Protecting Our Grid Lines

Westinghouse Electric Company has signed a memorandum of understanding (MoU) with the Pabineau and Eel River Bar First Nations to promote Westinghouse technology for new build projects at the Port of Belledune.

The initial focus of the agreement explores AP300 small modular reactor (SMR) opportunities with local developers, including the Belledune Port Authority and New Brunswick Power, as well as industrial and data center customers. The agreement also includes the assessment of opportunities for using Westinghouse’s Long Duration Energy Storage technology at the Port of Belledune.

“Pabineau First Nation is excited to sign this MoU with Westinghouse and Eel River Bar for opportunities that will arise from development in the SMR sector. We believe partnership is the key to success, and growing the economy of the province not only benefits First Nations but the whole province,” said Chief Terry Richardson, Pabineau First Nation. “The Port of Belledune offers a great opportunity with land and a deep-water port that gives access to world markets. We look forward to continuing to develop our relationship with Westinghouse.”

“This agreement represents a forward-looking partnership that puts our community, alongside our friends at Pabineau First Nation, at the center of meaningful economic and environmental progress,” said Chief Jake Caplin, Eel River Bar First Nation. “We’re proud to be part of clean energy innovation in our territory that will benefit our community members for generations to come.”

“Indigenous communities are important partners to Westinghouse as we develop infrastructure projects and new build opportunities in New Brunswick,” said John Gorman, President of Westinghouse Canada. “We are pleased to work with Pabineau and Eel River Bar First Nations to explore the deployment of the AP300 SMR, which is based on the proven and operating AP1000 reactor.”

Pabineau First Nation and Eel River Bar First Nation are both Mi’kmaq communities located in northern New Brunswick. Pabineau First Nation is situated along the Nepisiguit River near the city of Bathurst, and Eel River Bar First Nation is located along the Eel River and Chaleur Bay near the town of Dalhousie. As Indigenous rightsholders at the Port of Belledune, both communities work with the port to support regional economic development.

Owned by Canadian energy powerhouses Brookfield and Cameco, Westinghouse offers the only SMR based on an advanced, large Generation III+ unit already in operation globally – the AP1000 reactor. Unlike every other SMR under development with first-of-a-kind technologies and risks, Westinghouse’s AP300 SMR uses AP1000 engineering, components and supply chain to streamline licensing and leverage available technical skills. These factors provide confidence that the first operating unit will be available in the early 2030s.

Westinghouse Electric Company | www.westinghousenuclear.com

Cadeler A/S (“Cadeler” and, together with its subsidiaries, the “Group”) published its Q1 2025 Earnings Release, delivering progress in both financial and operational performance in the same quarter that the company has expanded its operational fleet, having taken delivery of two new vessels.

For the first three months of 2025, Cadeler reported revenue of EUR 65 million, an increase of EUR 46 million compared to EUR 19 million in the same period of 2024.

EBITDA rose to EUR 24 million, an increase of EUR 34 million from a loss of EUR 10 million in Q1 2024.

The expectation for both revenue and EBITDA remains unchanged for 2025 as communicated in Cadeler’s Annual Report 2024: full-year revenue is expected to range between EUR 485-525 million and EBITDA is expected to range between EUR 278-318 million.

Fleet ramp-up and utilisation

In the first quarter of 2025, Cadeler took delivery of two new state-of-the-art jack-up wind farm installation vessels. Wind Maker was delivered to the company in January 2025 and has already begun her first installation job at the Greater Changhua 2b and 4 offshore wind farms in Taiwan, developed by Ørsted. Wind Pace was delivered to the company in March 2025 and will be deployed at an offshore wind farm project in the U.S. under a contract from Q2 2025 to Q1 2026. Both vessels were delivered to Cadeler safely, on time and within budget, and are purpose-built to withstand severe weather conditions and operate at the industry’s most challenging offshore wind installation sites across the globe.

Cadeler’s seven operating vessels achieved a combined utilisation rate of 55.3% in Q1 2025. The utilisation rate is in line with the Company’s expectations and reflects the scheduled drydocking and planned maintenance work scopes, plus time in transit for the Group’s new vessel deliveries.

CEO Statement

"We’ve begun 2025 in line with our expectations," said Mikkel Gleerup, CEO of Cadeler. "With revenue more than tripling and EBITDA returning firmly to positive territory, our investments in fleet expansion and project execution are delivering tangible results. We’ve brought two more vessels into operation (representing 50% of the new builds to be delivered in 2025), which will allow us to continue supporting our clients in Europe, Asia-Pacific and North America with a modern, flexible and capable fleet."

"Our outlook for the year remains strong, with a robust contract pipeline, healthy liquidity, and the strategic headroom needed to support our continued growth. We remain committed to being the partner of choice for next-generation offshore wind projects."

Solidified backlog and global project momentum

Cadeler’s order book for 2025 is substantially filled. As of today’s date, Cadeler’s contract backlog stands at EUR 2,487 million, of which EUR 2,023 million is under firm contract and EUR 464 million under exercisable options. Now 100% of the backlog relates to projects that have received a positive Final Investment Decision (FID).

New agreements signed in Q1 2025 include:

• Two firm contracts signed on 3 February 2025 for the use of the newbuild vessel Wind Mover, with a combined potential value of up to EUR 75 million (read more here); and
• A firm contract signed on 28 February 2025 for Wind Pace’s first deployment in the United States, valued between EUR 67 and 75 million, with work commencing in Q2 2025 (read more here).

Cadeler also signed a notable Vessel Reservation Agreement (VRA) with Ocean Winds for the BC-Wind offshore wind farm in the Polish Baltic Sea, with a potential value of EUR 48–56 million (read more here).

Balance sheet strength and continued investment

As of 31 March 2025, Cadeler’s total assets stood at EUR 2,464 million, reflecting a 27% increase from year-end 2024, primarily driven by fleet expansion. Cadeler’s equity stood at EUR 1,226 million, slightly down from EUR 1,234 million at the start of the year, primarily due to hedging adjustments.

Cadeler continues to invest in its future-ready fleet with funding support from its green financing facilities, including the newly signed EUR 525 million Sinosure-backed A-class Facility, which will support the build of Cadeler’s next-generation A-class vessels.

Cadeler | www.cadeler.com

Kraken, the groundbreaking operating system transforming global utilities, has partnered with National Grid to supercharge the way it serves its customers.

The revolutionary Kraken platform will unlock best-in-class customer service and increase operational efficiency for 6.5 million residential, commercial and industrial energy customers across Massachusetts and New York, as part of a multi-year transformation project.

Kraken’s cloud-based customer service and billing platform will allow National Grid to offer innovative energy solutions and pricing plans seamlessly, leveraging its advanced smart meter technology to better serve customers. The platform will also provide customer agents with the tools and information they need to resolve customer issues and improve the customer experience, while boosting employee satisfaction.

National Grid is the first large-scale U.S. utility to adopt Kraken, which is proven to deliver a top-tier customer experience while streamlining operations. The Kraken platform is trusted by major global utilities and is already contracted to serve over 70 million accounts around the world with utilities such as E.ON Next, EDF Energy, Octopus Energy, Origin in Australia and many more.

By unifying customer operations on a single, intelligent platform, Kraken can process over eight billion data points daily, unlocking deeper insight into customer behaviors and energy usage. This will empower employees with tools to anticipate and address evolving customer needs. Ultimately, the partnership strengthens National Grid’s ability to design innovative energy solutions and deliver a safe and reliable energy system.

Amir Orad, CEO of Kraken, said: “We’re excited to kick off a new chapter with National Grid as they take a major step toward transforming the energy landscape. Together, we’re focused on elevating the customer experience, driving digital transformation, and helping create an AI-powered energy system built for the future. With National Grid leading the way, we’re setting the stage for what’s next in the energy world – and we’re just getting started.”

Bill Malee, Chief Customer Officer, National Grid, said: “Leveraging Kraken’s industry-leading expertise will support our mission to provide exceptional service to our millions of customers across the Northeast. Once fully implemented, the Kraken platform will replace decades-old systems, enhancing the customer experience and reinforcing our commitment to a customer-first approach.”

Kraken | https://www.kraken.com/

National Grid | https://www.nationalgridus.com/

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced that Kim Homenock has joined the Company as Chief People Officer (CPO). Homenock brings 25 years of human resources (HR) and operations development experience within the technology and energy sectors to the Company’s executive leadership as EVgo continues its network expansion across America.

“I am thrilled to welcome Kim to our leadership team as we enter an exciting growth phase, and to help us navigate a rapidly evolving charging landscape,” said Badar Khan, CEO of EVgo. “Fast charging bridges energy and technology, and Kim’s background in both industries will support EVgo’s ability to attract and retain the talent and skills we need to continue scaling our nation’s public charging infrastructure.”

As CPO, Homenock will direct EVgo’s HR strategy to scale for growth, including talent acquisition and management, leadership and organizational development while supporting the overall employee experience to ensure EVgo remains an employer of choice in the charging industry. Spending much of her career overseeing globally dispersed teams, Homenock has expertise in building employee engagement programs that cultivate cross-functional connection. She will oversee the implementation of several initiatives to enhance employee experience as the Company continues to scale its workforce alongside its infrastructure buildout.

With over 4,200 fast charging stalls in more than 40 states today, EVgo plans to more than double its network size to reach at least 10,000 stalls by 2029. The Company has nearly 350 employees and Homenock’s extensive experience overseeing distributed workforces will be invaluable to support EVgo’s future growth as the Company increases roles in construction, engineering, development, operations and maintenance over the coming years commensurate with network expansion.

Homenock comes to EVgo after serving as Chief People Officer of Stem, Inc., a global leader in AI-enabled software and services. While at Stem, she led a global human resources team supporting over 500 global employees and focused on leadership and organizational development, as well as enhancing the employee experience to create an environment that fosters growth, innovation, and operational excellence. Prior to her time at Stem, Homenock held senior leadership positions at Amazon in Devices Software & Services, Transportation, and Operations divisions, supporting more than 150,000 employees through streamlined performance systems and effective employee relations strategies during the height of the Covid-19 pandemic. Starting in 2000, Homenock spent nearly 18 years in global leadership roles in General Electric—now GE Vernova—business divisions. Homenock began her career at Abacus Recruitment PLC in the U.K. after earning a BA from Brunel University London.

“I am honored to join EVgo and help scale its workforce, strengthen leadership capabilities, and support its operational excellence,” said Homenock. “EVgo is shaping the technology that powers mobility for millions of people across the country, and I am drawn by their strategic direction and mission. I look forward to working with leadership to realize a vision of effortless fast charging for everyone.”

EVgo | www.evgo.com

Silfab Solar, the solar industry's market leader for innovative and high-performance PV modules, announced it has acquired EnPV’s technology patent portfolio.

The acquisition of these assets and related intellectual property significantly expands Silfab’s patent portfolio and adds to its existing pipeline of cutting-edge technologies that will help develop the next generation of U.S. made solar panels. The assets include multiple solar technology patents, as well as an associated trademark.

The procurement of these patents will immediately integrate Self-Aligned Back Contact (SABC) technology -- one of the most advanced architectures for back-contact solar cells into Silfab’s technology library. This proprietary method enables precise alignment and improved electrical performance in cell and module fabrication and will support continued innovation in the Silfab Elite Series, specifically in the optimization of the backsheet configuration and integrated cell architecture.

“Silfab Solar is leading the way in the integration of innovative solar cells and modules by investing in new technology specifically designed for the U.S market,” said Paolo Maccario, Silfab President and CEO. “Acquiring these cutting-edge technology patents and intellectual property will enable us to develop the next generation of solar panels for the Silfab Elite Series and beyond, ensuring we continue to offer our customers high-quality, powerful solar modules manufactured in the U.S. while preserving and protecting strategically important European and American innovation.”

As part of the agreement with EnPV, Silfab will also acquire a team of solar experts who pioneered the technology and will continue advancing the next-generation PV solutions for Silfab.

In 2024, Silfab Solar secured a $5 million U.S. Department of Energy (DOE) innovation award as part of our $20 million dollar project to develop the most innovative US made, back-contact N-type cells to achieve efficiencies of 26 percent or better.

Silfab Solar | www.silfabsolar.com

ChargePoint (NYSE: CHPT), a leading provider of EV charging solutions, and intelligent power management company Eaton, announced a collaboration to accelerate and simplify the deployment of EV charging infrastructure in the U.S., Canada and Europe. The companies will integrate EV charging and infrastructure solutions, co-developing new technologies to advance bidirectional power flow and vehicle-to-everything (V2X) capabilities—enabling EVs to act as a power source for homes, buildings and more.

Providing a one-stop shop for the EV charging ecosystem, the companies will deliver EV chargers, electrical infrastructure and engineering services as turnkey offerings enabling the electrification of transportation, from vehicles to chargers to the grid. ChargePoint and Eaton will streamline the purchase, design and deployment of EV charging projects, offering joint solutions that will help customers effectively manage site power requirements, optimize infrastructure and enhance reliability at a reduced cost.

“ChargePoint’s partnership with Eaton will deliver innovation that addresses the biggest barriers to electrified transportation,” said Rick Wilmer, CEO of ChargePoint. “Together with Eaton we will create unprecedented value for institutions that deploy EV charging, accelerating electrification, and decarbonizing the planet in parallel.”

With Eaton's collaboration, ChargePoint now elevates its strategic position as an end-to-end enabler of the EV ecosystem, from grid to vehicle. As EV charging infrastructure matures, core components like chargers and infrastructure must integrate at scale to realize their fullest potential. ChargePoint’s work with Eaton and numerous automotive OEMs will enable the seamless integration of chargers, infrastructure and EVs, managed with ease on the ChargePoint cloud software platform.

Paul Ryan, general manager, energy transition at Eaton, said: “Customers rely on Eaton to solve their toughest power management challenges. This game-changing partnership will help do just that for vehicle charging—bringing together trusted power distribution and EV charging solutions to simplify electrification at scale.”

Information regarding available EV charging and infrastructure solutions, which address every charging scenario, including fleet, workplace, commercial real estate, fueling and convenience, multifamily, residential and public transportation charging needs, is available online.

ChargePoint | https://www.chargepoint.com/

Eaton | www.eaton.com

The AES Corporation (NYSE: AES) announced that it has entered into two long-term Power Purchase Agreements (PPA) to support Meta's data centers with 650 MW of solar projects that AES is bringing online in the Southwest Power Pool (SPP) market.

"AES is proud to partner with Meta to deliver reliable and affordable renewable energy that supports their data center growth and ambitious sustainability goals," said Andrés Gluski, AES President and Chief Executive Officer. "By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation."

"We are thrilled to work with AES to bring forward these two solar energy projects," said Urvi Parekh, Global Head of Energy, Meta. "These solutions support our goal for 100% clean and renewable energy and will add new generation to the grid in these markets."

In addition to supporting Meta's goals, these projects will provide employment opportunities and economic benefits to communities in Texas and Kansas, creating hundreds of construction jobs and contributing millions in long-term tax revenue to support local schools and counties.

AES is the largest US-based global power company, with 32.7 GW in operation, a backlog of 12.3 GW of signed long-term PPAs, and a pipeline of 65 GW. AES has now signed 10.1 GW of contractual arrangements with major global hyperscalers, including 7.7 GW of long-term PPAs to build renewable capacity that supports their data center energy needs, furthering its position as a leading global energy provider for corporate customers, as recognized by Bloomberg New Energy Finance's (BNEF) 2024 Corporate Energy Market Outlook, which ranked AES as a top provider of clean energy to corporations for the third year in a row.

AES Corporation | www.aes.com