Today techs Maxim Energy Corp. Supplies M2 Operations and CCGT Challenge

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CALGARY, Alberta, Sept. 21, 2022 (GLOBE NEWSWIRE) — Maxim Energy Corp. (“MAXIM” or the “Company”) (TSX: MXG) gives updates on its 204 MW Milner 2 (“M2”) operations and the Mixed Cycle Fuel Turbine (“CCGT”) growth of M2 undertaking.

M2 OPERATIONS AND CCGT PROJECT UPDATES

today techs align=”justify”>As beforehand reported, M2 commenced chilly commissioning actions associated to the CCGT growth undertaking within the third quarter of 2022. These actions embrace taking the M2 fuel turbine offline to permit for the connection of the warmth restoration steam generator, steam turbine and associated parts. Because of these actions, the M2 facility has been offline since early September. MAXIM anticipates that the CCGT growth of M2 will start scorching commissioning actions early within the fourth quarter of 2022, which can lead to intermittent technology of electrical energy all through the quarter. The undertaking stays on schedule to finish commissioning in December today techs 2022.

Current milestones embrace larger than 90% development full and persevering with chilly commissioning actions. The estimated undertaking price, excluding borrowing prices, is at the moment $155 million. MAXIM continues to forecast it has adequate liquidity to finish the CCGT growth of M2.

Completion of the CCGT growth of M2 will enable seize of waste warmth that might in any other case exhaust into the environment and switch it into helpful low carbon electrical energy for the Alberta energy grid. The CCGT growth of M2 will cut back the depth of carbon emissions by greater than 60% in comparison with the legacy coal-fired H.R. Milner facility.

About MAXIM

Primarily based in Calgary, Alberta, MAXIM is one among Canada’s largest actually impartial energy producers. MAXIM is now centered solely on energy tasks in Alberta. Its core asset – the 204 MW H.R. Milner Plant, M2, in Grande Cache, AB – is a state-of-the-art pure gas-fired energy plant that commissioned in Q2, 2020. MAXIM is at the moment rising the capability of M2 to roughly 300 MW and concurrently will understand an enchancment within the effectivity of the plant by investing in warmth restoration mixed cycle know-how. As well as, MAXIM continues to discover further improvement choices in Alberta together with its at the moment permitted gas-fired technology tasks 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:

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

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

This press launch comprises forward-looking statements and forward-looking data today techs (collectively “ahead wanting data”) inside the which means of relevant securities legal guidelines regarding MAXIM’s plans and different points of MAXIM’s anticipated future operations, administration focus, targets, methods, monetary, working and manufacturing outcomes. Ahead-looking data usually makes use of phrases akin to “anticipate”, “imagine”, “undertaking”, “count on”, “purpose”, “plan”, “intend”, “might”, “would”, “might” or “will” or comparable phrases suggesting future outcomes, occasions or efficiency. The forward-looking statements contained on this press launch communicate solely as of the date thereof and are expressly certified by this cautionary assertion. Particularly, this press launch comprises forward-looking data regarding, amongst different issues, the today techs timing of cold and warm commissioning actions, the anticipated completion date of the CCGT growth of M2, emissions depth, the present price estimates for the CCGT growth of M2 and MAXIM’s financing plans with respect to the CCGT growth.

Ahead-looking data is predicated on sure assumptions and evaluation made by MAXIM in gentle of our expertise and MAXIM’s notion of historic traits, present situations, anticipated future developments and different components MAXIM believes applicable beneath the circumstances. These embrace, amongst different issues, assumptions concerning the quantity of prices to be incurred by MAXIM for the CCGT growth of M2 in addition to assumptions regarding the sources of financing therefor, the integrity and reliability of our belongings typically, deliberate and unplanned time throughout which M2 is offline, and the belief of anticipated advantages from the CCGT growth of M2.

MAXIM’s precise outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance might be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them accomplish that, what advantages that MAXIM will derive there from. Danger components embrace the affect of basic financial and market situations, MAXIM’s potential to efficiently implement the CCGT growth of M2 and whether or not it is going to yield the anticipated advantages, in addition to the fee and availability of labour, tools and supplies. Readers are cautioned that the foregoing lists of things usually are not exhaustive. Further data on these and different components that might have an effect on MAXIM’s enterprise, operations or monetary outcomes are included within the experiences on file with relevant securities regulatory authorities, together with however not restricted to MAXIM’s Annual Info Type for the 12 months ended December 31, 2021, which can be accessed on MAXIM’s SEDAR profile at www.sedar.com. 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 on account of new data, future today techs occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.

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