Maxim Power Corp. Announces Partial Settlement of Claim for Compensation Resulting in $6.5 million of Proceeds

Core Points - Maxim Power Corp. has settled a portion of its claim for compensation related to a non-injury fire incident that occurred on September 30, 2022, resulting in a net settlement amount of approximately $6.5 million [1][2] - The settlement amount represents the maximum net amount available from the insurance policy of the settling third party, with the proceeds expected to be received in the fourth quarter of 2025 [1] - The company continues to pursue claims against remaining third parties, with the total insurance coverage for these parties being equivalent to the amount received from the current settlement [2] Company Overview - Maxim Power Corp. is one of Canada's largest independent power producers, focusing on power projects in Alberta [3] - The company's core asset is the 300 MW H.R. Milner Plant, which is a combined cycle gas-fired power plant that commenced operations in Q4 2023 [3] - Maxim is exploring additional development options in Alberta, including a permitted gas-fired generation project and a wind power generation project [3]