immigrants.

    “Our message is clear,” stated Department of Homeland Security Assistant Secretary Tricia McLaughlin, “criminal illegal aliens are not welcome in the United States.”

    Gas prices are also down. Trump has followed through on his pledge to supporters to purge what he calls the deep state, by downsizing or gutting entire government departments and agencies.

    Trump has clamped down on woke universities that brainwash students, as MAGA supporters see it.

    He withheld funding from the University of Pennsylvania until it agreed to ban transgender women from playing on women’s sports teams. Trump also cut $400 million in funding for Columbia University because the administration said it did not sufficiently protect Jewish students from harassment during Palestinian rights protests.

    And Israeli Prime Minister Benjamin Netanyahu even nominated Trump for the Nobel Peace Prize in July for his diplomatic work in the Middle East.

    Recounting Trump’s foreign policy achievements, one conservative commentator gushed that Trump “promised we would win so much we’d get tired of winning. Instead, the wins keep coming – and America isn’t tired at all.”

    Trumpism = Trump

    Yet, Trump faces challenges.

    A June 2025 KFF Health Tracking Poll found that support for the new legislation decreased when people were informed about its negative health care impact, for example.

    Republicans could also face backlash in 2028 after the full impact of the act takes effect and people lose health insurance and other public benefits.

    Regardless, I believe MAGA faithful will likely continue to support Trump.

    They may argue over parts of his bill, the airstrikes on Iran or the release of the Jeffrey Epstein files.

    But, in the end, they will circle the wagons around Trump for a simple reason. Trump created the MAGA movement. He dominates the Republican Party. And there is no Trumpism without Trump.

    Alex Hinton receives receives funding from the Rutgers-Newark Sheila Y. Oliver Center for Politics and Race in America, Rutgers Research Council, and Henry Frank Guggenheim Foundation.

    – ref. Why do MAGA faithful support Trump if his ‘big beautiful bill’ will likely hurt many of them? – https://theconversation.com/why-do-maga-faithful-support-trump-if-his-big-beautiful-bill-will-likely-hurt-many-of-them-260766

    MIL OSI –

    July 25, 2025
  • MIL-OSI Europe: Christine Lagarde, Luis de Guindos: Monetary policy statement

    Source: European Central Bank

    Christine Lagarde, President of the ECB,
    Luis de Guindos, Vice-President of the ECB

    Frankfurt am Main, 24 July 2025

    Good afternoon, the Vice-President and I welcome you to our press conference.

    The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at our two per cent medium-term target. The incoming information is broadly in line with our previous assessment of the inflation outlook. Domestic price pressures have continued to ease, with wages growing more slowly. Partly reflecting our past interest rate cuts, the economy has so far proven resilient overall in a challenging global environment. At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.

    We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

    The decisions taken today are set out in a press release available on our website.

    I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.

    Economic activity

    In the first quarter the economy grew more strongly than expected. This was partly because firms frontloaded exports ahead of expected tariff hikes. But growth was also bolstered by stronger private consumption and investment.

    Recent surveys point to an overall modest expansion in both the manufacturing and services sectors. At the same time, higher actual and expected tariffs, the stronger euro and persistent geopolitical uncertainty are making firms more hesitant to invest.

    The robust labour market, rising real incomes and solid private sector balance sheets continue to support consumption. Unemployment stood at 6.3 per cent in May, close to its lowest level since the introduction of the euro. Easier financing conditions are underpinning domestic demand, including in the housing market. Over time, higher public investment in defence and infrastructure should also support growth.

    More than ever, the Governing Council considers it crucial to urgently strengthen the euro area and its economy in the present geopolitical environment. Fiscal and structural policies should make the economy more productive, competitive and resilient. Governments should prioritise growth-enhancing structural reforms and strategic investment, while ensuring sustainable public finances. It is important to complete the savings and investments union and the banking union, following a clear and ambitious timetable, and to rapidly establish the legislative framework for the potential introduction of a digital euro. The Governing Council welcomes the Eurogroup’s commitment to improve the effectiveness, quality and composition of public spending and supports the efforts by European authorities to preserve the mutual benefits of global trade.

    Inflation

    Annual inflation stood at 2.0 per cent in June, after 1.9 per cent in May. Energy prices went up in June but are still lower than a year ago. Food price inflation eased slightly to 3.1 per cent. Goods inflation edged down to 0.5 per cent in June, whereas services inflation ticked up to 3.3 per cent, from 3.2 per cent in May.

    Indicators of underlying inflation are overall consistent with our two per cent medium-term target. Labour costs have continued to moderate. Year-on-year growth in compensation per employee slowed to 3.8 per cent in the first quarter, down from 4.1 per cent in the previous quarter. Combined with stronger productivity growth, this led to slower growth in unit labour costs. Forward-looking indicators, including the ECB’s wage tracker and surveys on wage expectations of firms, consumers and professional forecasters, point to a further decline in wage growth.

    Short-term consumer inflation expectations declined in both May and June, reversing the uptick observed in previous months. Most measures of longer-term inflation expectations continue to stand at around 2 per cent, supporting the stabilisation of inflation around our target.

    Risk assessment

    Risks to economic growth remain tilted to the downside. Among the main risks are a further escalation in global trade tensions and associated uncertainties, which could dampen exports and drag down investment and consumption. A deterioration in financial market sentiment could lead to tighter financing conditions and greater risk aversion, and make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, remain a major source of uncertainty. By contrast, if trade and geopolitical tensions were resolved swiftly, this could lift sentiment and spur activity. Higher defence and infrastructure spending, together with productivity-enhancing reforms, would add to growth. An improvement in business confidence would also stimulate private investment.

    The outlook for inflation is more uncertain than usual, as a result of the volatile global trade policy environment. A stronger euro could bring inflation down further than expected. Moreover, inflation could turn out to be lower if higher tariffs lead to lower demand for euro area exports and induce countries with overcapacity to reroute their exports to the euro area. Trade tensions could lead to greater volatility and risk aversion in financial markets, which would weigh on domestic demand and would thereby also lower inflation. By contrast, inflation could turn out to be higher if a fragmentation of global supply chains pushed up import prices and added to capacity constraints in the domestic economy. A boost in defence and infrastructure spending could also raise inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.

    Financial and monetary conditions

    Market interest rates have increased since our last meeting, especially at longer maturities. At the same time, our past interest rate cuts continue to make corporate borrowing less expensive. The average interest rate on new loans to firms declined to 3.7 per cent in May, from 3.8 per cent in April. The cost of issuing market-based debt also came down, falling to 3.6 per cent in May. While the growth rate of loans to firms moderated to 2.5 per cent in May, corporate bond issuance was stronger, growing at a rate of 3.4 per cent in annual terms.

    Credit standards for business loans were broadly unchanged in the second quarter, as reported in our latest bank lending survey for the euro area. While banks’ concerns about the economic risks faced by their customers had a tightening impact on credit standards, this was broadly offset by stronger competition among lenders. Meanwhile, firms’ demand for credit increased slightly, benefiting from lower interest rates, but they remained cautious because of global uncertainty and trade tensions.

    The average interest rate on new mortgages has barely changed since the start of the year and stood at 3.3 per cent in May. Growth in mortgage lending edged up to 2.0 per cent in May, in the context of a strong increase in demand, while credit standards tightened slightly in the second quarter.

    Conclusion

    The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. Our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

    In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation stabilises sustainably at our medium-term target and to preserve the smooth functioning of monetary policy transmission.

    We are now ready to take your questions.

    MIL OSI Europe News –

    July 25, 2025
  • MIL-OSI United Kingdom: Business leaders welcome the UK-India Free Trade Agreement

    Source: United Kingdom – Executive Government & Departments

    Press release

    Business leaders welcome the UK-India Free Trade Agreement

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

    The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

    Business Groups  

    Rain Newton-Smith, CEO, CBI said: 

    In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.  

    A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.  

    The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

    William Bain, Head of Trade Policy at the BCC, said: 

    The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.    

    Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: 

    India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses. 

    Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter. 

    Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

    Richard Heald OBE, Chair, UK-India Business Council, said:  

    The UK-India FTA marks a historic milestone in the bilateral relationship.

    Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

    Aerospace  

    Tufan Erginbiligic, Rolls-Royce CEO, said: 

    India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

    We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

    These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

    Financial and professional services 

    Ian Stuart, CEO of HSBC UK, said: 

    Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

    This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.  

    As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement. 

    Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said: 

    This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

    It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

    As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

    Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:   

    Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries. 

    Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

    Adam Gagen, Global Head of Government Affairs at Revolut, said:  

    As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

    It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

    Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

    Nicola Watkinson, Managing Director for International, TheCityUK, said:  

    India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

    The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

    We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

    Automotives  

    Mike Hawes, SMMT Chief Executive, said:  

    The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

    While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

    To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

    A JLR spokesperson said:  

    We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

    India is an important market for our British built products and represents significant future growth opportunities.

    Food and drink 

    Nik Jhangiani, Interim Chief Executive, Diageo, said: 

    This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured. 

    Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said: 

    Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. 

    India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

    The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

    Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

    Mark Kent, Chief Executive of the SWA said:  

    The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

    The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

    This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

    George Hyde, Head of Trade, The Food and Drink Federation: 

    We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

    We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies. 

    With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

    We look forward to working with government to help businesses make the most of this opportunity.

    Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said: 

    There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

    The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

    The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

    Stephen Davies, Chief Executive of Penderyn Distillery, said:  

    We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

    The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

    These are exciting times. 

    Medtech  

    Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:  

    The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action. 

    India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

    And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

    Deepak Nath, Chief Executive Officer, Smith+Nephew, said: 

    Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector. 

    We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

    Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:   

    Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.  

    This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer. 

    Manufacturing 

    Graeme Macdonald, JCB Chief Executive, said:  

    India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.  

    It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

    Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said: 

    Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters. 

    The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific. 

    It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

    Mark Ridgway OBE DL, CEO of Rhodes Group, said: 

    As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market. 

    Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

    Idir Boudaoud, Founder and CEO at Sensoteq, said: 

    India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us. 

    Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security. 

    This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

    William Crawford, Director of Concrete Canvas Ltd, said:  

    India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive. 

    This is welcome news for both UK and Indian businesses!

    Creative Industries 

    Richard Masters, Premier League Chief Executive, said: 

    India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.   

    The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

    Richard Pring, Co-Founder at Wales Interactive, said: 

    The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences. 

    Digital and Tech 

    Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:  

    The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.  

    This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

    Clean Energy  

    Neil Spann, CEO of Power Roll, said: 

    As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us.  It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.  

    As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

    Transport 

    Chris Woodroofe, Manchester Airport Managing Director, said:  

    We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole. 

    Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK. 

    That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

    Textiles  

    Bill Leach, Global Sales Director, John Smedley Ltd, said: 

    India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition. 

    John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear. 

    We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

    Cosmetics 

    Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:  

    The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry.  Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers.  CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

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    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

    July 25, 2025
  • MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

    Source: GlobeNewswire (MIL-OSI)

    Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Highlights (on a linked quarter basis)

    • Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
    • Core net income1 of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

    Deposits and Liquidity

    • On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
    • Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
    • Off-balance sheet deposits were $41.4 million at the end of the quarter.
    • Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
    • Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

    Assets and Margin

    • Net interest margin remained unchanged at 3.55%.
    • Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
    • Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
    • Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
    • Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
    • The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

    Capital and Returns

    • Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
    • Tangible common equity1 ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
    • Tangible book value per share1 increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
    • Core return on average tangible common equity1 of 14.90% and core return on average assets1 of 1.28%.

    Share Repurchase

    • Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
    • Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.
       
    1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.
       

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.”

    Second Quarter Earnings

    Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter.

    Core net income1 was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities.

    Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat.

    Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter.

    Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

    Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees.

    Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense1 was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense.

    Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter.

    Balance Sheet Quarterly Summary

    Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million.

    Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan.

    Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits1 totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits.

    Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter.

    During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses.

    Capital Quarterly Summary

    As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share.

    Tangible book value per share1 was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity1 improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

    1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
    2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
    3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
    4. changes in deposits, including an increase in uninsured deposits;
    5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
    6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
    7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
    8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
    9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
    10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
    11. changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
    12. the outcome of legal or regulatory proceedings that may be instituted against us;
    13. inability to achieve organic loan and deposit growth and the composition of that growth;
    14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
    15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
    16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
    17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
    18. limitations on the ability to declare and pay dividends;
    19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
    20. increased competition for experienced members of the workforce including executives in the banking industry;
    21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
    22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
    23. a downgrade in the Company’s credit rating;
    24. “greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
    25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
    26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
    27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
    28. descriptions of assumptions underlying or relating to any of the foregoing.

    Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Six Months Ended
     
      June 30,   March 31,   June 30,   June 30,
     
    ($ in thousands) 2025   2025   2024   2025   2024  
    INTEREST AND DIVIDEND INCOME                                        
    Loans $ 58,723     $ 57,843     $ 51,293     $ 116,566     $ 103,245    
    Securities   43,737       41,653       44,978       85,390       87,368    
    Interest-bearing deposits in banks   1,639       1,194       2,690       2,833       5,282    
             Total interest and dividend income   104,099       100,690       98,961       204,789       195,895    
    INTEREST EXPENSE                                        
    Deposits   30,593       28,917       28,882       59,510       54,773    
    Borrowed funds   597       1,196       887       1,793       3,893    
             Total interest expense   31,190       30,113       29,769       61,303       58,666    
    NET INTEREST INCOME   72,909       70,577       69,192       143,486       137,229    
    Provision for credit losses   4,890       596       3,161       5,486       4,749    
             Net interest income after provision for credit losses   68,019       69,981       66,031       138,000       132,480    
    NON-INTEREST INCOME                                        
    Trust Department fees   3,879       4,191       3,657       8,069       7,511    
    Service charges on deposit accounts   3,873       3,438       8,614       7,311       14,750    
    Bank-owned life insurance income   796       626       615       1,422       1,224    
    Losses on sale of securities and other assets   (1,041 )     (680 )     (2,691 )     (1,721 )     (5,465 )  
    Gain (loss) on sale of loans and changes in fair value on loans held-
    for-sale, net
      18       832       69       850       116    
    Equity method investments income (loss)   51       (2,508 )     (1,551 )     (2,458 )     521    
    Other income   449       507       545       957       830    
             Total non-interest income   8,025       6,406       9,258       14,430       19,487    
    NON-INTEREST EXPENSE                                        
    Compensation and employee benefits   23,240       23,314       23,045       46,554       45,318    
    Occupancy and depreciation   3,476       3,293       3,379       6,768       6,283    
    Professional fees   3,283       4,739       2,332       8,022       4,708    
    Technology   5,485       5,619       4,786       11,103       9,415    
    Office maintenance and depreciation   570       629       580       1,199       1,243    
    Amortization of intangible assets   144       144       182       287       365    
    Advertising and promotion   412       51       1,175       463       2,394    
    Federal deposit insurance premiums   900       900       1,050       1,800       2,100    
    Other expense   3,074       2,961       2,983       6,038       5,838    
             Total non-interest expense   40,584       41,650       39,512       82,234       77,664    
    Income before income taxes   35,460       34,737       35,777       70,196       74,303    
    Income tax expense   9,471       9,709       9,024       19,179       20,301    
             Net income $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Earnings per common share – basic $ 0.85     $ 0.82     $ 0.88     $ 1.67     $ 1.77    
    Earnings per common share – diluted $ 0.84     $ 0.81     $ 0.87     $ 1.65     $ 1.75    
     

    Consolidated Statements of Financial Condition

    ($ in thousands) June 30, 2025   March 31, 2025   December 31, 2024

     
    Assets (unaudited)   (unaudited)      
    Cash and due from banks $ 4,049     $ 4,196     $ 4,042    
    Interest-bearing deposits in banks   167,017       61,518       56,707    
    Total cash and cash equivalents   171,066       65,714       60,749    
    Securities:                        
    Available for sale, at fair value                        
             Traditional securities   1,713,077       1,546,127       1,477,047    
             Property Assessed Clean Energy (“PACE”) assessments   178,247       161,147       152,011    
        1,891,324       1,707,274       1,629,058    
    Held-to-maturity, at amortized cost:                        
    Traditional securities, net of allowance for credit losses of $47, $47, and $49,
    respectively
      529,418       535,065       542,246    
    PACE assessments, net of allowance for credit losses of $657, $654, and $655,
    respectively
      1,037,220       1,038,052       1,043,959    
        1,566,638       1,573,117       1,586,205    
                             
    Loans held for sale   2,545       3,667       37,593    
    Loans receivable, net of deferred loan origination fees and costs   4,714,344       4,677,506       4,672,924    
    Allowance for credit losses   (58,998 )     (57,676 )     (60,086 )  
    Loans receivable, net   4,655,346       4,619,830       4,612,838    
                             
    Resell agreements   57,040       41,651       23,741    
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   5,277       4,679       15,693    
    Accrued interest receivable   55,509       55,092       61,172    
    Premises and equipment, net   8,823       7,366       6,386    
    Bank-owned life insurance   108,465       108,652       108,026    
    Right-of-use lease asset   11,379       12,477       14,231    
    Deferred tax asset, net   33,685       33,799       42,437    
    Goodwill   12,936       12,936       12,936    
    Intangible assets, net   1,200       1,343       1,487    
    Equity method investments   5,110       5,639       8,482    
    Other assets   34,995       31,991       35,858    
             Total assets $ 8,621,338     $ 8,285,227     $ 8,256,892    
    Liabilities                        
    Deposits   7,733,272       7,412,072       7,180,605    
    Borrowings   75,457       69,676       314,409    
    Operating leases   15,395       17,190       19,734    
    Other liabilities   43,230       50,293       34,490    
             Total liabilities   7,867,354       7,549,231       7,549,238    
    Stockholders’ equity                        
    Common stock, par value $0.01 per share   310       309       308    
    Additional paid-in capital   290,256       288,539       288,656    
    Retained earnings   522,405       500,783       480,144    
    Accumulated other comprehensive loss, net of income taxes   (42,982 )     (47,308 )     (58,637 )  
    Treasury stock, at cost   (16,005 )     (6,327 )     (2,817 )  
             Total stockholders’ equity   753,984       735,996       707,654    
             Total liabilities and stockholders’ equity $ 8,621,338     $ 8,285,227     $ 8,256,892    
     

    Select Financial Data

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
      June 30,   March 31,   June 30,   June 30,
     
    (Shares in thousands) 2025   2025   2024   2025   2024  
    Selected Financial Ratios and Other Data:                              
    Earnings per share                              
    Basic $ 0.85   $ 0.82   $ 0.88   $ 1.67   $ 1.77  
    Diluted   0.84     0.81     0.87     1.65     1.75  
    Core net income (non-GAAP)                              
    Basic $ 0.88   $ 0.88   $ 0.86   $ 1.77   $ 1.70  
    Diluted   0.88     0.88     0.85     1.75     1.68  
    Book value per common share (excluding minority interest) $ 24.79   $ 23.98   $ 21.09   $ 24.79   $ 21.09  
    Tangible book value per share (non-GAAP) $ 24.33   $ 23.51   $ 20.61   $ 24.33   $ 20.61  
    Common shares outstanding, par value $0.01 per share(1)   30,412     30,697     30,630     30,412     30,630  
    Weighted average common shares outstanding, basic   30,558     30,682     30,551     30,619     30,513  
    Weighted average common shares outstanding, diluted   30,758     30,946     30,832     30,872     30,789  
     
    (1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
     

    Select Financial Data

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
      June 30,   March 31,   June 30,   June 30,
     
      2025   2025   2024   2025   2024  
    Selected Performance Metrics:                              
    Return on average assets 1.23 %   1.22 %   1.30 %   1.23 %   1.33 %  
    Core return on average assets (non-GAAP) 1.28 %   1.33 %   1.27 %   1.30 %   1.27 %  
    Return on average equity 14.06 %   14.05 %   17.27 %   14.06 %   17.75 %  
    Core return on average tangible common equity (non-GAAP) 14.90 %   15.54 %   17.34 %   15.21 %   17.46 %  
    Average equity to average assets 8.78 %   8.71 %   7.53 %   8.75 %   7.48 %  
    Tangible common equity to tangible assets (non-GAAP) 8.60 %   8.73 %   7.66 %   8.60 %   7.66 %  
    Loan yield 5.05 %   5.00 %   4.68 %   5.03 %   4.72 %  
    Securities yield 5.11 %   5.15 %   5.22 %   5.13 %   5.21 %  
    Deposit cost 1.62 %   1.59 %   1.55 %   1.61 %   1.51 %  
    Net interest margin 3.55 %   3.55 %   3.46 %   3.55 %   3.47 %  
    Efficiency ratio (1) 50.14 %   54.10 %   50.37 %   52.07 %   49.56 %  
    Core efficiency ratio (non-GAAP) 49.21 %   52.11 %   50.80 %   50.64 %   50.60 %  
                                   
    Asset Quality Ratios:                              
    Nonaccrual loans to total loans 0.74 %   0.70 %   0.78 %   0.74 %   0.78 %  
    Nonperforming assets to total assets 0.41 %   0.41 %   0.43 %   0.41 %   0.43 %  
    Allowance for credit losses on loans to nonaccrual loans 170.02 %   175.07 %   182.83 %   170.02 %   182.83 %  
    Allowance for credit losses on loans to total loans 1.25 %   1.23 %   1.42 %   1.25 %   1.42 %  
    Annualized net charge-offs to average loans 0.30 %   0.22 %   0.25 %   0.26 %   0.22 %  
                                   
    Liquidity Ratios:                              
    2 day Liquidity Coverage of Uninsured Deposits % 96.73 %   93.75 %   100.83 %   96.73 %   100.83 %  
    Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore
    Deposits (%)
    167.94 %   163.71 %   174.24 %   167.94 %   174.24 %  
                                   
    Capital Ratios:                              
    Tier 1 leverage capital ratio 9.22 %   9.22 %   8.42 %   9.22 %   8.42 %  
    Tier 1 risk-based capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
    Total risk-based capital ratio 16.43 %   16.61 %   16.04 %   16.43 %   16.04 %  
    Common equity tier 1 capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
     
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.
     

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At June 30, 2025   At March 31, 2025   At June 30, 2024
     
      Amount   % of total   Amount   % of total   Amount   % of total
     
    Commercial portfolio:                                          
    Commercial and industrial $ 1,196,804     25.4 %   $ 1,183,297     25.3 %   $ 1,012,400     22.6 %  
    Multifamily   1,406,193     29.8 %     1,371,950     29.4 %     1,230,545     27.5 %  
    Commercial real estate   422,068     9.0 %     409,004     8.7 %     377,484     8.4 %  
    Construction and land development   20,330     0.4 %     20,690     0.4 %     23,254     0.5 %  
    Total commercial portfolio   3,045,395     64.6 %     2,984,941     63.8 %     2,643,683     59.0 %  
                                               
    Retail portfolio:                                          
    Residential real estate lending   1,292,013     27.4 %     1,303,856     27.9 %     1,404,624     31.4 %  
    Consumer solar   345,604     7.3 %     356,601     7.6 %     385,567     8.6 %  
    Consumer and other   31,332     0.7 %     32,108     0.7 %     37,965     1.0 %  
    Total retail portfolio   1,668,949     35.4 %     1,692,565     36.2 %     1,828,156     41.0 %  
    Total loans held for investment   4,714,344     100.0 %     4,677,506     100.0 %     4,471,839     100.0 %  
                                               
    Allowance for credit losses   (58,998 )           (57,676 )           (63,444 )        
    Loans receivable, net $ 4,655,346           $ 4,619,830           $ 4,408,395          
                                               
    PACE assessments:                                          
    Available for sale, at fair value                                          
    Residential PACE assessments   178,247     14.7 %     161,147     13.4 %     112,923     9.7 %  
                                               
    Held-to-maturity, at amortized cost                                          
    Commercial PACE assessments   278,006     22.9 %     271,200     22.6 %     256,663     22.0 %  
    Residential PACE assessments   759,871     62.4 %     767,507     64.0 %     798,561     68.4 %  
    Total Held-to-maturity PACE
    assessments
      1,037,877     85.3 %     1,038,707     86.6 %     1,055,224     90.4 %  
    Total PACE assessments   1,216,124     100.0 %     1,199,854     100.0 %     1,168,147     100.0 %  
                                               
    Allowance for credit losses   (657 )           (654 )           (655 )        
    Total PACE assessments, net $ 1,215,467           $ 1,199,200           $ 1,167,492          
                                               
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
      75.9 %           78.5 %           74.9 %        
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
    excluding Brokered CDs
      75.9 %           78.5 %           76.4 %        
     

    Net Interest Income Analysis

      Three Months Ended
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
    (In thousands) Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
     
                                                           
    Interest-earning assets:                                                      
    Interest-bearing deposits in banks $ 161,965   $ 1,639   4.06 %   $ 121,321   $ 1,194   3.99 %   $ 213,725   $ 2,690   5.06 %  
    Securities(1)   3,361,812     42,850   5.11 %     3,220,590     40,867   5.15 %     3,308,881     42,937   5.22 %  
    Resell agreements   52,621     887   6.76 %     30,169     786   10.57 %     122,618     2,041   6.69 %  
    Loans receivable, net (2)   4,659,667     58,723   5.05 %     4,695,264     57,843   5.00 %     4,406,843     51,293   4.68 %  
    Total interest-earning assets   8,236,065     104,099   5.07 %     8,067,344     100,690   5.06 %     8,052,067     98,961   4.94 %  
    Non-interest-earning assets:                                                      
    Cash and due from banks   5,622                 5,045                 6,371              
    Other assets   203,992                 220,589                 217,578              
    Total assets $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Interest-bearing liabilities:                                                      
    Savings, NOW and money market
    deposits
    $ 4,457,620   $ 28,653   2.58 %   $ 4,242,786   $ 26,806   2.56 %   $ 3,729,858   $ 24,992   2.69 %  
    Time deposits   218,835     1,940   3.56 %     232,683     2,111   3.68 %     210,565     1,898   3.63 %  
    Brokered CDs   —     —   0.00 %     —     —   0.00 %     156,086     1,992   5.13 %  
    Total interest-bearing deposits   4,676,455     30,593   2.62 %     4,475,469     28,917   2.62 %     4,096,509     28,882   2.84 %  
    Borrowings   75,741     597   3.16 %     134,340     1,196   3.61 %     104,560     887   3.41 %  
    Total interest-bearing liabilities   4,752,196     31,190   2.63 %     4,609,809     30,113   2.65 %     4,201,069     29,769   2.85 %  
    Non-interest-bearing liabilities:                                                      
    Demand and transaction deposits   2,895,845                 2,901,061                 3,390,941              
    Other liabilities   56,203                 59,728                 60,982              
    Total liabilities   7,704,244                 7,570,598                 7,652,992              
    Stockholders’ equity   741,435                 722,380                 623,024              
    Total liabilities and stockholders’
    equity
    $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Net interest income / interest rate
    spread
          $ 72,909   2.44 %         $ 70,577   2.41 %         $ 69,192   2.09 %  
    Net interest-earning assets / net
    interest margin
    $ 3,483,869         3.55 %   $ 3,457,535         3.55 %   $ 3,850,998         3.46 %  
                                                           
    Total deposits excluding Brokered
    CDs / total cost of deposits excluding
    Brokered CDs
    $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,331,364         1.48 %  
    Total deposits / total cost of deposits $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,487,450         1.55 %  
    Total funding / total cost of funds $ 7,648,041         1.64 %   $ 7,510,870         1.63 %   $ 7,592,010         1.58 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands).
     

    Net Interest Income Analysis

      Six Months Ended
     
      June 30, 2025   June 30, 2024
     
    (In thousands) Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
     
                                         
    Interest-earning assets:                                    
    Interest-bearing deposits in banks $ 141,756   $ 2,833   4.03 %   $ 209,547   $ 5,282   5.07 %  
    Securities   3,291,591     83,717   5.13 %     3,239,619     84,000   5.21 %  
    Resell agreements   41,457     1,673   8.14 %     100,814     3,368   6.72 %  
    Total loans, net (1)(2)   4,677,367     116,566   5.03 %     4,398,665     103,245   4.72 %  
    Total interest-earning assets   8,152,171     204,789   5.07 %     7,948,645     195,895   4.96 %  
    Non-interest-earning assets:                                    
    Cash and due from banks   5,335                 5,720              
    Other assets   212,245                 221,924              
    Total assets $ 8,369,751               $ 8,176,289              
                                         
    Interest-bearing liabilities:                                    
    Savings, NOW and money market deposits $ 4,350,797   $ 55,459   2.57 %   $ 3,660,704   $ 46,864   2.57 %  
    Time deposits   225,721     4,051   3.62 %     199,305     3,474   3.51 %  
    Brokered CDs   —     —   0.00 %     173,163     4,435   5.15 %  
    Total interest-bearing deposits   4,576,518     59,510   2.62 %     4,033,172     54,773   2.73 %  
    Borrowings   104,879     1,793   3.45 %     196,326     3,893   3.99 %  
    Total interest-bearing liabilities   4,681,397     61,303   2.64 %     4,229,498     58,666   2.79 %  
    Non-interest-bearing liabilities:                                    
    Demand and transaction deposits   2,898,439                 3,264,590              
    Other liabilities   57,955                 70,309              
    Total liabilities   7,637,791                 7,564,397              
    Stockholders’ equity   731,960                 611,892              
    Total liabilities and stockholders’ equity $ 8,369,751               $ 8,176,289              
                                         
    Net interest income / interest rate spread       $ 143,486   2.43 %         $ 137,229   2.17 %  
    Net interest-earning assets / net interest margin $ 3,470,774         3.55 %   $ 3,719,147         3.47 %  
                                         
    Total deposits excluding Brokered CDs / total cost of
    deposits excluding Brokered CDs
    $ 7,474,957         1.61 %   $ 7,124,599         1.42 %  
    Total deposits / total cost of deposits $ 7,474,957         1.61 %   $ 7,297,762         1.51 %  
    Total funding / total cost of funds $ 7,579,836         1.63 %   $ 7,494,088         1.57 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively.
     

    Deposit Portfolio Composition

      Three Months Ended
     
    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
     
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance

     
    Non-interest-bearing demand deposit accounts $ 2,810,489   $ 2,895,845   $ 2,895,757   $ 2,901,061   $ 3,445,068   $ 3,390,941  
    NOW accounts   177,494     177,312     187,078     177,827     192,452     191,253  
    Money market deposit accounts   4,216,318     3,950,346     3,772,423     3,739,548     3,093,644     3,202,365  
    Savings accounts   330,892     329,962     330,410     325,411     336,943     336,240  
    Time deposits   198,079     218,835     226,404     232,683     227,437     210,565  
    Brokered certificates of deposit (“CDs”)   —     —     —     —     153,444     156,086  
    Total deposits $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,448,988   $ 7,487,450  
                                         
    Total deposits excluding Brokered CDs $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,295,544   $ 7,331,364  
     
      Three Months Ended
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
    (In thousands) Average
    Rate
    Paid
    (1)
      Cost of
    Funds
      Average
    Rate
    Paid
    (1)
      Cost of
    Funds
      Average
    Rate
    Paid
    (1)
      Cost of
    Funds

     
                                         
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %  
    NOW accounts 0.68 %   0.72 %   0.72 %   0.70 %   1.07 %   1.07 %  
    Money market deposit accounts 2.70 %   2.77 %   2.73 %   2.76 %   3.08 %   2.93 %  
    Savings accounts 1.32 %   1.30 %   1.28 %   1.28 %   1.67 %   1.37 %  
    Time deposits 3.22 %   3.56 %   3.52 %   3.68 %   3.50 %   3.63 %  
    Brokered CDs — %   — %   — %   — %   4.98 %   5.13 %  
    Total deposits 1.63 %   1.62 %   1.57 %   1.59 %   1.59 %   1.55 %  
                                         
    Interest-bearing deposits excluding Brokered CDs 2.56 %   2.62 %   2.58 %   2.62 %   2.88 %   2.74 %  
     
    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.
     

    Asset Quality

    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
     
    Loans 90 days past due and accruing $ —   $ —   $ —  
    Nonaccrual loans held for sale   459     989     989  
    Nonaccrual loans – Commercial   27,501     27,872     23,778  
    Nonaccrual loans – Retail   7,199     5,072     10,924  
    Nonaccrual securities   6     7     29  
    Total nonperforming assets $ 35,165   $ 33,940   $ 35,720  
                       
    Nonaccrual loans:                  
    Commercial and industrial $ 12,501   $ 12,786   $ 8,428  
    Commercial real estate   3,893     3,979     4,231  
    Construction and land development   11,107     11,107     11,119  
    Total commercial portfolio   27,501     27,872     23,778  
                       
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total retail portfolio   7,199     5,072     10,924  
    Total nonaccrual loans $ 34,700   $ 32,944   $ 34,702  
     

    Credit Quality

      June 30, 2025   March 31, 2025   June 30, 2024
     
    ($ in thousands)                  
    Criticized and classified loans                  
    Commercial and industrial $ 64,305   $ 55,157   $ 53,940  
    Multifamily   11,324     8,540     10,242  
    Commercial real estate   3,893     3,979     8,311  
    Construction and land development   11,107     11,107     11,119  
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total loans $ 97,828   $ 83,855   $ 94,536  
     
    Criticized and classified loans to total loans                  
    Commercial and industrial 1.36 %   1.18 %   1.21 %  
    Multifamily 0.24 %   0.18 %   0.23 %  
    Commercial real estate 0.08 %   0.09 %   0.19 %  
    Construction and land development 0.24 %   0.24 %   0.25 %  
    Residential real estate lending 0.08 %   0.03 %   0.17 %  
    Consumer solar 0.07 %   0.07 %   0.06 %  
    Consumer and other — %   — %   0.01 %  
    Total loans 2.07 %   1.79 %   2.12 %  
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance

     
    Commercial and industrial 0.32  %   1.42 %   0.28 %   1.29 %   0.32  %   1.44 %  
    Multifamily —  %   0.20 %   — %   0.23 %   —  %   0.38 %  
    Commercial real estate —  %   0.49 %   — %   0.39 %   —  %   0.40 %  
    Construction and land development —  %   6.33 %   — %   6.05 %   —  %   3.60 %  
    Residential real estate lending (0.01 )%   0.69 %   — %   0.73 %   (0.18 )%   0.88 %  
    Consumer solar 2.91  %   7.26 %   1.90 %   7.01 %   2.57  %   7.00 %  
    Consumer and other 0.07  %   5.74 %   0.70 %   5.67 %   0.01  %   6.49 %  
    Total loans 0.30  %   1.25 %   0.22 %   1.23 %   0.25  %   1.42 %  
     

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
     
    Core operating revenue                                        
    Net Interest Income (GAAP) $ 72,909     $ 70,577     $ 69,192     $ 143,486     $ 137,229    
    Non-interest income (GAAP)   8,025       6,406       9,258       14,430       19,487    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Core operating revenue (non-GAAP) $ 82,183     $ 79,685     $ 77,691       161,868       154,020    
                                             
    Core non-interest expense                                        
    Non-interest expense (GAAP) $ 40,584     $ 41,650     $ 39,512     $ 82,234     $ 77,664    
    Add: Gain on settlement of lease termination(4)   —       —       —       —       499    
    Less: Severance costs(5)   (142 )     (125 )     (44 )     (267 )     (228 )  
    Core non-interest expense (non-GAAP) $ 40,442     $ 41,525     $ 39,468       81,967       77,935    
                                             
    Core net income                                        
    Net Income (GAAP) $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Gain on settlement of lease termination(4)   —       —       —       —       (499 )  
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Severance costs(5)   142       125       44       267       228    
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Less: Tax on notable items   (371 )     (731 )     180       (1,109 )     775    
    Core net income (non-GAAP) $ 27,009     $ 27,124     $ 26,218       54,127       51,810    
                                             
    Tangible common equity                                        
    Stockholders’ equity (GAAP) $ 753,984     $ 735,996     $ 646,112     $ 753,984     $ 646,112    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,200 )     (1,343 )     (1,852 )     (1,200 )     (1,852 )  
    Tangible common equity (non-GAAP) $ 739,848     $ 721,717     $ 631,191       739,848       631,191    
                                             
    Average tangible common equity                                        
    Average stockholders’ equity (GAAP) $ 741,435     $ 722,380     $ 623,024     $ 731,960     $ 611,892    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,270 )     (1,413 )     (1,941 )     (1,341 )     (2,032 )  
    Average tangible common equity (non-GAAP) $ 727,229     $ 708,031     $ 608,014       717,683       596,791    
     
    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income.
    (2) Included in other income in the Consolidated Statements of Income.
    (3) Included in equity method investments income in the Consolidated Statements of Income.
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income.
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income.
    (6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.
     

    The MIL Network –

    July 24, 2025
  • MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

    Source: GlobeNewswire (MIL-OSI)

    Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Highlights (on a linked quarter basis)

    • Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
    • Core net income1 of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

    Deposits and Liquidity

    • On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
    • Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
    • Off-balance sheet deposits were $41.4 million at the end of the quarter.
    • Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
    • Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

    Assets and Margin

    • Net interest margin remained unchanged at 3.55%.
    • Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
    • Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
    • Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
    • Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
    • The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

    Capital and Returns

    • Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
    • Tangible common equity1 ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
    • Tangible book value per share1 increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
    • Core return on average tangible common equity1 of 14.90% and core return on average assets1 of 1.28%.

    Share Repurchase

    • Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
    • Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.
       
    1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.
       

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.”

    Second Quarter Earnings

    Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter.

    Core net income1 was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities.

    Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat.

    Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter.

    Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

    Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees.

    Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense1 was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense.

    Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter.

    Balance Sheet Quarterly Summary

    Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million.

    Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan.

    Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits1 totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits.

    Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter.

    During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses.

    Capital Quarterly Summary

    As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share.

    Tangible book value per share1 was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity1 improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

    1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
    2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
    3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
    4. changes in deposits, including an increase in uninsured deposits;
    5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
    6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
    7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
    8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
    9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
    10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
    11. changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
    12. the outcome of legal or regulatory proceedings that may be instituted against us;
    13. inability to achieve organic loan and deposit growth and the composition of that growth;
    14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
    15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
    16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
    17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
    18. limitations on the ability to declare and pay dividends;
    19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
    20. increased competition for experienced members of the workforce including executives in the banking industry;
    21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
    22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
    23. a downgrade in the Company’s credit rating;
    24. “greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
    25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
    26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
    27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
    28. descriptions of assumptions underlying or relating to any of the foregoing.

    Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Six Months Ended
     
      June 30,   March 31,   June 30,   June 30,
     
    ($ in thousands) 2025   2025   2024   2025   2024  
    INTEREST AND DIVIDEND INCOME                                        
    Loans $ 58,723     $ 57,843     $ 51,293     $ 116,566     $ 103,245    
    Securities   43,737       41,653       44,978       85,390       87,368    
    Interest-bearing deposits in banks   1,639       1,194       2,690       2,833       5,282    
             Total interest and dividend income   104,099       100,690       98,961       204,789       195,895    
    INTEREST EXPENSE                                        
    Deposits   30,593       28,917       28,882       59,510       54,773    
    Borrowed funds   597       1,196       887       1,793       3,893    
             Total interest expense   31,190       30,113       29,769       61,303       58,666    
    NET INTEREST INCOME   72,909       70,577       69,192       143,486       137,229    
    Provision for credit losses   4,890       596       3,161       5,486       4,749    
             Net interest income after provision for credit losses   68,019       69,981       66,031       138,000       132,480    
    NON-INTEREST INCOME                                        
    Trust Department fees   3,879       4,191       3,657       8,069       7,511    
    Service charges on deposit accounts   3,873       3,438       8,614       7,311       14,750    
    Bank-owned life insurance income   796       626       615       1,422       1,224    
    Losses on sale of securities and other assets   (1,041 )     (680 )     (2,691 )     (1,721 )     (5,465 )  
    Gain (loss) on sale of loans and changes in fair value on loans held-
    for-sale, net
      18       832       69       850       116    
    Equity method investments income (loss)   51       (2,508 )     (1,551 )     (2,458 )     521    
    Other income   449       507       545       957       830    
             Total non-interest income   8,025       6,406       9,258       14,430       19,487    
    NON-INTEREST EXPENSE                                        
    Compensation and employee benefits   23,240       23,314       23,045       46,554       45,318    
    Occupancy and depreciation   3,476       3,293       3,379       6,768       6,283    
    Professional fees   3,283       4,739       2,332       8,022       4,708    
    Technology   5,485       5,619       4,786       11,103       9,415    
    Office maintenance and depreciation   570       629       580       1,199       1,243    
    Amortization of intangible assets   144       144       182       287       365    
    Advertising and promotion   412       51       1,175       463       2,394    
    Federal deposit insurance premiums   900       900       1,050       1,800       2,100    
    Other expense   3,074       2,961       2,983       6,038       5,838    
             Total non-interest expense   40,584       41,650       39,512       82,234       77,664    
    Income before income taxes   35,460       34,737       35,777       70,196       74,303    
    Income tax expense   9,471       9,709       9,024       19,179       20,301    
             Net income $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Earnings per common share – basic $ 0.85     $ 0.82     $ 0.88     $ 1.67     $ 1.77    
    Earnings per common share – diluted $ 0.84     $ 0.81     $ 0.87     $ 1.65     $ 1.75    
     

    Consolidated Statements of Financial Condition

    ($ in thousands) June 30, 2025   March 31, 2025   December 31, 2024

     
    Assets (unaudited)   (unaudited)      
    Cash and due from banks $ 4,049     $ 4,196     $ 4,042    
    Interest-bearing deposits in banks   167,017       61,518       56,707    
    Total cash and cash equivalents   171,066       65,714       60,749    
    Securities:                        
    Available for sale, at fair value                        
             Traditional securities   1,713,077       1,546,127       1,477,047    
             Property Assessed Clean Energy (“PACE”) assessments   178,247       161,147       152,011    
        1,891,324       1,707,274       1,629,058    
    Held-to-maturity, at amortized cost:                        
    Traditional securities, net of allowance for credit losses of $47, $47, and $49,
    respectively
      529,418       535,065       542,246    
    PACE assessments, net of allowance for credit losses of $657, $654, and $655,
    respectively
      1,037,220       1,038,052       1,043,959    
        1,566,638       1,573,117       1,586,205    
                             
    Loans held for sale   2,545       3,667       37,593    
    Loans receivable, net of deferred loan origination fees and costs   4,714,344       4,677,506       4,672,924    
    Allowance for credit losses   (58,998 )     (57,676 )     (60,086 )  
    Loans receivable, net   4,655,346       4,619,830       4,612,838    
                             
    Resell agreements   57,040       41,651       23,741    
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   5,277       4,679       15,693    
    Accrued interest receivable   55,509       55,092       61,172    
    Premises and equipment, net   8,823       7,366       6,386    
    Bank-owned life insurance   108,465       108,652       108,026    
    Right-of-use lease asset   11,379       12,477       14,231    
    Deferred tax asset, net   33,685       33,799       42,437    
    Goodwill   12,936       12,936       12,936    
    Intangible assets, net   1,200       1,343       1,487    
    Equity method investments   5,110       5,639       8,482    
    Other assets   34,995       31,991       35,858    
             Total assets $ 8,621,338     $ 8,285,227     $ 8,256,892    
    Liabilities                        
    Deposits   7,733,272       7,412,072       7,180,605    
    Borrowings   75,457       69,676       314,409    
    Operating leases   15,395       17,190       19,734    
    Other liabilities   43,230       50,293       34,490    
             Total liabilities   7,867,354       7,549,231       7,549,238    
    Stockholders’ equity                        
    Common stock, par value $0.01 per share   310       309       308    
    Additional paid-in capital   290,256       288,539       288,656    
    Retained earnings   522,405       500,783       480,144    
    Accumulated other comprehensive loss, net of income taxes   (42,982 )     (47,308 )     (58,637 )  
    Treasury stock, at cost   (16,005 )     (6,327 )     (2,817 )  
             Total stockholders’ equity   753,984       735,996       707,654    
             Total liabilities and stockholders’ equity $ 8,621,338     $ 8,285,227     $ 8,256,892    
     

    Select Financial Data

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
      June 30,   March 31,   June 30,   June 30,
     
    (Shares in thousands) 2025   2025   2024   2025   2024  
    Selected Financial Ratios and Other Data:                              
    Earnings per share                              
    Basic $ 0.85   $ 0.82   $ 0.88   $ 1.67   $ 1.77  
    Diluted   0.84     0.81     0.87     1.65     1.75  
    Core net income (non-GAAP)                              
    Basic $ 0.88   $ 0.88   $ 0.86   $ 1.77   $ 1.70  
    Diluted   0.88     0.88     0.85     1.75     1.68  
    Book value per common share (excluding minority interest) $ 24.79   $ 23.98   $ 21.09   $ 24.79   $ 21.09  
    Tangible book value per share (non-GAAP) $ 24.33   $ 23.51   $ 20.61   $ 24.33   $ 20.61  
    Common shares outstanding, par value $0.01 per share(1)   30,412     30,697     30,630     30,412     30,630  
    Weighted average common shares outstanding, basic   30,558     30,682     30,551     30,619     30,513  
    Weighted average common shares outstanding, diluted   30,758     30,946     30,832     30,872     30,789  
     
    (1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
     

    Select Financial Data

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
      June 30,   March 31,   June 30,   June 30,
     
      2025   2025   2024   2025   2024  
    Selected Performance Metrics:                              
    Return on average assets 1.23 %   1.22 %   1.30 %   1.23 %   1.33 %  
    Core return on average assets (non-GAAP) 1.28 %   1.33 %   1.27 %   1.30 %   1.27 %  
    Return on average equity 14.06 %   14.05 %   17.27 %   14.06 %   17.75 %  
    Core return on average tangible common equity (non-GAAP) 14.90 %   15.54 %   17.34 %   15.21 %   17.46 %  
    Average equity to average assets 8.78 %   8.71 %   7.53 %   8.75 %   7.48 %  
    Tangible common equity to tangible assets (non-GAAP) 8.60 %   8.73 %   7.66 %   8.60 %   7.66 %  
    Loan yield 5.05 %   5.00 %   4.68 %   5.03 %   4.72 %  
    Securities yield 5.11 %   5.15 %   5.22 %   5.13 %   5.21 %  
    Deposit cost 1.62 %   1.59 %   1.55 %   1.61 %   1.51 %  
    Net interest margin 3.55 %   3.55 %   3.46 %   3.55 %   3.47 %  
    Efficiency ratio (1) 50.14 %   54.10 %   50.37 %   52.07 %   49.56 %  
    Core efficiency ratio (non-GAAP) 49.21 %   52.11 %   50.80 %   50.64 %   50.60 %  
                                   
    Asset Quality Ratios:                              
    Nonaccrual loans to total loans 0.74 %   0.70 %   0.78 %   0.74 %   0.78 %  
    Nonperforming assets to total assets 0.41 %   0.41 %   0.43 %   0.41 %   0.43 %  
    Allowance for credit losses on loans to nonaccrual loans 170.02 %   175.07 %   182.83 %   170.02 %   182.83 %  
    Allowance for credit losses on loans to total loans 1.25 %   1.23 %   1.42 %   1.25 %   1.42 %  
    Annualized net charge-offs to average loans 0.30 %   0.22 %   0.25 %   0.26 %   0.22 %  
                                   
    Liquidity Ratios:                              
    2 day Liquidity Coverage of Uninsured Deposits % 96.73 %   93.75 %   100.83 %   96.73 %   100.83 %  
    Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore
    Deposits (%)
    167.94 %   163.71 %   174.24 %   167.94 %   174.24 %  
                                   
    Capital Ratios:                              
    Tier 1 leverage capital ratio 9.22 %   9.22 %   8.42 %   9.22 %   8.42 %  
    Tier 1 risk-based capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
    Total risk-based capital ratio 16.43 %   16.61 %   16.04 %   16.43 %   16.04 %  
    Common equity tier 1 capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
     
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.
     

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At June 30, 2025   At March 31, 2025   At June 30, 2024
     
      Amount   % of total   Amount   % of total   Amount   % of total
     
    Commercial portfolio:                                          
    Commercial and industrial $ 1,196,804     25.4 %   $ 1,183,297     25.3 %   $ 1,012,400     22.6 %  
    Multifamily   1,406,193     29.8 %     1,371,950     29.4 %     1,230,545     27.5 %  
    Commercial real estate   422,068     9.0 %     409,004     8.7 %     377,484     8.4 %  
    Construction and land development   20,330     0.4 %     20,690     0.4 %     23,254     0.5 %  
    Total commercial portfolio   3,045,395     64.6 %     2,984,941     63.8 %     2,643,683     59.0 %  
                                               
    Retail portfolio:                                          
    Residential real estate lending   1,292,013     27.4 %     1,303,856     27.9 %     1,404,624     31.4 %  
    Consumer solar   345,604     7.3 %     356,601     7.6 %     385,567     8.6 %  
    Consumer and other   31,332     0.7 %     32,108     0.7 %     37,965     1.0 %  
    Total retail portfolio   1,668,949     35.4 %     1,692,565     36.2 %     1,828,156     41.0 %  
    Total loans held for investment   4,714,344     100.0 %     4,677,506     100.0 %     4,471,839     100.0 %  
                                               
    Allowance for credit losses   (58,998 )           (57,676 )           (63,444 )        
    Loans receivable, net $ 4,655,346           $ 4,619,830           $ 4,408,395          
                                               
    PACE assessments:                                          
    Available for sale, at fair value                                          
    Residential PACE assessments   178,247     14.7 %     161,147     13.4 %     112,923     9.7 %  
                                               
    Held-to-maturity, at amortized cost                                          
    Commercial PACE assessments   278,006     22.9 %     271,200     22.6 %     256,663     22.0 %  
    Residential PACE assessments   759,871     62.4 %     767,507     64.0 %     798,561     68.4 %  
    Total Held-to-maturity PACE
    assessments
      1,037,877     85.3 %     1,038,707     86.6 %     1,055,224     90.4 %  
    Total PACE assessments   1,216,124     100.0 %     1,199,854     100.0 %     1,168,147     100.0 %  
                                               
    Allowance for credit losses   (657 )           (654 )           (655 )        
    Total PACE assessments, net $ 1,215,467           $ 1,199,200           $ 1,167,492          
                                               
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
      75.9 %           78.5 %           74.9 %        
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
    excluding Brokered CDs
      75.9 %           78.5 %           76.4 %        
     

    Net Interest Income Analysis

      Three Months Ended
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
    (In thousands) Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
     
                                                           
    Interest-earning assets:                                                      
    Interest-bearing deposits in banks $ 161,965   $ 1,639   4.06 %   $ 121,321   $ 1,194   3.99 %   $ 213,725   $ 2,690   5.06 %  
    Securities(1)   3,361,812     42,850   5.11 %     3,220,590     40,867   5.15 %     3,308,881     42,937   5.22 %  
    Resell agreements   52,621     887   6.76 %     30,169     786   10.57 %     122,618     2,041   6.69 %  
    Loans receivable, net (2)   4,659,667     58,723   5.05 %     4,695,264     57,843   5.00 %     4,406,843     51,293   4.68 %  
    Total interest-earning assets   8,236,065     104,099   5.07 %     8,067,344     100,690   5.06 %     8,052,067     98,961   4.94 %  
    Non-interest-earning assets:                                                      
    Cash and due from banks   5,622                 5,045                 6,371              
    Other assets   203,992                 220,589                 217,578              
    Total assets $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Interest-bearing liabilities:                                                      
    Savings, NOW and money market
    deposits
    $ 4,457,620   $ 28,653   2.58 %   $ 4,242,786   $ 26,806   2.56 %   $ 3,729,858   $ 24,992   2.69 %  
    Time deposits   218,835     1,940   3.56 %     232,683     2,111   3.68 %     210,565     1,898   3.63 %  
    Brokered CDs   —     —   0.00 %     —     —   0.00 %     156,086     1,992   5.13 %  
    Total interest-bearing deposits   4,676,455     30,593   2.62 %     4,475,469     28,917   2.62 %     4,096,509     28,882   2.84 %  
    Borrowings   75,741     597   3.16 %     134,340     1,196   3.61 %     104,560     887   3.41 %  
    Total interest-bearing liabilities   4,752,196     31,190   2.63 %     4,609,809     30,113   2.65 %     4,201,069     29,769   2.85 %  
    Non-interest-bearing liabilities:                                                      
    Demand and transaction deposits   2,895,845                 2,901,061                 3,390,941              
    Other liabilities   56,203                 59,728                 60,982              
    Total liabilities   7,704,244                 7,570,598                 7,652,992              
    Stockholders’ equity   741,435                 722,380                 623,024              
    Total liabilities and stockholders’
    equity
    $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Net interest income / interest rate
    spread
          $ 72,909   2.44 %         $ 70,577   2.41 %         $ 69,192   2.09 %  
    Net interest-earning assets / net
    interest margin
    $ 3,483,869         3.55 %   $ 3,457,535         3.55 %   $ 3,850,998         3.46 %  
                                                           
    Total deposits excluding Brokered
    CDs / total cost of deposits excluding
    Brokered CDs
    $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,331,364         1.48 %  
    Total deposits / total cost of deposits $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,487,450         1.55 %  
    Total funding / total cost of funds $ 7,648,041         1.64 %   $ 7,510,870         1.63 %   $ 7,592,010         1.58 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands).
     

    Net Interest Income Analysis

      Six Months Ended
     
      June 30, 2025   June 30, 2024
     
    (In thousands) Average
    Balance
      Income /
    Expense
      Yield /
    Rate
      Average
    Balance
      Income /
    Expense
      Yield /
    Rate
     
                                         
    Interest-earning assets:                                    
    Interest-bearing deposits in banks $ 141,756   $ 2,833   4.03 %   $ 209,547   $ 5,282   5.07 %  
    Securities   3,291,591     83,717   5.13 %     3,239,619     84,000   5.21 %  
    Resell agreements   41,457     1,673   8.14 %     100,814     3,368   6.72 %  
    Total loans, net (1)(2)   4,677,367     116,566   5.03 %     4,398,665     103,245   4.72 %  
    Total interest-earning assets   8,152,171     204,789   5.07 %     7,948,645     195,895   4.96 %  
    Non-interest-earning assets:                                    
    Cash and due from banks   5,335                 5,720              
    Other assets   212,245                 221,924              
    Total assets $ 8,369,751               $ 8,176,289              
                                         
    Interest-bearing liabilities:                                    
    Savings, NOW and money market deposits $ 4,350,797   $ 55,459   2.57 %   $ 3,660,704   $ 46,864   2.57 %  
    Time deposits   225,721     4,051   3.62 %     199,305     3,474   3.51 %  
    Brokered CDs   —     —   0.00 %     173,163     4,435   5.15 %  
    Total interest-bearing deposits   4,576,518     59,510   2.62 %     4,033,172     54,773   2.73 %  
    Borrowings   104,879     1,793   3.45 %     196,326     3,893   3.99 %  
    Total interest-bearing liabilities   4,681,397     61,303   2.64 %     4,229,498     58,666   2.79 %  
    Non-interest-bearing liabilities:                                    
    Demand and transaction deposits   2,898,439                 3,264,590              
    Other liabilities   57,955                 70,309              
    Total liabilities   7,637,791                 7,564,397              
    Stockholders’ equity   731,960                 611,892              
    Total liabilities and stockholders’ equity $ 8,369,751               $ 8,176,289              
                                         
    Net interest income / interest rate spread       $ 143,486   2.43 %         $ 137,229   2.17 %  
    Net interest-earning assets / net interest margin $ 3,470,774         3.55 %   $ 3,719,147         3.47 %  
                                         
    Total deposits excluding Brokered CDs / total cost of
    deposits excluding Brokered CDs
    $ 7,474,957         1.61 %   $ 7,124,599         1.42 %  
    Total deposits / total cost of deposits $ 7,474,957         1.61 %   $ 7,297,762         1.51 %  
    Total funding / total cost of funds $ 7,579,836         1.63 %   $ 7,494,088         1.57 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively.
     

    Deposit Portfolio Composition

      Three Months Ended
     
    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
     
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance

     
    Non-interest-bearing demand deposit accounts $ 2,810,489   $ 2,895,845   $ 2,895,757   $ 2,901,061   $ 3,445,068   $ 3,390,941  
    NOW accounts   177,494     177,312     187,078     177,827     192,452     191,253  
    Money market deposit accounts   4,216,318     3,950,346     3,772,423     3,739,548     3,093,644     3,202,365  
    Savings accounts   330,892     329,962     330,410     325,411     336,943     336,240  
    Time deposits   198,079     218,835     226,404     232,683     227,437     210,565  
    Brokered certificates of deposit (“CDs”)   —     —     —     —     153,444     156,086  
    Total deposits $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,448,988   $ 7,487,450  
                                         
    Total deposits excluding Brokered CDs $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,295,544   $ 7,331,364  
     
      Three Months Ended
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
    (In thousands) Average
    Rate
    Paid
    (1)
      Cost of
    Funds
      Average
    Rate
    Paid
    (1)
      Cost of
    Funds
      Average
    Rate
    Paid
    (1)
      Cost of
    Funds

     
                                         
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %  
    NOW accounts 0.68 %   0.72 %   0.72 %   0.70 %   1.07 %   1.07 %  
    Money market deposit accounts 2.70 %   2.77 %   2.73 %   2.76 %   3.08 %   2.93 %  
    Savings accounts 1.32 %   1.30 %   1.28 %   1.28 %   1.67 %   1.37 %  
    Time deposits 3.22 %   3.56 %   3.52 %   3.68 %   3.50 %   3.63 %  
    Brokered CDs — %   — %   — %   — %   4.98 %   5.13 %  
    Total deposits 1.63 %   1.62 %   1.57 %   1.59 %   1.59 %   1.55 %  
                                         
    Interest-bearing deposits excluding Brokered CDs 2.56 %   2.62 %   2.58 %   2.62 %   2.88 %   2.74 %  
     
    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.
     

    Asset Quality

    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
     
    Loans 90 days past due and accruing $ —   $ —   $ —  
    Nonaccrual loans held for sale   459     989     989  
    Nonaccrual loans – Commercial   27,501     27,872     23,778  
    Nonaccrual loans – Retail   7,199     5,072     10,924  
    Nonaccrual securities   6     7     29  
    Total nonperforming assets $ 35,165   $ 33,940   $ 35,720  
                       
    Nonaccrual loans:                  
    Commercial and industrial $ 12,501   $ 12,786   $ 8,428  
    Commercial real estate   3,893     3,979     4,231  
    Construction and land development   11,107     11,107     11,119  
    Total commercial portfolio   27,501     27,872     23,778  
                       
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total retail portfolio   7,199     5,072     10,924  
    Total nonaccrual loans $ 34,700   $ 32,944   $ 34,702  
     

    Credit Quality

      June 30, 2025   March 31, 2025   June 30, 2024
     
    ($ in thousands)                  
    Criticized and classified loans                  
    Commercial and industrial $ 64,305   $ 55,157   $ 53,940  
    Multifamily   11,324     8,540     10,242  
    Commercial real estate   3,893     3,979     8,311  
    Construction and land development   11,107     11,107     11,119  
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total loans $ 97,828   $ 83,855   $ 94,536  
     
    Criticized and classified loans to total loans                  
    Commercial and industrial 1.36 %   1.18 %   1.21 %  
    Multifamily 0.24 %   0.18 %   0.23 %  
    Commercial real estate 0.08 %   0.09 %   0.19 %  
    Construction and land development 0.24 %   0.24 %   0.25 %  
    Residential real estate lending 0.08 %   0.03 %   0.17 %  
    Consumer solar 0.07 %   0.07 %   0.06 %  
    Consumer and other — %   — %   0.01 %  
    Total loans 2.07 %   1.79 %   2.12 %  
     
      June 30, 2025   March 31, 2025   June 30, 2024
     
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans
      ACL to total
    portfolio balance

     
    Commercial and industrial 0.32  %   1.42 %   0.28 %   1.29 %   0.32  %   1.44 %  
    Multifamily —  %   0.20 %   — %   0.23 %   —  %   0.38 %  
    Commercial real estate —  %   0.49 %   — %   0.39 %   —  %   0.40 %  
    Construction and land development —  %   6.33 %   — %   6.05 %   —  %   3.60 %  
    Residential real estate lending (0.01 )%   0.69 %   — %   0.73 %   (0.18 )%   0.88 %  
    Consumer solar 2.91  %   7.26 %   1.90 %   7.01 %   2.57  %   7.00 %  
    Consumer and other 0.07  %   5.74 %   0.70 %   5.67 %   0.01  %   6.49 %  
    Total loans 0.30  %   1.25 %   0.22 %   1.23 %   0.25  %   1.42 %  
     

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the
    Three Months Ended
      As of and for the
    Six Months Ended

     
    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
     
    Core operating revenue                                        
    Net Interest Income (GAAP) $ 72,909     $ 70,577     $ 69,192     $ 143,486     $ 137,229    
    Non-interest income (GAAP)   8,025       6,406       9,258       14,430       19,487    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Core operating revenue (non-GAAP) $ 82,183     $ 79,685     $ 77,691       161,868       154,020    
                                             
    Core non-interest expense                                        
    Non-interest expense (GAAP) $ 40,584     $ 41,650     $ 39,512     $ 82,234     $ 77,664    
    Add: Gain on settlement of lease termination(4)   —       —       —       —       499    
    Less: Severance costs(5)   (142 )     (125 )     (44 )     (267 )     (228 )  
    Core non-interest expense (non-GAAP) $ 40,442     $ 41,525     $ 39,468       81,967       77,935    
                                             
    Core net income                                        
    Net Income (GAAP) $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Gain on settlement of lease termination(4)   —       —       —       —       (499 )  
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Severance costs(5)   142       125       44       267       228    
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Less: Tax on notable items   (371 )     (731 )     180       (1,109 )     775    
    Core net income (non-GAAP) $ 27,009     $ 27,124     $ 26,218       54,127       51,810    
                                             
    Tangible common equity                                        
    Stockholders’ equity (GAAP) $ 753,984     $ 735,996     $ 646,112     $ 753,984     $ 646,112    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,200 )     (1,343 )     (1,852 )     (1,200 )     (1,852 )  
    Tangible common equity (non-GAAP) $ 739,848     $ 721,717     $ 631,191       739,848       631,191    
                                             
    Average tangible common equity                                        
    Average stockholders’ equity (GAAP) $ 741,435     $ 722,380     $ 623,024     $ 731,960     $ 611,892    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,270 )     (1,413 )     (1,941 )     (1,341 )     (2,032 )  
    Average tangible common equity (non-GAAP) $ 727,229     $ 708,031     $ 608,014       717,683       596,791    
     
    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income.
    (2) Included in other income in the Consolidated Statements of Income.
    (3) Included in equity method investments income in the Consolidated Statements of Income.
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income.
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income.
    (6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.
     

    The MIL Network –

    July 24, 2025
  • MIL-Evening Report: Grattan on Friday: net zero battle has net zero positives for Sussan Ley

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target.

    The issue is a microcosm of her wider problems. The Nationals, the minor party in the Coalition, are determined to run their own race on most things. The Liberals have become akin to two parties, split between those eyeing urban seats and younger voters, and right-wingers reflecting the party’s conservative grassroots.

    Nobody misses the contrast. The Albanese government is beset by a host of actual issues around the transition to a clean energy economy. The renewables rollout is not going as fast as desirable and is meeting with resistance in some communities. Energy costs are high. But such problems are not putting any pressure on Labor’s unity.

    At the same time, the opposition is fractured over an argument about a target that’s a quarter of a century away, when who knows what the technological or political landscape will look like. For the opposition, the internal debate about net zero is about symbols and signals, rather than substance.

    The net zero debate exploded within the opposition this week with Barnaby Joyce’s private member’s bill to scrap Australia’s commitment to it. The timing, in parliament’s first week, was extraordinarily inconvenient for Ley. But if not now, it would have erupted later.

    On present indications, the Nationals appear likely to ditch the net zero commitment. David Littleproud, anxious to avoid the issue becoming a threat to his leadership, is reading the party room and positioning himself to be in the anticipated majority.

    Asked on Thursday whether he supported net zero, Littleproud told the ABC, “well, I have real concerns about it, to be candid. What net zero has become is about trying to achieve the impossible, rather than doing what’s sensible.” But, he insisted, “we’re not climate deniers”.

    It is less clear how the debate will pan out in the Liberal Party, once the group under Shadow Energy Minister Dan Tehan produces its report on energy and emissions-reduction policy.

    Liberal sources say the issue is now being driven by the party’s grassroots, rather than the parliamentary party. Branches are throwing up motions to get rid of the 2050 target.

    The Western Australian Liberal state council will debate a motion this weekend to drop the net zero commitment. The Queensland LNP organisation will consider its position next month. A few weeks ago, the South Australian Liberal state council rejected net zero.

    With a policy review underway, Ley and the parliamentary Liberals have left a vacuum on the issue. Some Liberals warn the parliamentarians risk being run over by the party outside parliament. Others point out that on policy, the parliamentarians are independent of the organisation, which often comes up with right-wing motions.

    How should Ley best handle the situation? By filling the vacuum with a position sooner rather than later. That means accelerating the Tehan report. Beyond that, ideally she should be taking leadership on the issue herself. But is she in a strong enough position to do that?

    One idea being floated would be for the Liberals to retain the net zero target but extend the time frame. This wouldn’t stop the criticism about the shift.

    Whether the Coalition could stay as one if its two parties had different positions on net zero may be an open question but it certainly would be messy.

    On the other side of politics, the government is rapidly approaching a decision on another key target – the one Australia will put up internationally for cutting emissions by 2035. Inevitably, this will be contentious.

    This target must be submitted by September (it was conveniently delayed beyond the election). Minister for Climate Change and Energy Chris Bowen has yet to receive advice on the target from the Climate Change Authority (advice that will be published). The target is expected to be between 65% and 75%.

    The challenge will be to strike a target with sufficient ambition that doesn’t alienate business and the regions.

    Next week the executive secretary of the United Nations Framework Convention on Climate Change, Simon Stiell, will be in Canberra for talks. His comments will be carefully watched.

    Last year he told the Sydney Morning Herald, “the world needs countries like Australia to take climate action and ambition to the next level, and it’s firmly in the interests of every Australian that they do so”.

    Climate and energy issues will have a place at next month’s economic reform roundtable. Bowen is organising two preliminary roundtables – on electricity, with energy user stakeholders, and on climate adaptation. He told The Conversation’s podcast that adaptation will “be an increasing focus of this government and future governments because, tragically, the world has left it too late to avoid the impacts of climate change”.

    The government is waiting, somewhat impatiently, for the decision on whether Australia will be given the nod to host next year’s UN climate conference. The COP meeting, which would be in Adelaide in November 2026, is an enormous event to put on, so the decision is becoming urgent.

    Bowen says Australia already has the numbers over Turkey, the other contender. But “one of the things about the process to decide COPs, I’ve learnt, is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot.

    “It’s meant to work on a consensus, sort of an old world, sort of gentlemanly sort of approach to say whoever loses will withdraw. That’s not the way it’s panning out. I’ve had multiple meetings with my Turkish counterpart to try to find a ‘win-win’ solution. We haven’t been able to find that yet.”

    Stiell’s trip includes Turkey as well as Australia. Bowen will be hoping he may provide some clarity, when they meet, about how the “opaque” process of assigning the COP meeting is going. Bowen will be emphasising how important the proposed co-hosting COP with the Pacific is to the region, with climate change already an existential issue for many Pacific countries.

    Michelle Grattan 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. Grattan on Friday: net zero battle has net zero positives for Sussan Ley – https://theconversation.com/grattan-on-friday-net-zero-battle-has-net-zero-positives-for-sussan-ley-261092

    MIL OSI Analysis – EveningReport.nz –

    July 24, 2025
  • MIL-OSI Africa: Africa Finance Corporation (AFC) Fuels Africa’s Mining Ambitions as Silver Sponsor of African Mining Week (AMW) 2025

    Source: APO


    .

    Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.

    As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.

    AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.

    In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.

    AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.

    Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.

    Distributed by APO Group on behalf of Energy Capital & Power.

    MIL OSI Africa –

    July 24, 2025
  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.


    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News –

    July 24, 2025
  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.


    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News –

    July 24, 2025
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