Category: Renewable Energy

MIL-OSI Global: Is the UK’s energy storage growing fast enough?

Source: The Conversation – UK – By Victor Becerra, Professor of Power Systems Engineering, University of Portsmouth

Sommart Sombutwanitkul/Shutterstock

Britain’s booming green energy generation has a costly side-effect: the national electricity system operator has had to compensate wind turbine operators that could have produced more clean electricity than the grid could take.

The cost of paying windfarms to temporarily switch off rose significantly in early 2025, surpassing £250 million in the first two months of the year. This figure not only includes these “constraint payments” to windfarm operators, but also payments to gas power plants to switch on and meet demand in the south of England that could theoretically be met by wind energy.

Wind power is often generated in remote areas like the Scottish Highlands, where there is low electricity demand. To transmit this power over long distances to areas of higher demand (mostly in the south of England) requires power lines, but these have transmission limits and there are not enough of them.

Britain will only make effective use of its energy potential if grid-scale energy storage keeps pace with the expansion of new windfarms and other forms of intermittent renewable energy, such as solar.

Large-scale battery systems, pumped hydro and other storage methods could capture the excess energy injected by windfarms on windy days and release it when needed. But are these energy storage options arriving quickly enough?

Why is storage so important?

Most British consumers will not see a significant change in how they use electricity with the introduction of planned storage installations, other than fewer blips in power quality, such as flickering or dimming lights.

You might spot these new energy storage facilities in rows of what look like shipping containers but are actually batteries. And the national grid (which serves England, Wales and Scotland – Northern Ireland has a separate electricity network) will be more capable of responding quickly to even minor variations in electricity supply and demand, meaning fewer headlines about curtailed windfarms.

A lithium-ion grid battery site.
106882997/Shutterstock

The UK government is aiming to build up to 27 gigawatts of battery storage by 2030 (in 2023, battery capacity was estimated to be around 5 gigawatts). There are applications totalling 59 gigawatts of battery storage in the connections queue for 2030.

Some of these are speculative – introduced to secure connection slots and permissions, with the intention of selling the rights on. These connections will not necessarily be built, yet contribute to long delays in approvals.

As a result, the energy regulator Ofgem has been working with network operators to reform the connections queue. This includes new rules and more coordination between grid operators and project developers, as well as incentives (such as lower connection charges) to encourage battery developers to ensure their output can be adjusted to accommodate network constraints when necessary.

Having substantial grid-scale energy storage could help stabilise electricity prices, which might give households lower and less volatile bills. It would also reduce the need to fire up gas generators during supply lulls, lowering the influence of expensive imported gas on electricity prices.

Options and opportunities

Storing excess renewable energy involves a range of technologies. Short-duration storage options such as batteries can supply energy ranging from seconds to a few hours. Long-duration storage, such as pumped hydro, can supply energy for several hours, days or more.

Pumped hydro is the oldest long-duration storage technology. It involves storing vast amounts of energy by pumping water to a higher reservoir when electricity is plentiful, and releasing it to a lower reservoir through a turbine when needed. Dinorwig in north Wales and Cruachan in western Scotland are capable of storing 9 and 7 gigawatt-hours of energy, respectively.

Major expansions are planned, such as the new pumped hydro storage scheme Coire Glas in Scotland. Expected to be completed around 2030-31, it is designed to store 30 gigawatt-hours, adding vast reserves of energy to the grid.

Britain’s largest grid-scale battery installation, the Minety battery storage project completed in 2022 in Wiltshire, southern England, is capable of absorbing or delivering 150 megawatts – roughly equivalent to the power demand of 450,000 UK households.

While Britain is making progress with its storage infrastructure, other countries are scaling up rapidly. China has built huge pumped hydro stations and the US is deploying very large grid-scale batteries. Germany, meanwhile, is testing hydrogen storage to absorb the power from its onshore windfarms.

New forms of storage

There is a drive by energy companies to develop new forms of long-duration storage. Along with hydrogen, liquid‑air storage is capable of inter-seasonal storage. This would allow solar energy collected during the summer to be available for release during the duller autumn and winter months.

A solar farm in west Sussex, southern England.
PBabic/Shutterstock

In liquid-air plants, excess electricity is used to cool air to a liquid which can then be stored in insulated tanks. When electricity is required, the liquid air is heated and turned back into a gas, which moves a turbine and generates electricity. A 50-megawatt liquid-air plant planned near Manchester is expected to start commercial operation in 2026.

In hydrogen energy storage plants, surplus electricity powers an electrolyser that splits water molecules into hydrogen and oxygen. The hydrogen is stored and, when electricity is needed, fed into a fuel cell or turbine to generate the electricity. An example is the proposed Aldbrough facility in east Yorkshire, which is expected to be in operation by 2030 and will have a storage capacity of 320 gigawatt-hours. This facility will use three repurposed salt caverns originally developed to store natural gas.

Energy storage technology has become a serious business opportunity, with companies investing billions of pounds into building new facilities. The variety of projects in the pipeline suggests the UK will be better able to avoid curtailing wind energy in the future, even accounting for growth in wind power capacity. Paying windfarm operators to switch off may soon be a thing of the past.

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Victor Becerra 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. Is the UK’s energy storage growing fast enough? – https://theconversation.com/is-the-uks-energy-storage-growing-fast-enough-251867

MIL OSI – Global Reports –

May 2, 2025

MIL-OSI United Kingdom: £3.4 million for Scotland’s hydrogen future

Source: Scottish Government

Projects across the country to receive a share of funding.

Eleven projects designed to accelerate Scotland’s hydrogen economy are set to benefit from a share of £3.4 million funding.

The Scottish Government funding will help develop green hydrogen production, improve the hydrogen supply chain, and enhance hydrogen transport and storage infrastructure.

Opening a parliamentary debate on Scotland’s hydrogen future, Acting Net Zero Cabinet Secretary Gillian Martin said:

“Hydrogen stands as a critical pillar of Scotland’s route to net zero by 2045, but also, alongside the development of our offshore wind capacity, as one of Scotland’s greatest industrial opportunities since the discovery of oil and gas in the North Sea.

“A just transition remains at the heart of our approach, and we are determined that no community, particularly those which have powered our economy for generations, will be left behind as we move away from burning fossil fuels towards a low carbon energy system.

“We are working to build a hydrogen economy in which the benefits of our energy transition are shared, and which harnesses the full potential of our skilled people, our worldclass industries, and our natural resources.”

In September 2024 the Scottish Government invited projects to apply for a match-funding grant award of up to 50%, to the maximum value of £2 million.

Shortlisting saw 18 projects invited to submit a full application to delivery partner Scottish Enterprise, with funding ultimately provided to 11 successful projects.

Background

Hydrogen action plan – gov.scot

Lead Organisation	Project Title	Council Area	Grant Award
European Marine Energy Centre	Sustainable Fuels Orkney	Orkney Islands	£375,000
Green Cat Hydrogen Ltd.	Creca Hydrogen Facility	Dumfries and Galloway	£490,088
Green Cat Hydrogen Ltd.	Strathallan Hydrogen	Perth and Kinross	£320,549
Green Cat Hydrogen Ltd.	Binn Ecopark Hydrogen	Perth and Kinross	£258,478
Protium Green Solutions	Protium Lanark – Hydrogen Island	South Lanarkshire	£450,619
SSE Hydrogen Developments	Peterhead 1&2 Hydrogen	Aberdeenshire	£162,600
Statkraft Hydrogen UK Holding Ltd	Shetland Hydrogen Project 2 Pre-FEED	Shetland Islands	£270,500
Storegga Hydrogen (Cromarty)	Cromarty Hydrogen Phase 2 Longman	Highland	£238,400
Storegga Hydrogen (Cromarty)	Cromarty Hydrogen Phase 2 Muir of Ord	Highland	£290,155
Glacier Energy	Feasibility and Industrial Research	Aberdeen City	£382,000
Hydrasun	Standardised Tube Trailer Industrial Hydrogen Offtaker Panels	Multiple: Aberdeen City; Glasgow City; Highland	£147,122

MIL OSI United Kingdom –

May 2, 2025

MIL-OSI Global: Using fire to produce nanoparticles could revolutionize various industries

Source: The Conversation – Canada – By Keroles Riad, Postdoctoral fellow, Energy and Particle Technology Laboratory, Carleton University

Fire is how most widely used nanoparticles — and by extension nanotechnologies — are made. (Shutterstock)

Fire is arguably humanity’s earliest discovery. It was pivotal in advancing society — underpinning many of humanity’s most transformative inventions, from cooking and forging weapons to generating energy and enabling car combustion engines.

Today, fire continues to be the gateway to some of the most cutting-edge nanotechnologies currently being developed for use in cancer treatments and as breath sensors for early detection of diabetes and other metabolic diseases.

Nanotechnologies can be found in almost every aspect of our daily lives. For instance, I have previously written about the nanotechnology used in the mRNA vaccines that helped us through the pandemic, and have facilitated conversations discussing how nanotechnology affects our wine, gut and climate.

For example, gas sensors incorporating nanoparticles made via fire can be used to verify that there’s no methanol in alcoholic beverages. Methanol is a highly poisonous alcohol contaminant, and has caused numerous poisonings worldwide.

Fire is how most widely used nanoparticles — and by extension, nanotechnologies — are made. For example, a third of a car tire’s weight is comprised of carbon black nanoparticles, which are made using fire. These nanoparticles help to reinforce the tire. The white paint we use on our walls and the coatings on some pills contain fire-made titania nanoparticles. Similarly, fumed silica — which is used in the optical fibres needed for internet and communication systems — are also forged in fire.

How nanotechnology is made

So how do nanoparticles, which are 80 to 100 thousand times smaller than the thickness of a human hair, form inside a fire?

I specialize in making nanoparticles in fire — specifically using a technology called flame spray pyrolysis.

In my research, I burn flammable chemicals that contain the target metal elements to form my nanoparticles. Everything gets oxidized during combustion: carbon becomes CO2, hydrogen becomes water vapor and metal elements become metal oxides.

During the milliseconds that these metal oxide particulates spend inside the fire, they collide and grow into nano- or micro-particles. I collect these particles on a filter on top of the fire. Important properties such as the size and crystal structure of the nanoparticles that are produced depend on how much time these particles spend inside the fire.

The more time the particles have to collide inside the forging fire, the larger they grow. We can also make complicated particles consisting of multiple elements by burning a mixture of different chemicals. This process is both versatile and scalable — allowing millions of tonnes of nanoparticles to be produced each year.

Carbon black is a nanoparticle that is produced through flame spray pyrolysis.
(Shutterstock)

Overcoming limitations

Being able to mass-produce nanoparticles has been one of the biggest challenges of producing nanotechnologies on a larger scale. This is because most of the nanoparticles used in nanotechnologies can only be made via “wet chemistry,” or by using liquids.

It can take hours of working with liquid in beakers, mixing them, heating them, then separating and centrifuging them just to obtain tiny amounts of material. These processes are often too expensive and too dangerous to scale enough for viable commercialisation.

For instance, quantum dots (nanoparticles made from semiconducting materials which have both optical and electrical properties) — the discovery of which was celebrated by the Chemistry Noble Prize in 2023. These have the potential to revolutionize many technologies — including solar cells, carbon capture and contrast agents used in medical imaging.

However, quantum dots are hardly ever used in those technologies on a large scale because the prohibitive cost of making them via wet chemistry can be as high as US$45,000 per gram.

But unlike wet chemistry, fire is simple, cheap, scaleable and surprisingly safe. So when processes that allow for the production of high value nanoparticles, such as quantum dots, with fire are developed, costs drastically drop and they become immediately scaleable and of potential interest to industry.

Fire can also produce harmful particles and by-products.

For instance, if you place a napkin in front of the exhaust of your car, black stuff will accumulate on it. This black residue is soot particles produced by the fire burning inside the engine. Similarly, smoking cigarettes causes soot to form and accumulate in a smoker’s lung, often causing cancer.

Soot is also, by some estimations, the third highest contributor to global warming after carbon dioxide and methane. However, those assessments may actually be underestimating the true contribution of soot to greenhouse gas effects.

Flame spray pyrolysis technology has also been used to simulate combustion conditions to not only study the impact of generated soot more accurately, but also test process changes that could virtually eliminate soot emissions. For example, one study used flame spray pyrolysis to show that injecting air downstream of jet fuel combustion can reduce soot emission by more than 90 per cent. Flame spray pyrolysis could continue to be a useful tool in researching the impacts of pollution.

The future of nanoparticles

But not all nanoparticles can be produced by fire. As such, research exploring new recipes and processes to make high-value nanoparticles that are not yet possible to make in fire could have a large impact.

For example, a major focus of my current work is to explore the possibility of using fire to make graphene. Graphene is the strongest material known at the nanoscale. My previous work shows that by using ultraviolet light, graphene can be transformed into strong macroscopic structures — possibly allowing it to be used in 3D printing.

Graphene is the strongest material known at nanoscale.
(Shutterstock)

Further, there’s massive untapped potential in nanomedicine to integrate the nanoparticles that are already possible to make in fire. Only about 30 types of nanoparticles are approved by the U.S. Food and Drug Administration — such as those used in COVID-19 vaccines, as well as iron-based nanoparticles used for treating anemia and kidney disease.

All those approved nanomedicines are given via injections. This leaves plenty of room to explore the benefits of inorganic nanoparticles in medicine — especially orally administrated therapeutics.

Keroles Riad is the founder and CEO of O Nanotech Solutions, a startup that produces flame-made quantum dots. He also receives funding from NSERC as a Canada Banting Postdoctoral Fellow. He also receives funding from MITACS as a part of their Accelerate Entrepreneur Program. He holds both scholarships at Carleton University. He is also the CEO of enuf, a Bcorp-certified social enterprise focused on sustainable waste management.

– ref. Using fire to produce nanoparticles could revolutionize various industries – https://theconversation.com/using-fire-to-produce-nanoparticles-could-revolutionize-various-industries-234058

MIL OSI – Global Reports –

May 2, 2025
MIL-OSI USA: Where Does Gold Come From? NASA Data Has Clues

Source: NASA

Since the big bang, the early universe had hydrogen, helium, and a scant amount of lithium. Later, some heavier elements, including iron, were forged in stars. But one of the biggest mysteries in astrophysics is: How did the first elements heavier than iron, such as gold, get created and distributed throughout the universe?
“It’s a pretty fundamental question in terms of the origin of complex matter in the universe,” said Anirudh Patel, a doctoral student at Columbia University in New York. “It’s a fun puzzle that hasn’t actually been solved.”
Patel led a study using 20-year-old archival data from NASA and ESA telescopes that finds evidence for a surprising source of a large amount of these heavy elements: flares from highly magnetized neutron stars, called magnetars. The study is published in The Astrophysical Journal Letters.
Study authors estimate that magnetar giant flares could contribute up to 10% of the total abundance of elements heavier than iron in the galaxy. Since magnetars existed relatively early in the history of the universe, the first gold could have been made this way.
“It’s answering one of the questions of the century and solving a mystery using archival data that had been nearly forgotten,” said Eric Burns, study co-author and astrophysicist at Louisiana State University in Baton Rouge.
How could gold be made at a magnetar?
Neutron stars are the collapsed cores of stars that have exploded. They are so dense that one teaspoon of neutron star material, on Earth, would weigh as much as a billion tons. A magnetar is a neutron star with an extremely powerful magnetic field.
On rare occasions, magnetars release an enormous amount of high-energy radiation when they undergo “starquakes,” which, like earthquakes, fracture the neutron star’s crust. Starquakes may also be associated with powerful bursts of radiation called magnetar giant flares, which can even affect Earth’s atmosphere. Only three magnetar giant flares have been observed in the Milky Way and the nearby Large Magellanic Cloud, and seven outside.
Patel and colleagues, including his advisor Brian Metzger, professor at Columbia University and senior research scientist at the Flatiron Institute in New York, have been thinking about how radiation from giant flares could correspond to heavy elements forming there. This would happen through a “rapid process” of neutrons forging lighter atomic nuclei into heavier ones.
Protons define the element’s identity on the periodic table: hydrogen has one proton, helium has two, lithium has three, and so on. Atoms also have neutrons which do not affect identity, but do add mass. Sometimes when an atom captures an extra neutron the atom becomes unstable and a nuclear decay process happens that converts a neutron into a proton, moving the atom forward on the periodic table. This is how, for example, a gold atom could take on an extra neutron and then transform into mercury.
In the unique environment of a disrupted neutron star, in which the density of neutrons is extremely high, something even stranger happens: single atoms can rapidly capture so many neutrons that they undergo multiple decays, leading to the creation of a much heavier element like uranium.
When astronomers observed the collision of two neutron stars in 2017 using NASA telescopes and the Laser Interferomete Gravitational wave Observatory (LIGO), and numerous telescopes on the ground and in space that followed up the initial discovery, they confirmed that this event could have created gold, platinum, and other heavy elements. But neutron star mergers happen too late in the universe’s history to explain the earliest gold and other heavy elements. Recent research by co-authors of the new study — Jakub Cehula of Charles University in Prague, Todd Thompson of The Ohio State University, and Metzger — has found that magnetar flares can heat and eject neutron star crustal material at high speeds, making them a potential source.

New clues in old data
At first, Metzger and colleagues thought that the signature from the creation and distribution of heavy elements at a magnetar would appear in the visible and ultraviolet light, and published their predictions. But Burns in Louisiana wondered if there could be a gamma-ray signal bright enough to be detected, too. He asked Metzger and Patel to check, and they found that there could be such a signature.
“At some point, we said, ‘OK, we should ask the observers if they had seen any,’” Metzger said.
Burns looked up the gamma ray data from the last giant flare that has been observed, which was in December 2004. He realized that while scientists had explained the beginning of the outburst, they had also identified a smaller signal from the magnetar, in data from ESA (European Space Agency)’s INTErnational Gamma-Ray Astrophysics Laboratory (INTEGRAL), a recently retired mission with NASA contributions. “It was noted at the time, but nobody had any conception of what it could be,” Burns said.
Metzger remembers that Burns thought he and Patel were “pulling his leg” because the prediction from their team’s model so closely matched the mystery signal in the 2004 data. In other words, the gamma ray signal detected over 20 years ago corresponded to what it should look like when heavy elements are created and then distributed in a magnetar giant flare.
Patel was so excited, “I wasn’t thinking about anything else for the next week or two. It was the only thing on my mind,” he said.
Researchers supported their conclusion using data from two NASA heliophysics missions: the retired RHESSI (Reuven Ramaty High Energy Solar Spectroscopic Imager) and the ongoing NASA’s Wind satellite, which had also observed the magnetar giant flare. Other collaborators on the new study included Jared Goldberg at the Flatiron Institute.
Next steps in the magnetar gold rush
NASA’s forthcoming COSI (Compton Spectrometer and Imager) mission can follow up on these results. A wide-field gamma ray telescope, COSI is expected to launch in 2027 and will study energetic phenomena in the cosmos, such as magnetar giant flares. COSI will be able to identify individual elements created in these events, providing a new advancement in understanding the origin of the elements. It is one of many telescopes that can work together to look for “transient” changes across the universe.
Researchers will also follow up on other archival data to see if other secrets are hiding in observations of other magnetar giant flares.
“It very cool to think about how some of the stuff in my phone or my laptop was forged in this extreme explosion of the course of our galaxy’s history,” Patel said.
Media Contact
Elizabeth LandauHeadquarters, Washington202-358-0845elandau@nasa.gov

MIL OSI USA News –

May 1, 2025
MIL-Evening Report: The Coalition’s costings show some savings, but a larger deficit than Labor in the first two years
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

The Coalition’s policy costings have been released, just two days ahead of the federal election.

The costings show the Coalition would run up a larger budget deficit than Labor in the first two years of government, but make a greater contribution to budget repair in years three and four.

This arises because two big-spending Coalition policies – the fuel excise reduction and cost of living tax offset – are short term. Their impact on the deficit disappears after year two.

Shadow Treasurer Angus Taylor said the deficit would narrow by A$14 billion by the end of the fourth year.

There are other spending initiatives – notably a significant increase in defence rising to $5.7 billion by the last year of the estimates, 2028-29. This will bring defence spending to 2.5% of gross domestic product (GDP).

The vexed question of nuclear costings

On the vexed question of nuclear power, the statement promises to fund the program primarily through equity investments in exchange for an ownership stake.

These do not appear in the budget, on the premise that they fund commercial activities. This funding is estimated to total $118.2 billion by 2050 – well short of the $600 billion Labor has estimated the proposal will cost. There is no independent Parliamentary Budget Office costing of the number – it is based on Coalition modelling.

Smaller sums are proposed for “community engagement” on nuclear technology ($87 million over four years) and a nuclear coordinating authority and training facility ($65 million). Both look to be in the right ballpark; they are however tiny compared with the costs of building nuclear reactors.

Items to reduce the budget deficit include income tax increases by abolishing Labor’s top-up tax cut and public service reductions. In 2028-29 the tax increase raises $7.4 billion and public service cuts save $6.7 billion.

A range of savings measures

There are numerous other savings, including:
- taxation of vaping products
- reduction in a variety of environmental programs
- reversing tax incentives for electric vehicles
- cuts to the Housing Australia Future Fund
- reduced spending on overseas aid
- restoring the activity test for childcare
- changing eligibility for several government welfare payment programs.
It is a long and detailed list.

Most of the savings appear achievable, with the notable exception of cuts to the public service. It will be close to impossible to achieve a saving of 41,000 public servants in Canberra alone without forced redundancies.

The total Canberra public service workforce according to the Australian Public Service Commission is only around 68,000.

Under the Coalition’s plan, some 41,000 public servant jobs in Canberra will be axed.
Phillip Kraskoff/Shutterstock

At the press conference announcing the costings, Opposition spokesperson Jane Hume said however the figure was 110,000.

It is not clear where that number comes from. If the Coalition is using a different set of public service numbers to those published by the Australian Public Service Commission, it should identify where the extra come from. Off a larger base the savings would be difficult, but not completely infeasible.

As with the Labor proposal to cut consultants, it still leaves the question of what will happen to the work those public servants were doing. Without changes to programs or activities, the Coalition will need to spend budget funds to get the work done.

Too late for the early voters

The costing release comes after more than 4.8 million Australians have already cast their vote. This is less than ideal for helping inform voters’ choices.

There is precedent for releasing costings late. The Albanese opposition similarly released costings on the Thursday before polling day in 2022.

This week, the Labor government released its costings on Monday.

It is not clear what drives the practice of late release. One possibility is small target strategy: the less detail there is to criticise the more comfortable an opposition feels.

There is so much detail in this Coalition announcement, and so many interest groups potentially offended, that the caution about its release may be justified.

Savings previously announced by the Coalition include scrapping production tax credits for critical minerals and hydrogen and removing fringe benefit tax breaks for electric vehicles.

The Coalition also plans to scrap some of the government’s off-budget funds and measures, including the Rewiring the Nation fund for electricity transmission and the Housing Australia Future Fund.

Stephen Bartos was Parliamentary Budget Officer for the past three New South Wales state elections.

– ref. The Coalition’s costings show some savings, but a larger deficit than Labor in the first two years – https://theconversation.com/the-coalitions-costings-show-some-savings-but-a-larger-deficit-than-labor-in-the-first-two-years-255592
MIL OSI Analysis – EveningReport.nz –
May 1, 2025
MIL-OSI: Westport Announces Lock-Up Agreements in Support of the Light-Duty Divestment Transaction

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into lock-up agreements with certain of its shareholders, executives and board members representing an aggregate of approximately 2.0 million shares, or 11.4% of the currently issued and outstanding shares, to vote in favour of the special resolution approving the sale of Westport Fuel Systems Italia S.r.l. (the “Lock-Up Agreements”).

“These Lock-Up Agreements are a significant vote of confidence in Westport’s strategic direction and growth potential. I am thankful to our key shareholders and our Board, for their continued support as we execute our plans to reduce the complexity of Westport’s business and move forward focusing on providing affordable solutions for hard to decarbonize segments of the heavy-duty truck and industrial application, supported by a strengthened balance sheet,” said Dan Sceli, Chief Executive Officer, Westport Fuel Systems.”

Recap of the Transaction

On March 31, 2025 Westport announced it had entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”).

The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand our products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

The MIL Network –

May 1, 2025
MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects
Source: Government of Canada regional news

The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

“B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

The proposed legislation would also:
- exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
- enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.
“The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

The Province is committed to accelerating decisions on renewable-energy projects responsibly.

The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

Quotes:

Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

“Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

“This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

Quick Facts:
- Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
- The BCER has a team of more than 300 employees in seven offices throughout B.C.
- The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
- The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
- In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.
Learn More:

To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

A backgrounder follows.

MIL OSI Canada News –
May 1, 2025
MIL-OSI USA: NREL-Led Research Effort Adds Salt, Boosts Performance of Perovskites

Source: US National Renewable Energy Laboratory

Using an ionic salt to replace the fullerene layer in perovskite solar cells boosted their performance, efficiency, and durability, according to a global research effort led by scientists at the National Renewable Energy Laboratory (NREL).

The performance of the perovskite solar cell improved with the addition of an ionic salt.

Their findings appear in the journal Science.

The researchers said their findings point to a promising approach to advancing perovskite photovoltaic technologies toward commercialization. Perovskites refers to a crystalline structure that has proven highly efficient as a semiconductor material for absorbing sunlight. Work continues to improve the long-term stability of perovskite solar cells.

Kai Zhu, a senior scientist at NREL and an architect of the research effort, said improvements involved changing the chemical composition of the electron transport layer in the perovskite solar cell. This layer is essential as it moves electrons triggered by sunlight through the cell, thereby generating electricity. The fullerene C₆₀ is commonly used for the electron transport layer in inverted perovskite solar cells, but its molecular nature leads to a weak interface and limits the performance of the device. That is especially a problem with long-term stability.

The researchers experimented with adding acids and chemical compounds that reacted with C₆₀ to form an ionic salt referred to as CPMAC. The change resulted in a three-fold increase in the mechanical strength of the electron transport layer of the cell, which is crucial for long-term stability and durability.

“That’s really the surprise, but it’s a very good surprise,” Zhu said.

The inverted architecture of the perovskite solar cell refers to how the layers are deposited on the glass substrate. This construction is known for its high stability and integration into tandem solar cells.

The research at NREL was supported in part by the Center for Hybrid Organic-Inorganic Semiconductors for Energy (CHOISE), an Energy Frontier Research Center funded by the U.S. Department of Energy’s Office of Basic Energy Sciences and the Solar Energy Technologies Office. The research reported the initial lab efficiency of the perovskite cells that used the ionic salt was 26.1%, vs. 25.5% for the C₆₀ version.

Using the CPMAC, the researchers obtained a 26% lab efficiency with about 2% degradation after 2,100 hours of operation at 65 degrees Celsius, and a 25.5% efficiency with about 5% degradation after 1,500 hours of operation at 85 degrees Celsius. For a minimodule made up of four subcells, six square centimeters, the lab efficiency was 23% with less than a 9% degradation after 2,200 hours of operation at 55 degrees Celsius.

The paper is “C₆₀-based ionic salt electron shuttle for high-performance inverted perovskite solar modules.” Other co-authors from NREL are Shuai You, Yifan Dong, Lei Chen, Matthew Beard, and Joseph Berry. Researchers who contributed to the work hailed from King Abdullah University of Science and Technology (Saudi Arabia) and Newcastle University (United Kingdom) in addition to CubicPV Inc., the University of Colorado Boulder, Arizona State University, and the University of Toledo.

MIL OSI USA News –

May 1, 2025
MIL-OSI Global: China is reshaping central Asia’s energy sector as Russian influence fades

Source: The Conversation – UK – By Lorena Lombardozzi, Senior Lecturer in Political Economy of Global Development, SOAS, University of London

China has been developing closer ties with countries in central Asia over recent years. Trade between China and the central Asia region grew to US$89 billion (£69 billion) in 2023, an increase of 27% on the previous year. Chinese trade rose with every country there except Turkmenistan.

In my paper from June 2024, which is part of a collection of studies looking at the impact of China’s sprawling belt and road initiative in low- and middle-income countries, I explored how Chinese investment is affecting Uzbekistan’s energy sector.

Chinese investment in Uzbekistan has grown significantly since 2020. By the end of 2022, it had reached US$4.5 billion, up from US$2.8 billion one year before. There are now over 3,450 Chinese companies in Uzbekistan, accounting for roughly 20% of all foreign companies in the country.

One of the main reasons for China’s expanding footprint in central Asia is to intensify energy cooperation. By becoming a major buyer, lender and investor in the region’s energy sector, China is hoping to reduce its dependence on countries such as Russia.

Central Asia is a region of Asia consisting of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
Peter Hermes Furian / Shutterstock

Central Asia has been politically and economically dependent on Russia since the Soviet Union invaded the region in the 19th century. Much of its infrastructure was built to provide commodities like cotton and energy to Russia, with the latter selling it at high prices to Europe. This infrastructure has, until relatively recently, remained largely unchanged.

However, some central Asian countries have been able to reduce their dependence on Russia over the past decade or so. China has become the main importer of Uzbek gas, with a peak share of more than 80%. And Uzbekistan exported almost US$2 billion worth of goods to China in 2022, matching its volume of trade with Russia.

Investment in energy infrastructure is taking place in a reflection of these trade patterns. Central Asia boasts significant reserves of oil and gas. But most of the region’s pipelines were traditionally directed towards Russia and, to a lesser extent, south-west to Turkey.

Pipelines have been built and maintained with China’s support that are directed towards the east. These pipelines have facilitated trade with China and have helped reduce operational waste in the energy sectors of Turkmenistan, Kazakhstan and Uzbekistan.

In 2025, China plans to resume the construction of a pipeline stretching from Turkmenistan through Uzbekistan, Tajikistan and Kyrgyzstan, pending the finalisation of a gas supply contract with Turkmenistan. This will further strengthen China’s energy ties with the region.

A few years ago, while I was carrying out fieldwork in Uzbekistan, I interviewed policy experts and those involved in the Uzbek energy industry. My interviewees saw deals with China as more reliable than Russia, which has in the past renegotiated the terms of long-term energy contracts with central Asian countries or has added unfair clauses in its favour.

In 2018, for example, the Uzbek government needed additional gas to meet domestic demand. Russia’s Lukoil energy company agreed to sell the gas from a joint Lukoil-Uzbek production facility to Uzbekistan, but at a hefty price. The Uzbek government incurred debt to Lukoil worth US$600 million.

A train transporting gas parked in Samarkand train station, Uzbekistan.
Lewis Tse / Shutterstock

Chinese involvement in the Uzbek energy sector is also having an indirect effect on Uzbekistan’s green economy. During the pandemic, Uzbekistan’s gas exports to China dropped significantly, exposing operators to the vulnerability of relying on a single energy source.

Gas exports to China have recovered since 2021. But this shock prompted policymakers to explore ways of diversifying Uzbekistan’s energy production away from fossil fuels. Over the past few years, Uzbekistan has invested over US$4 billion in renewable energy production, with the technology and expertise often coming from China.

With the support of Chinese companies, vast solar power plants have been planned and developed near the Uzbek capital, Tashkent, as well as other cities like Navoi. Wind turbines have been supplied by Chinese firms for projects in Ferghana, near the border with Kyrgyzstan.

Chinese-led investment in the renewable energy sector has created further demand for skilled and semi-skilled labour, such as translators, logistics operators and engineers. My interviewees noted positive – albeit limited – effects on employment and wages in the sector.

New challenges ahead

There are, however, also drawbacks to Chinese involvement in central Asia’s energy sector. Uzbekistan’s gas trade with China is a possible source of political and economic vulnerability.

The export price of Uzbek gas is more profitable for energy companies than the local subsidised price, so exports have taken priority over the domestic market. Uzbek consumers often have to contend with rationed gas supplies or no access to gas at all, especially during the winter when demand is at its highest.

This has led to dissatisfaction among the Uzbek population, especially in rural areas where people have had to resort to burning alternative sources of fuel like coal, firewood and animal dung. These energy sources are harmful to health and the environment.

Western sanctions on Russian oil and gas since 2022, when Russia launched its invasion of Ukraine, have also created further competition for Uzbek gas. Russian gas suppliers have sought alternative markets in Asia to circumvent the sanctions. Trade flow data shows that India, Turkey and even China have increased the amount of Russian fossil fuels they buy.

But, by and large, the state of play in the global energy market seems to be changing. Central Asia is in a strong position to benefit.

Lorena Lombardozzi 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. China is reshaping central Asia’s energy sector as Russian influence fades – https://theconversation.com/china-is-reshaping-central-asias-energy-sector-as-russian-influence-fades-245232

MIL OSI – Global Reports –

May 1, 2025
MIL-Evening Report: State of the states: the campaign is almost over, so how has it played out across Australia?

Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.

So what’s happened across the country over the past five weeks?

Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

New South Wales

David Clune, honorary associate, government and international relations, University of Sydney

The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.

The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.

Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.

Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.

Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.

Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.

The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.

As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.

According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.

An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.

Queensland

Paul Williams, associate professor of politics and journalism, Griffith University

In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.

But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.

While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.

While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).

Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.

However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.

But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.

Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.

Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.

In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.

South Australia

Rob Manwaring, associate professor of politics and public policy, Flinders University

Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.

What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.

Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).

This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.

Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.

In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.

Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.

So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.

Tasmania

Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

On Australia’s South Island, most of the campaign focus has been on Lyons, Franklin and Braddon.

In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.

One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.

Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.

However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.

According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.

There have also been billboard shenanigans and various other dirty (or should that be clean?) tricks.

The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?

In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.

Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.

Victoria

Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.

Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.

Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.

There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.

Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.

Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.

There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.

Western Australia

Narelle Miragliotta, associate professor in politics, Murdoch University

The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.

Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.

Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.

There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.

The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.

The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.

To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.

Paul Williams is a research associate with the T.J. Ryan Foundation.

David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. State of the states: the campaign is almost over, so how has it played out across Australia? – https://theconversation.com/state-of-the-states-the-campaign-is-almost-over-so-how-has-it-played-out-across-australia-253125

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI Asia-Pac: MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme
Source: Government of India

MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme

MNRE organizes Workshop on opportunities for MSMEs in Green Hydrogen Supply Chain

Posted On: 29 APR 2025 6:17PM by PIB Delhi

The Ministry of New and Renewable Energy (MNRE) organized on 29^th April 2025 one-day National Workshop on opportunities for “Micro, Small & Medium Enterprises (MSMEs) in the Green Hydrogen Supply Chain”, at New Delhi. The workshop was aimed to explore opportunities and discuss key role of MSMEs in development of green hydrogen ecosystem in India. Over 300 delegates drew participation from different stakeholder groups, including MSMEs, policymakers, technology providers, industry associations, and international partners.

Delivering the inaugural address, Shri Pralhad Venkatesh Joshi, Hon’ble Union Minister of New and Renewable Energy, highlighted the government’s commitment to fostering innovation-led growth and emphasized that MSMEs will serve as the backbone of India’s energy transition through their innovative capabilities and localized solutions. He highlighted the critical role MSMEs will play in realizing the Mission’s objectives of building a self-reliant green hydrogen ecosystem by 2030.

Hon’ble Union Minister also launched the Green Hydrogen Certification Scheme of India (GHCI). He mentioned that the scheme is a foundational step towards creating a robust framework for certifying green hydrogen production and ensuring transparency, traceability, and market credibility.

Shri Santosh Kumar Sarangi, Secretary, MNRE highlighted some key achievements in the implementation of National Green Hydrogen Mission. He stressed upon the importance of building capacities, facilitating finance, and strengthening technology linkages to empower MSMEs to meaningfully participate in this new industrial landscape. He reiterated the Ministry’s commitment to building institutional and infrastructural support for green hydrogen, with MSMEs playing a critical role.

The workshop included four focused technical sessions as follows:
1. Technology Collaboration for MSMEs
Panelists deliberated on R&D collaboration models, indigenization of components such as bipolar plates and electrolysers, and the role of knowledge institutions.
1. Business Opportunities in the Green Hydrogen Supply Chain
Discussions centered on the integration of MSMEs into large-scale projects. Experts from international agencies and corporate leaders outlined business models and market opportunities, advocating for systematic MSME engagement strategies.
1. Decentralized Hydrogen Production through Biomass
Expert speakers presented use cases on thermochemical and biochemical conversion of biomass to hydrogen, exploring their application in rural industries. The session highlighted the potential of decentralized models to meet local demand while promoting circular economy principles.
1. Catalyzing Investments in the Green Hydrogen Ecosystem
Financial institutions, including the World Bank, IREDA, KfW, and IIFCL, discussed de-risking strategies, blended finance mechanisms, and the need to design green credit lines accessible to MSMEs.

The workshop marked an important step towards mainstreaming MSMEs in India’s clean energy transition and showed MNRE’s commitment towards building an inclusive, technology-driven, and decentralized green hydrogen economy. The workshop saw active participation from MSMEs, who showed strong interest in entering the green hydrogen sector, particularly in areas such as component manufacturing, operations and maintenance services, and rural hydrogen generation. Participants emphasized the need for standardized protocols, shared platforms for joint innovation, and the formation of Green Hydrogen Clusters to help MSMEs combine capacities and benefit from economies of scale. The discussions also highlighted the importance of clear demand signals and long-term policy stability to encourage private investment. Experts noted India’s strong potential to emerge as a manufacturing hub for green hydrogen technologies, especially electrolysers and fuel cells.

The Government of India is implementing the National Green Hydrogen Mission, with an objective to make India a global hub of production, usage and export of Green Hydrogen and its derivatives.

The Mission will result in the following likely outcomes by 2030:
1. Development of Green Hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country
2. Over Rs. Eight lakh crore in total investments
3. Creation of over Six lakh jobs
4. Cumulative reduction in fossil fuel imports over Rs. One lakh crore
5. Abatement of nearly 50 MMT of annual greenhouse gas emissions
******

TPJ/NJ

(Release ID: 2125231) Visitor Counter : 29

MIL OSI Asia Pacific News –
April 30, 2025
MIL-OSI: Alectra Inc. announces the appointment of Jane Armstrong to the position of Chair, Board of Directors

Source: GlobeNewswire (MIL-OSI)

MISSISSAUGA, Ontario, April 29, 2025 (GLOBE NEWSWIRE) — The Board of Directors at Alectra Inc. announced today that Jane Armstrong has been appointed Chair, Board of Directors, effective April 26, 2025. Ms. Armstrong succeeds Norman (Norm) Loberg who has held the position since the company commenced operations in January 2017. Mr. Loberg will continue to serve as a Director on the Alectra Inc. Board.

Jane Armstrong was called to the Ontario Bar in 1982 and practiced law, primarily in the areas of corporate and commercial real estate and estates and trusts, until her retirement from the practice of law in 2018. Jane was appointed to the Board of Directors of Guelph Hydro Electric Systems Inc. in 2006 and served as Chair of the Guelph Hydro Board from 2015 until the merger of Guelph Hydro and Alectra Utilities Corporation on January 1, 2019.

Jane has served on the Boards of several community organizations including the Guelph Downtown Board of Management, the Guelph Arts Council and the Canadian Red Cross Society, Guelph-Wellington Branch. In addition, Jane served as President of the Rotary Club of Guelph from 2004 – 2005 and as a member of the Executive of the Southwestern Ontario Branch of the Institute of Corporate Directors from 2018 until 2024.

Jane is a former member of the Canadian Human Rights Tribunal Panel and a former Chair of the Guelph Police Services Board. In 2009, Jane received the Chartered Director (C. Dir.) designation from The Directors College, a joint venture of McMaster University and the Conference Board of Canada.

“On behalf of the management team and Board of Directors I want to express our thanks to Norm Loberg for the leadership and guidance he has provided throughout his tenure as Chair,” said Brian Bentz, President and Chief Executive Officer, Alectra Inc. “I also want to extend congratulations to Jane Armstrong on her appointment to the position of Chair of the Board of Directors. Her leadership and experience will be invaluable as we continue our work in delivering safe, reliable and affordable electricity services to the approximately 1.1 million homes and businesses that Alectra serves.”

About Alectra Inc.

Alectra Inc., through its subsidiary Alectra Utilities Corporation, serves approximately one million homes and businesses across a 1,924 square kilometre service territory comprising 17 communities including Alliston, Aurora, Barrie, Beeton, Brampton, Bradford West Gwillimbury, Guelph, Hamilton, Markham, Mississauga, Penetanguishene, Richmond Hill, Rockwood, St. Catharines, Thornton, Tottenham, and Vaughan. The Alectra family of companies includes Alectra Inc. (Mississauga), Alectra Utilities (Hamilton) and Alectra Energy Solutions (Vaughan).

Our mission is to provide innovative and reliable energy solutions which deliver lasting value for all.

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Media Contact

Ashley Trgachef, Media Spokesperson
ashley.trgachef@alectrautilities.com | Telephone: 416.402.5469 | 24/7 Media Line: 1.833.MEDIA-LN

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/168ef50d-84cc-410a-bde0-21b5497ad5e5

The MIL Network –

April 30, 2025
MIL-OSI Asia-Pac: Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership

Source: Government of India

Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership

Commerce Secretary Engages with Port of Rotterdam Authority, Explores Green and Digital Corridor Cooperation to Boost Maritime and Trade Ties

Posted On: 29 APR 2025 11:17AM by PIB Delhi

Commerce Secretary, Ministry of Commerce and Industry, Government of India,Shri Sunil Barthwal, visited the Netherlands from 24–26 April 2025 to advance bilateral trade and economic cooperation between India and the Netherlands. The visit underlined India’s commitment to strengthening its economic engagement with the Netherlands, a key European partner. During his visit, Mr. Barthwal engaged in high-level discussions, industry interactions and toured places of economic importance.

The visit of the Commerce Secretary yielded several tangible outcomes. It reinforced the strategic importance of the India-Netherlands partnership in addressing global economic challenges and fostering innovation-driven growth. The discussions at the Ministry of Foreign Affairs and the Ministry of Economic Affairs laid the groundwork for enhanced collaboration through institutional mechanisms like the JTIC. The CEOs Roundtable fostered new business connections, with Dutch companies expressing keen interest in India’s growing market and investment opportunities. The engagements at the Port of Rotterdam and ASML opened new avenues for cooperation in maritime infrastructure and semiconductors, aligning with India’s economic priorities. Commerce Secretary Barthwal’s visit has injected fresh momentum into India Netherlands partnership, setting the stage for deeper economic collaboration.

Mr. Barthwal commenced his visit with a productive discussion with Mr. Michiel Sweers, Director General for Foreign Economic Relations, Dutch Ministry of Foreign Affairs, in The Hague. The discussions focused on strengthening bilateral trade and economic ties, inter alia, through setting up of the Joint Trade and Investment Committee (JTIC) mechanism. Further, the meeting covered diverse issues of bilateral trade and economic relationship, advancing strategic economic cooperation, fostering policy alignment, and addressing trade barriers to facilitate smoother market access for Indian and Dutch businesses. The dialogue reaffirmed the shared commitment to creating a conducive environment for trade and investment, leveraging the complementary strengths of both economies.

A highlight of the visit was the CEOs Round-table Conference organized by the Embassy of India. Attended by approximately 40 representatives from leading Dutch and Indian companies, as well as business chambers and trade organizations, the round-table facilitated discussions on trade opportunities, challenges and actionable solutions. Participants offered valuable suggestions, with the Government of India and the Embassy pledging to address concerns. The Conference provided a platform for industry leaders to share insights, explore synergies, and identify opportunities for collaboration in sectors such as renewable energy, agriculture, healthcare, logistics, waste management and urban development. Mr. Barthwal emphasized India’s ambitious economic reforms, including initiatives to boost manufacturing, exports and ease of doing business, which resonated strongly with Dutch stakeholders. The Roundtable also featured the showcasing of One District One Product (ODOP) handicrafts by the Embassy, celebrating India’s rich artisanal heritage. The subsequent networking session acted as a platform for corporate leaders and trade bodies to forge meaningful connections, with Commerce Secretary Barthwal and Ambassador Tuhin actively engaging the participants.

Mr. Barthwal visited the Port of Rotterdam, Europe’s largest and one of the world’s most advanced ports. Received by Mr. Boudewijn Siemons, CEO of the Port of Rotterdam Authority, at the World Port Center, Mr. Barthwal held in-depth discussions on enhancing cooperation between the Indian ports and Rotterdam. The talks explored opportunities for knowledge sharing, technology transfer, and sustainable port management practices. A tour of the port facilities, including the fully automated APM Terminals at Maasvlakte II, provided insights into Rotterdam’s state-of-the-art infrastructure and operational efficiencies. Mr. Barthwal highlighted the potential for collaboration in modernizing Indian ports, aligning with India’s Maritime Vision 2030, which aims to enhance port capacity and logistics efficiency. Both sides expressed interest in deepening ties through joint initiatives in port digitalization, green shipping, and logistics optimization, which are critical to boosting bilateral trade flows. The visit laid the groundwork for setting up of a Green and Digital Corridor between the Port of Rotterdam and Indian ports like the Deendayal Port Authority Kandla, and export of Green Hydrogen and carriers like Ammonia and Methanol from India to Europe, with the Port of Rotterdam acting as a gateway to Europe.

Later, Mr. Barthwal traveled to Veldhoven to visit the headquarters of ASML, a global leader in photolithography systems for the semiconductor industry. In a productive meeting with ASML’s CEO, Mr. Christophe Fouquet, Mr. Barthwal discussed deepening India-Netherlands cooperation in the semiconductor sector. The discussions focused on leveraging ASML’s expertise to support India’s ambitions to become a global semiconductor manufacturing hub, as outlined in the India Semiconductor Mission. Mr. Barthwal emphasized India’s robust policy framework to attract investments in semiconductors, including production-linked incentives and infrastructure development. The engagement with ASML highlighted India’s interest in fostering innovation and building a resilient semiconductor ecosystem, with the Netherlands as a key partner.

Joint Secretary, Ministry of Commerce and Industry, Government of India, Shri Saket Kumar, who accompanied Commerce Secretary, met Mr. Tjerk Opmeer, Deputy Director General for Enterprise and Innovation, at the Dutch Ministry of Economic Affairs in The Hague. The discussions centered on fostering innovation-driven partnerships, particularly in technology and startup ecosystems. Both sides committed to deepening collaboration in the startups and innovation ecosystem through mutual efforts under the Indo-Dutch Startup Link. The meeting also explored collaboration in entrepreneurship, tech exchange and space cooperation. These engagements highlighted India’s growing role as a hub for innovation and the Netherlands’ expertise in cutting-edge technologies, paving the way for enhanced bilateral cooperation.

***

Abhishek Dayal/Abhijith Narayanan

(Release ID: 2125060) Visitor Counter : 35

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS FUTURE GENERATIONS VCT PLC

Annual report and financial statements for the period ended 31 December 2024

Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Chair’s statement

I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

Fundraise
We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

Board of Directors
As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

Portfolio Manager
In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

AGM
The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Outlook
In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

Helen Sinclair
Chair

¹ https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

Focus on Future Generations VCT’s performance
The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

Proportion by number of portfolio companies in each theme
Revitalising healthcare: 53%
Empowering people: 28%
Building a sustainable planet: 19%

Value of the portfolio in each theme
Revitalising healthcare: £13.3m
Empowering people: £8.0m
Building a sustainable planet: £5.5m

The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

Disposals
In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

Overview of investments
The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

A selection of our completed investments

Revitalising Healthcare

Pencil Biosciences is a gene editing technology platform.

Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

Empowering people

Correcto is an AI writing and grammar tool for the Spanish language.

Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

Swiipr has developed a digital payments platform specifically for the airline industry.

Building a sustainable planet

Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

Q&A

Q. How do you value a portfolio company?
A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

Q. What do you mean by ‘fair value’?
A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

Valuations
The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
Multiples	18%	3
External price	44%	12
Scenario analysis	14%	7
Milestone analysis	24%	10
Write-off	—	4

Portfolio case studies

CoMind
CoMind is building revolutionary brain sensing technologies.

Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

>250 subjects were measured in 2024.
Several devices are currently being used in hospitals for clinical trials.

Swiipr
Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

Only 1–2% of disrupted passengers currently receive compensation.
Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

DRIFT
DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

€10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

Top 10 investments
Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

Portfolio company	Investment cost	Valuation at 31 December 2024	Investment Theme
1. HelloSelf Limited	£2.6m	£2.6m	Revitalising healthcare
2. Remofirst, Inc	£1.2m	£1.7m	Empowering people
3. Infinitopes Ltd	£1.6m	£1.6m	Revitalising healthcare
4. Neat SAS	£0.6m	£1.5m	Building a sustainable planet
5. TYTN Ltd (t/a TitanML)	£0.5m	£1.5m	Building a sustainable planet
6. Apheris AI GmbH	£1.5m	£1.5m	Empowering people
7. Menwell Limited (t/a Manual)	£0.9m	£1.5m	Revitalising healthcare
8. Mr & Mrs Oliver Ltd (t/a Skin + Me)	£1.0m	£1.4m	Revitalising healthcare
9. Intrinsic Semiconductor Technologies Ltd	£0.9m	£1.2m	Empowering people
10. CoMind Technologies Ltd	£0.8m	£1.0m	Revitalising healthcare

Top 10 investments in detail¹

HelloSelf Limited
A digital, personalised psychological therapy and coaching platform.
www.helloself.com

Initial investment date:	January 2023
Investment cost:	£2.6m
	(2023: £2.6m)
Valuation:	£2.6m
	(2023: £2.6m)
Last submitted accounts:	31 March 2024
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£(15.5)m
	(2023: £(9.8)m)
Valuation methodology:	Calibration

2
Remofirst, Inc.
Global payroll and compliance system for remote teams.
www.remofirst.com

Initial investment date:	February 2024
Investment cost:	£1.2m
	(2023: n/a)
Valuation:	£1.7m
	(2023: n/a)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last Round

3
Infinitopes Ltd
Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
www.infinitopes.com

Initial investment date:	December 2022
Investment cost:	£1.6m
	(2023: £1.6m)
Valuation:	£1.6m
	(2023: £1.6m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	£9.3m
	(2023: £8.1m)
Valuation methodology:	Last Round

4
Neat SAS
An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
mobility.neat.eu

Initial investment date:	November 2022
Investment cost:	£0.6m
	(2023: £0.8m)
Valuation:	£1.5m
	(2023: £0.8m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

TYTN Ltd (t/a TitanML)
An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
www.titanml.co

Initial investment date:	February 2023
Investment cost:	£0.5m
	(2023: £0.5m)
Valuation:	£1.5m
	(2023: £0.5m)
Last submitted accounts:	30 April 2024
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£1.5m
	(2023: £2.0m)
Valuation methodology:	Last Round

Apheris AI GmbH
An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
www.apheris.com

Initial investment date:	November 2022
Investment cost:	£1.5m
	(2023: £1.2m)
Valuation:	£1.5m
	(2023: £1.2m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

Menwell Limited (t/a Manual)
Making high-quality healthcare more accessible and stigma-free
www.manual.co

Initial investment date:	May 2024
Investment cost:	£0.9m (2023: n/a)
Valuation:	£1.5m
	(2023: n/a)
Last submitted accounts:	31 December 2023
Turnover:	£54.7m (2023: £22.4m)
Profit/(loss) before tax:	£(7.9)m (2023: £(10.6)m)
Net assets:	£11.8m (2023: £8.0m)
Valuation methodology:	Last round

8
Mr & Mrs Oliver Ltd (t/a Skin + Me)
A direct to consumer, personalised skin care company.
www.skinandme.com

Initial investment date:	December 2022
Investment cost:	£1.0m
	(2023: £1.0m)
Valuation:	£1.4m
	(2023: £1.3m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m
	(2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7)m)
Valuation methodology:	Revenue Multiple

9
Intrinsic Semiconductor Technologies Ltd
Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
www.intrinsicsemi.com

Initial investment date:	December 2023
Investment cost:	£0.9m
	(2023: n/a)
Valuation:	£1.2m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Consolidated net assets:	£4.0m
	(2023: £5.5m)
Valuation methodology:	Scenario Analysis

CoMind Technologies Ltd
Development of non-invasive brain sensing technology for monitoring of medical conditions.
comind.io

Initial investment date:	November 2023
Investment cost:	£0.8m
	(2023: n/a)
Valuation:	£1.0m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Net assets:	£17.1m
	(2023: £4.1m)
Valuation methodology:	Milestone Analysis

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Portfolio engagement
As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

D&I policy status
Policy in place: 100%

Engaged in monitoring 2023 greenhouse gas emissions¹
Signed up: 16
Introduced: 19
In progress: 1

¹ As of 31 December 2024, only 2023 carbon emissions data was available.

Outlook
Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

Simon King
Partner and Lead Fund Manager for Future Generations VCT

Risks and risk management

The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

Emerging and principal risks, and risk management
The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo‑political instability; and
climate change.

Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy.	Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT.	The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee.	The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
*Risk*	*Mitigation*	*Change*
Operational:
The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.	No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets.	Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case.	Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000.	Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Helen Sinclair
Chair

Income statement

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain on disposal of fixed asset investments	—	1,382	1,382	—	—	—
Net loss on valuation of fixed asset investments	—	(3,564)	(3,564)	—	(6)	(6)
Investment management fee	(345)	(1,035)	(1,380)	(174)	(522)	(696)
Investment income	1,427	—	1,427	424	—	424
Other expenses	(759)	—	(759)	(500)	—	(500)
Earnings/(loss) before tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Tax	—	—	—	—	—	—
Earnings/(loss) after tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per share – basic and diluted	0.6p	(6.3)p	(5.7)p	(0.6)p	(1.3)p	(1.9)p

The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

Future Generations VCT has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 30 June 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		26,769		24,895
Current assets:
Debtors	1,166		379
Applications cash¹	100		370
Cash at bank	112		152
Money market funds	19,972		20,140
		21,350		21,041
Creditors: amounts falling due within one year	(196)		(518)
Net current assets		21,154		20,523
Net assets		47,923		45,418
Share capital		54		48
Share premium		51,854		46,461
Capital reserve realised		(328)		(640)
Capital reserve unrealised		(3,526)		3
Revenue reserve		(131)		(454)
Total equity shareholders’ funds		47,923		45,418
NAV per share		88.8p		94.3p

Cash received from investors but not yet allotted.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Helen Sinclair
Chair
Company No: 13750143

Statement of changes in equity

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2023	48	46,461	(640)	3	(454)	45,418
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(1,035)	—	—	(1,035)
Current year gain on disposal of fixed asset investments	—	—	1,382	—	—	1,382
Net loss on fair value of fixed asset investments	—	—	—	(3,564)	—	(3,564)
Gain after tax	—	—	—	—	323	323
Total comprehensive loss for the period	—	—	347	(3,564)	323	(2,894)
Contributions by and distributions to owners:
Share issue	6	5,506	—	—	—	5,512
Share issue costs	—	(113)	—	—	—	(113)
Total contributions by and distributions to owners	6	5,393	—	—	—	5,399
Other movements:
Prior year fixed asset loss unrealised	—	—	(35)	35	—	—
Total other movements	—	—	(35)	35	—	—
Balance as at 31 December 2024	54	51,854	(328)	(3,526)	(131)	47,923

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2022	33	31,572	(118)	9	(204)	31,292
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(522)	—	—	(522)
Net loss on fair value of fixed asset investments	—	—	—	(6)	—	(6)
Loss after tax	—	—	—	—	(250)	(250)
Total comprehensive loss for the period	—	—	(522)	(6)	(250)	(778)
Contributions by and distributions to owners:
Shares issued	15	15,164	—	—	—	15,179
Share issue costs	—	(275)	—	—	—	(275)
Total contributions by and distributions to owners	15	14,889	—	—	—	14,904
Balance as at 30 June 2023	48	46,461	(640)	3	(454)	45,418

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	18 months to 31 December	Year to 30 June
	2024	2023
	£’000	£’000
Cash flows from operating activities
Loss before tax¹	(2,894)	(778)
Decrease/(increase) in debtors	173	(325)
Decrease in creditors	(52)	(103)
Gain on disposal of fixed assets	(1,382)	—
Loss on valuation of fixed asset investments	3,564	6
Outflow from operating activities	(591)	(1,200)
Cash flows from investing activities
Purchase of fixed asset investments	(8,162)	(23,238)
Sale of fixed asset investments	3,146	—
Outflow from investing activities	(5,016)	(23,238)
Cash flows from financing activities
Movement in applications account	(270)	(1,544)
Proceeds from share issues	5,512	15,179
Share issue costs	(113)	(275)
Inflow from financing activities	5,129	13,360
Decrease in cash and cash equivalents	(478)	(11,079)
Opening cash and cash equivalents	20,662	31,741
Closing cash and cash equivalents	20,184	20,662
Cash and cash equivalents comprise
Cash at bank	112	152
Money market funds	19,972	20,140
Applications cash	100	370
Closing cash and cash equivalents	20,184	20,662

Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy

Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	18 months to
	31 December 2024	30 June 2023
	£’000	£’000
Money market funds	1,427	424
Total investment income	1,427	424

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

Disclosure

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	345	1,035	1,380	174	522	696
Total	345	1,035	1,380	174	522	696

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
NISA fees	213	122
Directors’ remuneration¹	157	77
Audit fees²	78	63
Directors and Officers (D&O) insurance	74	15
Depositary fees	62	57
Listing fees	46	58
Registrars fees	28	21
Director recruitment & expenses	27	—
Report and account fees	26	38
Other fees	48	49
Total	759	500

1. Includes employers’ NI.
2. Includes VAT.

Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Disclosure
The corporation tax charge for the period was £nil.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(2,894)	(778)
Current tax at 25% (2023: 20.5%)	(724)	(159)
Effects of:
Non-taxable income	(357)	—
Non-taxable capital gains	546	1
Non-deductible expenses	1	—
Excess management expenses on which deferred tax not recognised	534	193
Tax rate differences¹	—	(35)
Total current tax charge	—	—

1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. (Loss)/earnings per share

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Earnings/(loss) attributable to Ordinary shareholders (£’000)	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per Ordinary share (p)	0.6	(6.3)	(5.7)	(0.6)	(1.3)	(1.9)

The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

7. Net asset value per share

	31 December	30 June
	2024	2023
Net assets (£’000)	47,923	45,418
Shares in issue	53,941,104	48,138,337
NAV per share (p)	88.8	94.3

8. Transactions with the Manager and Portfolio Manager

Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

Octopus AIF Management Limited remuneration disclosures (unaudited)
Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

9. Related party transactions

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

10. 2024 financial information

The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

11. 2023 financial information

The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. Annual Report and financial statements
The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
The Notice of Annual General Meeting is contained within the Annual Report.

13. General information

Registered in England & Wales. Company No. 13750143
LEI: 213800AL71Z7N2O58N66

14. Directors

Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

15. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI: Annual report and financial statements for the year ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS TITAN VCT PLC

Annual report and financial statements for the year ended 31 December 2024

Octopus Titan VCT plc announces the final results for the year to 31 December 2024 as below.

Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Key financials

	2024	2023
Net assets (£’000)	£831,358	£993,744
Loss after tax (£’000)	£(147,649)	£(149,499)
NAV per share	50.5p	62.4p
Total value per share¹	155.6p	164.4p
Total return per share²	(8.8)p	(9.5)p
Total return per share %³	(14.1)%	(12.4)%
Dividends paid in the year	3.1p	5.0p
Dividend yield %⁴	5.0%	6.5%
Dividend declared	0.5p	1.9p

Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch, as described in the glossary of terms.
Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period, as described in the glossary of terms.
Total return % is an alternative performance measure, calculated as total return/opening NAV, as described in the glossary of terms.
Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV, as described in the glossary of terms.

Chair’s statement
Titan’s total return for the year to 31 December 2024 was -14.1% with net assets at the end of the period totalling £831 million.

The Net Asset Value (NAV) per share at 31 December 2024 was 50.5p which, adjusting for dividends paid in the year, represents a net decrease of 8.8p per share from 31 December 2023 or a total return of –14.1%.

This further decline in value has been driven by several factors, including company-specific performance issues and tougher trading conditions, which have reduced revenue growth across a range of sectors. As a result, many companies in the portfolio have not met performance expectations, leading to lower valuation multiples being applied compared to those at recent points of investment. This situation has been exacerbated by a continued slow private market fundraising environment, leading to more limited capital availability. Consequently, companies have prioritised extending their cash runway, aiming to achieve profitability or delay fundraising until market conditions improve. In the short term, this has led to reduced valuations due to slower growth, but in the long run, the disciplined focus on sustainable growth should be beneficial.

With this further decline in NAV, the 5-year tax-free annual compound return for shareholders is now -3.5%. Since the high watermark as at 31 December 2021, Titan’s total return per share has been –39.8% with which the Board and Manager are, and shareholders will be, deeply disappointed. The scale of shareholder dissatisfaction has been made abundantly clear following the recently conducted survey.

In the 12 months to 31 December 2024, the Company utilised £137 million of its cash resources, comprising £30 million in new and follow-on investments, £44 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £38 million in share buybacks and £25 million in annual investment management fees and other running costs. The cash and corporate bond balance of £184 million at 31 December 2024 represented 22% of net assets at that date, compared to 20% at 31 December 2023.

The total value (NAV plus cumulative dividends paid per share since launch) at the end of the period was 155.6p (31 December 2023: 164.4p). Titan’s one-year total return of -8.8p (-14.1%) five-year total return of -15.6p (-16.4%) and ten-year total return of 6.7p (6.6%) evidences the disappointing decline in performance in recent years.

Strategic Review

As shareholders will be aware, in the half-yearly report issued at the end of September 2024, we announced a review of strategy to ensure a thorough retrospective analysis took place and a plan be drawn up for how the Company can be best structured for sustainability and improved performance in the future. A significant amount of work has been undertaken by Octopus and our appointed external advisers, Smith Square Partners LLP, across a number of different workstreams. This includes a detailed analysis of historical investment performance, ongoing sustainability, the forward-looking pipeline for realisations, future investment strategy, investment team resources and, finally, investment manager’s culture and governance. The significant performance challenges and the early-stage nature of much of the portfolio mean that it will take some time for changes to have an impact on performance and a longer-term approach to shaping the future of the Company is needed. We are making reasonably good progress, and more can be read about the steps which have been taken in the Spotlight section. The response to our shareholder survey is included below. From this it is clear that there is widespread and deep dissatisfaction with the past performance of Titan, both in absolute and relative terms and an understandable frustration with the lack of capital growth in recent years. The Board also acknowledges the recent press coverage, particularly in respect of shareholders’ views on the fees that Titan pays. We would like to thank those that participated in the survey, as well as those that have provided their feedback to both the Board and Octopus. The Board wishes to assure shareholders that it is considering the results and feedback alongside the review.

We expect to provide a further update on the review at, or prior to, our Annual General Meeting (AGM) on 19 June 2025. However, we do not anticipate the process to be completed by this point, so any proposals for the future of the Company will likely be put to shareholders at a later date.

Performance incentive fees
As the 2024 total return has been negative, and total value per share has declined since 31 December 2021, no performance fee is payable. To remind you, the performance fee is calculated as 20% on net gains above the high-water mark (the highest total value per share as at previous year ends), which is currently set as 197.7p as at 31 December 2021.

Dividends
Following careful consideration and recognising the value that shareholders’ place on receiving tax-free dividends, I am pleased to confirm that the Board has decided to declare a second interim dividend of 0.5p per share (2023: 1.9p per share). This will be paid on 29 May 2025 to shareholders on the register as at 25 April 2025. This second interim dividend, in addition to the 1.2p per share interim dividend paid in December 2024 brings the total dividends declared to 1.7p per share in respect of 2024. However, this 0.5p per share dividend is lower than that paid in previous years because of the ongoing performance challenges and dividends are typically a distribution of achieved performance. Considering dividends paid during 2024 (totalling 3.1p), the total dividend yield for the year is 5%, therefore meeting the Company’s target.

Dividends, whether paid in cash or reinvested under the DRIS, are always at the discretion of the Board, are never guaranteed, and are subject to regular review reflecting the returns generated by the Company, the timing of investment realisations, cash and distributable reserves and continuing compliance with VCT rules.

The Board will consider any further dividends to be paid in 2025 in the second half of the year at, or around, the release of the interim accounts for the six months ending 30 June 2025, subject to Titan’s performance, both realised and unrealised, improving and, as ever, Titan holding sufficient cash reserves.

As with the dividend paid to shareholders on 19 December 2024, and in light of the ongoing review of Titan’s strategy, the Board continues to suspend the Company’s dividend reinvestment scheme for the dividend to be paid on 29 May 2025, with the dividend being paid to shareholders in cash.

Fundraise and buybacks
We were pleased to raise over £107 million in the fundraise which closed on 5 April 2024. As stated in the half-yearly review, the Board will decide on the approach to future fundraising at the conclusion of the review of strategy.

During the year, Titan repurchased 67 million shares for £38 million (representing 4.2% of the net asset value as at 31 December 2023). Further details can be found in Note 14 of the financial statements. Details of the share buybacks undertaken during the year can be found in the Directors’ Report.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024, His Majesty’s Treasury brought the extension into effect through The Finance Act 2024. The Board is delighted that this has brought clarity to the status of VCTs.

Board of Directors
Rupert Dickinson was appointed to the Board with effect from 1 May 2024 and was elected by shareholders at the AGM held in June 2024. Rupert has over 20 years’ experience in the wealth and investment management industries. We are already benefitting from his extensive experience.

All the other Directors have indicated their willingness to remain on the Board, and Jane O’Riordan and Lord Rockley will be seeking re-election at the AGM.

Portfolio Manager and team
In March 2024, Malcolm Ferguson, Octopus’ lead Fund Manager for Titan, resigned and Jo Oliver was appointed as lead Fund Manager and Adviser to the Board on fund and strategy on an interim basis. In August 2024, Jo stepped down from this interim role. We wish to take this opportunity to thank both Jo and Malcolm for their contributions to the Company and wish them well for the future. We are pleased that, despite Malcolm’s resignation, he continues to support with portfolio management on a contractual basis. The process to appoint a replacement lead Fund Manager will commence once the review of strategy is completed.

Shareholders may be aware that there has been considerable turnover over the past twelve months in the Octopus Ventures team, which is responsible for managing Titan. As part of the on-going strategic review, Octopus is assessing the team structure, size, culture and experience to ensure it is aligned with its future investment strategy proposals. In the interim, the Octopus Ventures team is receiving additional senior support from across the business to ensure adequate resources are available.

AGM and shareholder event
The AGM will take place on 19 June 2025 from 12.00 noon and will be held at the offices of Octopus Investments Limited, 33 Holborn, London, EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of AGM.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. Shareholders are invited to send any questions they may have via email to TitanAGM@octopusinvestments.com. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Currently, we do not anticipate the strategic review process will have been fully completed by the date of the AGM. As a result, we will issue a further communication to shareholders in due course setting a date for a shareholder event and, if applicable, a General Meeting at which shareholders will be able to vote on any proposals for the future direction of the Company.

Outlook
The further decline in NAV to 31 December 2024 is extremely disappointing, especially when set against the backdrop of the recent recovery of some of the comparable markets and other VCTs. This decline has been primarily driven by specific portfolio performance issues and sectoral downturns, leading to cash constraints exacerbated by a challenging fundraising environment. Some portfolio companies attempted to raise funds but were unsuccessful, resulting in several being placed into administration or accepting acquisition offers on unfavourable terms. More details on these disposals can be found in the Portfolio Manager’s review. Others had to complete funding rounds at lower valuations or in ways that negatively impacted the value of the Company’s shareholding.

The Company returned £29 million in cash proceeds from exits in 2024, in addition to £12.4 million distributed from Zenith Holding Company to Titan. This is a disappointing outcome as it is below the level achieved in 2023, and does not accomplish the Company’s long-term sustainability target. Despite the Manager’s initiatives to increase the number of realisations of portfolio companies and return cash proceeds to Titan, we have not yet seen any profitable realisations in 2025. This sustained focus on achieving regular liquidity is an important step towards ensuring the ongoing sustainability of the Company.

Despite this, the Board retains a degree of optimism about the potential of some of the companies within what is undoubtedly a diversified portfolio, with over 135 companies spanning a wide range of sectors, business models and investment stages. Furthermore, Titan’s portfolio remains well funded with circa 42% of the portfolio NAV being comprised of companies not expecting to need further funding. This figure rises to 67% when including those companies with more than 12 months’ cash runway.

I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work during this very challenging period.

Tom Leader
Chair

Spotlight on the review of strategy

On 30 September 2024, the Board, in conjunction with the Manager, announced a strategic review. This was catalysed by the ongoing challenges in the early-stage venture market to which the Company is exposed and the resultant performance issues faced. Since this date, the Board and Manager have undertaken numerous actions to identify the areas of focus and potential changes which could be made to drive the best performance for the Company and outcome for shareholders. Below is a summary of the steps taken to date by both the Board and Manager.

Date	Investment Manager’s actions	Titan VCT Board’s actions	Board meetings held
Sep 2024		Announcement of review of strategy.	Four Board meetings
Oct 2024	Establish internal review committee comprised of different areas of the business. Co-ordinating information packs for the external advisers.	External adviser selection process concluded and terms agreed.
Nov 2024	Recruitment process for senior Portfolio Management roles commences. Internal review committee submits scope of work to the Board.	External advisers, Smith Square Partners, appointed. Board reviews Octopus’ scope of work.	Two Board meetings
Dec 2024	Internal review committee submits information pack on sustainability and fund performance workstreams to the Board.	Shareholder and adviser survey launched. Board reviews information pack on sustainability and fund performance. Board reviews external advisers’ analysis of performance and benchmarking.	One Board meeting
Jan 2025	Survey results analysed. External specialists commence review of Consumer Duty. Internal review committee submits information pack on team and culture and risk and governance work streams to the Board.	Board reviews external advisers’ progress report including analysis of the realisations pipeline. Board reviews information pack on team and culture and risk and governance work streams. Survey results analysed.	Two Board meetings
Feb 2025	Internal review committee presents first part of the go-forward investment strategy and further sustainability analysis and metrics.	Board reviews go‑forward strategy and sustainability analysis and metrics.	One Board meeting
Mar 2025	Results of Consumer Duty Review analysed.	Board reviews external advisers’ progress report. Results of Consumer Duty Review analysed. Unaudited NAV released with update on progress of review.	Two Board meetings
Apr 2025	Internal review committee presents follow up detail on the go-forward investment strategy, as well as proposals for future team and resourcing plan. Proposal submitted to Board regarding ongoing fees.	External advisers’ interim report shared with the Board. Annual report published. Board considers proposal on future team and resourcing strategy and fees. Board commences fee negotiations with Octopus.	Two Board meetings

Summary of the Manager’s internal review workstreams:

1. Fund performance
Working to understand the most appropriate investment and divestment strategy looking at past performance metrics, benchmarks and future objectives.

2. Fund strategy
Investigating potential future options for Titan’s strategy which could drive improved performance. Some potential options were included in the shareholder survey to canvas views.

3. Sustainability
Working on past performance and future forecasting to ensure Titan operates sustainably, returning funds through realisations.

4. Team & culture
Reviewing the team structure, size, culture and experience (past and present) and how it maps to the successful management of the Company. Full Octopus Ventures strategy refresh in line with new Chief Executive Officer (CEO) Erin Platts joining.

5. Consumer Duty
External consultants appointed to carry out a review of Consumer Duty. This is to understand shareholders’ expected outcomes and assessing how the Company has delivered against them.

6. Risk & governance
Work led by the compliance team updating Titan’s risk register. Review and enhancement of governance processes and procedures, where relevant.

What’s next
1. Final Smith Square Partners report presented to the Board.
2. Finalise fee proposal, as well as review of the Investment Management Agreement and Non-Investment Services Agreement.

Octopus Ventures’ new CEO

Erin Platts joined Octopus Ventures as CEO in January 2025.

Previously, she held the role of CEO at HSBC Innovation Banking UK, formerly Silicon Valley Bank UK & EMEA. Over two decades in leadership roles with the institution, she established Silicon Valley Bank UK as a standalone, regulated subsidiary before leading the organisation through the transition period following its sale to HSBC in 2023, scaling operations to over 800 people, across six countries and into the market leading position across the sector.

With a career spent in the US, UK and European tech ecosystems, Erin is an active and vocal spokesperson, championing Diversity, Equity and Inclusion through partnerships with organisations including Tech Nation, Founders Forum and the Newton Venture Program.

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing open communication. Our annual and half-year updates are designed to keep you informed about the progress of your investment.

Focus on performance
The NAV of 50.5p per share at 31 December 2024 represents a decrease in NAV of 8.8p per share versus a NAV of 62.4p per share as at 31 December 2023, after adding back dividends paid during the year of 3.1p (2023: 5p) per share, a negative total return per share of 14.1% in the year.

The performance over the five years to 31 December 2024 is shown below:

	Year ended	Year ended	Year ended	Year ended	Year ended
	31 December	31 December	31 December	31 December	31 December
	2020	2021	2022	2023	2024
NAV, p	97.0	105.7	76.9	62.4	50.5
Cumulative dividends paid, p	81.0	92.0	97.0	102.0	105.1
Total value, p	178.0	197.7	173.9	164.4	155.6
Total return¹	7.1%	20.3%	(22.5)%	(12.4)%	(14.1)%
Dividend yield²	5.3%	11.3%	4.7%	6.5%	5.0%

1. Total return % is an alternative performance measure, calculated as total return/opening NAV.
2. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

We are deeply disappointed by the negative total return of 14.1% in 2024 which has been driven by a decline of £193 million across 72 companies. The businesses that contributed most significantly to this decline were Pelago, Many Pets and Big Health. Whilst these companies continue to look to scale, they have underperformed the high expectations set at their last funding round, and so have seen their valuations decline.

These three valuation movements account for around a third of the total decline in NAV over the twelve-month reporting period.

Octopus Ventures believes that many of the companies which have seen decreased valuations in the period have the potential to overcome the issues they face and get their growth plans back on track. Octopus Ventures continues to work with them to help them realise their potential. In some cases, the support offered could include further funding to ensure a business has the capital it needs to execute on its strategy. Our in-house Talent team is being utilised to build high-performing teams and support on key recruitment initiatives. This team, as well as our expert network of consultants, support companies on project work and can also work part-time with the businesses.

More positively, 39 companies saw an increase in valuation in the period, delivering a collective increase in valuation of £56 million. These valuation increases reflect businesses which have successfully concluded further funding rounds at increased valuations, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Legl, Taster and Katkin – all of which have increased their market reach through new product launches. These strong performers demonstrate that there are opportunities available for companies to thrive, and Titan’s diverse portfolio allows different routes for each company to succeed in their market.

The gain on Titan’s uninvested cash reserves was £9.2 million in the year to 31 December 2024, primarily driven by a fair value movement of £4.4 million in the corporate bond portfolio and a return of £4.2 million on the money market funds. The objective for the money market funds is to earn appropriate market rates on highly liquid treasury holdings, with limited risk to capital.

Titan total value growth from inception
The table below highlights the compound annual growth rate across different holding periods.

Despite the reduction in NAV in the year, the total value has seen an increase since the end of Titan’s first year, from 89.9p to 155.6p at 31 December 2024. Since Titan launched, a total of over £557 million has been distributed back to shareholders in the form of tax-free dividends. This includes dividends reinvested as part of the DRIS.

Holding period	Total return	Tax-free compound annual growth rate
Since October 2008	73.1%	3.4%
10 years	6.6%	0.6%
5 years	(16.4)%	(3.5)%
1 year	(14.1)%	(14.1)%

Disposals
Disposals and deferred proceeds have returned £29 million in cash during the period. In addition, £12.4 million was distributed from Zenith Holding Company to the Company.

Exits
In June, Taxfix (a European focused tax return technology platform) acquired TaxScouts, for a combination of cash and equity, which has allowed it to enter the UK market. As a result, Titan now holds shares in Taxfix.

In July, Foodsteps was acquired by Registrar Corp (a provider of regulatory and compliance software for the food, cosmetic and life sciences industry). This transaction was also for a combination of cash and equity and has offered Registrar Corp access to Foodsteps’ global market platform of over 32,000 companies in 190 countries.

In November, Cobee was acquired by Pluxee Group (an employee benefits and engagement platform) as part of its strategic growth plan. Pluxee is a global leader in employee benefits and engagement, operating in 31 countries with over 5,000 employees. Pluxee is uniquely positioned to support Cobee’s continued growth.

In November, nCino (a cloud-based software company that provides a platform for financial institutions to manage their business lines) acquired FullCircl. This will enhance nCino’s data and automation capabilities and allow it to expand its reach across the UK and Europe.

In December, Behavox (a leading provider of AI powered archiving, compliance and security solutions) acquired Mosaic Smart Data.

Partial exits
Two partial exits completed in October with Neat (an embedded insurance platform that enables merchants to offer tailored insurance bundles to their customers at competitive rates) completing a €50 million Series A funding round, and Vitesse (a global domestic settlement and liquidity management system to hold funds and execute cross-border payments) completing a $93 million Series C investment round. As part of both of these rounds, Titan sold a portion of its shares. We are pleased to have realised some value for shareholders in these transactions, but also excited to maintain a holding in the companies and to be able to continue to support their growth journeys.

Deferred proceeds
In the year, Titan also received deferred proceeds from the sale of Calastone (to The Carlyle Group in 2020) which was held via Octopus Zenith Holding Company, iSize (to Sony Interactive Entertainment in 2023), Conversocial (to Verint), Glofox (to ABC Fitness), Comma (to Weavr) and Foodsteps (to Registrar).

Exits at a loss
There have been four disposals made at a loss: Titan sold its remaining shares in Cazoo, which was listed on the New York Stock Exchange, Unmade was acquired by High-Tech Apparel, and Titan’s shares in Appear Here were converted to deferred shares and divested, as there was not seen to be a chance of recovery of any funds. Vinter was acquired by Kaiko (a leading provider of cryptocurrency market data, analytics and indices) for equity. As a result, Titan now holds shares in Kaiko, which are currently valued below Titan’s initial cost of investment, but these will be subject to re-valuation at least twice annually as per our normal process. In aggregate, these losses generated negligible proceeds compared to an investment cost of £19 million.

Companies placed into administration
Unfortunately, Audiotelligence, Stackin (now fully dissolved), Contingent, Phoelex, Excession, Dead Happy, Pulse Platform and Allplants were placed into administration having all been unsuccessful in securing further funding and having explored and exhausted all available options. In aggregate, the investment cost of the companies placed into administration totalled £26 million.

In the year to 31 December 2024, Third Eye and LifeBook were fully dissolved having been placed into administration in previous reporting periods.

The underperformance of a portfolio company is always disappointing for Octopus and shareholders alike, but it is an inherent characteristic of a venture capital portfolio, and we believe the successful disposals will continue to outweigh the losses over the medium to long-term.

	Year ended 31 December 2020	Year ended 31 December 2021	Year ended 31 December 2022	Year ended 31 December 2023	Year ended 31 December 2024	Total
Disposal proceeds¹ (£’000)	23,915	221,504	62,213	45,637	41,432	394,701

1.This table includes cash and retention proceeds received in the period.

New and follow-on investments
Titan completed 8 new investments and made 14 follow-on investments in the reporting period. Together, these totalled £30 million (made up of £19 million into new companies and £11 million invested into the existing portfolio).

Please see a summary of some of the new investments we made in the year.

DRIFT Energy: Designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore.
ExpressionEdits: Using a proprietary AI algorithm to design DNA sequences and intronization technology to enhance the expression of proteins in mammalian cells.
Forefront: Developing a tuneable Radio Frequency Front-End (RFFE) module for mobile devices which is smaller, cheaper, and more flexible than currently available products sold.
LabGenius: A next-generation platform leveraging machine learning to develop novel therapeutic antibodies.
Manual: Provides innovative treatments for a range of health conditions.
Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.
SWiiPR: Developed a digital payments platform specifically for the airline industry.

As explained in the half-yearly report, the Octopus Ventures team is focused on improving performance from the existing portfolio and driving improved returns to shareholders. Given Titan’s scale, the greatest returns are expected to be driven by its existing, largest holdings. Over the last nine months, Titan has focused on building value in its existing portfolio, allowing capital and time to be prioritised on existing companies. No term sheets for new investments have been signed since the summer of 2024. The five follow-on investments which completed in the second half of 2024 have all increased in value in the December valuation round, on average seeing an increase of 10%. We believe that this focus will drive positive future NAV performance as these portfolio companies are more established, so have a greater potential to secure further investment, or are closer to an exit.

Shareholder survey results
Octopus regularly seeks feedback from Titan’s investor and adviser base either through local Business Development Managers or after webinars with the Investment Managers. Considering the ongoing review of Titan’s strategy, which is looking at a wide range of areas such as investment strategy, fundraising and dividend policies, Octopus and the Board wanted to give investors and advisers an extra opportunity to share feedback and help shape the future strategic direction of Titan. In conjunction with an external research firm, between December 2024 and January 2025, Octopus surveyed Titan’s investor and adviser base to try to better understand investors’ priorities, areas of concern and opportunities which may be of interest.

We were pleased to see significant engagement, having received over 3,000 responses from investors and advisers. As stated in the Chair’s statement, the results emphasise that the greatest areas of dissatisfaction are around past performance and the capital growth opportunity, as highlighted below. Octopus and the Board share investors’ frustration with the recent poor performance, and have been reviewing Titan’s investment strategy with the aim to improve shareholder returns. The Board intends to communicate to investors any strategic changes once they are agreed in due course.

To understand investors’ priorities when making their investment decision we asked the following:

When you first chose to invest in Titan VCT, how important were the following factors?
The results were as follows in order of importance:

Tax reliefs available on your investment (income tax relief, tax free dividends and tax free capital gains)
5% annual target dividend
Capital growth opportunity
Past performance of fund
Access to early-stage, unlisted tech enabled companies with high growth potential
Ability to sell your shares back to the VCT via the share buyback facility
Size of fund
Fees and charges

Octopus asked investors to rank their level of satisfaction against each of the top eight factors and the results were as follows:

	Satisfied	Dissatisfied	Neutral or not sure
Tax reliefs available on your investment	88%	2%	10%
5% annual target dividend	50%	22%	28%
Capital growth opportunity	18%	60%	22%
Past performance of fund	21%	52%	27%
Access to early-stage, unlisted tech enabled companies with high growth potential	39%	10%	51%
Ability to sell your shares back to the VCT via the share buyback facility	29%	8%	63%
Size of fund	34%	6%	60%
Fees and charges	22%	18%	60%

Survey results based on responses from 1,093 direct investors and 2,195 advised investors, does not include responses from advisers.

Valuations
Titan’s unquoted portfolio companies are valued in accordance with UK GAAP accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines. This means we value the portfolio at Fair Value, which is the price we expect people would be willing to buy or sell an asset for, assuming they had all the information available that we do, are knowledgeable parties with no pre-existing relationship, and that the transaction is carried out under the normal course of business.

The table below illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been issued with an acquirer. ‘External price’ also includes quoted holdings, which are held at their quoted price as at the valuation date. As at 31 December 2024, Titan only held one quoted holding. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability-weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
External price	17%	25
Multiples	53%	30
Scenario analysis	16%	33
Milestone analysis	14%	25
Write-off	–	25

Case studies

MANUAL
https://www.manual.co/
Making high-quality care more accessible and stigma-free

MANUAL provides innovative treatments for a range of conditions, from hair loss and low testosterone to weight management and diagnostics.

With over 800,000 patients served across the UK and Brazil, MANUAL continues to expand its impact. The company’s weight loss brand, Voy, has helped over 70,000 people lose weight. In 2024, MANUAL acquired Menopause Care – the UK’s second largest menopause clinic – furthering its mission to support underserved areas of health.

Following the company’s £29 million Series B raise in 2024, the company is accelerating its growth, with a 140% revenue Compound Annual Growth Rate (CAGR) since 2019. With this investment, MANUAL is scaling its reach and pioneering new healthcare solutions, ensuring more people get the treatments they need to improve their quality of life.

Nearly 90% of men do not seek help unless they have a serious problem
Served more than 800,000 patients to date

Legl
https://legl.com/
Revolutionising Legal Services with AI and Data-Driven Insights

Legl delivers a world-class client experience for UK law firms by reducing risk, improving cash flow, and enabling them to bill and collect payments faster. With actionable client intelligence, their customers are empowered to make smarter decisions and drive business growth.

By leveraging cutting-edge technology and data insights, Legl creates seamless onboarding experiences and superior payment processing capabilities. Beyond onboarding, they provide intelligence and audit functionality to help firms manage risk intelligently in a complex and ever-changing environment. Its embedded finance stack, which has been built specifically for law firms, makes collecting payments, reducing debt, and fostering exceptional client relationships effortless. In turn, providing a step-change for internal cash flow and treasury management.

Helped firms manage risk for over one million clients
Processed over $500 million in payments

BondAval
https://www.bondaval.com/
Transforming non-payment risk protection

Founded in 2020, B2B insurtech Bondaval protects companies when their customers buy now, but don’t pay later, and is already serving some of the largest companies in the world. While existing options are opaque, inflexible or limited, Bondaval’s range of insurance products are made more powerful via their proprietary technology platform, which translates policy obligations into clear tasks, helps aggregate and monitor risk signals, and makes limit management effortless for credit managers. With their receivables secured, businesses can grow faster with more peace of mind, achieve more predictable financial performance, and even access new lines of financing.

Offices in London, New York and Dallas
Licensed in 30+ countries

Taster
https://taster.com/
Food innovators redefining quick-service dining

Taster was founded with the goal of revolutionising the quick-service food experience globally. In 2017, the company raised €8 million, and by 2021, they secured an additional €30 million. By the end of 2023, Taster had grown to 400 online restaurants, with its franchise network expanding across France, the UK, Spain, the Netherlands, and Belgium. Taster collaborates closely with co-creators and kitchen partners, from launching new brands to creating special edition menu items. Their strategy focuses on building social media-first brands that engage audiences and cultivate communities around their digital restaurants.

Operating in over 90 cities across Europe

We are disappointed to report a net decrease in the value of the portfolio of £137 million since 31 December 2023, excluding additions and disposals. This represents a decline of 17% on the value of the portfolio at the start of the year. Here, we set out the cost and valuation of the top 20 holdings, which account for 61% of the value of the portfolio and 47% of the total NAV.

	Portfolio:	Investment focus:	Investment cost:	Total valuation including cost:
1	Skin+Me	Health	£11.5m	£44.9m
2	Amplience	B2B Software	£13.6m	£35.0m
3	Permutive	B2B Software	£19.0m	£31.0m
4	Elliptic	Fintech	£9.9m	£26.2m
5	Vitesse	Fintech	£8.8m	£25.8m
6	ManyPets	Fintech	£10.0m	£24.6m
7	Pelago¹	Health	£17.9m	£23.2m
8	Legl	B2B Software	£7.3m	£18.6m
9	Orbex	Deep tech	£12.0m	£17.8m
10	Token	Fintech	£12.6m	£16.5m
11	Taster	Consumer	£8.1m	£15.4m
12	vHive	Deep tech	£8.0m	£14.9m
13	Ometria	B2B Software	£11.5m	£14.0m
14	SeatFrog	Consumer	£9.6m	£13.5m
15	KatKin	Consumer	£8.2m	£13.2m
16	Automata	Health	£12.3m	£12.4m
17	XYZ	Consumer	£15.3m	£10.7m
18	BondAval	Fintech	£7.1m	£10.6m
19	Iovox	B2B Software	£7.2m	£10.4m
20	Ibex	Health	£11.8m	£9.5m

Digital Therapeutics, Inc., formerly Quit Genius, has rebranded as Pelago.

Top 10 investments in detail¹
1
Skin+Me

Skin+Me offers direct-to-consumer, personalised skincare.
www.skinandme.com

Initial investment date:	September 2019
Investment cost:	£11.5m
	(2023: £11.5m)
Valuation:	£44.9m
	(2023: £48.5m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m (2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7m)
Valuation methodology:	Multiple 2023: Multiple

2
Amplience
Amplience is a leading headless content management system, which powers retailers’ digital channels.
www.amplience.com

Initial investment date:	December 2010
Investment cost:	£13.6m
	(2023: £13.6m)
Valuation:	£35.0m
	(2023: £41.8m)
Last submitted accounts:	30 June 2024
Turnover:	£16.0m
	(2023: £14.9m)
Loss before tax:	£(5.5)m
	(2023: £(8.1)m)
Net assets:	£(22.8)m
	(2023: (£17.4m)
Valuation methodology:	Multiple 2023: Multiple

3
Permutive
Permutive’s publisher data platform gives its customers an in-the-moment view of everyone on their site.
www.permutive.com

Initial investment date:	May 2015
Investment cost:	£19.0m
	(2023: £19.0m)
Valuation:	£31.0m
	(2023: £41.2m)
Last submitted accounts:	31 January 2023
Turnover:	Not available²
	(2023: £9.8m)
Loss before tax:	Not available²
	(2023: £(19.3)m)
Net assets:	Not available²
	(2023: £(40.2)m)
Valuation methodology:	Multiple
	2023: Multiple

4
Elliptic
Crypto compliance and forensic investigation solutions used by financial institutions, crypto businesses, law enforcement, and regulators to detect and prevent financial crime.
www.elliptic.co

Initial investment date:	July 2014
Investment cost:	£9.9m
	(2023: £9.9m)
Valuation:	£26.2m
	(2023: £19.0m)
Last submitted accounts:	31 March 2024
Turnover:	£13.7m
	(2023: £9.6m)
Loss before tax:	£(16.4)m
	(2023: £(27.1)m)
Net assets:	£(3.8)m
	(2023: £10.6m)
Valuation methodology:	Multiple 2023: Multiple

5
Vitesse

A settlement and liquidity management platform to hold funds and deliver international payments globally, using domestic, in-country processing.
www.vitesse.io/

Initial investment date:	June 2020
Investment cost:	£8.8m
	(2023: £10.1m)
Valuation:	£25.8m
	(2023: £26.6m)
Last submitted accounts:	31 March 2024
Consolidated turnover:	£24.8m
	(2023: £11.2m)
Consolidated profit/(loss) before tax:	£0.6m
	(2023: £(5.7)m)
Net assets:	£17.3m
	(2023: £16.2m)
Valuation methodology:	Multiple 2023: Last Round

6
ManyPets

An award-winning insurtech company with a specific focus on providing better pet insurance for everyone.
www.manypets.com

Initial investment date:	October 2016
Investment cost:	£10.0m
	(2023: £10.0m)
Valuation:	£24.6m
	(2023: £47.1m)
Last submitted accounts:	31 March 2024
Turnover:	£29.6m
	(2023: £35.9m)
Loss before tax:	£(34.1)m
	(2023: £(67.5)m)
Net assets:	£79.9m
	(2023: £110.6m)
Valuation methodology:	Multiple 2023: Multiple

7
Pelago

A digital health solution for managing substance use disorders.
www.pelagohealth.com

Initial investment date:	January 2020
Investment cost:	£17.9m (2023: £17.9m)
Valuation:	£23.2m
	(2023: £38.6m)
Last submitted accounts:	Not available²
Turnover:	Not available² 2023: Not available²:
Loss before tax:	Not available² 2023: Not available²
Net assets:	Not available² 2023: Not available²
Valuation methodology:	Multiple 2023: Last round

8
Legl
Cloud based legal workflow automation platform.
www.legl.com

Initial investment date:	January 2021
Investment cost:	£7.3m
	(2023: £7.3m)
Valuation:	£18.6m
	(2023: £13.8m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	2023: Not available²
Profit/(loss) before tax:	$1.5m
	(2023: $(0.1)m)
Net assets:	$30.4m
	(2023: $28.8m)
Valuation methodology:	Multiple 2023: Multiple

9
Orbex

Focused on providing low-cost orbital launch services for small satellites.
www.orbex.space

Initial investment date:	December 2020
Investment cost:	£12.0m
	(2023: £10.3m)
Valuation:	£17.8m
	(2023: £15.3m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Consolidated loss before tax:	£(17.2)m (2023:(8.8)m)
Consolidated net assets:	£16.3m
	(2023: £31.8m)
Valuation methodology:	Scenario Analysis 2023: Scenario Analysis

10
Token

A leading open banking solution, focused on payments.
www.token.io

Initial investment date:	March 2017
Investment cost:	£12.6m
	(2023: £12.6m)
Valuation:	£16.5m
	(2023: £17.1m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Loss before tax:	Not available² 2023: Not available²
Net assets:	£0.9m
	(2023: £0.7m)
Valuation methodology:	Multiple 2023: Multiple

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Outlook
Our portfolio companies have been navigating a turbulent few years and global geo‑political and economic conditions remain uncertain. Due to the early‑stage nature of the portfolio companies, any improvement in conditions will not be felt immediately.

The fundraising environment remains challenging for portfolio companies, with 2024 seeing both a decline in the number of investments completed at the seed and Series A stages and many rounds completing at decreased valuations. This is largely a function of a reset in venture-backed valuations which began in 2022, with many companies having no option but to accept a reduced valuation to bring in new capital to survive or scale. We have also seen in the year that the venture landscape has been reshaped by AI, which captured a 37% share in all funding in 2024 and 17% of all deals.¹ However, when AI investments are excluded, global deal activity dropped to its lowest levels since 2016.

With some of our portfolio companies struggling to secure new investors and requiring significant investment to develop, many have had to focus on cash preservation and limit their growth. As such, the valuation multiples being applied have declined in line with this. We have also seen some companies being unable to achieve the milestones Octopus set out when the initial investment was completed and so we have seen more declines in value.

Looking to the future, the Octopus Ventures team has been focusing on driving both improved performance and distributions to Titan. In the year, we have been able to realise £29 million in cash proceeds to the Company from exits. This includes deferred amounts received in cash relating to disposals from previous periods. In addition, £12.4 million was distributed from Zenith Holding Company to the Company. The team is actively involved in its portfolio companies and during the year developed specific workstreams to support the portfolio with value-adding activities, as summarised below:

Capital allocation: aims to optimise financial planning by fostering stronger alignment between each company’s strategic objectives and their financial plans, reducing the risk of unexpected cash issues and value-eroding insolvencies or emergency down-rounds. Improving financial planning will ensure efficient resource allocation, minimise risks and enhance profitability, ultimately leading to sustainable growth and long-term success.
Return: looking to drive exits or other liquidity events as part of a clear aim of regularly recycling capital back into the Company.
Raise: to improve fundraising outcomes for portfolio companies, through initiatives such as supporting the creation of fundraising material, network introductions for potential investors or timeframe planning. Raising additional funding is crucial to provide the necessary capital to expand operations, invest in new technologies and seize available growth opportunities, ensuring a company’s long-term viability and competitive edge.
Talent and board: to drive performance in companies by supporting and influencing the build of high performing leadership teams and effective boards. This workstream is driven by Octopus Ventures in-house People and Talent team. Building talented teams drives innovation, enhances productivity and contributes to a positive work culture, all of which lead to a company’s overall success.

Titan’s capital and resources have been prioritised on those portfolio companies which have the potential to drive the greatest returns. This portfolio focus has been leveraging the advantages Titan has of being a very large and mature VCT holding a highly diversified portfolio. Having made over 80 investments in the preceding few years, there remains the opportunity for long-term returns to the Company. The ongoing focus for the team will be optimising growth plans for the portfolio and taking advantage of exit opportunities.

1. https://www.cbinsights.com/research/report/venture-trends-2024/

Risks and risk management

The Board assesses the risks faced by Titan and, as a board, reviews the mitigating controls and actions, and monitors the effectiveness of these controls and actions.

Emerging and principal risks, and risk management

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate emerging risks and those noted below by setting policy, regular review of performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks that management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo-political instability; and
climate change.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Titan’s investments is into unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Titan portfolio and the engagement levels of other investors. Regular board reports are prepared by the portfolio company’s management and examined by the Manager. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Titan to play a prominent role when necessary in a portfolio company’s ongoing development and strategy. The overall risk in the portfolio is mitigated by maintaining a wide spread of holdings in terms of financing stage, age, industry sector and business model. The Board reviews the investment portfolio with the Portfolio Manager on a regular basis. The Portfolio Manager is incentivised via a performance incentive fee for exceeding certain performance hurdles. The Board and Octopus are reviewing the fee structure.	Risk exposures continue to increase due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Titan is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Titan and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Titan’s qualifying status regularly throughout the year, and reviews this at key points including investment realisation. This status is reported to the Board at each Board meeting. The Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	Decreased exposures reflected in the previous period remain. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Titan.	The Portfolio Manager has a broad team, experienced in and focused on early-stage investing and portfolio company management. Various mitigants exist to assist in managing key person risk. These include frameworks that review succession, remuneration and career progression. Workforce planning is continuous and reviews skillsets and team structures. To reduce the exposure further, the core team is also supplemented by part-time venture partners with sector or functional specialism.	The increased exposures reflected in the previous period remain due to the loss of the lead fund manager and other leadership positions at the Portfolio Manager. The absence of a performance fee and lack of new investments or deal-making opportunities compared to previous periods are also factors.
*Risk*	*Mitigation*	*Change*
Operational:
The Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third-party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Titan’s internal controls). These include controls designed to make sure that Titan’s assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated information security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events.	No overall change on balance, although cyber threat remains a significant risk area faced by all service providers. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession and movement in interest rates could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions or the sectors in which they operate. This could result in a reduction in the value of Titan’s assets.	Titan invests in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Titan also maintains adequate liquidity to make sure it can continue to provide follow‑on investment to those portfolio companies which require it and which is supported by the individual investment case.	Increased exposures reflected in the previous periods remain and have heightened further as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Titan by restricting the companies Titan can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Titan’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has continued to reduce since the previous period following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Titan’s available cash will not be sufficient to meet its financial obligations. Titan invests in smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Titan’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Titan’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Titan maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these investments were valued at £183,770,000 (2023: £199,841,000), which represents 22% (2023: 20%) of the net assets of Titan. The Board also reviews the cash runway in the portfolio.	Risk exposure has continued to increase, reflecting economic uncertainty, the impact on fundraising and the risk of failing to exit portfolio companies.
*Risk*	*Mitigation*	*Change*
Valuation:
The portfolio investments are valued in accordance with International Private Equity and Venture Capital (IPEV) valuation guidelines. This means companies are valued at fair value. As the portfolio comprises smaller unquoted companies, establishing fair value can be difficult due to the lack of a readily available market for the shares of such companies and the potentially limited number of external reference points.	Valuations of portfolio companies are performed by appropriately experienced staff, with detailed knowledge of both the portfolio company and the market it operates in. These valuations are then subject to review and approval by Octopus’ Valuation Committee, comprised of staff who are independent of Octopus Ventures with relevant knowledge of unquoted company valuations, as well as Titan’s Board of Directors.	Risk exposure remains unchanged from the previous period due to economic uncertainty within valuation modelling.
*Risk*	*Mitigation*	*Change*
Foreign currency exposure:
Investments held and revenues generated in other currencies may not generate the expected level of returns due to changes in foreign exchange rates.	Octopus and the Board regularly review the exposure to foreign currency movement to make sure the level of risk is appropriately managed. Investments are primarily made in GBP, EUR and USD so exposure is limited to a small number of currencies. On realisation of investments held in foreign currencies, cash is converted to GBP shortly after receiving the proceeds to limit the amount of time exposed to foreign currency fluctuations.	Risk exposure has not changed since the previous period.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Titan over a period of five years, consistent with the expected investment hold period of a VCT investor. Under VCT rules, subscribing investors are required to hold their investment for a five-year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Titan’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Titan and its current position, including risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to Titan’s reliance on, and close working relationship with, the Portfolio Manager.

The Board has carried out robust stress testing of cash flows which included assessing the resilience of portfolio companies, including the requirement for any future financial support and the ability to pay dividends, and buybacks.

The Board has additionally considered the ability of Titan to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment the Board confirms that it has a reasonable expectation that Titan will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to ensure Titan has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland’ (FRS 102), (United Kingdom accounting standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

Insofar as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Tom Leader
Chair

Income statement

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain/(loss)/gain on disposal of fixed asset investments	—	5,184	5,184	—	(1,870)	(1,870)
Gain on disposal of current asset investments	—	563	563	—	355	355
Loss on valuation of fixed asset investments	—	(136,894)	(136,894)	—	(131,655)	(131,655)
Gain on valuation of current asset investments	—	4,439	4,439	—	8,098	8,098
Investment income	4,215	—	4,215	4,467	—	4,467
Investment management fee	(954)	(18,125)	(19,079)	(1,054)	(20,028)	(21,082)
Other expenses	(6,072)	—	(6,072)	(6,264)	—	(6,264)
Foreign exchange translation	—	(5)	(5)	—	(1,548)	(1,548)
Loss before tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Tax	—	—	—	—	—	—
Loss after tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per share – basic and diluted	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The ‘Total’ column of this statement is the profit and loss account of Titan. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Titan has only one class of business and derives its income from investments made in shares and securities, and from bank and money market funds.

Titan has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 31 December 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		640,797		791,403
Current assets:
Money market funds	93,523		91,172
Corporate bonds	90,247		108,669
Applications cash¹	22		17,842
Cash at bank	213		2,970
Debtors	8,412		1,218
		192,417		221,871
Creditors: amounts falling due within one year	(1,856)		(19,530)
Net current assets		190,561		202,341

Net assets		831,358		993,744

Share capital		1,647		1,594
Share premium		—		45,780
Capital redemption reserve		141		74
Special distributable reserve		1,056,537		1,025,614
Capital reserve realised		(125,444)		(89,570)
Capital reserve unrealised		(57,285)		51,674
Revenue reserve		(44,238)		(41,422)

Total equity shareholders’ funds		831,358		993,744

NAV per share		50.5p		62.4p

Funds raised from investors since Titan opened for new investment which have not been allotted as at year end.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Tom Leader, Chair
Company Number 06397765

Statement of changes in equity

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2024	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(18,125)	—	—	(18,125)
Current year gain on disposal of fixed asset investments	—	—	—	—	5,184	—	—	5,184
Current year gain on disposal of current asset investments	—	—	—	—	563	—	—	563
Loss on fair value of fixed asset investments	—	—	—	—	—	(136,894)	—	(136,894)
Gain on fair value of current asset investments	—	—	—	—	—	4,439	—	4,439
Loss after tax	—	—	—	—	—	—	(2,811)	(2,811)
Foreign exchange translation	—	—	—	—	—	—	(5)	(5)
Total comprehensive income for the year	—	—	—	—	(12,378)	(132,455)	(2,816)	(147,649)
Contributions by and distributions to owners:
Share issue (includes DRIS)	120	76,664	—	—	—	—	—	76,784
Share issue costs	—	(1,893)	—	—	—	—	—	(1,893)
Repurchase of own shares	(67)	—	67	(37,986)	—	—	—	(37,986)
Dividends paid (includes DRIS)	—	—	—	(51,642)	—	—	—	(51,642)
Total contributions by and distributions to owners	53	74,771	67	(89,628)	—	—	—	(14,737)
Other movements:
Share premium cancellation	—	(120,551)	—	120,551	—	—	—	—
Prior year fixed asset gains now realised	—	—	—	—	7,473	(7,473)	—	—
Prior year current asset losses now realised	—	—	—	—	(74)	74	—	—
Transfer between reserves	—	—	—	—	(30,895)	30,895	—	—
Total other movements	—	(120,551)	—	120,551	(23,496)	23,496	—	—
Balance as at 31 December 2024	1,647	—	141	1,056,537	(125,444)	(57,285)	(44,238)	831,358

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2023	1,368	92,896	27	887,288	(53,430)	160,634	(37,023)	1,051,760
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(20,028)	—	—	(20,028)
Current year loss on disposal of fixed asset investments	—	—	—	—	(1,870)	—	—	(1,870)
Current year gain on disposal of current asset investments	—	—	—	—	355	—	—	355
Loss on fair value of fixed asset investments	—	—	—	—	—	(131,655)	—	(131,655)
Gain on fair value of current asset investments	—	—	—	—	—	8,098	—	8,098
Loss after tax	—	—	—	—	—	—	(2,851)	(2,851)
Foreign exchange translation	—	—	—	—	—	—	(1,548)	(1,548)
Total comprehensive income for the year	—	—	—	—	(21,543)	(123,557)	(4,399)	(149,499)
Contributions by and distributions to owners:
Share issue (includes DRIS)	273	207,132	—	—	—	—	—	207,405
Share issue costs	—	(5,737)	—	—	—	—	—	(5,737)
Repurchase of own shares	(47)	—	47	(32,422)	—	—	—	(32,422)
Dividends paid (includes DRIS)	—	—	—	(77,763)	—	—	—	(77,763)
Total contributions by and distributions to owners	226	201,395	47	(110,185)	—	—	—	91,483
Other movements:
Share premium cancellation	—	(248,511)	—	248,511	—	—	—	—
Prior year current asset losses now realised	—	—	—	—	(355)	355	—	—
Transfer between reserves	—	—	—	—	(14,242)	14,242	—	—
Total other movements	—	(248,511)	—	248,511	(14,597)	14,597	—	—
Balance as at 31 December 2023	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	Year to 31 December	Year to 31 December
	2024	2023
	£’000	£’000
Reconciliation of profit to cash flows from operating activities
Loss before tax¹	(147,649)	(149,499)
Decrease in debtors²	279	3,671
Decrease/(increase) in creditors	146	(440)
Gain on disposal of current asset investments	(563)	(355)
Gain on valuation of current asset investments	(4,439)	(8,098)
Gain on disposal of fixed asset investments	(5,184)	(1,111)
Loss on valuation of fixed asset investments	136,894	131,655
Outflow from operating activities	(20,516)	(24,177)
Cash flows from investing activities
Sale of current asset investments	23,424	4,028
Purchase of fixed asset investments	(30,011)	(97,650)
Proceeds from sale of fixed asset investments³	41,432	45,637
Inflow/(outflow) from investing activities	34,845	(47,985)
Cash flows from financing activities
Movement in applications account	(17,820)	(5,457)
Dividends paid (net of DRIS)	(43,881)	(58,210)
Purchase of own shares	(37,986)	(32,422)
Share issues (net of DRIS)	69,025	187,852
Share issue costs	(1,893)	(5,737)
(Outflow)/inflow from financing activities	(32,555)	86,026
Increase/(decrease) in cash and cash equivalents	(18,226)	13,864
Opening cash and cash equivalents	111,984	98,120
Closing cash and cash equivalents	93,758	111,984
Cash and cash equivalents comprise
Cash at bank	213	2,970
Applications cash	22	17,842
Money market funds	93,523	91,172
Closing cash and cash equivalents	93,758	111,984

Loss before tax includes cashflows from dividends of £4.2 million (2023: £4.2 million).
Movement in debtors, net of disposal proceeds received in the year £41.4 million, with £40.9 million relating to current year disposals and £0.5 million relating to prior year disposals.
Of these proceeds, £12.4 million was distributed from Zenith Holding Company, a wholly owned subsidiary of Titan, to Titan during the year.

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Titan is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Titan has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Titan were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 28 December 2007 and can be found under the TIDM code OTV2. Titan is premium listed.

The principal activity of Titan is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), and with the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy
Investment income includes interest earned on money market funds. Dividend income is shown net of any related tax credit.

Dividends receivable are brought into account when Titan’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Money market funds	4,215	4,154
Loan note interest receivable	—	313
Total investment income	4,215	4,467

In the current year, accrued loan note interest income is treated to be included in the fair value of investments. The opening balance of accrued loan interest has been reclassified to be included in the fair value of investments. This reclassification amends the balance previously reported as of 31 December 2023.

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 5% to revenue and 95% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Titan’s investment portfolio.

Disclosure

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	954	18,125	19,079	1,054	20,028	21,082

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Titan. It also provides non-investment services to Titan under a non-investment services agreement. No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given. The basis upon which the management fee is calculated is disclosed within the Annual Report and financial statements.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Ongoing adviser and non-advised charges	2,111	2,370
Non-investment services fee¹	2,078	2,020
Other fees	780	480
Directors’ remuneration²	263	192
Audit fees	204	191
Registrar’s fees	196	200
Depositary fees	187	270
Listing fees	136	401
Directors and Officers (D&O) insurance	117	123
Impairment of accrued loan note interest receivable	—	17
Total	6,072	6,264

For further information please see note 9.
Includes employers’ NI.

Total ongoing charges are capped at 2.5% of net assets. For the year to 31 December 2024, the ongoing charges were 2.5% of net assets (2023: 2.4%). This is calculated by summing the expenses incurred in the period (excluding ongoing IFA charges and non‑recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Disclosure
The corporation tax charge for the period was £nil (2023: £nil).

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(147,649)	(149,499)
Current tax at 25% (2023: 23.5%)	(36,912)	(35,163)
Effects of:
Non‑taxable income	(1,054)	(977)
Non‑taxable capital loss	31,677	29,418
Non‑deductible expenses	55	71
Zenith distribution¹	3,100	—
Excess management expenses on which deferred tax not recognised	3,134	7,070
Tax rate differences²	—	(419)
Total current tax charge	—	—

1. £12.4 million was distributed from Zenith Holding Company to Titan in the year which is taxable income for Titan.
2. Tax rate difference in the year to 31 December 2023 due to tax charge for the year being calculated at 19% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £227,486,000 (2023: £214,949,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Titan’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Titan has not recognised the deferred tax asset of £56,871,000 (2023: £53,737,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward. There is no expiry period on these deductible expenses under the UK HMRC legislation.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Titan to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. Dividends
Accounting policy

Dividends payable are recognised as distributions in the financial statements when Titan’s liability to make the payment has been established. This liability is established on the record date, the date on which those shareholders on the share register are entitled to the dividend.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Dividends paid in the year
Previous year’s second interim dividend – 1.9p (2023: 3.0p)	31,876	46,127
Current year’s interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Total	51,643	77,763

Dividends in respect of the year
Interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Second interim dividend – 0.5p (2023: 1.9p)	8,236	31,876
Total	28,003	63,512

The figures above include dividends elected to be reinvested through the DRIS.

The second interim dividend of 0.5p for the period ending 31 December 2024 will be paid on 29 May 2025 to shareholders on the register on 25 April 2025, this equates to 1% of the Company’s opening NAV per share.

7. Earnings per share

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
Loss attributable to Ordinary shareholders (£’000)	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per Ordinary share (p)	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The total loss per share is based on 1,644,900,726 (2023: 1,506,111,802) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

8. Net asset value per share

	31 December	31 December
	2024	2023
Net assets (£)	831,358,000	993,744,000
Ordinary shares in issue	1,647,212,355	1,593,601,092
NAV per share (p)	50.5	62.4

9. Transactions with the Manager and Portfolio Manager

Since 1 September 2017, Titan has been classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). As a result, since 1 September 2017, Titan’s investment management agreement was assigned by way of the deed of novation from Octopus Investments Limited to Octopus AIF Management Limited to act as Manager (an authorised alternative investment fund manager responsible for ensuring compliance with the AIFM Directive). Octopus AIF Management Limited has in turn appointed Octopus Investments Limited to act as Portfolio Manager to Titan (responsible for portfolio management and the day-to-day running of Titan).

Titan paid Octopus AIF Management Limited £19,079,000 (2023: £21,082,000) in the period as a management fee. The annual management charge (AMC) is based on 2% of Titan’s NAV in respect of existing funds but in respect of funds raised by Titan under the 2018 Offer and thereafter (and subject to Titan having a cash reserve of 10% of its NAV), the AMC on uninvested cash is the lower of either (i) the actual return that Titan receives on its cash and funds that are the equivalent of cash (which currently consist of corporate bonds and money market funds) subject to a 0% floor and (ii) 2% of Titan’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Titan and the number of shares in issue at each quarter end.

Octopus provides non-investment services to the Company and receives a fee for these services which is capped at the lower of (i) 0.3% per annum of the Company’s NAV or (ii) the administration and accounting costs of the Company for the year ended 31 December 2020 with inflation increases in line with the Consumer Price Index. During the period, the Company paid £2,078,000 (2023: £2,020,000) to Octopus for the non‑investment services.

In addition, Octopus is entitled to performance-related incentive fees. The incentive fees were designed to ensure that there were significant tax-free dividend payments made to shareholders as well as strong performance in terms of capital and income growth, before any performance-related fee payment was made.

Due to performance in the year, the total value has decreased to 155.6p, representing a total loss of 8.8p. Therefore, the high water mark for the 2025 financial year remains at 197.7p.

If, on a subsequent financial year end, the performance value of Titan falls short of the high water mark on the previous financial year end, no performance fee will arise. If, on a subsequent financial year end, the performance exceeds the previous best high water mark of Titan, the Manager will be entitled to 20% of such excess in aggregate.

Octopus received £39,000 in the period to 31 December 2024 (2023: £36,000) in regard to arrangement and monitoring fees in relation to investments made on behalf of Titan. Since 31 October 2018, Octopus no longer receives such fees in respect of new investments or any such new fees in respect of further investments into portfolio companies in which Titan invested on or before 31 October 2018, with any such fees received after that time being passed to Titan.

The cap relating to Titan’s total ongoing charges ratio, that is the regular, recurring costs of Titan expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 2.5%, and is calculated in accordance with the AIC Guidelines.

10. Related party transactions

Titan owns Zenith Holding Company Limited, which owns a share in Zenith LP, a fund managed by Octopus.

In the year, Octopus Investments Nominees Limited (OINL) has purchased Titan shares from shareholders to correct administrative issues, on the understanding that shares will be sold back to Titan in subsequent share buybacks. As at 31 December 2024, no Titan shares were held by OINL (2023: no shares) as beneficial owner. Throughout the period to 31 December 2024, OINL purchased 65,000 shares (2023: 1,883,000 shares) at a cost of £36,000 (2023: £1,563,000) and sold 65,000 shares (2023: 1,883,000 shares) for proceeds of £34,000 (2023: £1,353,000). This is classed as a related party transaction as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any such future transactions, where OINL takes over the legal and beneficial ownership of Company shares, will be announced to the market and disclosed in annual and half‑yearly reports.

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Titan’s portfolio companies, but they have no controlling interests in those companies.

Details of the Directors and their remuneration can be found in the Directors’ Remuneration Report.

The Directors received the following dividends from Titan:

	Year to	Year to
	31 December	31 December
	2024	2023
	£	£
Jane O’Riordan	4,766	6,901
Tom Leader	1,464	1,889
Lord Rockley	2,406	2,776
Julie Nahid Rahman	138	89
Gaenor Bagley Rupert Dickinson	738 —	901 —

11. 2024 financial information

The figures and financial information for the year ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. 2023 financial information

The figures and financial information for the period ended 31 December 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

13. Annual Report and financial statements

The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, octopustitanvct.com. The Notice of Annual General Meeting is contained within the Annual Report.

14. General information

Registered in England & Wales. Company No. 06397765
LEI: 213800A67IKGG6PVYW75

15. Directors

Tom Leader (Chair), Jane O’Riordan, Lord Rockley, Gaenor Bagley, Julie Nahid Rahman and Rupert Dickinson.

16. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI China: China, Kenya join hands on path to modernization

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

NAIROBI, April 28 — For centuries, China and Kenya have shared a history of exchanges and cooperation. Last week, their relationship entered a new stage as Chinese President Xi Jinping held talks with Kenyan President William Ruto in Beijing, agreeing to elevate bilateral ties to a China-Kenya community with a shared future in the new era.

Xi called on the two sides to enhance regular policy communication, build connectivity at a higher level, promote sustainable trade, explore diversified financial integration, carry forward the friendship forged through generations, and be leaders in advancing high-quality Belt and Road cooperation.

SKILLS TRAINING

Linet Wambui Kihoro, a 27-year-old railway safety engineer, works among tracks and equipment at the Mombasa-Nairobi Standard Gauge Railway, a flagship project under the Belt and Road Initiative. A graduate of Beijing Jiaotong University, Kihoro now applies her expertise to maintain the daily operation of Kenya’s railways.

In January 2024, Xi replied to a letter from Kenyan students and alumni of Beijing Jiaotong University, including Kihoro.

President Xi encouraged the Kenyan students to learn professional knowledge well, continue the traditional friendship and devote themselves to bilateral cooperation, she said.

“The China-Kenya community with a shared future in the new era is not only a cooperation intention at the governmental level, but is also reflected in various aspects such as people-to-people connectivity, youth exchanges and cultural mutual learning,” she said.

According to a joint statement released on Thursday, China and Kenya pledged to strengthen cooperation in such areas as industry, agriculture, higher education, vocational education and human resource training.

An increasing number of young people, like Kihoro, are benefiting from China-Africa cooperation in education and capacity building. From the Mombasa-Nairobi Railway to the Swak Dam, the Nairobi Expressway and the Garissa Solar Power Plant, high-quality Belt and Road projects have not only improved the daily lives of Kenyans but also provided opportunities to learn new skills and knowledge.

James Karimi Njuguna, a Kenyan engineer, participated in the upgrading of the Olkaria I power plant, Africa’s first geothermal plant, which had been struggling with corroded pipelines and outdated technology. “Chinese companies revitalized the geothermal fields by optimizing turbine structures and well layouts,” Njuguna said. “It was a technological revolution. They modernized the equipment, hired local employees and provided professional training, cultivating a new generation of technical experts in Kenya.”

A report by the Kenya-China Economic and Trade Association showed that between 2022 and 2023, Chinese enterprises employed more than 60,000 local workers in Kenya, with a localization rate exceeding 90 percent. This not only increased local employment but also contributed to transforming the technological landscape.

AGRICULTURAL COOPERATION

In Matangi Tisa Village in Kenya’s Nakuru County, home to Kenya’s first demonstration village for China-Africa agricultural development and poverty reduction, people are busy planting tomatoes with the help of Chinese experts.

For years, local tomato farming had been plagued by bacterial wilt, but villagers are hopeful of a bountiful harvest this season.

When the Chinese and Kenyan presidents met during the Summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing last year, Xi said “the two sides should closely synergize the high-quality Belt and Road cooperation with Kenya Vision 2030, build an East African connectivity hub and industrial belt, and strengthen cooperation in such areas as digital economy, new energy, economy, trade, poverty reduction and agriculture development.”

Among the 10 partnership actions announced by Xi at the 2024 FOCAC Summit is the partnership action for agriculture and livelihoods. Under this initiative, China has committed to building 100,000 mu (about 6,670 hectares) of standardized agricultural demonstration areas, sending 500 agricultural experts, and establishing a China-Africa agricultural science and technology innovation alliance.

These commitments are injecting fresh momentum into Africa’s efforts toward agricultural modernization and poverty alleviation.

In a recent interview with Xinhua, President Ruto praised China’s success in lifting hundreds of millions of people out of poverty, calling China’s experience highly relevant for African countries still grappling with poverty. He expressed hope to leverage Chinese expertise to advance Kenya’s agricultural modernization and industrialization.

In Kenya’s Siaya County, 69-year-old farmer Peter Onyango was watching the clear waters flow through newly dug irrigation channels, eagerly anticipating a good harvest. Built by a Chinese company along the lower reaches of the Nzoia River, this irrigation project, the largest of its kind in Kenya, has significantly boosted local irrigation capacity.

Officially operational in April, the canal is expected to enhance food security. When visiting the project in January, Ruto said that the new infrastructure would play a major role in advancing Kenya’s economic transformation by boosting agricultural productivity.

STRENGTHENING ECONOMIC TIES

Rains in April have breathed new life into the rolling tea plantations of western Kenya. Near the C22 highway built by a Chinese company, several tea processing factories are working at full speed.

A few years ago, the road was little more than a muddy dirt track, often becoming impassable during the rainy season. “Truck wheels would get stuck, and sometimes water would seep into the tea boxes, ruining the harvest,” recalled driver John Murambi.

Since the road was upgraded to a paved highway, Murambi can now make multiple deliveries a day, which has greatly increased his income. “We no longer have to worry about tea spoiling on the road,” he said.

At the nearby Kipkebe Tea Factory, General Manager Silas Njibwakale said that since the completion of the road upgrading, transportation losses have dropped from about a quarter of total production to nearly zero. A once-impassable route has now become a major artery supporting local communities.

Across Kenya, Chinese-built roads, railways and ports are helping break transportation bottlenecks for key exports like tea, coffee, flowers and avocados, allowing these goods to reach global markets more quickly and reliably.

Thousands of miles away in Changsha, central China, the permanent exhibition hall of the China-Africa Economic and Trade Expo at Gaoqiao Grand Market is bustling with visitors. Launched by President Xi during the 2018 FOCAC Beijing Summit, the expo has become a vital platform showcasing African goods.

Huang Zinan, who specializes in China-Africa trade, said her company has recently imported a batch of Kenyan avocados and is now negotiating with a local tea brand to feature the fruit as a premium ingredient. Initially focused on Kenyan flowers, she now plans to expand her business to more “African treasures.”

“Products from Africa are gaining increasing recognition and popularity in China,” Huang said. “I hope to build not just a trade bridge, but also a bridge of culture and friendship across the seas.” Through something as simple as an avocado or a fresh flower, she hopes to tell the story of win-win cooperation between China, Kenya and the wider African continent.

MIL OSI China News –

April 29, 2025
MIL-OSI Asia-Pac: Towards a new approach for green hydrogen production

Source: Government of India

Posted On: 28 APR 2025 5:09PM by PIB Delhi

Researcher have developed fresh insights into proton adsorption behaviour at the surface of catalysts, which can help construct electrocatalysts useful for producing green hydrogen.

Plethora of heterostructures have been studied for green hydrogen generation with the effect of built-in electric field (BIEF). However, the metal-oxide-semiconductor (MOS) based p-n heterojunction can be considered as a promising material to have robust BIEF due to asymmetric electronic environment.

Recent research is focused on leveraging BIEFs at the interface of different electronic environments to improve hydrogen production. Therefore, analysing and correlating parameters such as the work function, BIEF, and Gibbs free energy (a thermodynamic potential that can be used to calculate the maximum amount of work) is crucial for understanding the reaction mechanism. The difference in work functions between two materials is what drives the initial charge redistribution, which in turn sets up the built-in potential across the junction. BIEF directly affects the dynamics of proton adsorption/desorption, which was evaluated by Gibbs free energy of adsorption.

Scientists of Institute of Nano Science and Technology (INST), Mohali, grew CuWO₄ (Copper tungsten oxide) nano-particles precursor over Cu (OH)2 (Copper hydroxide) and fabricated CuWO₄-CuO hetero-structure and studied its physical and electrochemical properties. They examined the Gibbs free energy profile for proton adsorption of different regiones and found that near the depletion region and along the interface, the proton adsorption energy shows contrasting behaviour as compared with bulk area. This induces a gradient in Gibbs free energy across and near the depletion region, thereby promoting an improved hydrogen adsorption and desorption.

Fig: Mechanism revealing an interplay of BIEF and Gibbs Free Energy in CuO-CuWO₄ p-n heterojunction for proton adsorption/desorption in HER.

Interestingly, Scientists from INST, an autonomous institute of the Department of Science and Technology (DST), demonstrated that the interplay between the built-in electric field (BIEF) and Gibbs free energy in the proposed catalyst gives rise to a favourable regime, where hydrogen bonding to the catalyst is optimized, facilitating efficient hydrogen evolution. They also found that along the heterojunction interface, the ∆G indicates high adsorption affinity of protons toward the CuO phase and significant desorption at the CuWO₄ phase. The CuO-CuWO₄ catalyst unveils an excellent example of ‘negative cooperativity,’ in which the binding of one molecule decreases the affinity of other binding sites for additional molecules. With more and more proton coverage, the affinity of the catalyst’s surface towards the proton adsorption decreases, and promotes alkaline Hydrogen Evolution Reaction by enhancing desorption.

This research published in Adv. Energy Mater. 2025 helped understand the typical proton adsorption behaviour at the surface of the catalyst, which can help others to design and construct similar electrocatalyst which can give robust activity to produce green hydrogen. Improving in electrocatalytic hydrogen production can lead to sustainable environment with advance green technologies.

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NKR/PSM

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MIL OSI Asia Pacific News –

April 29, 2025
MIL-OSI Asia-Pac: Consultative Committee of the Members of Parliament for the Ministry of Power held on the subject- “Roadmap for Development of Nuclear Power Generation”
Source: Government of India

Consultative Committee of the Members of Parliament for the Ministry of Power held on the subject- “Roadmap for Development of Nuclear Power Generation”

Government targets 100 GW of nuclear power capacity by 2047 to strengthen India’s long-term energy security

Strategic measures underway to accelerate nuclear power deployment and promote clean energy transition

Posted On: 28 APR 2025 7:22PM by PIB Delhi

A meeting of the Consultative Committee of the Ministry of Power was held today under the Chairmanship of Shri Manohar Lal, Hon’ble Union Minister for Power and Housing & Urban Affairs. The agenda for discussion was “Roadmap for Development of Nuclear Power Generation.”

Nuclear Power: A Key Pillar for Achieving Net Zero Goals

During the meeting, Hon’ble Minister highlighted India’s commitment to achieving net zero carbon emissions by 2070 and emphasized that increasing the share of non-fossil fuel-based power generation is central to this vision. As the power sector contributes over 40% of global energy-related emissions, nuclear energy, being a non-fossil and stable power source, will play an increasingly important role in India’s sustainable development journey.

The Hon’ble Minister elaborated that, apart from electricity generation, nuclear energy can also serve non-electric applications such as hydrogen production, desalination, process steam, and space heating, thus supporting India’s broader energy transition goals.

Current Status and Future Plans

Members were informed that India currently operates 25 nuclear reactors across seven locations, with a total installed capacity of 8,880 MW, contributing about 3% of the country’s electricity generation. Eight reactors with 6,600 MW capacity are under construction, and another ten reactors with 7,000 MW capacity are in pre-project stages.

In line with India’s vision of ‘Viksit Bharat @2047’, the Government has set a target of achieving 100 GW of nuclear power capacity by 2047. This will significantly strengthen India’s long-term energy security and contribute towards achieving clean energy goals.

Strategic Initiatives for Accelerated Deployment

The Hon’ble Minister outlined the key challenges and strategic steps required for scaling up nuclear energy, including:
- Amending the Atomic Energy Act, 1962 and Civil Liability for Nuclear Damage Act, 2010 to enable broader participation by private and state sectors.
- Strengthening public perception and enhancing awareness about nuclear energy’s safety and benefits.
- Facilitating faster land acquisition through brownfield expansions and repurposing retired thermal sites.
- Streamlining regulatory approval processes to reduce project timelines.
- Introducing tax concessions, green power classification, and long-term financing to ensure competitive nuclear tariffs.
- Diversifying technology choices through competitive bidding and promoting indigenous manufacturing under Make in India.
- Securing diversified uranium fuel sources and expanding the vendor base for specialized nuclear equipment.
- Building skilled manpower capacity by strengthening nuclear education and training infrastructure.
Members’ Participation and Way Forward

Members of Parliament actively participated in the discussions and provided valuable suggestions for expediting nuclear power deployment. They stressed the need for faster project execution, creating a favorable public narrative, ensuring technology diversification, and building robust vendor and manpower ecosystems.

In his concluding remarks, the Hon’ble Minister assured the Members that the Ministry of Power would work closely with the Department of Atomic Energy, State Governments, industries, and other stakeholders to accelerate the deployment of nuclear power projects and ensure a clean, secure, and sustainable energy future for India.

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MIL OSI Asia Pacific News –
April 29, 2025
MIL-OSI USA: New Atomic Fountain Clock Joins Elite Group That Keeps the World on Time

Source: US Government research organizations

NIST scientists Greg Hoth (left) and Vladislav Gerginov work on NIST-F4, NIST’s new cesium fountain clock.

Credit: R. Eskalis/NIST

Clocks on Earth are ticking a bit more regularly thanks to NIST-F4, a new atomic clock at the National Institute of Standards and Technology (NIST) campus in Boulder, Colorado.

This month, NIST researchers published a journal article establishing NIST-F4 as one of the world’s most accurate timekeepers. NIST has also submitted the clock for acceptance as a primary frequency standard by the International Bureau of Weights and Measures (BIPM), the body that oversees the world’s time.

NIST-F4 measures an unchanging frequency in the heart of cesium atoms, the internationally agreed-upon basis for defining the second since 1967. The clock is based on a “fountain” design that represents the gold standard of accuracy in timekeeping. NIST-F4 ticks at such a steady rate that if it had started running 100 million years ago, when dinosaurs roamed, it would be off by less than a second today.

By joining a small group of similarly elite time pieces run by just 10 countries around the world, NIST-F4 makes the foundation of global time more stable and secure. At the same time, it is helping to steer the clocks NIST uses to keep official U.S. time. Distributed via radio and the internet, official U.S. time is critical for telecommunications and transportation systems, financial trading platforms, data center operations and more.

NIST-F4 has improved time signals that are “used literally billions of times each day for everything from setting clocks and watches to ensuring the accurate time stamping of hundreds of billions of dollars of electronic financial transactions,” said Liz Donley, chief of the Time and Frequency Division at NIST.

Introducing NIST-F4: The Nation’s New Primary Frequency Standard

NIST-F4 isn’t just a clock — it’s the culmination of decades of scientific ingenuity, engineering breakthroughs, and an unwavering pursuit of precision. In this video, we explore the creation of NIST-F4, the United States’ latest primary frequency standard, and how it redefines what it means to measure time with atomic accuracy. From unexpected flaws to groundbreaking redesigns, this is the story of how one of the most precise timekeeping instruments ever built came to be — and why it’s crucial for everything from global synchronization to tomorrow’s technologies. Because when it comes to time, every billionth of a second counts. Find out more: https://www.nist.gov/atomic-clocks

A Special Kind of Clock

Cesium fountain clocks such as NIST-F4 are a type of atomic clock — a complex, high-precision device that extracts timing pulses from atoms. These clocks play a critical role in our globally connected society: They serve as “primary frequency standards” that work together to calibrate Coordinated Universal Time, or UTC (an agreed-upon system for keeping time using data from atomic clocks around the world, known as a time scale).

National measurement labs such as NIST produce and distribute versions of UTC using their own time scales; NIST’s version, for example, is known as UTC(NIST). Those national time scales are then used to synchronize the clocks and networks we rely on in our daily lives.

In fountain clocks, a cloud of thousands of cesium atoms is first cooled to near absolute zero using lasers. Then, a pair of laser beams toss the atoms gently upward, after which they fall under their own weight.

During their journey, the atoms pass twice through a small chamber full of microwave radiation. The first time, as the atoms are on their way up, the microwaves put the atoms into a quantum state that cycles in time at a special frequency known as the cesium resonant frequency — an unchanging constant set by the laws of nature.

About one second later, as the atoms fall back down, a second interaction between the microwaves and the atoms reveals how close the clock’s microwave frequency is to the atoms’ natural resonant frequency. This measurement is used to tune the microwave frequency toward the atomic resonance frequency.

A detector then counts 9,192,631,770 wave cycles of the fine-tuned microwaves. The time it takes to count those cycles defines the official international second.

(That may change as early as 2030, when nations plan to consider redefining the second in terms of one or more different atomic elements used in so-called optical clocks that can measure time even more precisely than fountain clocks can. Even after that, cesium fountain clocks will still play an important, though diminished, role in timekeeping.)

How does NIST-F4, NIST’s newest fountain clock, work?

Meet NIST-F4, NIST’s newest fountain clock and our nation’s primary standard for the measurement of a second. It’s used to calibrate the hydrogen maser clocks that determine U.S. standard time. In this animation we explain the intricacies of how it works.

A Journey Years in the Making

Fewer than 20 cesium fountains are operating anywhere in the world. Unlike commercially available atomic clocks that tick off seconds for internet data centers, stock markets and other private enterprises, nearly every fountain clock is built and operated by scientists in a national measurement lab such as NIST.
“It’s a beautiful technology that has real performance advantages, but it’s very delicate,” said Greg Hoth, a NIST physicist on the fountain clock team.

Getting NIST-F4 admitted into this rarefied club was a journey years in the making. NIST scientists built the agency’s first fountain clock, NIST-F1, in the late 1990s. NIST-F1 ran for more than a decade and a half and was used to perform regular frequency calibrations. But fountain clocks can be as fragile as they are precise, and after a move to a new building in 2016, the clock had to be restored and carefully tested to operate as a primary frequency standard again — a process that took longer than expected.

In 2020, physicist Vladislav Gerginov began investigating NIST-F1’s frequency measurements. Eventually, he, Hoth and colleagues decided to rebuild the core of the clock — the microwave cavity, where the cesium atoms are measured — from scratch. To achieve the necessary precision, they needed to achieve tolerances of 5 to 10 microns — roughly one-fifth the width of a human hair.

The scientists added and fine-tuned new electric heating coils, magnetic coils, optics and microwave components. The NIST team decided to name the new fountain NIST-F4. (NIST has built two other fountain clocks, NIST-F2 and NIST-F3, making NIST-F4 the fourth in the series.)

The research team took months’ worth of measurements to make sure NIST-F4 was not thrown off by factors such as pressure and temperature fluctuations or stray electric and magnetic fields. They compared the fountain’s ticks to those of hydrogen masers — the workhorse atomic clocks that tick off the seconds for official U.S. time — to make sure they were keeping a steady, unchanging beat.

“Fountain clocks are supposed to be very boring,” said Hoth.

Evaluating a fountain clock such as NIST-F4 “is a slow process because we have to be very conservative,” said Gerginov. “We should know everything about it” before putting it into service, he said, because any error in the timing signals could corrupt not only U.S. time but also the global timekeeping infrastructure.

This month, the NIST team reported in the journal Metrologia that NIST-F4’s frequency measurements were accurate to within 2.2 parts in 10 to the 16th (10 million billion) — comparable to the world’s best fountain clocks. The NIST team also sent the clock data to the BIPM, where a team of experts is checking it over before BIPM officially certifies the clock as a primary frequency standard.

“The success of NIST-F4 has renewed NIST’s global leadership in primary frequency standards,” said Donley. “Vladi and Greg used ingenuity and skill to restore the reliable, world-class operation of NIST’s atomic fountains.”

NIST-F4 and a second fountain clock, NIST-F3, operate roughly 90% of the time, with at least one of the clocks running at any given time. Data from NIST-F4 will be sent periodically to BIPM to calibrate UTC, and both clocks are already helping to steer the NIST time scale UTC(NIST).

The NIST time scale “has already benefited significantly from the fountain’s high uptime and the reliability of its performance,” Donley said.

Paper: Vladislav Gerginov, Gregory W. Hoth, Thomas P. Heavner, Thomas E. Parker, Kurt Gibble and Jeff A. Sherman. Accuracy evaluation of primary frequency standard NIST-F4. Metrologia. Published online April 15, 2025. DOI: 10.1088/1681-7575/adc7bd

MIL OSI USA News –

April 29, 2025
MIL-OSI Global: How does soap keep you clean? A chemist explains the science of soap

Source: The Conversation – USA – By Paul E. Richardson, Professor of Biochemistry, Coastal Carolina University

Be sure to wash your hands for at least 20 seconds. Mladen Zivkovic/iStock via Getty Images Plus

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to CuriousKidsUS@theconversation.com.

How does soap clean our bodies? – Charlie H., age 8, Stamford, Connecticut

Thousands of years ago, our ancestors discovered something that would clean their bodies and clothes. As the story goes, fat from someone’s meal fell into the leftover ashes of a fire. They were astonished to discover that the blending of fat and ashes formed a material that cleaned things. At the time, it must have seemed like magic.

That’s the legend, anyway. However it happened, the discovery of soap dates back approximately 5,000 years, to the ancient city of Babylon in what was southern Mesopotamia – today, the country of Iraq.

As the centuries passed, people around the world began to use soap to clean the things that got dirty. During the 1600s, soap was a common item in the American colonies, often made at home. In 1791, Nicholas Leblanc, a French chemist, patented the first soapmaking process. Today, the world spends about US$50 billion every year on bath, kitchen and laundry soap.

But although billions of people use soap every day, most of us don’t know how it works. As a professor of chemistry, I can explain the science of soap – and why you should listen to your mom when she tells you to wash up.

You’ll be amazed at how much work it takes to make a bar of soap.

The chemistry of clean

Water – scientific name: dihydrogen monoxide – is composed of two hydrogen atoms and one oxygen atom. That molecule is required for all life on our planet.

Chemists categorize other molecules that are attracted to water as hydrophilic, which means water-loving. Hydrophilic molecules can dissolve in water.

So if you were to wash your hands under a running faucet without using soap, you’d probably get rid of lots of whatever hydrophilic bits are stuck to your skin.

But there is another category of molecules that chemists call hydrophobic, which means water-fearing. Hydrophobic molecules do not dissolve in water.

Oil is an example of something that’s hydrophobic. You probably know from experience that oil and water just don’t mix. Picture shaking up a jar of vinaigrette salad dressing – the oil and the other watery ingredients never stay mixed.

So just swishing your hands through water isn’t going to get rid of water-fearing molecules such as oil or grease.

Here’s where soap comes in to save the day.

Soap, a complex molecule, is both water-loving and water-fearing. Shaped like a tadpole, the soap molecule has a round head and long tail; the head is hydrophilic, and the tail is hydrophobic. This quality is one of the reasons soap is slippery.

It’s also what gives soap its cleaning superpower.

The round head and long wiggly tail of the soap molecules work together to eradicate dirt, grease and grime.
Tumeggy/Science Photo Library via Getty Images

A microscopic view

To see what happens when you wash your hands with soap and water, let’s zoom in.

Picture all the gunk that you touch during the day and that builds up on your skin to make your hands dirty. Maybe there are smears of food, mud from outside, or even sweat and oils from your own skin.

All of that material is either water-loving or water-fearing on the molecular level. Dirt is a jumbled mess of both. Dust and dead skin cells are hydrophilic; naturally occurring oils are hydrophobic; and environmental debris can be either.

If you use only water to clean your hands, plenty will be left behind because you’d only remove the water-loving bits that dissolve in water.

But when you add a bit of soap, it’s a different story, thanks to its simultaneously water-loving and water-fearing properties.

Soap molecules work together to encapsulate grime within a bubblelike micelle structure.
TUMEGGY/Science Photo Library via Getty Images

Soap molecules come together and surround the grime on your hands, forming what’s known as a micelle structure. On a molecular level, it looks almost like a bubble encasing the hydrophobic bit of debris. The water-loving heads of the soap molecules are on the surface, with the water-fearing tails inside the micelle. This structure traps the dirt, and running water washes it all away.

To get the full effect, wash your hands at the sink for at least 20 seconds. Rubbing your hands together helps force the soap molecules into whatever dirt is there to break it up and envelope it.

It’s not just dirt

Along with dirt, your body is covered by microorganisms – bacteria, viruses and fungi. Most are harmless and some even protect you from getting sick. But some microorganisms, known as pathogens, can cause illness and disease.

Whether liquid or bar, soap gets the job done.
velvelvel/iStock via Getty Images Plus

They can also cause you to smell if you haven’t taken a bath in a while. These bacteria break down organic molecules and release stinky fumes.

Although microorganisms are protected by a barrier – it’s called a membrane – soap and water can disrupt the membrane, causing the microorganism to burst open. The water then washes the remains of the microorganism away, along with the stink.

To say that soap changed the course of civilization is an understatement. For thousands of years, it’s helped keep billions of people healthy. Think of that the next time Mom or Dad asks you to wash up – which will likely be sometime soon.

Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

Paul E. Richardson receives funding from the NIH and NSF.

– ref. How does soap keep you clean? A chemist explains the science of soap – https://theconversation.com/how-does-soap-keep-you-clean-a-chemist-explains-the-science-of-soap-247559

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI: Enphase Energy Enters the Solar Market in Japan with IQ8 Microinverters

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced production shipments of IQ8™ Microinverters in Japan through a distribution agreement with ITOCHU Corporation (ITOCHU), one of the largest trading companies in the country.

Starting April 1, 2025, Tokyo became the first Japanese city to mandate rooftop solar on all new homes built by large-scale homebuilders. Tokyo’s residences typically have smaller roof areas, making rooftop solar system design challenging. Enphase IQ8 Microinverters enable flexible and scalable systems, enhancing solar production and reliability for optimized rooftop solar systems in Tokyo. Enphase microinverters feature an AC architecture that provides enhanced protection for customers in Japan.

“Enphase has solidified its position as a frontrunner in home energy management globally, and we are excited to announce that ITOCHU will now provide Enphase’s cutting-edge IQ8 Microinverters in Japan,” said Shunsuke Kawashima, general manager of the Sustainable Energy Business Department at ITOCHU. “This collaboration is a win for everyone involved, especially as Tokyo begins implementing its rooftop solar mandate on all new homes. Today, many homeowners with small roofs can’t access the benefits of solar energy due to a lack of quality solutions. Enphase IQ8 Microinverters provide a safer, reliable solution for the unique design challenges of Tokyo’s smaller roof areas, making solar possible for many more people. We’re also pleased to facilitate the Tokyo metropolitan government’s 20 yen-per-watt subsidy for homeowners who install Enphase products.”

Enphase will be launching IQ8HC™ Microinverters in Japan initially, which can manage a continuous DC current of 14 amperes and feature a peak output power of 350 VA. All Enphase IQ8 Microinverters activated in Japan come with a 25-year warranty.

“ITOCHU is an invaluable customer, and we’re thrilled to enter the market in Japan, which is a large residential solar market that values quality and service,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “Microinverters will provide homeowners with excellent energy production, safety, and warranty — perfect for compact roofs even if there is partial shading. We feel confident in our collaboration with ITOCHU and look forward to the positive impact we can make together in promoting sustainable energy solutions for homeowners across the country.”

For more information, please visit the Enphase Japan website.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power — and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

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

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and statements regarding the timing and availability of Enphase Energy’s products in Japan. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Enphase Energy

press@enphaseenergy.com

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

The MIL Network –

April 29, 2025
MIL-OSI: Sunrun Installs Solar Projects at Three Affordable Apartment Communities in Southern California, Providing Energy Bill Savings to 800 Renters

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced three new solar installations at affordable apartment communities in Orange County, California. Collectively, the new rooftop solar projects will provide monthly utility bill savings to approximately 800 low-income residents.

Sunrun installed the solar systems in partnership with affordable housing providers at Arroyo Vista, Villa Plumosa, and Yorba Linda Palms apartment complexes. In total, the systems will provide 748 kilowatts of electricity, offsetting approximately 80% to 90% of the communities’ energy usage. All three projects are located in California’s 40th Congressional District, which U.S. Rep. Young Kim represents.

“Rooftop solar energy in affordable housing communities I represent lowers utility bills for hardworking families struggling with rising living costs, creates local jobs here at home, and promotes U.S. energy dominance around the world,” said Rep. Young Kim. “I appreciate Sunrun’s work in our Southern California communities and will keep doing all I can to make life more affordable.”

To commemorate the three projects, Sunrun executives joined Rep. Kim, other state and county elected officials, and Eden Housing’s CEO for a ribbon cutting event at the recently completed 1,120 solar panel installation at Arroyo Vista apartment complex in Mission Viejo.

“We are so proud to be cutting energy bills for hundreds of hard-working residents in Southern California,” said Sunrun President and Chief Revenue Officer Paul Dickson. “This project is another example of how Sunrun is making solar energy—and the resulting savings—available to homeowners and renters of all income levels.”

Through virtual net metering, each of the 156 apartment homes at Arroyo Vista is receiving approximately $60 in monthly energy bill savings.

“Affordable housing is deeply needed in this part of Southern California and we are grateful to partner with Sunrun to make Arroyo Vista even more affordable for our residents through energy bill savings,” said Linda Mandolini, president and CEO of Eden Housing. “Supporting clean energy while also helping families stretch their hard-earned dollars is a win-win collaboration for our communities.”

Due to energy inflation and three years of approved utility rate hikes for San Diego Gas & Electric, Arroyo Vista residents will likely save even more over time. Over the next 20 years, Sunrun’s solar installation at Arroyo Vista is projected to collectively save the low-income renters over $3.5 million on their electric bills.

“When you’re on a fixed income, every penny counts, which is why I was especially happy to see the $60 savings on my power bill each month,” said Arroyo Vista resident Lametrius Freeman. “It feels great to be saving money and helping the environment at the same time. We’re grateful that Eden Housing and Sunrun made it possible.”

The solar installation at the Villa Plumosa apartment complex, located in Yorba Linda, is also completed and operating, providing 76 affordable apartment homes with nearly $60 in monthly energy bill savings through virtual net metering. The new solar project at nearby Yorba Linda Palms will be operational this summer and will provide the complex’s 44 affordable apartment homes with over $75 in monthly energy savings.

The projects participated in the state’s Solar On Multifamily Affordable Housing (SOMAH) program and the Low-Income Communities Investment Tax Credit (ITC) program, allowing residents to enjoy the benefits of solar energy at no cost to them. State funding for the three projects comes from polluters who purchase greenhouse gas allowances under the state’s cap-and-trade program.

“SOMAH projects bring affordable, clean energy to hard working families who need it most, by significantly cutting monthly electricity bills,” said Lawrence Goldenhersh, President of the Center for Sustainable Energy, one of the SOMAH program administrators. “By lowering energy costs, we’re helping parents keep their homes running, care for their children, and protect their family’s health — creating lasting stability and opportunity for communities across California.”

Sunrun currently serves more than 21,000 households in low-income multifamily properties. The solar projects create economic activity in their respective communities through significant investments at the time of installation, employment, and the ongoing financial benefits provided to renters.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/74b9767f-3acc-44a2-841b-7625790af8f4

https://www.globenewswire.com/NewsRoom/AttachmentNg/2de7b9c4-7029-485a-832b-fe1a7d294364

https://www.globenewswire.com/NewsRoom/AttachmentNg/c9760a53-6f61-4415-bd86-43cd863e6331

The MIL Network –

April 29, 2025
MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season – A10-0079/2025

Source: European Parliament

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season

(COM(2025)0099 – C10‑0041/2025 – 2025/0051(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2025)0099),

– having regard to Article 294(2) and Article 194(2) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10‑0041/2025),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the opinion of the European Economic and Social Committee of 26 March 2025 [1],

– having regard to the opinion of the Committee of the Regions of …[2],

– having regard to Rule 60 of its Rules of Procedure,

– having regard to the report of the Committee on Industry, Research and Energy (A10-0079/2025),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

AMENDMENTS BY THE EUROPEAN PARLIAMENT [*]

to the Commission proposal

———————————————————

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 194(2) thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Acting in accordance with the ordinary legislative procedure,

Whereas:

(1) Regulation (EU) 2022/1032 of the Parliament and of the Council [3] was adopted in reaction to the gas-supply crisis and unprecedented price increases caused by the escalation of the Russia’s ongoing unjustified and unprovoked war of aggression against Ukraine since February 2022, impelling the Union to act in a coordinated and comprehensive manner to avoid potential risks resulting from further gas-supply disruptions.

(2) Regulation (EU) 2022/1032 amended Regulation (EU) 2017/1938 by introducing a temporary legal framework for measures regarding the filling level of underground storage facilities to strengthen the security of gas supply in the Union, in particular gas supplies to protected customers.

(3) Gas-storage facilities provide for 30% of the Union’s gas consumption during the winter months, and well-filled underground gas-storage facilities as well as gas demand reduction contribute substantially to the security of gas supply by providing additional gas in the event of high demand or supply disruptions.

(4) The laying down of a mandatory target to ensure that gas-storage facilities are 90% full by 1 November (filling target), with a series of intermediate targets for each Member State in February, May, July and September of the following year ▌(filling trajectory), proved to be fundamental during the energy crisis sparked by Russia’s war of aggression against Ukraine and Russia’s weaponisation of its gas supplies in both: (i) weathering the gas-supply shortages; and (ii) reducing market uncertainties and price volatility.

(5) Despite the substantial improvement of the gas market situation compared to the period 2022-2023 ▌, the European gas market remains tight and the geopolitical situation remains unclear. More intense competition for global LNG supplies can increase Member States exposure to price volatility. ▌In such situation, the role of gas storages remains paramount. ▌

(6) Pursuant to Regulation (EU) 2017/1938 the obligation of the Member States to follow an annual filling trajectory and to ensure that the filling target is achieved by 1 November of each year expires on 31 December 2025.

(6a) Since 2022, the Union has substantially succeeded in making gas supplies more secure by increasing LNG imports from trustworthy global partners and is aiming to fully eliminate the Union’s reliance on Russian fossil fuels, building on the progress of REPowerEU. The Union has developed new regasification facilities and port terminals, while also establishing a liquid gas market that ensures strong resilience against potential disruptions in the remaining Russian pipeline supplies.

(6b) The changed global political environment has to be taken into account with regard to the reliability of the gas suppliers and gas supplying countries.

(7) In the light of the European success to derisk its gas import structure, the overall framework to meet the Union’s need for natural gas must strike a balance between energy security and the return to market-based principles. It must thus be flexible enough during the filling season to allow a swift reaction to constantly changing market conditions and in particular to take advantage of the best purchasing conditions in order to bring down gas prices in Europe. The filling target should therefore be lowered to 83 %

(8) To enhance market stability and mitigate the risk of undue price volatility potentially triggered by intermediary filling targets, it is appropriate to provide increased flexibility for storage filling. Member States should therefore provide indicative filling plans on a yearly basis that could include where appropriate an indicative filling trajectory and should allow for storage filling in such a way that there is sufficient flexibility available for market participants throughout the year, taking into account Recommendation (2025)1481.

(8a) Member States should have the possibility to deviate by up to four percentage points from the filling target in the case of unfavourable market conditions, relating, inter alia, to factors such as supply and demand and competition, or of trading activities hindering cost-effective storage filling, that significantly limit the ability to ensure that the gas storages are filled in accordance with this Regulation.

(8b) Moreover, the Commission should be empowered to adopt delegated acts to amend for one filling season the level of the allowed deviation of four percentage points by increasing it by up to an additional four percentage points, in the case of persistent unfavourable market conditions.

(8c) The cumulative effects of the flexibilities and derogations in this Regulation should not bring down the overall storage filling obligations under 75 %.

(9) The Commission’s assessment of the current energy-security framework has confirmed the positive impact of the storage-filling requirements on the security of gas supply and those positive effects should be preserved beyond 2025. Extending these measures would not only contribute to the continued safeguarding of supply security, but would also constitute a key instrument in the Union’s efforts to eliminate its dependence on imports of gas originating in the Russian Federation.

(9a) At the same time this Regulation should respond to current and future changes in the natural gas markets and contribute to the strategic objective of bringing down energy prices and facilitate the gradual return towards market-based mechanisms for storage refilling.

(9b) In order to maintain the security of supply and the appropriate level of filling, the Commission should continuously monitor the market and explore ways that could help meet the filling target, for example using demand aggregation and joint purchasing mechanisms.

(10) It is therefore necessary to extend by two years the relevant gas storage filling provisions that provide predictability and transparency as to the utilisation of gas-storage facilities across the Union while at the same time introducing some flexibility into this Regulation.

(10a) In line with the Commission’s commitment to better regulation and simplification, and reflecting the overall improvement in the Union’s energy security framework, the monitoring of compliance with this Regulation should place greater trust in the Member States’ administrative capacities. The supervisory burden on the Commission should be reduced accordingly, with a shift towards lighter-touch reporting obligations and streamlined procedures. This approach reinforces the principle of subsidiarity, avoids unnecessary administrative complexity, and is consistent with the Commission’s simplification efforts as outlined in its Work Programme 2025.

(10b) Regulation (EU) 2017/1938 should be revised by the Commission in due time and before 2027 to be adapted to the evolving energy landscape and to reflect the future needs for gas storage. Among other issues, any amendments should address the limitations of the current definition of “protected customers”, the prevention of speculation on the gas markets and speculative activities that artificially inflate prices, the role of energy efficiency measures leading to verifiable gas demand reduction and how this could be used for further flexibilities by Member States and consider the framework under an evolving energy mix that will have an increased role of alternative sources to gas such as renewable energy sources, hydrogen together with the role of energy efficiency.

(11) Regulation (EU) 2017/1938 should therefore be amended accordingly,

HAVE ADOPTED THIS REGULATION:

Article 1

Amendment to Regulation (EU) 2017/1938

▌Regulation (EU) 2017/1938 is amended as follows:

(1) in Article 2, point 27 is deleted;

(2) Article 6a is amended as follows:

(a) the title is replaced by the following: ‘Filling target’;

(b) in paragraph 1, the first subparagraph is replaced by the following:

‘1. Subject to paragraphs 2 to 5, Member States shall meet the filling target of 83 % for the aggregated capacity of all underground gas storage facilities that are located on their territory and directly interconnected to a market area in their territory and for storage facilities listed in Annex Ib at any point in time between 1 October and 1 December each year.’;

(c) the following paragraphs are inserted:

‘5a. Notwithstanding paragraph 1 and without prejudice to the obligation of other Member States to fill the underground gas storage facilities concerned, Member States may decide to deviate by up to four percentage points, from the filling target set out in paragraph 1 for each Member State if market conditions are unfavourable for filling underground gas storage facilities.

5b. In duly justified cases of persistent unfavourable market conditions, and provided that the security of supply of the Union and the Member States is not undermined, the Commission is empowered to adopt delegated acts in accordance with Article 19 to amend this Regulation by increasing the allowed deviation for Member States, as laid down in paragraph 5a by up to 4 percentage points.

In its assessment, the Commission shall in particular take into account the level of storage filling in the Member States, global gas supply, ENTSOG’s seasonal supply outlook, and indications of market manipulation. It may also take into consideration Member State measures, such as the deployment of gas demand-reduction measures for gas that achieve equivalent gas reductions during the following withdrawal season.

5c. Member States referred to in paragraph 2 may under the same conditions as those provided for in paragraph 5a decide to deviate by up to 1,55 % below the volume set out in paragraph 2.

5d. Before using any of the deviations provided for in paragraphs 5a and 5c, each Member State shall consult the Commission and provide without undue delay a justification for its decision. The Commission shall promptly inform the GCG about the cumulative effects of all deviations pursuant to paragraphs 5a and 5c and any directly affected Member States.’;

(d) paragraph 6 and 7 are replaced by the following:

‘6. In order to meet the filling target, Member States shall take all necessary measures and strive to follow the filling plan defined in accordance to paragraph 7.

7. Member States with underground gas storage facilities shall submit to the Commission in due time an indicative filling plan for the whole calendar year to reach the yearly gas storage filling target set in paragraph 1. The plan shall include technical information for the underground gas storage facilities on its territory and shall be directly interconnected to its market area in an aggregated form.’;

(e) paragraph 8 is deleted;

(f) paragraphs 10 and 11 are replaced by the following:

‘10. The competent authority of each Member State shall continuously monitor compliance with the filling target as set in the filling plan and shall report regularly and at least once per month to the Commission and the GCG. If it is foreseen that the target cannot be met, the competent authority shall, without delay, take effective measures to meet the target. Member States shall inform the Commission and the GCG of the measures taken.

11. In the event of a substantial and sustained deviation by a Member State from the filling plan, which compromises the meeting of the filling target or in the event of a deviation from the filling target, the Commission shall, where appropriate, after consulting the GCG and the Member States concerned, issue a recommendation to that Member State or to the other Member States concerned regarding measures to be taken immediately to remedy the deviation or to minimize the impact on the security of supply, considering inter alia possible unfavourable market conditions. and specificities of Member States, such as the technical characteristics and size of the underground gas storage facilities in relation to the domestic gas consumption, the declining importance of the underground low calorific gas storage facilities for the security of gas supply, and existing LNG storage capacity.

11a. When a Member State does not meet the filling target set in paragraph 1 thus endangering the security of supply of the Union, the Commission shall adopt an implementing act setting a filling plan for that Member State for the year after, based on the technical information provided by each Member State and taking into account the assessment of the GCG. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 18a(2). It shall be based on an assessment of the general security of gas supply situation and the development of gas demand and supply in the Union and individual Member States with the aim of safeguarding the security of gas supply.’;

(3) Article 6b is amended as follows:

(a) the title is replaced by the following: ‘Implementation of the filling target’;

(b) in paragraph 1, the first subparagraph is replaced by the following:

‘1. Member States shall take all necessary measures to meet the filling target set pursuant to Article 6a. When ensuring that the filling target is met, Member States shall prioritise, where possible, market-based measures.’;

(c) paragraph 2 is replaced by the following:

‘2. The measures taken by the Member States pursuant to paragraph 1 shall be limited to what is necessary to meet the filling target. They shall be clearly defined, transparent, proportionate, non-discriminatory and verifiable. They shall not unduly distort competition or the proper functioning of the internal market in gas, unduly increase energy costs or endanger the security of gas supply of other Member States or of the Union. Member States shall inform the Commission and the GCG of any such measures.’;

(4) Article 6c is amended as follows:

(a) in paragraph 1, first subparagraph is replaced by the following:

‘1. A Member State without underground gas storage facilities shall ensure that market participants within that Member State have in place arrangements with underground storage system operators or other market participants in Member States with underground gas storage facilities. Those arrangements shall provide for the use, by 1 December, of storage volumes corresponding to at least 15 % of the average annual gas consumption over the preceding five years of the Member State without underground gas storage facilities. However, where cross-border transmission capacity or other technical limitations prevent a Member State without underground gas storage facilities from fully using 15 % of those storage volumes, that Member State shall store only those volumes that are technically possible.’;

(b) in paragraph 2, second subparagraph is replaced by the following:

‘Member States without underground gas storage facilities shall demonstrate that they comply with paragraph 1 and shall notify the Commission accordingly.’;

(c) in paragraph 5, first subparagraph, point (a) is replaced by the following:

‘(a) ensure that by 1 December storage volumes correspond at least to the average usage of the storage capacity over the preceding five years, determined, inter alia, by taking into account the flows during withdrawal season over the preceding five years from the Member States where the storage facilities are located; or’;

(d) paragraph 6 is replaced by the following:

‘6. Unless otherwise specified in Annex Ib, in the case of underground gas storage facilities located in one Member State that are not covered by paragraph 5 but that are directly connected to the market area of another Member State, that other Member State shall ensure that between 1 October and 1 December storage volumes correspond to at least the average of the storage capacity booked at the relevant cross-border point over the preceding five years.’;

(5) Article 6d is amended as follows:

(a) paragraphs 1 and 2 are replaced by the following:

‘1. Storage system operators shall report the filling level to the competent authority in each Member State where the underground gas storage facilities concerned are located and, if applicable, to an entity designated by that Member State (the ‘designated entity’) as set pursuant to Article 6a.

2. The competent authority and, if applicable, the designated entity of each Member State shall monitor the filling levels of the underground gas storage facilities on their territory at the end of each month and report monthly the results to the Commission without any delay. The competent authority shall also include information on the share of gas originating in the Russian federation being stored in that Member State, where such information is available.

The Commission may, where appropriate, invite the European Union Agency for the Cooperation of Energy Regulators (ACER) to assist with such monitoring.’;

(b) paragraphs 4 and 5 are replaced by the following:

‘4. The GCG shall assist the Commission in the monitoring of the filling ▌target, and shall develop guidance for the Commission on adequate measures to ensure better alignment in the event that Member States filling rates compromise the achievement of the filling target, or to ensure compliance with the filling target.

4a. Where appropriate, the Commission shall implement measures helping Member States to meet the filling target, including measures to encourage participation in the demand aggregation and joint purchasing mechanism set up under Regulation (EU) 2022/2576 (‘AggregateEU’)* .

5. Member States and, where appropriate, the Commission shall take the necessary measures to meet the filling target and to enforce upon market participants the storage obligations. These measures may include sufficiently deterrent sanctions and fines, such as adequate financial penalties.

___________________

* Council Regulation (EU) 2022/2576 of 19 December 2022 enhancing solidarity through better coordination of gas purchases, reliable price benchmarks and exchanges of gas across borders (OJ L 335, 29.12.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/2576/oj).’;

(6) in Article 17a, paragraph 1, the following point is added:

‘(da) the information about the share of gas originating in the Russian federation stored in the EU storages, provided by Member States in accordance with Article 6d(2).’;

(7) in Article 22, the fourth paragraph is replaced by the following:

‘Article 2, points (27) to (31), Articles 6a to 6d, Article 16(3), Article 17a, Article 18a, Article 20(4) and Annex Ib shall apply until 31 December 2027.’;

(8) Annex Ia is deleted.

Article 2

Entry into force

This Regulation shall enter into force and shall apply on the day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels,

For the European Parliament

The President

For the Council

The President

MIL OSI Europe News –

April 28, 2025
MIL-OSI Russia: HSE scientists learn to convert CO₂ into fuel without expensive reagents

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

Researchers MIEM HSE Together with Chinese scientists, they created a catalyst that helps convert carbon dioxide into formic acid more efficiently. Thanks to the carbon coating, it works stably in an acidic environment and with a minimum amount of potassium, although it was previously believed that the element was necessary in high concentrations. This will reduce the cost of gas processing, and also simplify its industrial use – for example, in the production of fuel for environmentally friendly types of transport. Study published in the journal Nature Communications.

Electrochemical reduction of carbon dioxide is a process in which gas is converted into other chemical compounds under the influence of electric current. It has long been considered not only as a way to utilize CO₂, but also as a source of valuable raw materials. For example, formic acid, which can be used as a liquid fuel, solvent or component for the chemical industry.

However, the electrochemical reduction of CO₂ has a problem: a side reaction releases hydrogen, which reduces the efficiency of the process. In alkaline solutions, this problem is solved by adding more potassium ions (K⁺), but this not only makes the process more expensive, but also leads to the formation of sediments that clog the installation and impair its operation. And if, on the contrary, an acidic environment is used, the catalysts quickly deteriorate and lose their efficiency.

A group of researchers, including specialists from MIEM HSE, proposed an alternative approach. They developed a catalyst that works stably in an acidic environment with a minimum amount of potassium. Its base is indium oxide (In₂O₃), covered with a thin layer of carbon.

First, using computer modeling, MIEM employees found out how to control the distribution of ions on the catalyst surface. The model showed that the carbon coating not only protects the catalyst from destruction, but also forms an electric field that holds potassium ions near its surface. Thanks to this, potassium does not precipitate, and unwanted side reactions are suppressed.

To test the model’s predictions, Chinese scientists synthesized indium oxide nanoparticles and coated them with a thin layer of carbon. They then conducted a series of experiments in an electrolyte reactor. They used a highly acidic environment and several times less potassium than in traditional systems. Tests showed that even under such conditions, the catalyst remained stable: it remained active for more than 100 hours, while the efficiency of converting CO₂ into formic acid was 98.9%.

“We have managed to show that it is possible to abandon the excess potassium, which complicates the operation of the system. This approach made the process cheaper, and the catalyst itself more stable,” comments MIEM HSE Associate Professor Liu Dongyu.

To make sure that the carbon coating was indeed the culprit, the researchers conducted additional tests. They found that without the coating, indium oxide quickly reduced to metallic indium, which was much less effective at electrochemically reducing CO₂. This confirmed that it was the carbon layer that protected the catalyst, preventing it from deteriorating.

The method not only simplifies the technology of carbon dioxide processing, but also makes it more accessible for industrial use. Unlike traditional alkaline systems, it does not require a high concentration of potassium and eliminates the formation of sediments. The introduction of the technology into real installations can make carbon dioxide processing more environmentally friendly.

“We have made the process more stable and convenient for scaling, which means we have brought the electrochemical reduction of carbon dioxide closer to application in real production,” comments Andrey Vasenko, professor at MIEM HSE. “The technology can be useful not only for the synthesis of formic acid, but also for other processes related to the processing of CO₂.”

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

MIL OSI Russia News –

April 28, 2025
MIL-OSI Asia-Pac: NIELIT signs MoUs with 8 Visionary Organizations to Propel Digital India Initiatives

Source: Government of India

NIELIT signs MoUs with 8 Visionary Organizations to Propel Digital India Initiatives

MoU signed with SCL Mohali, ERNET India, AMRITA University, NISE, Heartfulness Institute, Kyndryl India, Skyroot Aerospace & IFMR

Strategic Collaborations to Drive Innovation, Skilling, and Research in Emerging Technologies

Posted On: 27 APR 2025 2:09PM by PIB Delhi

In a major stride towards advancing the Digital India mission, the National Institute of Electronics and Information Technology (NIELIT) signed Memorandums of Understanding (MoUs) with eight visionary organizations on 25^thApril, 2025 at Electronics Niketan, New Delhi.

The MoU signing ceremony, graced by the esteemed presence of Sh. S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), marks a new chapter of strategic collaborations for NIELIT aimed at strengthening the digital ecosystem of the nation.

The organisations with whom NIELIT has signed MoU are Semi-Conductor Laboratory (SCL), ERNET India, National Institute of Solar Energy (NISE), Amrita Vishwa Vidyapeetham, SKYROOT Aerospace, Institute for Financial Management and Research (IFMR) and Kyndryl India.

These partnerships are designed to enhance education, skilling, research, and innovation in the fields of Electronics and Information Technology. The areas of collaboration span across joint research projects, curriculum development, capacity building, training, skilling programs, and support for emerging technologies and innovation.

Speaking on the occasion, Sh. S. Krishnan, Secretary, MeitY, highlighted the significance of such synergies, stating,

“This is a strategic convergence of academia, industry, and government institutions to foster a robust digital ecosystem and develop a future-ready workforce. Collaborative efforts like these are essential to shaping a digitally empowered society and a thriving knowledge economy.”

He further appreciated the leadership of Dr. M. M. Tripathi, Director General, NIELIT, and the entire NIELIT team for their pivotal role in forging these partnerships and advancing the organization’s commitment to bridging the gap between industry needs and academic outcomes through high-quality, practical education and skilling initiatives.

The event was graced by distinguished dignitaries including Ms. Preeti Nath, Economic Adviser, MeitY, Dr. M. M. Tripathi, DG, NIELIT, Ms. Tulika Pandey, Scientist G & Group Coordinator, MeitY, Dr. Kamaljeet Singh, DG, SCL, Sh. Sanjeev Bansal, DG, ERNET India, Ms. Girija Mukund, Director CSR & ESG, Kyndryl India, Dr. Krishnashree Achuthan, Dean & Director, Amrita Vishwa Vidyapeetham, Dr. C. V. S Kiran, VP, Skyroot Aerospace, Dr. Prof. Mohammad Rihan, DG, NISE, Dr. Narsi Reddy, Director, Heartfulness Institute.

About NIELIT

The National Institute of Electronics and Information Technology (NIELIT) is an autonomous body under the Ministry of Electronics and Information Technology (MeitY), Government of India. NIELIT is dedicated to promoting education, training, and research in Electronics, IT, and emerging technologies.

With 56 own centers, a vast network of over 700 Accredited Training Partners, and more than 9,000 facilitation centers across the country, NIELIT plays a pivotal role in developing skilled manpower for the digital economy. It is also recognized as a National Examination Body for accrediting institutions and organizations conducting non-formal sector courses in IT and Electronics.

*****

Dharmendra Tewari/ Navin Sreejith

(Release ID: 2124706) Visitor Counter : 70

MIL OSI Asia Pacific News –

April 27, 2025
MIL-OSI USA: Hubble Visits Glittering Cluster, Capturing Its Ultraviolet Light

Source: NASA

As part of ESA/Hubble’s 35th anniversary celebrations, the European Space Agency (ESA) shared new images that revisited stunning, previously released Hubble targets with the addition of the latest Hubble data and new processing techniques.
ESA/Hubble released new images of NGC 346, the Sombrero Galaxy, and the Eagle Nebula earlier in the month. Now they are revisiting the star cluster Messier 72 (M72).
M72 is a collection of stars, formally known as a globular cluster, located in the constellation Aquarius roughly 50,000 light-years from Earth. The intense gravitational attraction between the closely packed stars gives globular clusters their regular, spherical shape. There are roughly 150 known globular clusters associated with the Milky Way galaxy.
The striking variety in the color of the stars in this image of M72, particularly compared to the original image, results from the addition of ultraviolet observations to the previous visible-light data. The colors indicate groups of different types of stars. Here, blue stars are those that were originally more massive and have reached hotter temperatures after burning through much of their hydrogen fuel; the bright red objects are lower-mass stars that have become red giants. Studying these different groups help astronomers understand how globular clusters, and the galaxies they were born in, initially formed.
Pierre Méchain, a French astronomer and colleague of Charles Messier, discovered M72 in 1780. It was the first of five star clusters that Méchain would discover while assisting Messier. They recorded the cluster as the 72nd entry in Messier’s famous collection of astronomical objects. It is also one of the most remote clusters in the catalog.

MIL OSI USA News –

April 26, 2025
MIL-OSI Economics: Europe’s hydrogen initiatives and renewable energy auctions to accelerate region’s energy transition, says GlobalData

Source: GlobalData

Europe’s hydrogen initiatives and renewable energy auctions to accelerate region’s energy transition, says GlobalData

Posted in Power

Three years into the Russia-Ukraine conflict, Europe has significantly diminished its reliance on Russia. Even though the EU has been importing liquified natural gas (LNG) primarily from the US, Norway, and Qatar since the onset of hostilities, the continent has decreased its overall consumption of fossil fuels, particularly the power sector has progressively become cleaner. The structural modifications to the permitting process for renewable energy projects and hydrogen initiatives are expected to further accelerate the region’s energy transition, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Europe Renewable Energy Policy Handbook 2025,” reveals that in response to structural changes in permitting, EU countries acted in a united and prompt manner. Merely weeks following Russia’s incursion into Ukraine, the leaders of the 27 EU member states resolved to expedite the EU’s transition away from reliance on Russian fossil fuels by diversifying energy supplies and sources, curtailing the use of fossil fuels, and accelerating the transition to cleaner energy sources. Subsequently, the European Commission introduced the REPowerEU plan—a strategic framework aimed at enhancing the EU’s energy independence and promoting the adoption of clean energy.

The EU, with its “Fit for 55” package, is committed to reducing greenhouse gas emissions by at least 55% by 2030, thereby aligning its energy targets with an emphasis on renewable energy. In 2023, the EU, under the revised REPowerEU plan, set a goal for a 42.5% renewable energy share by 2030. Member states are encouraged to contribute through their respective National Energy and Climate Plans (NECPs). The EU is promoting clean energy through auctions and hydrogen energy.

Sudeshna Sarmah, Power Analyst at GlobalData, comments: “The EU is actively pursuing a variety of strategies to broaden the adoption of renewable technologies. The implementation of the Innovation Fund auction and the Renewable Energy Sources Auction platform is anticipated to garner support for renewable hydrogen projects and serve as a catalyst for renewable power auctions, respectively. These initiatives are expected to foster a favorable environment for investment opportunities within the EU.”

In the Innovation Fund’s 24th auction, which concluded in February 2025, member countries of the European Economic Area (EEA) were given the opportunity to enhance projects with additional national funding through the Auctions as a Service (AaaS) mechanism. Spain, Lithuania, and Austria chose to participate in the IF24 AaaS, collectively committing over EUR 700 million (approximately $740.3 million) in national funds to support renewable hydrogen production projects within their territories.

Launched in May 2024, the Renewable Energy Sources (RES) Auctions Platform represents a critical component of the European Commission’s Wind Power Action Plan. This platform consolidates vital information from Member States concerning upcoming renewable energy auctions within the European Union. Its purpose is to provide companies with improved visibility of expected deployment volumes, thus aiding the industry in planning their investments more efficiently.

Sarmah concludes: “The European Hydrogen Strategy sets an ambitious annual consumption target of 20 million tons of hydrogen by the year 2030. Of this total, approximately 10 million tons are expected to be produced within the European Union. To facilitate the domestic manufacture of such significant volumes of green hydrogen, the development of an infrastructure capable of supporting 40 GW of electrolysis capacity will be essential by the decade’s end, indicating a promising trajectory for the growth of green hydrogen in the region.”

MIL OSI Economics –

April 26, 2025
MIL-OSI Asia-Pac: Immigration Department Youth Leaders Corps organises National Games in Touch: Chaoshan Exchange Tour 2025 (with photos)

Source: Hong Kong Government special administrative region

The Immigration Department Youth Leaders Corps (IDYL) organised the three-day National Games in Touch: Chaoshan Exchange Tour 2025 from April 22 to 24. As the governments of Guangdong, Hong Kong and Macao will cohost the 15th National Games for the first time this year, the exchange tour provided an opportune time for IDYL members to gain insights into the preparations for the Games by visiting the competition venues in Shantou in person, while learning more about Chaoshan’s history and culture.

Addressing the opening ceremony on the first day of the exchange tour, the Director of Immigration, Mr Benson Kwok, expressed his hope that IDYL members would enhance their understanding of the motherland and national affairs by interacting with local youth through site visits, so that they could contribute to the country’s development in the future.

Led by the Commissioner of the IDYL, Dr Cheng Kam-chung, and members of the IDYL Advisory Committee, participants visited Shantou Haojiang Innovation Center, Chaoshan Historical Culture Expo Center, Shantou Sports Center, Nan’ao Island and Chaozhou Ancient City, among others. They also interacted with young entrepreneurs from Chaoshan and student athletes from Shantou Sports School. In addition, the group visited Shantou Offshore Wind Power Industrial Park, where they learned about the country’s key wind power projects and its sustainable development strategies.

The IDYL will continue to actively organise exchange programmes on a variety of themes to deepen members’ understanding of Chinese history and culture, thereby fostering their sense of nationhood, national identity and affection for the nation.

MIL OSI Asia Pacific News –

April 26, 2025
MIL-OSI Asia-Pac: Eight more trial projects on hydrogen fuel technology given agreement-in-principle by Inter-departmental Working Group on Using Hydrogen as Fuel

Source: Hong Kong Government special administrative region

A spokesman for the Environment and Ecology Bureau (EEB) said that the Inter-departmental Working Group on Using Hydrogen as Fuel (Working Group) led by the EEB has given agreement-in-principle to eight more applications of trial projects on hydrogen fuel technology at its meeting today (April 25).

The relevant projects involve:

(a) an application jointly submitted by International New Energy Industry Alliance Limited, Wing Tat Cargo & Trading (HK) Limited, H2 Powertrains Limited and Ontime International Logistics (HK) Co Limited, to try out 10 hydrogen fuel cell (HFC) goods vehicles for cross-boundary transport;
To date, the Working Group has given agreement-in-principle in stages to a total of 26 applications of hydrogen energy trial projects. Among them, the three HFC street washing vehicles from the Food and Environmental Hygiene Department have passed the examination with the Certificate of Roadworthiness issued, and Sinopec (Hong Kong) Limited has completed all commissioning and testing for the public hydrogen filling station at Au Tau, Yuen Long. The operational trials are expected to be launched in the first half of this year.

The Working Group will continue to make reference to the operational data and experience collected from all local trials, in order to provide advice for the continuous enhancement of the safety and technical guidelines on the local application of hydrogen energy.

The spokesman said, “The Government announced the Strategy of Hydrogen Development in Hong Kong (the Strategy) in June last year, establishing an action timeline across five key areas: regulatory framework, standards formulation, supporting infrastructure, regional co-operation, and capacity building. At the meeting, the EEB and the Electrical and Mechanical Services Department (EMSD) briefed the Working Group on the latest implementation progress of the Strategy, including introducing the Gas Safety (Amendment) Bill 2025 to the Legislative Council to incorporate safety regulations for hydrogen fuel, taking forward the consultancy study on establishing a green and low-carbon hydrogen certification standard, setting up safety training courses for hydrogen technology professionals, stepping up publicity and education work and promote local, regional, and international collaboration on hydrogen energy development, including organising science popularisation activities and seminars (such as the International Hydrogen Development Symposium 2025 held this year). The Working Group will continue to regularly review the progress of the Strategy and provide recommendations to facilitate the implementation of its various measures.”

The spokesman supplemented, “To promote the green transformation of transport, the Chief Executive’s 2024 Policy Address announced the earmarking of funding under the New Energy Transport Fund to launch a new Subsidy Scheme for Trials of HFC Heavy Vehicles. The EEB has announced the acceptance of applications in December last year.”

The spokesman further supplemented, “The Government is also committed to promoting hydrogen development through regional collaboration. The working plan of the Pearl River Delta Air Quality Management and Monitoring Special Panel under the Hong Kong-Guangdong Joint Working Group on Environmental Protection and Combating Climate Change covers demonstration projects of cross-boundary delivery vehicles transiting into HFC vehicles. Moreover, the liaisons between the EMSD and the State Administration for Market Regulation as well as the General Administration of Customs of the People’s Republic of China on the technical level, and the EEB’s exchanges with the Mainland authorities regarding exchanges involving hydrogen development in the Guangdong-Hong Kong-Macao Greater Bay Area, have all been making good progress.”

The Working Group is formed by the EEB, the Transport and Logistics Bureau, the Development Bureau, the Security Bureau, the Environmental Protection Department, the EMSD, the Fire Services Department, the Transport Department, the Marine Department, the Planning Department, the Lands Department, the Buildings Department, the Architectural Services Department and the Labour Department.

MIL OSI Asia Pacific News –

April 26, 2025
MIL-OSI Canada: Premier Houston to Invite Investments in Offshore Wind at International Conference
Source: Government of Canada regional news

Premier Tim Houston will promote opportunities to invest in Nova Scotia’s growing wind energy sector at the largest offshore wind and ocean renewables conference in the Americas next week.

The Premier will be a keynote speaker at Oceantic Network’s 2025 International Partnering Forum, which runs from April 28 to May 1 in Virginia Beach, Virginia. Thousands of professionals and industry experts from around the world are expected to attend.

“Nova Scotia is open for business, and there are countless opportunities for us to be more self-reliant and grow our economy in key areas like wind energy,” said Premier Houston. “We’re blessed with incredible onshore and offshore wind speeds that we can use to our advantage with partners who invest in our wind sector, provide good-paying jobs for hard-working Nova Scotians, and deliver clean energy that can create export opportunities and power our domestic needs.”

During the conference, Premier Houston will share insights into Nova Scotia’s vision for offshore wind, showcase the success of existing cross-border partnerships and collaborations, and reinforce the importance of a strong U.S.-Canada relationship to build both countries’ offshore wind markets.

Globally, offshore wind is one of the fastest-growing energy sources. Nova Scotia also has some of the best, consistently fast wind speeds in the world. The province sits on a large continental shelf with vast areas of relatively shallow water that are ideal for floating and fixed wind platforms.

Nova Scotia plans to offer licences for five gigawatts of offshore wind energy by 2030. The first call for bids will open later this year.

Nova Scotia is currently focused on making the province more self-reliant by investing in wind resources, critical minerals and the seafood sector. The Province is also developing a comprehensive trade action plan to facilitate internal trade, enhance productivity and drive critical sectors with input from businesses and industry.

Quotes:

“The International Partnering Forum may have been born in the U.S., but it knows no geopolitical boundaries. If one market closes, we open others. We are proud to welcome Premier Houston to showcase Nova Scotia’s vision for offshore wind, which will attract the investment and partnerships others are pushing away. Cross-border partnerships like these are already delivering results and will be critical to the development of our supply chains, developers, and our shared energy future.”
— Liz Burdock, President and CEO, Oceantic Network

Quick Facts:
- Nova Scotia’s offshore wind sector is projected to be a $4.6-billion industry within seven years
- it will support the province’s budding green hydrogen sector and has the potential to make Nova Scotia a net exporter of clean energy
- the conference focuses on transforming the offshore clean energy industry through collaboration and innovation
- delegates attending the conference include Premier Houston; Chief of Staff and General Counsel Nicole LaFosse Parker; and Kim Doane, Executive Director, Energy Resource Development, Department of Energy
Additional Resources:

Nova Scotia offshore wind: https://novascotia.ca/offshore-wind/

Oceantic Network 2025 International Partnering Forum: https://oceantic.org/oceantic-event/2025-ipf/

More information about Oceantic Network is available at: https://oceantic.org/about-us/

Other than cropping, Province of Nova Scotia photos are not to be altered in any way

MIL OSI Canada News –
April 26, 2025

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Quotes:

Quick Facts:

Additional Resources:

Other than cropping, Province of Nova Scotia photos are not to be altered in any way

MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme

MNRE organizes Workshop on opportunities for MSMEs in Green Hydrogen Supply Chain

Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership

Commerce Secretary Engages with Port of Rotterdam Authority, Explores Green and Digital Corridor Cooperation to Boost Maritime and Trade Ties

Consultative Committee of the Members of Parliament for the Ministry of Power held on the subject- “Roadmap for Development of Nuclear Power Generation”

Government targets 100 GW of nuclear power capacity by 2047 to strengthen India’s long-term energy security

NIELIT signs MoUs with 8 Visionary Organizations to Propel Digital India Initiatives

MoU signed with SCL Mohali, ERNET India, AMRITA University, NISE, Heartfulness Institute, Kyndryl India, Skyroot Aerospace & IFMR