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  • MIL-OSI USA: REMAINING THE REVEREND: Senator Reverend Warnock Discusses Faith in Lawmaking During Speech to Seminary Alma Mater

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    REMAINING THE REVEREND: Senator Reverend Warnock Discusses Faith in Lawmaking During Speech to Seminary Alma Mater

    Senator Reverend Warnock provided inspiration and a path forward for people of faith in this trying political in a speech to students, alumni of his alma mater, Union Theological Seminary
    Senator Reverend Warnock earned two Master’s Degrees and a Doctorate from Union Theological Seminary
    Senator Reverend Warnock’s remarks were given during Union Theological Seminary’s Faith and Public Policy Event
    Senator Reverend Warnock: “In this moment that feels empty and void, I want us to trust the promise. Habakkuk said, ‘there is a time, an appointed time, but at the end, it shall speak and not lie, though it tarries, wait for it, because it will surely come.’ So, let’s wait and work for the vision. God bless all you”
    Washington, D.C. – This week, U.S. Senator Reverend Raphael Warnock (D-GA), provided guidance and inspiration to Union Theological Seminary students and alumni on navigating this political climate as a person of faith. The audience included students, religious leaders, nonprofit representatives and Reverend Dr. Serene Jones, the 16th President of the historic theological school.
    During the speech, which was given during the seminary’s Faith and Public Policy event, Senator Warnock highlighted the importance of his motto of “keeping the faith” during these unprecedented times.
    “I’m going to keep fighting the good fight, but I don’t want you to forget about your own power and the one who empowers you. Selma was about ordinary citizens creating the context for change,” said Senator Reverend Warnock. “I’m not waiting on the midterms to get some change. I need some folk who are going to shake it up right now, and if ever, we needed voices of faith. We need those voices right now.”
    “In this moment that feels empty and void, I want us to trust the promise. Habakkuk said ‘There is a time, an appointed time, but at the end, it shall speak and not lie, though it tarries, wait for it, because it will surely come. So, let’s wait and work for the vision. God bless all you,” Senator Warnock concluded.
    Read the full transcript of Senator Reverend Warnock’s remarks below:
    “It’s wonderful to be here with men and women, people of faith, particularly at a time like this, it is impossible to overstate the importance of your witness at a time like this.
    “So, I got my start in the work of trying to live out what it means to be a person of faith engaged in the work of social change at Morehouse College and at Union Seminary. Morehouse, of course, the home of Martin Luther King, Jr. If you’ve ever been on that campus, there’s a statue of Dr. King standing in front of the King Chapel where we were required to go twice a week as freshmen – when I was there in the dark ages – that statue is Dr. King pointing with his finger, resolutely pointing into the future. And every time I passed that statue, I felt like Dr. King was pointing me somewhere, that I was there to get more than just an education, that my education needed to be for something.
    “Then I went to Union Seminary, a place that takes seriously the platform of a Palestinian Jewish rabbi who said, ‘The Spirit of the Lord is upon me because he has anointed me to preach good news to the poor, to center the work of the poor.’ And I had a great journey there. I went just to get an MDiv, ended up staying in New York for a decade, and the impact of that on my vision of the world, is again, difficult to overstate.
    “I had a running train between Union Seminary and Abyssinia Baptist Church, between Morningside Heights and Harlem, between Jerusalem and Athens, between ivory towers and ebony trenches, and the conversation between those two things is what I have tried to live out in all of my years and in all of my work in ministry.
    “James Cohen, who was my mentor and tormentor, would say ‘You’ve got to apply yourself. You’ve got to put your mind to the task. You’ve got to love Jesus with your mind!’ And it is that discipline that is also so deeply needed in this moment in which we are seeing a church that is allergic to critical reflection and self-awareness, which then allows it to stomach such deep contradictions to insist on putting the 10 Commandments in a church while refusing to stand up to provide lunch and breakfast to those kids in that very same school. If that’s your Christianity, you’re worshiping something other than Jesus.
    “So thank you, Union Seminary for being who you are, for doing the work that you are doing. I continue to fight for voting rights because as Serena said, democracy is a spiritual practice. It takes great faith to be a democracy, right? Because, let’s face it, the people can break your heart too. We’re fighting against despots, but it’s not like the people always get it right. But we’re on this journey because we do believe that our best chances are with each other. So, let’s stay on the journey. Let’s keep doing the work.
    “I was in Selma a few weeks ago to observe the 60th anniversary of Bloody Sunday. I was there that Sunday morning preaching at the Tabernacle Church, one of the historic churches there that was at the center of that movement. And as I was preparing to preach and spend that day in Selma, I thought about a story that Reverend, Mayor, Ambassador, Andrew Young told me – the great thing about living in Atlanta is you literally walk among giants every day – Andy Young told me this story, he said that after they had passed the civil rights law in 1964 following that March on Washington, in ’63, Dr. King made his way to the White House to meet with President Johnson, and he said, ‘I’m glad we got that done, glad we passed civil rights law, but we need a voting rights law.’ LBJ said, ‘I agree with you, you’re right, but I can’t get that done right now. There’s no way I can get a voting rights law through the Congress. Martin, are you kidding? Do you know how much political capital I had to spend to get that civil rights law done? I had to get it through all the Dixiecrat all of the resistance. We got that done, and now you coming to me just a few months later saying, now you want a voting rights law. It’s not that I’m against it. I just don’t have the power to get that done. Certainly not right now.’
    “And so staff left feeling no doubt, all dejected. And someone turned to Dr. King and said, ‘Doc, what are we going to do now?’, – that’s how preachers talk to each other. He said, ‘Well, I guess we’re going to have to get the President some power.’
    “I love that story. A lowly Baptist preacher without office, position says regarding the most powerful man on the planet who said, I don’t have the power to do that right now, but this preacher, speaking from a different tradition and hearing the sound of a different drummer, hearing what Howard Thurman called the sound of the genuine, says ‘I guess we’re going to have to go and get the President some power’.
    “So I know that there are a lot of folk in this moment looking to those of us who are on Capitol Hill, saying, what are they going to do? I know there were frustrations around what happened with the CR, and trust me, that was a fierce debate.
    […]
    “Well, they’re looking at folks like us who are on Capitol Hill, and they’re like, ‘What are you going to do?’ And I want you to know that I’m committed. There are those of us who are committed. I’m going to keep fighting the good fight, but I don’t want you to forget about your own power and the One who empowers you. Selma was about ordinary citizens creating the context for change, and they went to Selma to give the President some power.
    “I’m not waiting on the midterms to get some change. That’s how politicians think, I need some folk who are going to shake it up right now, and if ever, we needed voices of faith. We need those voices right now.
    “They are busy trying to cut Medicaid by nearly a billion dollars. Two out of five children in Georgia count on Medicaid. I think one in 10 veterans in our country. A whole lot of people need Medicaid, and they’re looking to cut Medicaid, they’re cutting veterans, you name it, for the noble project of giving the wealthiest people in America a tax cut. And by the way, the folks will talk about the deficit and the debt and the need to deal with government waste, they’re blowing a hole in the debt! Do you understand that? Like they’re not going to even cut the debt, they’re going to add to the debt, in order to do it. If you’re going to add to the debt, you ought to at least do it to help some students, to help some workers, to help some senior citizens get health care. If you’re going to add to the debt, it ought to be for something noble and worthwhile. They’re adding to the debt to give the wealthiest people in the country a tax cut out of some theory that has long been disproven, of trickledown economics. I’ve been hearing that story since 1980 and we still waiting on it to trickle down.
    “So, we need your voice, and your voice is [needed] now more than ever. And if you make some noise in the streets, there’ll be those of us who’ll be fighting in the suites, and I’m still not above getting arrested. I moved from being agitator to being a legislator, I get the write laws. Last time they were passing their last reconciliation bill during the Trump first administration, I was out there in the rotunda of the Capitol standing up with the clergy, and they were passing the $2 trillion tax cut then, and I got arrested that day, and what they didn’t understand was that I had already been arrested. I’ve been arrested before. I got arrested, first time as a student at Union. That’s what Union teaches you, but in a real sense, my spirit and my soul has been arrested by a vision, and that was in 2017, I had no idea that four years later, the same Capitol Police that arrested me, would escort me to my office or to my next meeting.
    “So keep the faith. Let me close in this way. Nobody believes a preacher when he says, ‘As I close.’ But I woke up this morning and because I lead a prayer call every Tuesday morning at 7:14 AM, Second Chronicles 7:14. ‘Is my people who are called by my name.’ I woke up this morning and for my own time of devotion, I said, let me see what the lectionary reading is this morning. And I pulled up the lectionary reading, and it was the reading in the Gospel of Luke, where the angel Gabriel comes to tell Mary that […] she’s about to experience a holy hijacking. That God is getting ready to disrupt her life in an unimaginable way, that a baby is to be born, and that the promise is going to come through her.
    “[…] Because I didn’t grow up in high church traditions, felt a little bizarre to me to be reading that passage at this time. I grew up in Pentecostal and Baptist circles. When I’m hearing this, the reading about Gabriel coming to Mary, I’m expecting to hear some Christmas carols in the background. I’m expecting to see some lights and some trees. But you all know, you always I’m talking to clergies today. Today is the Annunciation, March 25, nine months before the birth, the angel comes and speaks to Mary about that for which there is little or no evidence.
    “And so, in this moment that feels empty and void, I want us to trust the promise. Habakkuk said ‘There is a time, an appointed time, but at the end, it shall speak and not lie, though it tarries, wait for it, because it will surely come.’ So, let’s wait and work for the vision. God bless all of you.”

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Colleagues Introduce Bill to Make the Feral Swine Eradication Program Permanent

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX), Ben Ray Luján (D-NM), Tommy Tuberville (R-AL), Raphael Warnock (D-GA), Katie Britt (R-AL), and Jon Ossoff (D-GA) today introduced the Feral Swine Eradication Act, which would extend and make permanent a pilot program to safeguard public health, agriculture, and local ecosystems against the threat of feral swine:  
    “Feral hogs can inflict serious economic and environmental damage to our agricultural communities by destroying crops, trampling farmland, and threatening other livestock,” said Sen. Cornyn. “This legislation would support our farmers, ranchers, and producers in Texas and across the country by promoting removal and restoration efforts to mitigate the risk posed by this invasive species.”
    “New Mexico’s farmers, ranchers, and producers play a vital role in supporting our state’s economy and it’s critical that their crops and livestock are protected from harm,” said Sen. Luján. “Feral hogs pose serious threats to New Mexico’s agriculture industry by disrupting their land, killing plants, and increasing the chance for unwanted weeds. That’s why I’m proud to introduce bipartisan legislation that safely removes feral swine and protects New Mexico’s critical agricultural communities.”
    “Feral swine are a serious threat to the livelihoods of Alabama’s farmers. Feral hogs destroy crops, land, and undo months, if not years, of work by our farmers to feed our country,” said Sen. Tuberville. “Feral swine cause an estimated $50 million in damages annually to Alabama. Despite eradication efforts, the pigs are still running rampant throughout the South. And so today, I’m standing with Alabama farmers and taking action to fight back against this threat.”
    “In Georgia, feral hogs have been responsible for over $150 million a year in economic damage for our farmers. They destroy crops, damage pastures, and devastate livestock and horticulture,” said Sen. Rev. Warnock. “As a voice for Georgia farmers on the Senate Agriculture committee, I am committed to protecting this program to provide farmers and workers on the frontlines of our agriculture industry with the tools and resources needed to combat this destruction.”
    “I remain committed to supporting Alabama’s incredible farmers, including by addressing the devastating economic and environmental impacts of feral swine.  The Feral Swine Eradication Act would establish a permanent program to eliminate this threat,” said Sen. Britt. “I’m proud to introduce federal legislation to help mitigate the estimated $50 million in agricultural damage caused in our state each year and protect the livelihoods of farmers who continue to feed and clothe our nation.”
    Background:
    There are approximately six million feral hogs across the United States, which cause more than $2.5 billion in damages each year. The Feral Swine Eradication and Control Pilot Program (FSCP) was established in the 2018 Farm Bill to respond to rampant feral swine outbreaks and was implemented by the Natural Resources Conservation Service (NRCS) and the Animal and Plant Health and Inspection Service (APHIS). This program included feral swine removal by APHIS, restoration efforts supported by NRCS, and assistance to producers for feral swine control through grants with non-federal partners. NRCS and APHIS successfully carried out these pilot projects in ten states.
    This legislation is endorsed by the Texas Farm Bureau, Plains Cotton Growers, Texas Cattle Feeders Association, and Texas & Southwestern Cattle Raisers Association.

    MIL OSI USA News –

  • MIL-OSI China: Kremlin says Putin open to contacts with Trump

    Source: China State Council Information Office

    Russian President Vladimir Putin remained open to contacts with U.S. President Donald Trump, Kremlin spokesman Dmitry Peskov said on Monday.

    A telephone conversation between Putin and Trump is not scheduled yet, Peskov said, adding that “such contacts can be agreed upon very quickly if necessary.”

    He noted that Russia and the United States were working on implementing ideas related to the Ukrainian settlement, but there were no specifics yet.

    In a phone interview with NBC News on Sunday, Trump said he was “very angry” and “pissed off” when Putin criticized the credibility of Ukrainian President Volodymyr Zelensky’s leadership, adding that the comments were “not going in the right location.”

    Trump said Putin knows he is angry, but he has “a very good relationship” with Putin and would speak to the Russian leader again. 

    MIL OSI China News –

  • MIL-OSI China: Putin signs decree for spring conscription

    Source: China State Council Information Office

    Russian President Vladimir Putin has signed a decree on the routine spring conscription campaign, a document from the Kremlin showed on Monday.

    A total of 160,000 citizens aged 18 to 30 will be drafted from April 1 to July 15, said the decree.

    The conscription campaign is not linked with the special military operation in Ukraine, the Russian Defense Ministry said in a statement, adding that conscripts will be sent to permanent deployment locations of military units, formations and other military structures.

    Russia conducts conscriptions twice a year, namely in spring and autumn. The spring 2024 draft saw the enlistment of 150,000 people. All men in Russia are required to participate in military service for one year or equivalent training during higher education from the age of 18. 

    MIL OSI China News –

  • MIL-OSI China: Sweden unveils new military aid for Ukraine

    Source: China State Council Information Office

    Sweden on Monday pledged 16 billion Swedish kronor (1.59 billion U.S. dollars) in new military support for Ukraine.

    The package would bring Sweden’s total military assistance to Kiev to 29.5 billion Swedish kronor this year and around 80 billion Swedish kronor since 2022, the government said.

    “This is our largest military support package to date,” Swedish Defence Minister Pal Jonson said on social media platform X.

    The aid would include air defence systems, artillery, satellite communications, and naval support, as well as equipment from the Swedish Armed Forces and industry. (1 Swedish krona = 0.099 U.S. dollar)

    MIL OSI China News –

  • MIL-Evening Report: ‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties

    Source: The Conversation (Au and NZ) – By Natalie Peng, Lecturer in Accounting, The University of Queensland

    SeventyFour/Shutterstock

    When Lisa’s husband passed away unexpectedly, she assumed accessing his superannuation death benefit would be straightforward. Instead, she spent months navigating a bureaucratic maze.

    She repeatedly sent documents, waited weeks for callbacks and struggled to get answers from his fund.

    Her experience is far from unique. A damning new report reveals systemic failure by Australia’s A$4 trillion superannuation industry in handling members’ death benefits.

    A system in disarray

    The Australian Security and Investments Commission’s landmark review of ten major super trustees, managing 38% of super assets, exposes an industry that is not serving its members.

    Grieving families routinely face excessive delays, insensitive treatment and unnecessary hurdles when trying to access death benefits. It found they sometimes waited over a year for payments to which they were legally entitled.

    The central problem was a fundamental breakdown in claims processing, with five critical failures exacerbating inefficiency and distress.

    1. Poor oversight

    No trustee monitored end-to-end claims handling times, leaving boards unaware of how long families were waiting. While the fastest trustee resolved 48% of claims within 90 days, the slowest managed just 8%.

    In one case, a widow waited nearly a year despite her husband having a valid binding nomination. ASIC found 78% of delays stemmed from processing inefficiencies entirely within trustees’ control.

    2. Misleading and inadequate information

    Many funds misled on processing times and masked extreme delays. Boards often received reports only on insured claims, despite most death benefits not involving insurance. This meant boards were unable to fix systemic problems.

    3. Process over people

    Risk-averse procedures often overrode common sense. Many funds imposed claim-staking – delaying payments for objections – even for straightforward cases, adding a median 95 day delay.

    Communication failures further compounded delays, with claimants receiving inconsistent advice and few or no status updates.

    4. Outsourcing without accountability

    Claims handled in-house were processed significantly faster than those managed by external administrators. Only 15% of outsourced claims were resolved within 90 days, compared to 36% of in-house claims.

    The securities commission is calling for stronger oversight. External administrators significantly slow down responses, so some funds may need to bring claims processing back in-house to ensure efficiency.

    5. Lack of transparency

    Many funds failed to provide clear timelines or explanations for delays and had no accountability mechanisms.

    The ten funds investigated include the Australian Retirement Trust, Avanteos (Colonial First State), Brighter Super, Commonwealth Superannuation Corporation, HESTA, Hostplus, NM Super (AMP), Nulis (MLC), Rest and UniSuper.

    Two others, Australian Super and Cbus, are being sued separately by ASIC for either failing to pay out or delaying payments to thousands of eligible beneficiaries.

    KEY FINDINGS

    • None of the trustees monitored or reported on end-to-end death benefit claims handling times
    • 27% of claims files reviewed involved poor customer service – for example, calls were not returned, queries were dismissed
    • 8% vs 48% was the difference in claims closed in 90 days between the slowest and the fastest trustee
    • 78% of claim files reviewed were delayed by processing issues within the trustee’s control
    • 17% of claim files reviewed involved vulnerable claimants. About 30% of those were handled poorly

    Source: Taking ownership of death benefits: How trustees can deliver outcomes Australians deserve, ASIC, March 2025.

    Will ASIC’s fixes work?

    ASIC has made 34 recommendations to improve death benefit processing. This will require real change, not box ticking. Changes should include setting performance objectives and empowering frontline staff to cut unnecessary steps.

    There should be consequences for failure. Unlike the United Kingdom, which fines pension providers for missing statutory deadlines, ASIC’s recommendations lack penalties.

    Without consequences, some funds may continue prioritising administrative convenience over members receiving their entitlements.

    What needs to happen now?

    ASIC’s report is a wake-up call, but real reform requires strong action.

    Super funds must be held to clear, binding processing timelines, with meaningful penalties for non-compliance. Standardising requirements across the industry would eliminate unnecessary hurdles, ensuring all beneficiaries are treated fairly.

    Beyond regulation, funds must improve communication and accountability. Bereaved families deserve clear, plain language guidance on what to expect, not bureaucratic roadblocks or sudden document requests.

    Technological upgrades should focus on reducing delays, not just internal efficiencies.

    And to better support families, an independent claims advocate could help navigate the process, ensuring no one is left to struggle alone.

    Has ASIC gone far enough?

    While ASIC’s review is a step in the right direction, it does not fundamentally overhaul flawed claims-handling practices.

    The recommendations lack enforceability, relying on voluntary compliance.

    Also, the role of insurers within super remains largely unaddressed, despite death benefits being tied to life insurance policies. This often causes further complications and delays.

    Ensuring insurers adopt and apply ASIC’s recommendations will be critical for meaningful change.

    Most importantly, super funds must remember that behind every claim is a grieving family. No one should have to fight for what they are owed during one of the most stressful times in their life.

    Natalie Peng 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. ‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties – https://theconversation.com/behind-every-claim-is-a-grieving-family-death-benefits-inquiry-demands-change-but-lacks-penalties-253419

    MIL OSI Analysis – EveningReport.nz –

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

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

    Shutterstock/donvictorio

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

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

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

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

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

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

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

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

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

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

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

    How to crack soft rock

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

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

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

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

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

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

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

    Fierce competition from solar, wind and batteries

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

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Poland, US sign air defence deal worth almost $2 billion

    Source: China State Council Information Office

    Poland and the United States on Monday signed a nearly 2-billion-U.S. dollar agreement for logistical and technical support for Polish Patriot systems at the military base in Sochaczew.

    The agreement includes the delivery of logistical support for the Patriot systems, currently being implemented in the Polish Armed Forces, and will include elements of technical support and training.

    In 2025, Poland will allocate 4.7 percent of its gross domestic product (GDP) to defense, according to the country’s 2025 budget, up from 4.2 percent in 2024. This makes Poland a leading nation within NATO and the European Union in defense spending.

    MIL OSI China News –

  • MIL-OSI USA: Sen. Ed Setzler to Hold Press Conference on Religious Freedom Restoration Act

    Source: US State of Georgia

    ATLANTA (March 31, 2025) — Tomorrow, April 1, 2025, from 11:00 a.m. – 12:00 p.m., Senator Ed Setzler (R–Acworth) will host a press conference to discuss SB 36, the Religious Freedom Restoration Act, with members of the news media.

    EVENT DETAILS:                      

    • Date: Wednesday, April 1, 2025
    • Time: 11:00 a.m. – 12:00 p.m.
    • Location: South Steps, 206 Washington St SW, Atlanta, GA, 30334
    • This event is open to the public.

    ADDITIONAL QUESTIONS:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    # # # #

    Sen. Ed Setzler represents the 37th Senate District, which includes parts of Cobb and Bartow County. He may be reached by phone at (404) 656-0256 or by email at ed.setzler@senate.ga.gov

    MIL OSI USA News –

  • MIL-OSI China: Air China launches Beijing-Vladivostok route

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

    VLADIVOSTOK, April 1 — Air China has officially launched its new Beijing-Vladivostok round-trip flight service, marking the occasion with an inaugural flight celebration at Vladivostok International Airport.

    The maiden flight landed smoothly at 5:00 p.m. local time (0700 GMT) Monday and was greeted with a water salute upon arrival.

    Speaking at the ceremony, Wang Jun, Acting Consul General of China in Vladivostok, said that the launch of the Beijing-Vladivostok route by Air China will further promote in-depth and practical cooperation between China and Russia in trade, culture, and tourism, making a valuable contribution to the overall development of China-Russia relations.

    Denis Chmutov, General Manager of Vladivostok International Airport, said that Air China’s first scheduled flight between Vladivostok and Beijing will create the necessary conditions for strengthening regional business and tourism exchanges. With this route in operation, the total number of flights between Vladivostok and Beijing will exceed 20 per week.

    The Beijing-Vladivostok route operated by Air China is scheduled to run round-trip flights on Mondays, Thursdays, and Saturdays, using Boeing 737-800 aircraft.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Preserving a Liverpool Icon: The Restoration of the Willis Organ’s Trellis

    Source: City of Liverpool

    Work is currently underway on the restoration of the Willis Organ’s trellis, thanks to funding from the UK Shared Prosperity Fund.

    The trellis of the Willis Organ at St George’s Hall is an exquisite decorative feature that enhances the grandeur of this historic instrument. Designed as an intricate lattice of ornamental fretwork, it serves both an aesthetic and functional purpose, complementing the organ’s majestic presence while also protecting its delicate internal components.

    Originally crafted in 1855 as part of Henry Willis’s masterful design, the trellis exemplifies the Victorian era’s dedication to artistry and precision. Its elegant patterns reflect the craftsmanship that defined 19th-century organ building, seamlessly blending with the grandeur of St George’s Hall’s neoclassical architecture. Over time, natural wear and environmental factors have taken their toll, making restoration essential to preserve its beauty and historical integrity.

    The Craftsmanship Behind the Restoration

    The repair of the Willis Organ’s trellis is a delicate and intricate process, entrusted to skilled artisan restorer Julien Taylor. Julien brings a unique combination of blacksmith training, fine art expertise, and traditional craftsmanship to the project. Describing his approach, he shares:

    “Restoration work is always a rewarding challenge. In this case, the plaster panel is still attached to the organ. The process involves selecting the best part of the fretwork to copy, moulding the area with silicone casting rubber, and ensuring that the new elements seamlessly integrate with the original design. Given that the organ is a vibrating mechanism, it’s fascinating to see the history of previous repairs and to contribute to its ongoing preservation.”

    The Willis Organ has been the heartbeat of St George’s Hall for generations, its sound resonating through time to captivate audiences old and new. Thanks to this funding and the dedication of skilled artisans, its beauty and power will endure for years to come. We look forward to celebrating its restored glory with the people of Liverpool, who have cherished this magnificent instrument for over a century.

    Cllr Harry Doyle, Cabinet Member for Culture and Public Health said:

    “The restoration of the Willis Organ’s trellis is a key step in safeguarding one of Liverpool’s most treasured musical jewels. This project is a testament to our commitment to preserving Liverpool’s heritage while ensuring that future generations can continue to experience the grandeur of St George’s Hall in all its glory. It’s inspiring to see such skilled craftsmanship at work, and I look forward to witnessing the organ restored to its full splendour.”

    Alan Smith, Head of Heritage Preservation and Development said:

    “St George’s Hall continues to be the cultural heritage beacon of Liverpool, providing a reassuring presence for the city and instilling confidence and pride in our magnificent history. Maintaining the hall and its treasures is essential. The recent replacement of the Tuba Mirabilis was a major milestone in restoring the Willis Organ’s voice, and this latest work on the trellis further enhances its splendour. Our history is a living, breathing thing, and through these careful restorations, we ensure that our heritage continues to enrich our lives.”

    Professor Dr Ian Tracey, DL, Organist to the City of Liverpool said:

    “King Charles has described St George’s Hall as one of the greatest architectural treasures of the world, and its world-renowned pipe organ is a similar treasure.  It has been my privilege to preside over it as City Organist for the past 38 years, and we surely owe it to our forefathers to keep it in as pristine condition as funds will allow.

     It is my dearest hope that, as more funding becomes available, we will be able to further restore the organ. There is much still to be done to the instrument, but restoration of the trellis would be a significant piece of work, and, with its completion, once again, the great occasions would benefit from its mighty voice.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: BLOG | From despair to pride – how Walton stood united following the torching of Spellow Community Hub and Library during the racist riots of summer 2024

    Source: City of Liverpool

    “Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that”

    Martin Luther King

    To mark the reopening of Spellow Community Hub and Library, Writing on the Wall launched a creative writing programme, commissioned by Culture Liverpool, celebrating the rich culture and history of Walton. Local participant Angela Cheveau reveals how she moved from hopeless horror to healing.

    As a child, Spellow Library was a place of secret magic in my life. Every Saturday, my mother would take us to choose books for the week ahead. As a very shy child, the library was a space of solace and enchantment for me, a place where I could shuffle off my shyness, let my imagination run wild. The library was a magic carpet sailing me through the sometimes-stormy waters of childhood. Every book was a portal into another world, a doorway into countless magical landscapes, an escape from the harsher realities of life as a working-class child in a socially deprived area. Books opened my mind to new ways of thinking and being, to new and endless possibilities. In books I was a shapeshifter, an explorer, an adventurer, a warrior. I could be anything I wanted to be. Words were my warpaint, stories my shield, my pen was my sword.

    In August 2024, like many others around the city, I watched in hopeless horror as our local library burned. Our tv and phone screens were filled with images of destruction, shattered glass, flames licking through the roof, hooded youths hurling missiles. As a lifelong Walton resident, I was devastated to see such utter destruction, to see the streets of my home burning and filled with so much hate. It was no longer the place that I knew, it no longer felt like home. A darkness had descended upon the streets, and I was desperately concerned for my own, and my 75-year-old mother’s safety. We could hear the shouts, screaming sirens and smashing of shops from our house, and I was glued to a live stream of what was happening as my family live on County Road and were trapped inside their home, gangs of youths setting fire to wheelie bins outside the windows. It was a dark day for Walton. For the whole country.

    It is hard to describe the sadness of seeing the library burn, of seeing my childhood space of solace, safety and freedom flaring into flames. I knew the impact that this would have on the local community who depend upon the library as a place of education and knowledge. I thought of the children who would no longer have access to books and the magic they hold. Libraries are a vital lifeline for people, fostering lifelong learning and cultural engagement, ongoing education and much needed assistance. In a digital age they promote friendship and the importance of community support. For some they are a hand to hold in the dark, combatting fear, loneliness, and social isolation. They are a space of unity and boundless hope.

    Now, seven months later, it is important to heal and look to the future. It is important to learn from what happened and look for light in the dark. Despite the awful events and the horrors of the riots, what has emerged from the wreckage is something profoundly beautiful. Even amidst the darkest of times, there were glimmers of hope and light; for instance, Adam Kelwick, the Imam who embraced protesters outside the Abdullah Quilliam Mosque, breaking bread with them, talking and listening, showing bravery, compassion and great consideration Or Alex McCormick, who raised thousands of pounds online to help rebuild and refurbish the library. Or the policemen who bravely battled to keep residents safe. Or the shops that opened their doors, handing out food and drink to those involved in the clean-up operation. These are the strength of Walton; these are the people who deserve the headlines, these are the people who represent beacons of light in the dark, who symbolise compassion, togetherness and unity.

    When I heard about workshops celebrating Walton run by brilliant writing charity, Writing on the Wall, I was delighted to join. To be part of a project celebrating and highlighting the strength, resilience and community of my home is something I am proud to be a part of. I am proud to be from Liverpool, I am proud to be from Walton and I am incredibly proud of the area and how it has picked itself up and started again. Like a phoenix from the ashes, the library is once again a place of bustling activity and creativity, and Walton is looking forward towards a brighter future. Thanks to Writing on the Wall, local residents have been given the opportunity to come together, to tell their stories, share their fears, their hopes and dreams. To give themselves permission to be creative and express themselves through story, poetry and art. The project has been a joy to be part of and we have shared anger, tears and so much laughter.

    As a group we are now looking forward to showing the work that we have created at a launch event, as well as showcasing our stories/ poems in an anthology. The thing I will take away with me from this project and which will stay with me, is that community is everything and that if people are unified towards the common good powerful things are possible. Transformation and change are possible. I will remember that there are always lights out there in the darkness, even if sometimes we can’t always see them. There is always, always hope.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Welsh workers set for pay rise with new National Minimum Wage

    Source: United Kingdom – Executive Government & Departments

    Press release

    Welsh workers set for pay rise with new National Minimum Wage

    Up to 160,000 workers in Wales will receive a pay rise as the new National Living Wage and National Minimum Wage rates take effect. 

    • National Minimum Wage and National Living Wage increase will put more money in the pockets of up to 160,000 of the lowest paid workers in Wales.
    • Real-terms pay rise will boost wages by £1,400 per year for an eligible full-time worker.
    • New rates put more money back into the pockets of working people, boost living standards and kickstart growth as part of the Plan for Change.

    Up to 160,000 workers in Wales will today (Tuesday 1 April) receive a pay rise as the new National Living Wage and National Minimum Wage rates take effect. 

    Full-time workers on the National Living Wage will see a real-terms pay increase of £1,400 per year, helping to provide families with better financial stability, improve living standards and kickstart growth as part of the Plan for Change.

    This uplift will deliver security for working people and ease the pressure on their day-to-day finances. It also allows for further workers to potentially benefit from positive spill-over impacts including possible wage increases for those already earning more than the legal minimum.

    Business Secretary Jonathan Reynolds said:

    We promised to make low pay a thing of the past. Now, as part of our Plan to Make Work Pay and the biggest upgrade to workers’ rights in a generation, we are delivering that.

    Low pay is not only bad for workers, it prevents them from spending on our high streets and allowing local businesses to achieve their full potential.

    By ensuring that everyone gets a fair wage for the hours they work, we’re delivering the financial stability needed to kick-start economic growth and ensure our country is fit for the future

    Employment Rights Minister Justin Madders said: 

    Hard work deserves to be rewarded and this Government’s Plan to Make Work Pay is making that a reality.

    We’re raising the floor for workers from Cardiff to Colwyn Bay, putting more money into their pockets and delivering the increased living standards needed to kickstart economic growth across Wales.

    The full increases from 1 April 2025 are:

    • National Living Wage (21+) has increased 6.7%, from £11.44 to £12.21 per hour
    • National Minimum Wage (18-20) has a record increase of 16.2%, from £8.60 to £10 per hour
    • National Minimum Wage (under 18) has increased 18%, to £7.55 per hour
    • Apprentice Rate has the largest increase of 18%, from £6.40 to £7.55 per hour
    • Accommodation Offset of £10.66 per day

    The Secretary of State for Wales Jo Stevens said:

    Today thousands of the lowest paid workers in Wales will receive a pay rise worth £1,400 a year to help with household bills and improve living standards.

    Families across Wales will see this increase in their pay packets from today as the UK Government puts more money in the pockets of working people.

    This UK Government is unashamedly pro-worker which is why this year is the first where the Low Pay Commission, the body which recommends wage rates, was instructed to include the cost of living and inflation in its assessment. 

    On top of this the Employment Rights Bill, a key pillar in the Plan to Make Work Pay, will release an additional £600 a year to some of the lowest paid workers. This will ensure that these workers receive an uplift to wages that delivers better quality of life. 

    Workers in Wales have earned this pay rise and they need to make sure they get it. Visit gov.uk/checkyourpay to check if you are eligible.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Victims attend parole hearings to see offenders held to account

    Source: United Kingdom – Executive Government & Departments

    Press release

    Victims attend parole hearings to see offenders held to account

    Victims can attend the parole hearings of their perpetrators from today (1 April) as part of the Government’s Plan for Change.

    • Victims in England and Wales can now observe private Parole Board hearings
    • Victims in pilot phase praise level of scrutiny faced by offenders
    • Part of Safer Streets mission to improve and increase confidence in the justice system

    For the first time, victims from across England and Wales will be able to apply to observe private Parole Board hearings held to decide if a prisoner is safe to be released.

    It will let victims see first-hand how offenders are held accountable for their crimes, their subsequent behaviour in prison and their work to prove they can live law-abiding lives if released.

    A pilot in the South West of England and Greater Manchester found victims were reassured to see the level of scrutiny that prisoners are put under before any decision to release them is made.

    It is hoped, therefore, that these changes will provide more victims with a greater understanding of the decisions made by the Parole Board while ensuring they feel more involved in the process.

    Minister for Victims and Violence Against Women and Girls, Alex Davies-Jones, said:

    For too long, victims have been locked out of the parole system.

    As part of our Plan for Change, we are now giving victims the right to see how offenders are challenged when up for parole.

    This Government is improving our justice system to ensure it serves victims better.

    Even when the Parole Board makes the decision to release an offender on licence, they are then supervised by the Probation Service and subject to strict conditions, such as curfews and exclusion zones that prevent them approaching their victims. Offenders face going back to prison if they break the rules.

    The Parole Board is an independent body that carries out risk assessments on prisoners to determine whether they can be safely released into the community on licence conditions or moved to an open prison.

    Victims who are part of the Victim Contact Scheme will apply to the Parole Board to attend hearings with the help of their victim liaison officer and those who are successful in applying will observe remotely so they don’t have to sit with the perpetrator.

    They will then be provided with in-person support during the hearing and victims will be directed towards additional support following the proceedings, such as counselling, if necessary.

    Anna, a victim who attended a parole hearing as part of the pilot, said:

    Observing the hearing was a surprisingly positive process for us. It has helped us to draw a line under the whole chapter and move on.

    Witnessing the level of care taken by the Parole Board instilled in me genuine confidence regarding how the offender will be managed upon release.

    Before the parole hearing, I had some unanswered questions. Observing the hearing helped me answer many of these.

    The Victims’ Commissioner for England and Wales, Baroness Newlove, said:

    As someone who has been through the parole process, I welcome this national rollout. This is a vital step towards lifting the lid on a system that has long felt closed off to victims, helping them feel more meaningfully involved rather than bystanders to proceedings.

    As the rollout begins, it is crucial that victims are provided with all the information they need to make an informed choice about whether to apply – and to understand what to expect if their application is successful- alongside access to guidance and support at every stage of the parole hearing process. Open justice should always be encouraged, but victim welfare must remain paramount.

    This latest reform to the Parole Board process follows new measures which will be implemented later this year to introduce a Ministerial check on the release of the most dangerous offenders.

    This power will give Ministers better oversight of the release of the most serious offenders by allowing them to refer certain cases directly to the High Court for a second check.

    Further Guidance:

    • Victims will not be able to observe the entire hearing, as certain evidence must be heard in private, such as that relating to risk management.
    • The pilot began in September 2022 in the South-West Probation Region and was expanded to Greater Manchester in September 2023.
    • The Government’s ‘Understand Your Rights’ Victims’ Code campaign raises awareness of the Victims’ Code and highlights that it is there for every victim, whatever the crime. The campaign directs users to understand their rights at Your rights as a victim of crime – Victim and Witness Information

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ditch single-use vapes as ban deadline looms

    Source: United Kingdom – Executive Government & Departments

    Press release

    Ditch single-use vapes as ban deadline looms

    Shops encouraged to sell all remaining stock before 1 June 2025 deadline

    Single-use vapes in a green field

    High street shops and convenience stores are today (Tuesday 1 April) being urged to deplete their stocks of single-use vapes ahead of new legislation coming into force banning their sale.

    The deadline for selling any remaining single-use vapes was confirmed as 1 June 2025 when legislation was laid in parliament last year, with a government consultation showing overwhelming support for restricting their sale and supply.

    Analysis by Material Focus found an estimated 8.2 million vapes are now thrown away or littered every week in the UK, which is the equivalent of 13 each second. However, recycling single-use vapes is notoriously arduous, with waste industry workers needing to take them apart by hand which can be a slow and costly process. Their contents also present a fire risk to recycling facilities and can leak harmful chemicals into the environment.

    With under two months until the ban comes into force, businesses must take action now to ensure they are prepared for its implementation. This includes ensuring all remaining stocks of single-use vapes are sold, and only buying vapes that follow the new regulations.

    If businesses have any single-use vapes in their possession after 1 June 2025, they will not be able to sell them to shoppers and must ensure they are disposed of safely.

    Waste Minister Mary Creagh said:

    For too long, single-use vapes have littered our streets, wasted valuable resources and harmed wildlife. 

    Our ban comes into force in just a few weeks so businesses must play their part by running down stocks and ensuring the remainder are collected for recycling. 

    The Government is committed to moving towards a more circular economy, where we use, repair and refill things for longer, to reduce waste.

    Scott Butler, executive director of Material Focus, said:

    The upcoming ban will take some of the most environmentally wasteful vape models off the market. But it is important now and going forwards that vape producers and retailers meet their long-standing obligations to provide and pay for the takeback and recycling of all types of vapes sold historically and in the future.

    This means offering in store takeback wherever they are sold and financing the costs of recycling and recovering the materials from them to support a more sustainable and circular economy.

    Material Focus has produced a vapes briefing paper that explains how vape retailers and producers can do this and also provides guidance for local authorities.

    Minister for Public Health and Prevention, Ashley Dalton, said:

    Single-use vapes are one of the most wasteful products on our high streets, with 13 being thrown away every second across the UK.

    But this isn’t just an environmental crisis – it’s a public health one too. Single-use vapes, often sweet in flavour, are the product of choice for many young people, drawing a new generation into nicotine addiction.

    The ban will complement the world-leading Tobacco and Vapes Bill, which will tackle youth vaping and safeguard our children’s health. I urge retailers to plan accordingly, as we work together to create a cleaner, greener, and healthier Britain for future generations.

    In England, any businesses which fail to comply with the ban could face a stop notice or a fine of £200 in the first instance, with all products seized by Trading Standards. If any further infractions occur, they could be hit with an unlimited fine or be prosecuted.

    The ban is part of the government’s commitment to end the avalanche of rubbish filling our high streets, countryside, and oceans. The government’s action to clean up Britain doesn’t end there – with further moves to ensure the throwaway society is ended for good. 

    Last week, Environment Secretary Steve Reed set out his vision for delivering the revolutionary drive to create a truly circular economy, changing the relationship with the goods we use.

    British businesses are leading the charge in showing what is possible when this forward-thinking approach is adopted. Working with the Circular Economy Taskforce, the Government will work with the first five priority sectors to make the greatest difference – textiles, transport, construction, agri-food and chemicals & plastics.

    The Government has also taken action against stagnating recycling rates and the reliance on the burning of household waste by announcing that new waste incinerators will only receive planning approval if they meet strict new local and environmental conditions.  

    The Government has also announced that a £15 million government fund will help deliver thousands of tonnes of food from farms which would otherwise go to waste to those who need it most.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Over £20 million to help drones and flying taxis take to UK skies

    Source: United Kingdom – Executive Government & Departments

    Press release

    Over £20 million to help drones and flying taxis take to UK skies

    We want the UK to have an advanced aviation ecosystem where everyone can benefit from new technology while tackling emissions.

    • drone operations for emergency services and eco-friendly flying taxi services receive over £20 million to make everyday use a reality 
    • funding will also support the regulatory pathway that could see air taxis in use from 2028 
    • government, industry and regulator leaders meet to discuss aviation innovation, which will drive growth to propel the government’s Plan for Change

    Drone services at a commercial scale and flying taxis could soon be a reality as the Aviation Minister confirms over £20 million funding today (1 April 2025) to launch new flight technologies.  

    The new funding will unlock barriers to growth – which is the priority of the Plan for Change – and maximise opportunities for better and cheaper public services while cutting carbon emissions.

    It is designed to advance aviation tech to support healthcare for the NHS, assist police forces in combatting crime, help inspect and survey critical infrastructure and unlock delivery services for businesses and communities across the country.   

    As part of this, both the Aviation Minister and Science Minister have today also set out how the Department for Transport (DfT), Civil Aviation Authority (CAA) and the new Regulatory Innovation Office (RIO) in the Department for Science, Innovation and Technology (DSIT) will streamline regulatory processes to support the commercialisation of the industry. 

    Aviation Minister, Mike Kane, said:  

    I want the UK to have the most advanced aviation technology ecosystem in the world.  

    That means creating a nimble regulatory environment and a culture of innovation so everyone can benefit from cutting-edge transport while tackling emissions, traffic and potentially saving lives. 

    Our investment alongside the new Future of Flight industry group will bring together tech experts, drone operators, flying vehicle manufacturers and local communities to identify where change needs to happen.

    With safety at the heart of these advancements, the RIO is driving smarter regulation to cut red tape while ensuring high safety standards. It will support DfT and CAA in enabling faster, integration of drones and flying taxi industries, helping businesses grow and innovate.

    This includes consulting on the mandatory use of new electronic conspicuity standards and technologies, which allow aircraft to share their location electronically, helping drones and crewed aircraft fly safely alongside each other. By making approvals quicker and operations more efficient, this will open new opportunities for the industry while maintaining the highest safety standards.

    Science Minister, Lord Vallance, said:

    These regulatory reforms for drones – requiring all aircraft to share their location – will make drone operations safer and therefore speed up approvals, allowing them to operate near airports and simplifying their use for delivering medical supplies – while unlocking further commercial opportunities.

    This is a practical step to cut red tape and a great piece of progress for the Regulatory Innovation Office, growing the UK’s position as a world leader in emerging technologies and helping drive the growth that will deliver our Plan for Change.

    In addition, as previously confirmed by the Chancellor, plans are now underway to simplify regulations to enable 2-year airspace change for drone operations. This will enable operators to fly safely for longer and gather data to inform future services.    

    Other changes will simplify regulations to enable emergency services including firefighters and paramedics to use drone services, as well as noise exemptions for drone trials within the Airspace Change Process, and simplifying the drone operational application process to enable them to get flying faster and easier.

    Furthermore, the regulator, drone operators, flying vehicle innovators and local authorities will come together with government at the Future of Flight industry group to help guide the government on its mission to transform technology in aviation. 

    Part of the government’s Plan for Change, the group will focus on how to unlock the benefits of future aviation technologies to propel the country’s economic growth forward. It will look at how government can harness the potential of technology and create a culture of innovation, with the aim of improving everyday challenges like emergency across the public sector face, while helping cut carbon emissions. 

    The Minister for Aviation will co-chair the group, alongside Duncan Walker, CEO of Skyports.

    Duncan Walker, CEO of Skyports and Co-Chair of the Future of Flight industry group, said:

    This additional government funding is a vital boost for the UK’s leadership in next-generation aviation. This investment will accelerate the development and deployment of innovative flight technologies, from complex drone operations to advanced air mobility solutions. 

    I welcome this commitment, which will not only drive progress towards a more sustainable and connected future but also deliver significant economic benefits, high-value jobs and export opportunities across the UK. I look forward to continuing to work in close partnership with government and the regulator to turn these opportunities into reality.

    The funding will be divided between the CAA, receiving £16.5 million in 2025 to 2026, to deliver a regulatory programme to enable drones to fly beyond visual line of sight (BVLOS) and progress toward routine use of air taxis (eVTOLs) in UK skies.  

    This includes publishing a piloted eVTOL ‘roadmap’, development of ‘drone pathways’ for industry to follow and consulting on concept of operations for uncrewed traffic management (UTM) and Detect and Avoid (DAA) technology. This will make it quicker and easier for industry to prove the safety of these new technologies, deliver the necessary digital infrastructure and make sure that people, property and other aviation remain safe and secure when these new technologies fly in our skies. 

    Stuart Simpson, CEO of Vertical Aerospace, said:

    Flying taxis will transform the way we move — making it quicker, quieter and cleaner to travel while connecting communities and supporting essential services.

    The UK has an incredible opportunity to lead the world in this new era of aviation, delivering not just greener transport but real economic growth and skilled jobs.

    This latest funding is another welcome step towards seeing that ambition realised and our world-leading aircraft flying in British skies from 2028.

    In addition, the Future Flight Challenge will receive up to £5 million from DfT and Innovate UK, to support industry to turn these new technologies into profitable business that benefits communities and support growth. This will include regional demonstrations and supporting development of commercial drone and air taxi solutions.

    Mike Biddle, Executive Director of Net Zero, Innovate UK, said:

    Innovate UK is excited to build on the highly successful work of the Future Flight Challenge by working in partnership with DfT through this joint funding. We look forward to working with industry, end-users, DfT, DSIT and the CAA as we accelerate the transition from innovation to commercial operations.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New cyber laws to safeguard UK economy & secure long-term growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    New cyber laws to safeguard UK economy & secure long-term growth

    The government sets out the scope and ambition of the Cyber Security and Resilience Bill for the first time today.

    New cyber laws to safeguard UK economy and secure long-term growth.

    • Plans set out to bolster UK’s online defences, protect the public and safeguard growth – the central pillar of the UK government’s Plan for Change. 
    • New measures will boost protection of supply chains and critical national services, including IT service providers and suppliers. 
    • Cyber Security and Resilience Bill to be introduced later this year to face down growing range of online threats.

    Hospitals and energy suppliers are set to boost their cyber defences under the new Cyber Security Bill, protecting public services and safeguarding growth as government delivers its Plan for Change.

    This will ensure firms providing essential IT services to public services and the wider economy are no longer an easy target for cyber criminals. 1,000 service providers will fall into scope of measures expected to be introduced later this year.

    The move forms part of the government’s drive to secure Britain’s future through the Plan for Change, delivering security and renewal by strengthening our critical infrastructure. It will give the British public, businesses and investors greater confidence in digital services – supporting the government’s mission to kickstart economic growth.

    Cyber threats cost the UK economy almost £22 billion a year between 2015 and 2019 and cause significant disruption to the British public and businesses. Last summer’s attack on Synnovis – a provider of pathology services to the NHS – cost an estimated £32.7 million and saw thousands of missed appointments for patients. Figures also show a hypothetical cyber-attack focused on key energy services in the South East of England could wipe over £49 billion from the wider UK economy.

    Secretary of State for Science, Innovation, and Technology, Peter Kyle, said:

    Economic growth is the cornerstone of our Plan for Change, and ensuring the security of the vital services which will deliver that growth is non-negotiable.

    Attempts to disrupt our way of life and attack our digital economy are only gathering pace, and we will not stand by as these incidents hold our future prosperity hostage. 

    The Cyber Security and Resilience Bill, will help make the UK’s digital economy one of the most secure in the world – giving us the power to protect our services, our supply chains, and our citizens – the first and most important job of any government.

    Health and Social Care Secretary Wes Streeting said:

    Cyber attacks are becoming increasingly sophisticated and create real risks for our health service if we do not act now to put the right protections in place.

    We are building an NHS that is fit for the future. This bill will boost the NHS’s resilience against cyber threats, secure sensitive patient data and make sure life-saving appointments are not missed as we deliver our Plan for Change.

    The government is also exploring additional measures to make sure it can respond effectively to new cyber threats and take rapid action where needed to protect the UK’s national security. This includes giving the Technology Secretary powers to direct regulated organisations to shore up their cyber defences – putting the UK in the strongest possible footing to defend against new and existing threats.

    Another potential avenue may include new protections for more than 200 data centres – bolstering the defences of one of the main drivers of economic growth and innovation, including through AI. Data centres process mountains of data which they need to churn out new products which have become commonplace everywhere from banking and online shopping to booking holidays and staying in touch with friends and family. The government will now consider the best route to deliver these additional measures.       

    In the year to September 2024, the National Cyber Security Centre (NCSC) managed 430 cyber incidents, with 89 of these being classed as nationally significant – a rate of almost two every week. The most recent iteration of the Cyber Security Breaches Survey also highlights 50% of British businesses suffering a cyber breach or attack in the last 12 months, with more than 7 million incidents being reported in 2024. 

    To face down this threat, the Cyber Security and Resilience Bill will ensure the vital infrastructure and digital services the country relies on are more secure than ever, as the government sets out its legislative ambitions for the first time today.

    Richard Horne, NCSC CEO, said:

    The Cyber Security and Resilience Bill is a landmark moment that will ensure we can improve the cyber defences of the critical services on which we rely every day, such as water, power and healthcare.

    It is a pivotal step toward stronger, more dynamic regulation, one that not only keeps up with emerging threats but also makes it as challenging as possible for our adversaries.

    By bolstering their cyber defences and engaging with the NCSC’s guidance and tools, such as Cyber Assessment Framework, Cyber Essentials, and Avctive Cyber Defence, organisations of all sizes will be better prepared to meet the increasingly sophisticated challenges.

    While the legislation will arm the UK with the cyber defences it needs to meet the challenges of today, it also includes measures to ensure a swift response to new threats which emerge in the future. To do this, the Technology Secretary will be given powers to update the regulatory framework to keep pace with the ever-changing cyber landscape.

    Confirmed in last year’s King’s Speech, today marks the first time the government has shared full details on its plans for the Cyber Security and Resilience Bill, which will be introduced to Parliament this year. 

    The legislative proposals follow other government recent action to boost UK cyber security, including a new, world-leading AI cyber security standard to protect AI systems, a new international coalition to boost cyber skills and the Cyber Local programme to support the UK’s rapidly growing £13.2 billion cyber security industry, which has created 6,600 new jobs in the past year.

    Further Information

    A full copy of the policy statement containing details of the measures in the Cyber Security and Resilience Bill policy statement will be published today.

    Figures on the economic impact of a hypothetical cyber incident targeting the South East’s energy structure (PDF) by the University of Cambridge. 

    If the proposals are adopted:

    • More organisations and suppliers will need to meet robust cyber security requirements, including data centres, Managed Service Providers (MSPs) and critical suppliers. This means third-party suppliers will need to boost their cyber security in areas such as risk assessment to minimise the possible impact of cyber- attacks, while also beefing up their data protection and network security defences. 
    • Regulators will have more tools to improve cyber security and resilience in the areas they regulate, with companies required to report more incidents to help build a stronger picture of cyber threats and weaknesses in our online defences. 
    • The government would have greater flexibility to update regulatory frameworks when needed, to respond swiftly to changing threats and technological advancement. This could include extending the framework to new sectors or updating security requirements.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: 03.31.2025 Sen. Ted Cruz Introduces Bill to Promote On-Site Energy Generation

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act. By promoting on-site energy generation, the bill decentralizes electricity sources and strengthens grid resiliency during periods of high demand or extreme weather.
    Upon introduction, Sen. Cruz said, “I am committed to making Texas the number one place for Bitcoin mining. The FLARE Act incentivizes entrepreneurs and crypto miners to use natural gas that would otherwise be stranded. This bill takes advantage of Texas’s vast energy potential, reinforces our position as the home of the Bitcoin industry, and is good for the environment. I call upon my colleagues to expeditiously take up and advance this legislation.”
    This bill is endorsed by The Digital Power Network.
    Hailey Miller, Director of Government Relations & Public Policy for The Digital Power Network said, “The Digital Power Network strongly supports the introduction of the FLARE Act by Senator Cruz. This critical legislation will help eliminate unnecessary flaring and venting of natural gas while unlocking new opportunities for energy innovation in the United States. By providing permanent full expensing for infrastructure that captures and utilizes flared gas, the bill creates strong incentives for industries, including Bitcoin mining, to turn wasted energy into productive use cases that strengthen the grid and drive economic growth.
    Bitcoin miners are uniquely positioned to help reduce emissions by harnessing stranded and wasted energy sources, and the FLARE Act ensures that American energy producers have the tools to deploy cutting-edge solutions that make our energy markets more efficient and resilient. We commend Senator Cruz for his leadership and look forward to working with Congress to advance this bill into law.”
    Read the bill text here.
    BACKGROUND
    The Facilitate Lower Atmospheric Released Emissions (FLARE) Act makes permanent the 100% bonus depreciation for equipment used to intake natural gas and transforms it into electricity, and other productive uses. Additionally, the language prohibits entities owned by China, Iran, North Korea, or Russia from utilizing this cost recovery option. The bill reduces emissions by incentivizing the conversion of otherwise stranded natural gas into usable energy.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Larry Walker Celebrates Final Passage of Occupational Licensing Reform

    Source: US State of Georgia

    ATLANTA (March 31, 2025) — Last week, the Senate unanimously passed House Bill 579, which broadly revises occupational licensing regulations in Georgia. This legislation is a result of the Joint Blue-Ribbon Committee on Licensing, upon which Sen. Walker served. It grants the professional licensing board division staff the ability to routinely issue licenses for the profession’s licensing boards when the applicant meets all license requirements. HB 579 also enables the division director to provisionally license an individual before they take their examination and extends the timetable for renewing licenses after they expire.

    “The current bureaucratic occupational licensing process only makes it more difficult for skilled workers to do their jobs,” said Sen. Walker. “With HB 579, we are streamlining the rules and procedures for occupational licensure to stimulate the growth of our businesses and trades. By removing the red tape that impedes our trained professionals and removing this barrier to work, this legislation still maintains the integrity of our licensed workforce, ultimately promoting the welfare of all Georgians. The full passage of House Bill 579 is an especially significant win for Senate District 20, and I believe it will be a tremendous boon for hundreds of thousands of skilled Georgia workers working in licensed trades.”

    With the Senate’s bipartisan support, House Bill 579 now advances to the Governor’s desk for final approval. For more information about the legislation, click here.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: President Pro Tempore John F. Kennedy Celebrates Full Passage of Third-Party Litigation Financing Legislation

    Source: US State of Georgia

    ATLANTA (March 31, 2025) — Today, Senate Bill 69, the “Georgia Courts Access and Consumer Protection Act,” achieved final passage after both the House and Senate Chambers agreed to changes made to the legislation. Authored by Senate President Pro Tempore John F. Kennedy (R–Macon), SB 69 would require a business offering Third-Party Litigation Financing (TPLF) to register with the state to promote greater transparency through the litigation process.

    “Alongside Senate Bill 68, our comprehensive tort reform legislation, SB 69 specifically cracks down on predatory litigation financers who seek to take advantage of unwary Georgia consumers,” said Sen. Kennedy. “This billion-dollar industry also includes foreign-affiliated financers, who have undue influence on our courts and act against the best interest of Georgians. With SB 69, we are banning these foreign entities from operating in the state, upholding the integrity of our legal system against bad actors and increasing oversight of financiers to improve consumer protections. Our adversaries have no place in our civil justice system, and by keeping these new registration documents open to the public, we are better equipped to hold this industry accountable.”

    Sen. Kennedy carried SB 69 on behalf of Governor Brian P. Kemp, who emphasized that tort reform was his top priority for the 2025 Legislative Session. Having passed both the Senate and the House, Senate Bill 69 now proceeds to the Governor’s desk to be signed into law.

    For more information about the legislation, read it here.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson leads defense to SCOTUS of President Trump’s efforts to deport violent Tren De Aragua gang Read More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson co-led a coalition of 27 attorneys general in defending the Trump administration’s recent actions to combat Venezuelan gang Tren de Aragua. The attorneys general are also calling for a stay of the district court’s recent Temporary Restraining Order (TRO) that halts President Trump’s actions to address this violent and dangerous newly designated foreign terrorist organization, and that the Supreme Court will rule overall to vacate the district court’s decision.   

    “Labeling Tren de Aragua as a foreign terrorist organization makes it crystal clear—these aren’t just criminals, they’re terrorists operating as an arm of the Venezuelan government,” said Attorney General Wilson. “Yet, instead of supporting President Trump’s rightful authority to secure our nation, the district court is trying to tie his hands. Let’s be clear—this isn’t ordinary crime slipping through the cracks. It’s a full-scale invasion by foreign terrorists, and ignoring it puts American lives in grave danger. The Supreme Court must reaffirm that protecting our nation is the President’s constitutional duty. If they don’t, we aren’t just risking chaos—we’re leaving the door wide open for even greater threats.” 

    The brief asserts that the district court’s temporary restraining order should be stayed for two main reasons: it jeopardizes public safety across the United States and our national security, and it fails to properly recognize the President’s constitutional and statutory authority to protect national security.  

    Attorney General Wilson stresses that the district court’s decision undermines the President’s constitutional and statutory authority. President Trump acted within his rights under the Constitution and the laws of the United States, particularly through the powers granted by Article II. These powers provide the President with the robust authority to act against foreign threats, including transnational criminal organizations like Tren de Aragua.  

    South Carolina Attorney General Alan Wilson co-led the brief with Virginia. Joining the brief were the states of Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming. 

    You can read the full brief here.  

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Mast Leads GOP in Demanding UN Reject Francesca Albanese’s Reappointment

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led several members of the panel in demanding that UN Human Rights Council President Jürg Lauber reject Francesca Albanese’s reappointment to another three-year term as special rapporteur for the “occupied palestinian territories.” 

    Mast and his fellow Republicans specifically outlined that Albanese has repeatedly failed to uphold the UNHCR code of conduct and made inflammatory and offensive comments about Israel in the wake of the October 7th attacks.  

    “[Albanese] has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the ‘Third Reich,’ and compared Prime Minister Benjamin Netanyahu to Adolf Hitler,” the lawmakers wrote in a letter to Lauber. “The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account.”

    In addition to Chairman Mast, the letter was co-signed Reps. Young Kim (R-CA), Michael Lawler (R-NY), Keith Self (R-TX), Maria Elvira Salazar (R-FL), Cory Mills (R-FL), and Ryan Zinke (R-MT).

    Read the full letter here and below.

    Dear Mr. President,

    We are writing to strongly object to the renewal of UN Special Rapporteur for the “occupied Palestinian territories,” Francesca Albanese, for a second three-year term. As you are well aware, UN Special Rapporteurs have a duty to uphold the code of conduct as written in Council Resolution 5/2. The code of conduct expressly asserts that Special Rapporteurs must act in an independent capacity with a professional, impartial assessment, and maintain the highest standards of efficiency, competence, and integrity through impartiality, equity and honesty. Based on the following, Special Rapporteur Albanese has failed to uphold the code. Consequently, her term must not be renewed.

    Ms. Albanese has repeatedly violated the code of conduct since she took the position on May 1, 2022. She has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the “Third Reich,” and compared Prime Minister Benjamin Netanyahu to Adolf Hitler. Ms. Albanese unapologetically uses her position as a UN Special Rapporteur to purvey and attempt to legitimize antisemitic tropes, while serving as a Hamas apologist. Moreover, she has erroneously accused the United States Congress and our Executive of being bought and paid for by the Israel lobby. In her malicious fixation, she has even called for Israel to be removed from the United Nations while likening Israel to apartheid South Africa.

    Since the abhorrent and cowardly October 7th attacks, Ms. Albanese’s inflammatory rhetoric has only increased in atrociousness. For example, following Hamas’ murder of over 1,200 people, 250 hostages taken – 59 of whom are still held by Hamas terrorists – and irreversibly changed the lives of countless others, Ms. Albanese wrote that the “violence must be put in context,” and that the attack occurred in response to Israeli “aggression.” In a statement that was rightfully condemned by the United States, France, and Germany, Ms. Albanese attempted to justify that the October 7th massacre was “in response to Israel’s oppression.” Such comments alone violate several provisions within the code of conduct.

    Regrettably, Ms. Albanese’s rhetoric has perverted the very institution and its foundational principles in which she was appointed to serve. Her comments above, and many others she has made, are case in point as to why President Trump rightfully withdrew the United States from the Human Rights Council (Council). The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account. Notably, in January 2023, I, along with many of my colleagues, sent a letter to the United Nations Secretary General and High Commissioner for Human Rights calling for Ms. Albanese’s removal. We were not alone in our requests for her admonishment. Several governments, including France, Germany, Canada and the Netherlands, have all condemned her statements as antisemitic, as well. To this day, no action has been taken.

    Francesca Albanese’s service as a UN Special Rapporteur must end at the conclusion of her first term. Given the numerous instances provided above, but certainly not limited to, her behavior is not only reprehensible, but most unbecoming of a UN Special Rapporteur. As such, it is the view of the undersigned that Ms. Albanese must face serious consequences. As the new President of the Human Rights Council, it is your sworn duty to utilize your authority as stated in Presidential Statement 8/2 (PRST/8/2) to “convey to the Council any information brought to [your] attention of concerning cases of persistent non-compliance by a mandate-holder with the provisions of Council Resolution 5/2, especially prior to the renewal of mandate holders in office.” By rejecting the renewal of Ms. Albanese’s term, the Council would bring much needed credibility, integrity, and accountability back to the institution – attributes of which it has been severely lacking in recent years.

    ###

    MIL OSI USA News –

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

    Source: Equinor

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

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

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

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

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

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

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

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

    Facts about Johan Castberg

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

    MIL OSI – Submitted News –

  • MIL-OSI United Kingdom: expert reaction to study looking at the effect of 4:3 intermittent fasting versus calorie restriction on weight loss

    Source: United Kingdom – Executive Government & Departments

    A study published in the Annals of Internal Medicine looks at the effect of 4:3 intermittent fasting on weight loss. 

    Dr Maria Chondronikola, Principal Investigator and Lead for Human Nutrition, University of Cambridge Metabolic Research Laboratories, University of Cambridge, said:

    “This is an intriguing study on a topic that has attracted significant scientific and public interest. The study is of high quality and its conclusion regarding the effect of 3:4 IMF on weight loss is well-supported. The results indicate that the 3:4 IMF group achieved significantly greater weight loss after 12 months, most likely due to a greater reduction in calorie intake during the 12-month intervention. It remains unclear whether the superior improvements in marker of insulin sensitivity observed in the 3:4 IMF group were due to greater weight loss or if they resulted from a direct effect of intermittent fasting.

    “The press release does not fully capture the study’s findings with complete accuracy. There were no statistically significant differences between the two groups in terms of blood pressure, total and low-density lipoprotein cholesterol levels, or fasting glucose levels. This is not surprising, as the study was not specifically designed to assess the effects of 3:4 IMF on cardiometabolic health.

    “Nonetheless, it is possible that 3:4 IMF, when combined with an intensive behavioural support program led by a dietitian, may lead to superior weight loss outcomes compared to standard caloric restriction.”

     

    Dr Adam Collins, Associate Professor of Nutrition, University of Surrey, said:

    Does the press release accurately reflect the science?

    “The press release is lifted from the abstract, and so is a faithful summary of the study. However, it does not provide explanations or context for these findings.

    Is this good quality research?  Are the conclusions backed up by solid data?

    “The robustness of this study is in the administration of the two dietary approaches within a supported behavioural programme for weight loss.   The authors have also used an interesting objective measure of energy (calorie) deficit achieved across the intervention using estimates of energy expenditure and changes in body composition (fat and lean tissue).

    “The study’s main finding was that a 4:3 approach gives more weight loss than conventional calorie restriction,  despite participants prescribed the same overall calories.  Yet, this is not a magic property of the 4:3 approach per se, but because they achieved a bigger calorie deficit. The dietary intake data reveals some clues as to why this may be the case, based on what wasn’t measured, as much as what was.     Those assigned the 4:3 diet were only requested to record their intake on “fast” days, but we know from early studies on intermittent energy restriction (especially alternate day fasting), that there is a tendency for some people to eat less on non fast days too, whether that’s unconscious or subconscious.   Hence, measuring intake on fast days only may underestimate true intake. In contrast, adherence to continuous calorie restriction (i.e. every day) can be variable as seen from their dietary intake data.  Adherence to any diet over 6-12 months is challenging at the best of times, but this may explain why the 4:3 group were closer to the calorie deficit target overall. Nevertheless, it does support the notion that, in the real world, intermittent energy restriction protocols outperform conventional everyday calorie restriction both in terms of compliance and results (i.e weight loss).

    How does this work fit with the existing evidence?

    “Studies on this type of intervention are not new but it is interesting to see a recent study published on this 4:3 form of intermittent fasting, or more specifically, intermittent energy restriction (IER).  Especially given that interest in intermittent fasting has shifted  towards time restricted eating approaches (restricting eating windows to extend the “fast” within each 24 hour period). It reaffirms the fact that IER can be an effective and sustainable weight loss intervention. 

    When viewed in the round, you could argue that the difference in weight loss between these groups is not that large, given this was over a 12 month intervention.   But it does allude  to a more interesting feature of intermittent fasting which is the independent metabolic benefits it may provide.   Indeed, this has been a focus of our studies in this area.  A study we conducted 10 years ago,  similarly randomised participants to either continuous or intermittent energy restriction (a 5:2 protocol) of the same overall calorie prescription.  Crucially, follow up measurements were taken once participants had a 5% weight loss, to control for differences in weight lost.   The study was specifically powered to examine differences in markers of metabolic handling and health and suggested that the intermittent energy restricted approach gave more favourable improvements in metabolic handling of a meal. 

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “The authors have been careful to caveat their findings within the limitations of their study, and have mainly focussed on the primary outcome of weight loss. They stress that the study was not powered for the secondary outcome measured related to cardiometabolic risk, nor that the findings can be generalised across the whole population,  as outcomes may vary  by gender, age, ethnicity, disease state, or underlying disorders or eating behaviours.

    What are the implications in the real world?  Is there any overspeculation?  

    “The research reaffirms that IER can be an effective and sustainable weight loss intervention, but within each group the extent of weight loss was highly variable, suggesting it may not be the best for everyone.  The authors themselves acknowledge this in their conclusion: “Future studies should evaluate biological and behavioural predictors of response to both 4:3 IMF and DCR to provide insight for personalization of dietary recommendations for weight loss”

    ‘The Effect of 4:3 Intermittent Fasting on Weight Loss at 12 Months’ by Catenacci et al. was published in Annals of Internal Medicine at 22:00 UK time on Monday 31st March. 

    Declared interests

    Dr Maria Chondronikola “I am currently leading a intervention study on the effects of time restricted eating in cardiometabolic health https://trestudy.org.uk/#:~:text=Dr.,in%20the%20UK%20and%20worldwide.”

    Dr Adam Collins “No conflicts of interest to declare on this”

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Financial Highlights

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

    Financial Overview for the Year Ended December 31, 2024

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

    CEO Review for 2024

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

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

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

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

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

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

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

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

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

    Activity of Dorad:

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

    Activity in the USA:

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

    Activity in Italy:

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

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

    Activity in Israel:

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

    Development of Solar licenses combined with storage:

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

    Activity in the Netherlands:

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

    Use of Non-IFRS Financial Measures

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

    About Ellomay Capital Ltd.

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

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

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

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

    Information Relating to Forward-Looking Statements

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

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

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

    Ellomay Capital Ltd. and its Subsidiaries

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

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

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

    Ellomay Capital Ltd. and its Subsidiaries

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

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

    Ellomay Capital Ltd. and its Subsidiaries

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

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

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

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

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

    Net Financial Debt

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

    Discussion concerning Warning Signs

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

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

    Ellomay Capital Ltd.

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

    Information for the Company’s Series C Debenture Holders

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

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

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

    Ellomay Capital Ltd.

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

    Information for the Company’s Series D Debenture Holders

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

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

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

    Ellomay Capital Ltd.

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

    Information for the Company’s Series E Debenture Holders

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

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

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

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

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

    Ellomay Capital Ltd. and its Subsidiaries

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

    Information for the Company’s Series F Debenture Holders

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

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

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

    Ellomay Capital Ltd. and its Subsidiaries

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

    Information for the Company’s Series G Debenture Holders

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    About Energys Group

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

    Forward-Looking Statements

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

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

    The MIL Network –

  • MIL-OSI USA: COLUMN: Walker: Week Eleven Under the Gold Dome

    Source: US State of Georgia

    By: Sen. Larry Walker, III (R–Perry)

    We’re almost down to the final week of the 2025 Legislative Session, and what’s happening at the Capitol right now affects your family, your livelihood and your well-being. That’s why I’m working hard to ensure our values and needs are front and center as we finish strong.

    This past week was the last chance for legislation to make it out of committee and still have a shot at becoming law. Several key bills moved forward toward the Senate floor that I believe will make a real difference in the lives of working Georgians.

    House Bill 56 is one of them. It provides tuition grants to the spouses of public safety officers, law enforcement, firefighters, and prison guards who are killed or permanently disabled in the line of duty. These men and women put their lives on the line to protect us. The least we can do is make sure their families have the opportunity to keep moving forward. Whether it’s a young widow trying to go back to school or a spouse training for a new job, this bill helps them find stability after unimaginable loss.

    One of the most significant school safety measures advancing through committee this week is House Bill 268. This bill would require every public school to implement a mobile panic alert system that connects local and state emergency responders in real-time during a crisis and mandates that schools provide digital mapping data to help first responders quickly navigate campuses. It also directs GEMA to establish rules for this process and create a statewide alert system to track verified threats against schools. The bill allows school systems to be reimbursed for hiring student advocacy specialists and supports evidence-based programs for suicide awareness, youth violence prevention, and anonymous threat reporting. Additionally, it updates Georgia’s juvenile code to bring serious school-related crimes, like terroristic threats or acts, under the jurisdiction of superior courts, strengthens penalties for firearm-related offenses committed by minors, and establishes consequences for disrupting schools, buses, or bus stops. HB 268 gives our schools the tools they need to respond to emergencies and prevent them in the first place, all while keeping our children’s safety the top priority. I hope to see this measure on the Senate floor soon.

    On the Senate floor, we passed House Bill 340, known as the Distraction-Free Education Act. This bill tackles something many parents and teachers are already worried about: kids glued to their phones during school. HB 340 will require public schools to set rules that keep personal devices out of reach during the school day for students in grades K–8. That might mean phones stay in lockers, locked pouches, or are temporarily disabled using school-approved apps. The goal is simple: fewer distractions, fewer discipline issues and more time spent learning. Schools that have already tried this approach are seeing real improvements in student behavior and grades. This bill gives local schools the flexibility to set the policy that works best for their community.

    Our work on the state budget continued as well. In the Senate Appropriations Committee, we reviewed House Bill 68, the proposed budget for Fiscal Year 2026. I’m proud to say we’re holding the line on debt and cutting wasteful spending, while still making smart investments where they matter most: education, public safety, economic growth, and mental health services. We’re keeping Georgia the No. 1 state to do business, but we’re also making sure families in rural Georgia aren’t left behind. The full Senate body passed the FY 26 budget on Friday, and once the House agrees to our changes, it will head to Governor Kemp’s desk for his consideration.

    I’m proud to report that Senate Bill 72, the “Hope for Georgia Patients Act,” which I co-sponsored to support Georgians battling life-threatening or debilitating conditions, has passed the House and is now headed to the Governor’s desk. This important legislation expands access to investigational drugs, medical devices, and treatments for patients who have exhausted other options and desperately need hope. For many families, this bill could mean one more chance—one more treatment—when traditional medicine has fallen short. It’s about compassion, medical innovation, and doing the right thing for those who need it most. Whether we’re backing law enforcement, investing in education, or making government work better for our most vulnerable neighbors, I’ll always stand up for policies that put people first.

    I’m also incredibly proud to have carried House Bill 579 through the Senate. This bill tackles outdated and unnecessary red tape that has blocked too many skilled Georgians from putting their talents to work. HB 579 reforms our occupational licensing laws by streamlining how licenses are issued—allowing the licensing board division to grant licenses expeditiously when an applicant meets all licensing requirements. This means faster entry into the workforce for electricians, plumbers, HVAC technicians, and other tradespeople whose services are essential to our communities. It’s a common-sense fix that helps workers get on the job quicker, supports local businesses and entrepreneurs, and boosts our economy—especially in rural and growing areas like the 20th Senate District.

    My office is here to help with any questions or concerns as we approach the finish line. Don’t hesitate to reach out—we’re working for you.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Pender Growth Fund announces the merger of Pender Software Holdings and Acorn Partners

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce a merger between Pender Software Holdings Ltd. (“Pender Software”) and Acorn Partners Inc. (“Acorn”). With this merger, the Acorn team joins Pender Software to further its aim of becoming the go-to capital partner for exceptional software companies.

    The merger of the Acorn team with Pender Software fuses the proven acquisition expertise of both parties, and brings additional operational expertise, positioning Pender Software to focus entirely on expanding the portfolio and driving long-term value creation. This alignment strengthens Pender Software’s ability to scale its operations and execute strategic acquisitions, enabling its portfolio of software businesses to reach their potential.

    Pender Software is dedicated to empowering management teams, driving operational excellence, and delivering value to all stakeholders. We aim to partner with outstanding management teams with a mandate to scale effectively, enhance customer satisfaction and compound cash flows. By leveraging a strategic operational framework and a long-term investment horizon, Pender Software is committed to enabling its portfolio companies to achieve sustained success.

    Pender Software is actively seeking opportunities to acquire high-quality software companies as new investments or add-ons to its portfolio of companies in Canada, the United States, and the United Kingdom.

    For additional information about Pender Software, please visit www.pendersoftwareholdings.com.

    About Pender Growth Fund
    Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

    Please visit www.pendergrowthfund.com.

    For further information, please contact:
    Ampere Chan
    Managing Partner, Pender Software Holdings
    ampere@pendersoftwareholdings.com

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

    Forward-Looking Information
    This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Video: Ballet changed Misty Copeland’s life. How it could shape a new generation of leaders

    Source: World Economic Forum (video statements)

    How can we recognize potential and unlock it? Misty Copeland was the first Black woman to be promoted to principal dancer with the American Ballet Theatre. But as a child she almost quit after her first class – until an early teacher convinced her to return. Misty talks to Meet The Leader about the ways dance changed how she navigated life and how it taught her key skills such as resilience, empathy and curiosity. She shares how she uses her perspective and experience to found the Misty Copeland Foundation and develop a free afterschool program that reinvents how dance is taught to bridge diversity gaps while also teaching key leadership skills. She shares why these skills and approaches are vital to driving future change and what any leader can learn about elevating others. 

    This interview was recorded in January 2025 at the World Economic Forum’s Annual Meeting in Davos, Switzerland. To learn more:  Misty Copeland Foundation: https://www.mistycopelandfoundation.org/ Special Open Forum Screening: Flower: https://www.weforum.org/de/open-forum/event_sessions/special-open-forum-screening-flower/ Dancing Through Adversity: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/dancing-through-adversity/ How can art drive equality for women? Two cultural trailblazers weigh in: https://www.weforum.org/stories/2025/01/how-can-art-drive-equality-for-women-misty-copeland-yana-peel/ About this episode:  Transcript: https://www.weforum.org/podcasts/meet-the-leader/episodes/misty-copeland-ballet-leadership-skills Related Podcasts:  Radio Davos: Dance or die: the ballet dancer who faced down Al Qaeda to become the voice of stateless refugees: https://www.weforum.org/podcasts/radio-davos/episodes/dance-or-die-the-ballet-dancer-who-faced-down-al-qaeda-to-become-the-voice-of-stateless-refugees/

    https://www.youtube.com/watch?v=_F0NRSOE3oQ

    MIL OSI Video –

  • MIL-OSI Video: Secretary Rubio’s Travel to Brussels – NATO Foreign Ministers Meeting

    Source: United States of America – Department of State (video statements)

    U.S. Secretary of State Marco Rubio will travel to Brussels, Belgium from April 2-4 to attend the NATO Foreign Ministers Meeting. He will discuss security priorities, including increased Allied defense investment, securing lasting peace in Ukraine, and the shared threat of China to the Euro-Atlantic and Indo-Pacific Alliances.

    More: https://www.state.gov/secretary-rubios-travel-to-brussels/

    https://www.youtube.com/watch?v=reZqh6piyDI

    MIL OSI Video –