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Terrestrial Energy to Become First Publicly Traded Molten Salt Nuclear Reactor Developer Through Combination with HCM II Acquisition Corp.

Terrestrial Energy to Become First Publicly Traded Molten Salt Nuclear Reactor Developer Through Combination with HCM II Acquisition Corp.

Terrestrial Energy Inc. ('Terrestrial Energy' or the 'Company') is developing a small modular nuclear plant (the Terrestrial 'IMSR plant') using proprietary Generation IV Integral Molten Salt Reactor (IMSR) nuclear technology. Terrestrial Energy's IMSR plant will supply high- temperature, clean, firm and flexible heat and electricity, with sector-competitive economics and leading time-to-market at fleet scale.
The Transaction will provide approximately $280 million in gross proceeds consisting of $50 million in common stock PIPE commitments at $10.00 per share from new non-affiliated fundamental institutional investors, and approximately $230 million of cash held in HCM II Acquisition Corp.'s ('HCM II') trust account before potential redemptions. Proceeds will be used to accelerate commercial deployment of Terrestrial Energy's IMSR technology and to pay transaction expenses.
The Transaction values Terrestrial Energy at a pre-money equity value of $925 million, providing an attractive entry point for HCM II shareholders. The pro forma enterprise value of the new public company is expected to be approximately $1 billion with a pro forma equity value of approximately $1.3 billion, before considering anticipated PIPE financing proceeds and the impact of potential redemptions.
Terrestrial Energy's IMSR plant technology benefits from strong demand forecasts across key growth sectors, including data center power supply, industrial heat and power, grid power, and the production of advanced low-carbon fuels and materials. The Company has partnerships and agreements with notable organizations such as Westinghouse Fuels, Energy Solutions, Schneider Electric, the U.S. Department of Energy (DOE), and Argonne National Laboratory, among others.
Texas A&M University recently selected Terrestrial Energy to partner on the construction of a commercial IMSR plant at the Texas A&M RELLIS campus, contributing to the university's goal of achieving 1 GW of generating capacity at the site by the mid-2030s.
Terrestrial Energy is led by Chief Executive Officer Simon Irish and a highly experienced management team, supported by a top-tier board of directors consisting of former C-Suites of leading U.S. nuclear utilities and engineering firms.
Terrestrial Energy's market leadership in the small modular reactor (SMR) sector is demonstrated by its delivery of key regulatory milestones. In 2023, the Canadian Nuclear Safety Commission (CNSC) completed its programmatic Vendor Design Review of the IMSR plant design, the first Generation IV reactor design to complete Canada's CNSC Vendor Design Review, and a historic industry first for a nuclear plant powered with molten salt reactor technology. The Company's U.S. Nuclear Regulatory Commission (NRC) engagement commenced in 2016 and includes a successful interagency joint review of the IMSR technology under a CNSC-U.S. NRC Memorandum of Cooperation and concurrent with the CNSC's completion of the Vendor Design Review.
Terrestrial Energy's CAPEX-light, long-duration business model leverages four distinct and mission-critical recurring revenue streams across the IMSR Plant's 50+ year lifecycle, spanning from pre-construction revenue activities and construction services/component supply to post- construction IMSR core-unit component and fuel supply, to deliver sustainable, long-term cash flows.
All Terrestrial Energy shareholders will roll 100% of their equity holdings into the new public company and Terrestrial Energy's management team, Terrestrial Energy's primary shareholders, HCM II's sponsor and certain affiliates of HCM II's sponsor have committed to customary lock-ups.
The Transaction is expected to be completed during the fourth quarter of 2025 subject to customary closing conditions. The combined entity will apply for listing on Nasdaq under the ticker symbol 'IMSR'.
CHARLOTTE, N.C. and STAMFORD, Conn., March 26, 2025 (GLOBE NEWSWIRE) -- Terrestrial Energy Inc., a developer of small modular nuclear power plants using advanced reactor technology, and HCM II Acquisition Corp. (Nasdaq: HOND), today announced an agreement for a business combination (the 'Transaction' or the 'Business Combination') that will result in Terrestrial Energy becoming a public company to be listed on Nasdaq under the ticker symbol 'IMSR'.
Company Background
Terrestrial Energy is a developer of Generation IV nuclear plants using proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the transformative operating benefits of molten salt reactor technology in a small modular plant design that represents true innovation in affordability, efficiency, and versatility of nuclear energy supply.
Terrestrial Energy's IMSR plants will supply zero-carbon, clean, firm, low-cost, high-temperature industrial heat and/or electricity for a dual-use energy role. Industrial applications include data center power supply, industrial heat and power, grid power, and green fuels sectors. The company's IMSR plant design, consisting of two operating IMSRs, has an 822 MWth / 390 MWe capacity. Terrestrial Energy's IMSR technology is differentiated from legacy nuclear technology through its use of molten salt reactor technology, which offers high efficiency and inherently safe operation.
Terrestrial Energy's IMSR plants are designed to make pragmatic use of low-cost, readily available Standard-Assay Low Enriched Uranium (LEU enriched to under 5% U235) fuel, enabling secure and scalable fuel supply chains necessary for widespread fleet deployment. Terrestrial Energy believes the use of LEU fuel is a key advantage given significant challenges to the commercial supply of High-Assay Low- Enriched Uranium (HALEU is enriched to between 15% and 20% U235) due to geopolitical tensions.
In February 2025, Terrestrial Energy announced the IMSR plant's selection by Texas A&M University in a competitive RFP process to site a commercial IMSR plant at the Texas A&M-RELLIS campus. The partnership will provide a platform for Terrestrial Energy to showcase a commercial IMSR plant with a project that benefits from the Texas A&M University System's national leadership in nuclear technology research and development.
Led by CEO Simon Irish and a highly experienced management team, Terrestrial Energy is supported by a top-tier board of directors consisting of former C-Suite executives of leading U.S. nuclear utilities and engineering firms. The company is also supported by an expert advisory board, which includes former U.S. Secretary of Energy Ernest Moniz serving as senior counsel to the advisory board, as well as former Prime Minister of Canada, Stephen Harper, and former BP p.l.c. President and CEO, Lord John Browne, along with other highly experienced professionals from energy, industrials, aerospace and defense, finance and government. The HCM II Board of Directors also features extensive experience, including Mike Connor, former Navy Vice Admiral in charge of the U.S. Nuclear Submarine Fleet, as well as Shawn Matthews, former CEO of Cantor Fitzgerald & Co.
Today, the Company is engaged with engineers, regulators, suppliers and industrial partners to build, license and commission IMSR plants for fleet operation in the 2030s.
CAPEX-Light Business Model Delivers Long-Term, Recurring Revenue Streams
Terrestrial Energy's CAPEX-light business model and flexible energy output delivers competitive and customized solutions to customer-specific requirements across a 50+ year IMSR plant lifecycle, enabling sustainable, long-term revenue streams. Terrestrial Energy's services include the delivery of engineering and construction services for commissioning IMSR plants, supply of critical components to construct and operate IMSR plants including long-term supply of replacement IMSR core-units every 7 years and IMSR fuel, in addition to operating, maintenance and decommissioning services. End-users are industrial and municipal counterparties requiring low-cost, clean, firm, high-temperature heat and/or electrical power, including data center operators and utilities, among others.
The high-margin plant economics of Terrestrial Energy's IMSR plants derive from its reactor technology and plant design choices. The high thermal stability of molten salt coolant allows for high-temperature and low-pressure operation, with inherent safety attributes, all economic virtues. This drives high capital and operating efficiencies for low-cost heat and power, resulting in improved power plant revenue and profitability. The IMSR's high-temperature heat supply enables a 50% increase in the efficiency of electric power generation compared to legacy nuclear technologies, which it achieves with low-cost, standard industrial turbines. Furthermore, the IMSR avoids the complexity and costs of high-pressure nuclear systems, structures, and components, contributing to lower plant CAPEX, improved affordability, and lower-cost electric power compared to legacy nuclear power plants.
Terrestrial Energy has partnerships and agreements in place with Westinghouse Fuel, Energy Solutions, Schneider Electric, the U.S. Department of Energy, and Argonne National Laboratory, among others. The company has a portfolio of multiple IMSR plant projects, which are sourced from a portfolio of consortium relationships. These are offering sites, construction, fuel supply, plant operating services, as well as heat and power offtake, with the capabilities to deliver further IMSR plant projects. They cover a range of deployment use-cases including co-location for data center power supply, co-located industrial plant heat and power supply, and distributed on-grid generation.
Industry-First Milestones Demonstrating Regulatory Capability Driving Progress Towards Licensed IMSR Plants
In April 2023, Canada's CNSC completed its multi-year Vendor Design Review (VDR) of the IMSR plant design and no fundamental barriers to licensing IMSR for commercial use were identified. The IMSR was the first Generation IV reactor design to complete this CNSC VDR, a historic first for a nuclear plant powered with molten salt reactor technology. The Company's U.S. Nuclear Regulatory Commission (NRC) engagement commenced in 2016 and includes a successful interagency joint review of the IMSR technology under a CNSC-U.S. NRC Memorandum of Cooperation and concurrent with the CNSC's completion of the Vendor Design Review. The Company and IMSR plant development have benefitted from multiple grant awards from the U.S., U.K., and Canadian governments, which have supported regulatory actions, reactor design and fuel supply development.
Additionally, Terrestrial Energy's IMSR plant design is well-suited for repurposing existing and recently retired coal plants, maintaining firm power generation for grid reliability with clean and air pollution-free nuclear powered electricity generation. In 2022, DOE commissioned a report that found 80% of all retired and operating coal power plant sites can host an advanced nuclear reactor, totaling 290 sites, in addition to identifying significant primary and secondary environmental and economic benefits of IMSR technology for these applications. This represents up to 174 GW of potential replacement capacity to be met with IMSR plants in the U.S. alone as of April 2024, according to DOE.
Management Commentary
Simon Irish, CEO and Director of Terrestrial Energy, said: 'Extraordinary innovations in major industrial sectors are driving electric power demand growth at unprecedented rates, unleashing rapidly growing interest in our transformative IMSR plant, and its molten salt reactor Generation IV nuclear technology. Flexibility to meet a broad range of industrial heat and power requirements and a scalable supply chain together position Terrestrial Energy's IMSR plant as a preferred solution for meeting this new and growing demand. Data center operators, utilities, industrial companies, and grid operators are all seeking safe, reliable, cost-effective, and clean energy, and Terrestrial Energy's IMSR plant delivers an optimal blend of high-temperature, low-CAPEX, carbon-free heat and electricity to meet these requirements. We believe the proposed business combination with HCM II will accelerate our CAPEX-light business model and deployment strategy, through constructing, licensing, and commissioning of a fleet of IMSR plants.'
Shawn Matthews, Chairman and CEO of HCM II, commented: 'We firmly believe in the transformational nature of Terrestrial Energy's IMSR plant design and technology, as well as in the role it stands to play in delivering the safe, reliable, and low-cost power to meet the rapidly growing demand for electricity and heat across a wide range of industrial applications. Terrestrial Energy has built an expert-laden leadership team with decades of experience in the nuclear and supply chain sectors and is uniquely positioned to capitalize on accelerating enthusiasm for nuclear energy as a scalable solution to meet surging power demands. We believe the business combination with HCM II will further accelerate Terrestrial Energy's growth and deliver long-term shareholder value.'
Transaction Overview
The Transaction will provide approximately $280 million in gross proceeds to accelerate commercial deployment of Terrestrial Energy's IMSR technology and to pay transaction expenses. The $230 million of gross proceeds consists of $50 million in common stock PIPE commitments at $10.00 per share from new non-affiliated fundamental institutional investors, and approximately $230 million of cash held in HCM II's trust account (before giving effect to potential redemptions).
The Transaction values Terrestrial Energy at a pre-money equity value of $925 million, which is a significant discount to publicly traded comparable SMR peers, providing an attractive entry point for HCM II shareholders. It also implies a pro-forma enterprise value of the new public company of approximately $1 billion and a pro-forma equity value of approximately $1.3 billion (each assuming no redemptions and anticipated PIPE proceeds).
Terrestrial Energy's existing management team will continue to lead the company following the completion of the Transaction. All Terrestrial Energy shareholders will roll 100% of their equity holdings into the new public company. Additionally, Terrestrial Energy's management team, Terrestrial Energy's primary shareholders, HCM II's sponsor and certain affiliates of HCM II's sponsor have committed to customary lock-ups.
The proposed Transaction was unanimously approved by the Boards of Directors of HCM II and Terrestrial Energy. Completion of the proposed Transaction is anticipated to occur in the fourth quarter of 2025 subject to customary closing conditions.
Additional information about the proposed Transaction, including a copy of the business combination agreement and the investor presentation, will be provided in a report on Form 8-K to be filed by HCM II with the U.S. Securities and Exchange Commission (SEC) and available at www.sec.gov.
Advisors
Cantor Fitzgerald & Co. is acting as exclusive capital markets advisor and sole PIPE placement agent. King & Spalding LLP is acting as legal advisor to HCM II. Bryan Cave Leighton Paisner LLP is acting as legal advisor to Terrestrial Energy. DLA Piper LLP (US) acted as legal counsel to the placement agent, Cantor Fitzgerald & Co.
About Terrestrial Energy
Terrestrial Energy is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the full transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in cost reduction, versatility and functionality of nuclear energy supply. IMSR plants will supply zero-carbon, reliable, dispatchable, low-cost, high-temperature industrial heat and electricity for a dual-use energy role relevant to many industrial applications, such as chemical synthesis and desalination. In so doing, they extend the application of nuclear energy far beyond electric power markets. IMSR plants have the potential to make substantial contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system across a broad spectrum. Terrestrial Energy uses an innovative design, together with proven and demonstrated molten salt reactor technology, which offers a unique set of operating characteristics to deliver high and compelling commercial potential. Terrestrial Energy is engaged with regulators, suppliers and industrial partners to build, license and commission the first IMSR plants in the early 2030s.
About HCM II Acquisition Corp.
HCM II Acquisition Corp. ('HCM II') is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. HCM II may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. Its primary focus, however, will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team. HCM II's Class A ordinary shares and warrants are listed on the NASDAQ under the ticker symbols 'HOND' and 'HONDW', respectively.
HCM II's management team is led by Shawn Matthews, its Chairman of the Board and Chief Executive Officer, and Steven Bischoff, its President and Chief Financial Officer. HCM II's Board of Directors includes Andrew Brenner, Michael J. Connor and Jacob Loveless.
Important Information for Shareholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
In connection with the business combination, HCM II and Terrestrial Energy will file with the SEC registration statement on Form S-4 (the 'Registration Statement'), which will include a preliminary prospectus of HCM II relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of HCM II to be distributed to holders of HCM II's capital shares in connection with HCM II's solicitation of proxies for vote by HCM II's shareholders with respect to the Business Combination and other matters described in the Registration Statement HCM II and Terrestrial Energy also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of HCM II and Terrestrial Energy. INVESTORS OF HCM II AND TERRESTRIAL ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about HCM II and Terrestrial Energy once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. In addition, the documents filed by HCM II may be obtained free of charge from HCM II's website at https://hcmacquisition.com/ or by written request to HCM II at 100 First Stamford Place, Suite 330 Stamford, CT 06902.
Participants in the Solicitation
HCM II and Company, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of HCM II is set forth in HCM II's filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Forward Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on HCM II and the Company. There can be no assurance that future developments affecting HCM II and the Company will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is actually delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one more or these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against HCM II, the Company, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of HCM II or the SEC's declaration of the effectiveness of the Registration Statement (which will including the proxy statement/prospectus contained therein) to be filed by HCM II and the Company or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of HCM II to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by HCM II shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in that certain prospectus of HCM II dated August 15, 2024 and the HCM II's other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither HCM II or Company presently know, or that HCM II or Company currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
None of HCM II, the Company, any placement agent nor any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the
fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. HCM II, the Company and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice.
In addition, the information contained in this press release is provided as of the date hereof and may change, and neither HCM II nor the Company undertakes any obligation to update or revise any forward- looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws.
HCM II Acquisition Corp.
(203) 930-2200

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Satellite Non-Terrestrial Network (NTN) Market is Expected to Increase Fourfold, Achieving a Value of USD 40 Billion by 2034

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This satellite aims to provide affordable internet across vast regions of India, particularly in rural and remote areas. The launch is significant for the Indian government's Digital India initiative, showcasing an aggressive approach to improving connectivity. The successful deployment reinforces ISRO's reputation as a key player in the global satellite market and potentially challenges existing providers like Viasat and Inmarsat. This development may also trigger increased competition as global giants might expedite their plans to enhance service offerings in light of ISRO's advancements, leading to new service innovations and price adjustments to capture the broad spectrum of customer demand in India and the surrounding regions. 4. Company Name: Amazon (Project Kuiper) Month & Year: June 2023 Type of Development: FCC approval for satellite constellation Detailed Analysis: In June 2023, Amazon's Project Kuiper received final approval from the FCC for its satellite constellation deployment, allowing the company to move forward with its ambitious plans to provide internet globally. This approval is critical as it enables Amazon to establish a foothold in the broadband market, directly competing with established players like SpaceX and OneWeb. The significance of this approval extends beyond just operational capacity—it represents Amazon's strategy to leverage its existing cloud infrastructure (AWS) combined with satellite capabilities to offer integrated solutions. This could lead to a transformative shift in enterprise-level internet services, particularly impacting businesses reliant on robust, versatile connectivity solutions. The competitive landscape is likely to intensify as providers prepare for the upcoming bandwidth race, potentially resulting in lower costs and improved service offerings for consumers. 5. Company Name: Viasat Inc. Month & Year: October 2023 Type of Development: Acquisition of Inmarsat Detailed Analysis: In October 2023, Viasat Inc. completed its acquisition of Inmarsat, solidifying its position as a leader in the satellite communications industry. This strategic move allows Viasat access to Inmarsat's extensive satellite network and diverse customer base, opening up new markets and opportunities in aviation, maritime, and government sectors. The integration of Inmarsat's technologies enhances Viasat's service portfolio, facilitating robust connectivity solutions on a global scale. This acquisition reflects a significant trend of consolidation within the satellite industry, responding to increasing competition and the need for expansive network capabilities. The move could encourage competitors to accelerate their own M&A strategies or forge alliances to bolster market positioning, resulting in a more concentrated industry landscape. The combined entity is positioned to drive innovation and enhance service delivery, affecting pricing structures and service accessibility across segments. This report is also available in the following languages : Japanese (サテライトNTN市場), Korean (위성 NTN 시장), Chinese (卫星NTN市场), French (Marché NTN par satellite), German (Satelliten-NTN-Markt), and Italian (Mercato NTN satellitare), etc. Request Sample Pages : More Research Finding – Satellite Data Service Market The global satellite data services market is projected to reach a value of approximately $12.5 billion in 2024, with expectations to grow significantly in the following decade, reaching around $24.5 billion by 2034. This growth reflects a robust Compound Annual Growth Rate (CAGR) of about 7.2% from 2025 to 2034. Satellite Remote Sensing Service Market The global satellite remote sensing service market is valued at approximately $5.8 billion, driven by increasing demand for geospatial data across various sectors, including agriculture, environmental monitoring, and urban planning. The market is projected to reach nearly $14.2 billion by 2034, growing at a robust Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period of 2025–2034. Space Launch Market The global space launch market is valued at approximately $14.1 billion in 2024, with projections indicating a robust growth trajectory, reaching an estimated $36.5 billion by 2034. This translates to a Compound Annual Growth Rate (CAGR) of about 11.0% during the forecast period from 2025 to 2034. Antenna Measurement System Market The global antenna measurement system market is poised to reach approximately $1.2 billion in 2024, driven by the increasing demand for advanced communication technologies and wireless applications. The market is projected to expand significantly, with an estimated value of around $2.5 billion by 2034, reflecting a robust CAGR of 7.5% during the forecast period from 2025 to 2034. Satellite Photography Service Market The global satellite photography service market is projected to reach a value of approximately $3.5 billion in 2024, with expectations to grow to around $8 billion by 2034. This growth suggests a robust Compound Annual Growth Rate (CAGR) of approximately 8.7% during the forecast period from 2025 to 2034. Satellite Imagery Market The global satellite imagery market is projected to reach an estimated value of USD 6.3 billion in 2024, driven by advancements in technology and increased demand for geospatial data across various sectors. By 2034, the market is anticipated to grow to approximately USD 15.2 billion, signifying a robust Compound Annual Growth Rate (CAGR) of 9.0% during the forecast period from 2025 to 2034. Satellite Modem Market The global satellite modem market is poised for significant growth, currently valued at approximately $1.2 billion in 2024. As the market continues to evolve, projections indicate a remarkable increase to around $2.5 billion by 2034, representing a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period from 2025 to 2034. Satellite Antenna Market The global satellite antenna market is valued at approximately $6.2 billion, driven by increasing demand for reliable satellite communications across various sectors, including telecommunications, defense, and broadcasting. The market is forecasted to grow significantly, reaching an estimated value of $10 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 5.0% during the period from 2025 to 2034. Wireless Communication Technology for Vehicles Market The global wireless communication technology for vehicles market is valued at approximately $7.5 billion, driven by increasing demand for connected vehicles and advancements in automotive technology. The market is projected to grow significantly, reaching an estimated value of $22 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of around 12.6% during the forecast period from 2025 to 2034. Laser Communications Terminals LCTs Market The global market for Laser Communication Terminals (LCTs) is valued at approximately $550 million in 2024, reflecting significant advancements in optical communication technologies and increasing demand for high-speed data transmission. Over the forecast period from 2025 to 2034, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 20%, reaching an estimated value of $1.5 billion by 2034. Space Solar Panel and Array Market The global space solar panel and array market is poised for significant expansion, with an estimated market value of approximately $1.2 billion in 2024. Projections indicate that this value could reach around $3.5 billion by 2034, reflecting a robust growth trajectory. The compound annual growth rate (CAGR) for the forecast period from 2025 to 2034 is estimated at 12%. GNSS Positioning Chips Market The global market for Global Navigation Satellite System (GNSS) positioning chips is valued at approximately $2.3 billion, driven by the increasing demand for accurate positioning technology across sectors such as automotive, agriculture, and consumer electronics. The market is projected to reach around $4.5 billion by 2034, reflecting a robust growth trajectory fueled by advancements in technology and expanding applications. Marine Electronic Navigation System Market The global marine electronic navigation system market is poised to reach an approximate value of $5.2 billion in 2024. With increasing regulatory mandates for safety and efficiency in maritime operations, the market is projected to expand significantly, reaching an estimated value of $8.6 billion by 2034. This growth corresponds to a CAGR of around 5.1% during the forecast period from 2025 to 2034. Ship Anti-piracy System Market The global ship anti-piracy systems market is valued at approximately $3.5 billion in 2024. Projected growth is robust, with estimates suggesting a market value of around $6.7 billion by 2034. This translates to a compound annual growth rate (CAGR) of about 6.8% during the forecast period from 2025 to 2034. Satellite Laser Communication System Market The global satellite laser communication system market is valued at approximately $3.2 billion, reflecting a significant shift towards advanced communication technologies in aerospace and telecommunications. The market is projected to reach $8.5 billion by 2034, indicating robust growth driven by increasing demand for high-speed data transmission, reduced latency, and secure communications. Satellite Communication Phased Array Antenna Market The global market for satellite communication phased array antennas is valued at approximately $3 billion in 2024. The market is projected to exhibit substantial growth, reaching an estimated value of around $5.8 billion by 2034. This represents a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period from 2025 to 2034. Very Low Earth Orbit VLEO Satellite Market The global Very Low Earth Orbit (VLEO) satellite market is valued at approximately $2.5 billion in 2024, with a projected growth trajectory leading to an estimated market value of $5.8 billion by 2034. This represents a robust Compound Annual Growth Rate (CAGR) of around 9.0% during the forecast period from 2025 to 2034. Small Satellite Star Tracker Market The global small satellite star tracker market is projected to reach a market value of approximately $450 million in 2024, driven by the increasing demand for small satellite applications in communication, Earth observation, and scientific research. This segment is expected to experience significant growth during the forecast period from 2025 to 2034, with a projected market value escalating to around $1.2 billion by 2034, translating to a Compound Annual Growth Rate (CAGR) of approximately 11.5%. Satellite Solar Panel Market The global satellite solar panel market is poised for significant growth, with an estimated market value of approximately $2.5 billion in 2024. This sector is projected to reach $5.3 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period from 2025 to 2034. CONTACT: Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Tamboran announces successful closing of First Tranche of PIPE
Tamboran announces successful closing of First Tranche of PIPE

Yahoo

time30-05-2025

  • Yahoo

Tamboran announces successful closing of First Tranche of PIPE

Highlights Tamboran Resource Corporation has closed the first tranche of its previously announced Private Investment Public Equity (PIPE) of Common Stock (First Tranche) to fund ongoing drilling activities to reach plateau production from the proposed SS Pilot Project. Tamboran expects to receive gross proceeds of approximately US$55.4 million upon closing of the second tranche of the PIPE (Second Tranche), before deducting placement agent fees and other offering expenses. Pursuant to the closing of the First Tranche, the Company has issued 2,180,515 shares of Common Stock at US$17.74 per share to raise approximately US$38.7 million for the Company. Bank of America acted as the sole placement agent to the Company in connection with the PIPE. The second tranche will consist of a further issuance of 940,729 shares of Common Stock at the same issue price and is expected to close in August, 2025, subject to and following approval by the Tamboran's shareholders pursuant to Listing Rules 7.1 and 10.11. US$1 million from the Second Tranche will be issued to certain directors of the Company at the same price per share as other investors, which is subject to shareholder approval under Listing Rule 10.11. The transaction was supported by US$10 million placement to Formentera Partners at the same price per share as other investors, an entity founded by Bryan Sheffield, which forms part of the Second Tranche and is subject to shareholder approval under Listing Rule 10.11. Certain non-affiliated investors are participating in the Second Tranche, which totals US$5.7 million and is subject to shareholder approval under Listing Rule 7.1. The Special Meeting of the Company to approve the Second Tranche is scheduled to be held on or around August 18, 2025. NEW YORK, May 30, 2025--(BUSINESS WIRE)--Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Private Placement Transaction Pursuant to the First Tranche, a total of 2,180,515 Common Stock were issued within the Company's placement capacity under Listing Rule 7.1. An Appendix 2A with the details of the issue of new shares of Common Stock has been filed on ASX today. The Second Tranche of the Placement is subject to shareholder approval to be sought at a Special Shareholder Meeting of the Company held on or around August 18, 2025. Pursuant to the Second Tranche: 54,463 Common Stock will be issued to certain directors of the Company, subject to shareholder approval under Listing Rule 10.11; 563,697 Common Stock will be issued Formentera Partners, an entity founded by Bryan Sheffield, subject to shareholder approval under Listing Rule 10.11; and 322,569 Common Stock will be issued to certain non-affiliated investors, subject to shareholder approval under Listing Rule 7.1. Uses of funds from the private placement include: Drilling of the remaining three wells required for Tamboran's proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production, which is planned for mid-2026, subject to weather and standard stakeholder approvals; Funding of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders; and General working capital. The shares of common stock being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Tamboran has agreed to file a registration statement to register the resale of the shares of common stock being sold in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Acreage Sale As previously announced on May 14, 2025, in conjunction with the checkerboard, Tamboran and Daly Waters Energy, LP (DWE) have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for consideration of US$15 million. The transaction is subject to certain conditions precedent including, and not limited to, DWE obtaining approval from the Formentera Australia Fund, LP's Limited Partner Advisory Committee, and regulatory approvals. The Company confirms that Shareholder approval under the ASX Listing Rules or NYSE Rules is not required to proceed with the transaction. This announcement was approved and authorized for release by Joel Riddle, Chief Executive Officer of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ("Tamboran" or the "Company"), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. Disclaimer Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. The information contained in this announcement does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this announcement should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this announcement. Note on Forward-Looking Statements This press release contains "forward-looking" statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to ESG matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors discussed in the this report and the Company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document. View source version on Contacts Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations+61 2 8330 6626Investors@ Media enquiries: +61 2 8330 6626Media@

Perma-Pipe International Holdings, Inc. Announces New Contract Award in Qatar
Perma-Pipe International Holdings, Inc. Announces New Contract Award in Qatar

Business Upturn

time28-05-2025

  • Business Upturn

Perma-Pipe International Holdings, Inc. Announces New Contract Award in Qatar

By Business Wire Published on May 28, 2025, 10:10 IST Spring, Texas, United States: Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced that it has received its first project award to be executed in Qatar since the announcement of the intent to mobilize there. The project will be for USD $2.4 million and will utilize Perma-Pipe's fabrication capabilities and the XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing. Adham Sharkawy, Senior Vice President of Perma-Pipe's MENA region, remarked, 'In response to this important award, we will begin executing the project from a temporary facility in Doha, ensuring timely delivery and uninterrupted service to our client. Simultaneously, we are advancing the construction of our permanent facility in Qatar, which will serve as a long-term base for our regional operations. We are deeply grateful to our customers for their continued trust and confidence in Perma-Pipe's capabilities.' Saleh Sagr, President, commented, 'Expanding in Doha has been an important goal for Perma-Pipe and is a key step in expanding our presence in the MENA region. Our plan shows our strong commitment to the Qatari market and supports our goal for steady growth and local investment. The new facility will be an important base for our work in Qatar and will help us serve markets in Southeast Asia.' David Mansfield, CEO, stated, 'This award signifies a major milestone for Perma-Pipe and aligns with our strategic expansion into Qatar. This project not only demonstrates the strength of our solutions but also plays a vital role in solidifying our position in the market. We are confident that this achievement will fuel our continued growth and further enhance our reputation as a trusted leader in the industry.' Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ('COVID-19') on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company's ability to repay its debt and renew expiring international credit facilities; (v) the Company's ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vi) the impact of global economic weakness and volatility; (vii) fluctuations in steel prices and the Company's ability to offset increases in steel prices through price increases in its products; (viii) the timing of order receipt, execution, delivery and acceptance for the Company's products; (ix) decreases in government spending on projects using the Company's products, and challenges to the Company's non-government customers' liquidity and access to capital funds; (x) the Company's ability to successfully negotiate progress-billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xii) the Company's ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiii) the Company's ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company's backlog; (xv) the Company's ability to collect an account receivable related to a project in the Middle East; (xvi) risks and uncertainties related to the Company's international business operations; (xvii) the Company's ability to attract and retain senior management and key personnel; (xviii) the Company's ability to achieve the expected benefits of its growth initiatives; (xix) the Company's ability to interpret changes in tax regulations and legislation; (xx) the Company's ability to use its net operating loss carryforwards; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company's percentage-of-completion revenue recognition; (xxii) the Company's failure to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company's information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at and under the Investor Center section of our website ( View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Business Wire is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences.

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