Maxim Power Corp. Successfully Completes Commissioning of the CCGT Expansion of M2

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CALGARY, Alberta, Oct. 24, 2023 (GLOBE NEWSWIRE) — Maxim Energy Corp. (“MAXIM” or the “Company”) (TSX: MXG) is happy to announce that it has efficiently commissioned the Mixed Cycle Fuel Turbine (“CCGT”) growth of its pure gas-fired energy plant (“M2”) positioned close to Grande Cache, Alberta.

Building of the warmth restoration expertise required to broaden M2 right into a CCGT facility commenced in 2021 and the undertaking was initially anticipated to fee within the fourth quarter of 2022. Commissioning was delayed as a result of non-injury hearth on September 30, 2022, which induced injury to M2’s air inlet filter home. Repairs commenced shortly after and accomplished in August of 2023 to permit for the recommencement of commissioning actions. M2 started producing intermittent electrical energy to the grid on August 14, 2023, and achieved CCGT business operations on October 24, 2023.

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The CCGT growth of M2 is predicted to extend the utmost technology capability of the HR Milner (“Milner”) website to 300 MW and has been designed to decrease operations and upkeep prices per MWh. The CCGT growth of M2 captures waste warmth that will in any other case exhaust into the ambiance and converts it into helpful low carbon dispatchable electrical energy for the Alberta energy grid. The estimated ultimate undertaking price of the CCGT growth of M2 is presently $164 million, excluding borrowing prices and the online impact of $20 million of grant proceeds.

This vital milestone completes the coal to gasoline power transformation and repowering undertaking on the Milner website which noticed over $300 million of funding and efficiently transformed the legacy 150 MW coal-fired facility right into a 300 MW CCGT facility. The CCGT growth of M2 is predicted to cut back the depth of carbon emissions by greater than 60% in comparison with the legacy coal-fired Milner facility.

About MAXIM

Primarily based in Calgary, Alberta, MAXIM is one among Canada’s largest really unbiased energy producers. MAXIM is now targeted solely on energy initiatives in Alberta. Its core asset – the 300 MW H.R. Milner Plant, M2, in Grande Cache, AB – is a state-of-the-art mixed cycle gas-fired energy plant that commissioned in This autumn, 2023. MAXIM continues to discover further growth choices in Alberta together with its presently permitted gas-fired technology initiatives and the allowing of its wind energy technology undertaking. MAXIM trades on the TSX beneath the image “MXG”. For extra details about MAXIM, go to our web site at www.maximpowercorp.com. For additional data please contact:

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Bob Emmott, President and COO, (403) 263-3021

Kyle Mitton, CFO and Vice President, Company Growth, (403) 263-3021

Ahead-looking statements

This press launch incorporates forward-looking statements and forward-looking data (collectively “ahead wanting data”) inside the that means of relevant securities legal guidelines referring to MAXIM’s plans and different facets of MAXIM’s anticipated future operations, administration focus, goals, methods, monetary, working and manufacturing outcomes. Ahead-looking data usually makes use of phrases resembling “anticipate”, “consider”, “undertaking”, “anticipate”, “objective”, “plan”, “intend”, “could”, “would”, “may” or “will” or comparable phrases suggesting future outcomes, occasions or efficiency. The forward-looking statements contained on this press launch converse solely as of the date thereof and are expressly certified by this cautionary assertion. Particularly, this press launch incorporates forward-looking data regarding, amongst different issues, anticipated advantages and prices of the CCGT growth of M2, together with the discount of carbon emissions by greater than 60% and the rise in technology capability to 300 MW.

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Ahead-looking data relies on sure assumptions and evaluation made by MAXIM in mild of our expertise and MAXIM’s notion of historic traits, present circumstances, anticipated future developments and different components MAXIM believes applicable beneath the circumstances. These embrace, amongst different issues, assumptions concerning the, estimated ultimate undertaking prices, technology capability following the growth of M2 and discount in carbon emissions.

MAXIM’s precise outcomes, efficiency or achievement may differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance may be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them achieve this, what advantages that MAXIM will derive there from. Danger components embrace that MAXIM will generate full MW capability from the CCGT growth of M2. Readers are cautioned that the foregoing lists of things will not be exhaustive. Extra data on these and different components that would have an effect on MAXIM’s enterprise, operations or monetary outcomes are included within the reviews on file with relevant securities regulatory authorities, together with however not restricted to MAXIM’s Annual Info Kind for the yr ended December 31, 2022, which can be accessed on MAXIM’s SEDAR+ profile at www.sedarplus.ca. These forward-looking statements are made as of the date of this press launch and MAXIM disclaims any intent or obligation to replace publicly any forward-looking statements, whether or not because of new data, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.

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