Core Insights - HyOrc Corporation has appointed Andrea Magalini as a Non-Executive Director, bringing extensive experience in OEM leadership and industrial product commercialization [1][2] - The company is entering its commercialization phase, with a focus on scaling clean technologies and forming industrial partnerships [2][3] - HyOrc's R&D and manufacturing operations have achieved certifications under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2015, affirming its commitment to operational excellence and environmental stewardship [3][6] Company Developments - The appointment of Andrea Magalini is seen as a significant step for HyOrc as it prepares for manufacturing ramp-up and global deployment [2][3] - HyOrc has filed a PCT application for its vertical combustor, expanding its global intellectual property coverage for its hydrogen engine platform [4] - The company aims to decarbonize hard-to-abate sectors without relying on subsidies, supported by a growing patent portfolio and ISO-certified operations [7] Operational Milestones - HyOrc's certifications represent a critical milestone, enhancing its appeal to strategic customers, EPC partners, and institutional investors [3] - The company has 728.19 million shares issued and outstanding, with 26.30 million shares at DTC [7]

Core Viewpoint - Fusion Fuel Green PLC's subsidiary, Al Shola Al Modea Gas Distribution LLC, has secured additional engineering and utility projects worth AED 4.4 million (~$1.2 million USD) in Dubai, indicating strong demand and commercial momentum in the UAE's energy infrastructure market [1][2]. Summary by Sections New Engineering Projects - Al Shola Gas has secured over $2.7 million in engineering contracts and 1,800 new residential service contracts since the beginning of 2025 [2]. - The new projects will convert to recurring revenue through long-term utility service contracts [4]. Utility Business and Bulk LPG Supply - Al Shola Gas has surpassed 12,000 active customers and expects continued growth in recurring revenue as contracted assets are commissioned [5]. - Bulk LPG supply remains robust, with current volumes exceeding 600 metric tons per month, with a target of reaching 800 metric tons monthly by year-end [6]. Company Strategy and Market Position - The combination of engineering revenue and high-margin recurring utility income reflects the company's strategy to build durable, cash-generating infrastructure assets in the region [7]. - Al Shola Gas is positioned as a preferred partner for developers needing reliable and efficient LPG system delivery and service [5]. Specific Project Details - Dubai Marina Development: DBOM contract for 620 residential apartments and 5 retail outlets, total contract value AED 885,000 [9]. - Business Bay Tower: High-rise with 242 apartments and 3 retail outlets, contract value AED 395,000 [9]. - Satwa Mid-Rise Development: 240 apartments, total contract value AED 2.6 million [9]. - Additional Cluster Projects: Four smaller projects across Dubai, collectively valued at AED 520,000 [9].

Summary of Chart Industries (GTLS) Conference Call Company Overview - **Company**: Chart Industries (GTLS) - **Merger**: Recently announced merger with Flowserve, creating a differentiated industrial process technology company that combines thermal management and flow management [3][4] Key Points from the Conference Call Merger Details - The merger aims to create a scaled company that positions itself against multi-industry peers like Ingersoll Rand and Dover [4] - The combination is expected to enhance revenue growth opportunities, margin levers, earnings durability, and balance sheet flexibility [5][26] Revenue Growth Opportunities - The merger is projected to increase revenue growth opportunities beyond what Chart and Flowserve could achieve independently [10] - Chart's standalone commercial pipeline is valued at approximately $24 billion, which is expected to amplify with the merger [12] - Specific applications such as LNG, hydrogen, and carbon capture are anticipated to see a 10% increase in content due to the merger [12] - The combined company will have access to 200 service centers globally, increasing aftermarket service coverage from 40% to a target of 80% [18] Margin Expansion - The merger is expected to yield $300 million in cost synergies, equating to about 3% of revenue [8] - Cost synergies will come from procurement, back office savings, and roofline consolidation [23] - The combination is expected to enhance margin durability due to a higher proportion of aftermarket services, which are generally higher margin [21][38] Earnings Durability and Resilience - The combined company is expected to generate less cyclical results and have more predictable revenue, with over 40% of revenues coming from aftermarket services [26] - The merger is anticipated to reduce dependence on large projects, enhancing earnings predictability [26] Balance Sheet Flexibility - The transaction is structured to target an investment-grade rating, with a projected net leverage ratio of approximately 2 at close [27] - Improved EBITDA to cash conversion is expected, enhancing cash culture and resilience [27] Market and Geographic Expansion - The merger will allow Chart to leverage Flowserve's relationships in nuclear, chemicals, and refining markets, particularly in Asia Pacific [14][32] - The combined company aims to address high-growth end markets, including LNG and data centers, with enhanced product offerings [34][52] Aftermarket Services - The aftermarket segment is projected to constitute 42% of the pro forma business, which is expected to drive higher margins and recurring revenue [38] - Long-term service agreements are anticipated to increase due to the expanded footprint and capabilities from the merger [40] Operational Updates - Chart expects the second quarter of 2025 to have a book-to-bill ratio above one, indicating strong order trends [47][48] - The company is tracking well against its operational financial targets for the second quarter and the remainder of the year [53] Additional Insights - The merger is seen as a strategic move to create a differentiated industrial process technology company, with expectations to outperform peers in high-growth markets [30] - The integration process is underway, with a focus on regulatory filings and shareholder votes before the merger closes [27][29] This summary encapsulates the key points discussed during the conference call, highlighting the strategic implications of the merger and the anticipated benefits for Chart Industries and its stakeholders.

CF Industries Investor Day Summary Company Overview - CF Industries is the world's largest producer of ammonia, founded in 1946 as an agricultural cooperative [4][10] - The company focuses on ammonia and derived nitrogen products used as fertilizers and for industrial applications [4][5] Core Business Insights - CF Industries emphasizes operational excellence, safety, and unmatched asset utilization to meet customer needs [5][11] - The company aims to lead in low carbon ammonia production, contributing to decarbonization in industrial and agricultural sectors [5][7] Financial Performance - In the past year, CF reported approximately $2,500 million in adjusted EBITDA, converting to $1,600 million in free cash flow, a 63% conversion rate [97] - Over the last eight years, CF generated $19,000 million in adjusted EBITDA and over $12,000 million in free cash flow, with a leading conversion rate of over 62% [98] - The company returned approximately $2,000 million to shareholders in the last year through dividends and share repurchases [97] Strategic Initiatives - CF is investing roughly $2,000 million into the BluePoint joint venture, focusing on low carbon ammonia production [17] - The company has a concurrent share repurchase program for $2,600 million [17] - CF's recent acquisition of the Wagaman ammonia production facility in 2023 is part of its strategy to enhance production capacity [16] Market Dynamics - The global nitrogen supply-demand balance is expected to tighten, with projected annual demand growth of 12 to 14 million metric tons [54][55] - Structural constraints on nitrogen supply have been exacerbated by geopolitical events, leading to rising global nitrogen prices [49][51] - CF's North American operations provide a significant cost advantage due to access to low-cost natural gas [32][33] Competitive Advantages - CF's production network consists of approximately 60 production units across eight sites in North America, with an average annual capacity of about 10,500,000 metric tons of gross ammonia [36] - The company has unmatched distribution flexibility, utilizing rail, truck, barge, and ocean-going vessels to deliver products efficiently [41][42] - CF's operational excellence is reflected in its industry-leading utilization rates, averaging 8% greater than North American peers [73] Sustainability and Decarbonization - CF aims to reduce scope one carbon emissions intensity per product ton by 25% by 2030 [74] - The company is investing in carbon capture and sequestration projects, expecting to reduce greenhouse gas emissions by over 2,500,000 metric tons of CO2 equivalent annually [75] - CF's BluePoint project is positioned to be the world's largest ammonia plant focused on low carbon production, with a nameplate capacity of 1,400,000 tons annually [87] Future Outlook - The company anticipates significant long-term demand growth for low carbon ammonia, driven by government policies and market needs [59][60] - CF believes that the tightening nitrogen supply-demand balance will offer increased margin opportunities in the future [56] - The company is strategically positioned to capitalize on these trends, leveraging its operational expertise and partnerships [82][86]

Group 1 - Linde plc has entered a long-term agreement to supply industrial gases to Blue Point Number One, a joint venture for a low-carbon ammonia plant in Louisiana, which will produce 1.4 million metric tons of low-carbon ammonia annually [1][5] - Linde will invest over $400 million to build and operate a new air separation unit (ASU) for the Blue Point project, expected to be the largest along the Mississippi River corridor, with operations starting in 2029 [2][8] - The new ASU will be Linde's third advanced unit supporting an autothermal reforming ammonia plant, enhancing its industrial gas network in a region with increasing demand for decarbonization and clean energy [3] Group 2 - Stakeholders, including CF Industries' COO, emphasize Linde's critical role in establishing a reliable low-carbon ammonia supply chain, highlighting its expertise [4] - The Blue Point ammonia facility is positioned to significantly contribute to the global demand for clean ammonia, which is essential for decarbonizing energy and industrial sectors [5]

Investor Presentation PORTLAND GENERAL ELECTRIC June 18, 2025 Cautionary statement Portland General Electric investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 Nick White (503) 464-8073 Nicholas.White@pgn.com Sydnie Hinds (503) 464-7111 Sydnie.Hinds@pgn.com Information Current as of April 25, 2025 Except as expressly noted, the information in this presentation is current as of April 25, 2025 – the date on which PGE filed its Annual Report on Form 10-Q for the quarter ended ...

Investment Rating - The report maintains an 'In-Line' industry view for the steel sector, indicating a balanced risk-reward profile [7]. Core Insights - Carbon steel prices are experiencing softening momentum, with continued downside risks expected in the near term due to unclear demand recovery [6]. - Stainless steel demand is anticipated to remain lackluster, trailing carbon steel recovery, with no inflection expected in 2025 [8]. - The sector is currently trading at a ~34% discount to its historical average on EV/normalized EBITDA, but consensus earnings downgrades for 2025 are anticipated [9]. Carbon Steel Summary - The report highlights that EU HRC spreads have risen above historical averages due to supportive trade policies and prospects for defense/infrastructure spending [6]. - ArcelorMittal and voestalpine are identified as the most preferred companies in carbon steel, with voestalpine showing resilience in EBITDA/t during the downturn [10]. - Thyssenkrupp shares have seen significant re-rating, but the report suggests that the current valuation may not reflect the underlying business's cash needs and earnings potential [10]. Stainless Steel Summary - Acerinox is favored in the stainless steel segment due to its resilient earnings profile and exposure to the US/alloys market [11]. - The report notes that Aperam's diversified business model may not be enough to counteract the weak demand in Europe, impacting near-term earnings momentum [11]. - The overall stainless steel market is expected to face challenges due to global growth concerns and below-average spreads in the EU/US [8]. Demand Drivers - Key demand drivers for steel include construction and automotive sectors, with significant contributions from building & infrastructure and mechanical equipment [21][22]. - The report emphasizes that the automotive sector's performance is crucial for steel demand, particularly in Western Europe and the US [27][30]. Supply and Trade Dynamics - The report discusses the steel supply landscape, noting that major producers in the EU and China are adjusting production levels in response to demand fluctuations [65][68]. - It highlights the net trade flows of steel, with China being a significant exporter, impacting the EU market dynamics [80][81]. Valuation and Performance - The report provides a snapshot of equity performance, indicating that steel equities have re-rated sharply, with some companies trading at premiums to their sum-of-the-parts valuations [10][12]. - The overall steel sector's performance is compared against indices like MSCI Europe and STOXX Europe, showing varied performance across different companies [13][16].

Core Insights - SLB shares have decreased by 6.5% over the past six months, outperforming the oil-energy sector's decline of 8.2% and peers like Core Laboratories and Oceaneering International, which fell by 27.3% and 17.3% respectively [1][5] - The stock is currently trading above its 50-day simple moving average (SMA), indicating a bullish trend [3][5] - SLB has a VGM Score of B, reflecting value and positive earnings surprises, although it lags slightly in momentum with a C score [5][7] Financial Performance - SLB has surpassed earnings estimates in three of the last four quarters, with an average earnings surprise of 0.77% [8] - The average target price for SLB, based on 27 analysts, is $48.50 per share, suggesting a potential upside of 35.29% from the last closing price [9] Market Position and Strategy - SLB's strong international market presence provides a competitive edge, particularly in securing new offshore projects and long-term agreements with state-owned companies [12] - Despite challenges in certain regions, revenues in key markets like the UAE, North Africa, and China have shown double-digit growth, contributing to more stable earnings [13] - The company's New Energy portfolio, including carbon capture and geothermal projects, is expected to generate over $1 billion in annual revenues by 2025, aligning with global decarbonization trends [14] - Ongoing cost-control initiatives have led to an adjusted EBITDA margin increase to 23.8%, despite a 3% year-over-year revenue decline in Q1 2025 [15] - SLB's diversification into data center infrastructure solutions is showing strong growth, particularly in North America, driven by demand from hyperscalers and AI [16]

Core Insights - Cadiz Inc. has entered into a Memorandum of Understanding (MOU) with Hoku Energy Limited to develop a major clean energy campus at Cadiz Ranch in California's Mojave Desert, which aligns with the company's commitment to sustainable development [2][5] - The MOU grants Hoku Energy a three-year exclusive option to develop over 10,000 acres for various clean energy projects, including green hydrogen production and large-scale renewable energy generation [3][4] - The projects are expected to generate annual lease revenue and water supply sales of $7 to $10 million, supporting sustainable water and farming operations [1] Company Overview - Cadiz Inc. is a California water solutions company with 45,000 acres of land, 2.5 million acre-feet of water supply, and 220 miles of pipeline assets, focusing on providing clean and reliable water [7] - The company is also developing the Mojave Groundwater Bank and has previously partnered with RIC Energy for green hydrogen production on up to 3,000 acres [5] Project Details - The Hoku Energy project may include facilities for green hydrogen production, renewable power generation, battery storage, and integrated digital infrastructure such as data centers [3][4] - The agreement allows for continued commercial development at Cadiz, including agricultural operations and reserves 400 acres for additional commercial development, with Hoku having the right of first refusal to supply power to any developed data center [4][5] Strategic Importance - The collaboration with Hoku Energy is seen as a key component of Cadiz's long-term land use strategy, enhancing the potential for large-scale renewable energy and data center development [5] - The combined efforts with Hoku and RIC Energy are expected to position Cadiz Ranch as a significant clean energy campus and green hydrogen production hub in North America [5]

Core Insights - MAX Power Mining Corp. has identified a rare rock assemblage in Southern Saskatchewan's basement complex, believed to be associated with the first known deep subsurface occurrence of Natural Hydrogen in Western Canada [1][2] - The company has acquired exploration permits covering 1.3 million acres (521,000 hectares) and has an additional 5.7 million acres (2.3 million hectares) under application, indicating significant land holdings for Natural Hydrogen exploration [5][12] - A multi-well drill program is planned to target specific areas, with the aim of making the first commercial discovery of Natural Hydrogen [2][6] Company Developments - The geological team has developed a detailed geological model and a Prospect Ranking Tool (PRT) to guide the targeting strategy for drilling [5][7] - MAX Power's initial drilling will focus on the Grasslands Project, where a recent discovery of Natural Hydrogen associated with basement source rocks was made [13][15] - The company has appointed Shayne Neigum as VP-Exploration, bringing local knowledge and experience to support efficient drill targeting and field operations [23] Strategic Positioning - The Genesis Trend, a newly identified 200-km-long belt, features a compelling drill target based on seismic data and includes over 40 prospect leads for follow-up analysis [5][17] - The proximity to the Regina-Moose Jaw Industrial Corridor, Saskatchewan's first proposed Hydrogen Hub, provides valuable infrastructure and diverse routes to market [20] - MAX Power's land package formation and initial target delineation are backed by integrated geological models, emphasizing the potential for size, scalability, and sustainability in Natural Hydrogen production [7][21]