For Immediate Release
Vancouver, B.C. – January 27, 2025 – Oceanic Wind Energy Inc. (TSXV-NEX: NKW.H) (“Oceanic” or “Company”) today announced its financial results for the year ended September 30, 2024.
An overview of Oceanic’s year-end results includes:
- As at September 30, 2024, Oceanic had $13,448 in cash, compared to $35,111 at September 30, 2023. Subsequent to yearend the Company received proceeds of $550,000 from the sale of its subsidiary NaiKun Wind Development Inc. and will be receiving proceeds of $475,000 on each of the 1st and 2nd anniversary of the October 1, 2024 closing of the transaction.
- For the fiscal year ended September 30, 2024, Oceanic incurred a net income of $0.6 million ($0.01 per share), compared to a net loss of $0.3 million ($0.00 per share) for the year ended September 30, 2023.
On June 15, 2023, BC Hydro and the BC Government announced the strong demand for electricity has prompted the first of many renewable energy calls for power which will start with a spring 2024 power call for 3,000 Gwh of renewable electrical power, which incorporates first nations participation. At the June 15th announcement the Premier of BC was quoted … “The need for clean energy, including wind and solar power, in our province has accelerated… we need to act now to meet this growing demand and to ensure we stay on track with our climate goals.“ “But the big announcement for us today is that we are preparing to launch Call for Power to acquire clean electricity next spring. This will be informed by engagement with Indigenous groups and stakeholders… we’ll need 3,000 gigawatt hours per year.”
At the January 2025 B.C. Natural Resources Forum in Prince George, Premier Eby announced a $36-billion investment for community and regional infrastructure projects that will deliver clean, affordable electricity to people and businesses in the future. “We must expand our electrical system like never before, to power industrial development, to power our homes and businesses, to power our future,” said Premier David Eby. “Clean, affordable energy will help us meet that opportunity, while reducing pollution, securing good- paying jobs and creating new opportunities for our growing economy.”
The Province of BC has been recognized for it’s leading CleanBC policy objectives, and studies clearly indicate the urgent need to electrify industry, transportation, housing, etc., to meet these objectives. Meeting the Clean BC Policy objectives suggest an annual supply deficit much greater than 3000 Gwh/yr.
These are very timely and positive announcements for Oceanic. It is clear the province will be looking for utility scale renewable energy projects that have peak production during the winter high demand period and have the potential for significant first nations partnerships. Partnerships with First Nations are essential in the development of offshore wind projects. There are few wind resources of the scale and consistent reliable strength of the Hecate Strait wind resource, a resource that could help fill the large growing electricity supply deficit in the province and help meet the CleanBC objectives of the province.
Oceanic is currently in discussions with large international companies who are renowned for their development, construction, and operation of large offshore wind projects around the world. The Company has jointly applied for a Tenure in Hecate Strait with the Lax Kw’ allams and Metlakatla First Nations. Mike OConnor, CEO of Oceanic, is pleased to announce the application has been accepted. This accepted application will produce 400 MW to 600MW of renewable energy at a 55% Capacity Factor in the area of province that needs power. The Port of Prince Rupert has announced $2B to $3B in port improvements, which require a significant amount of new electricity to power these projects, along with their plans to decarbonize the port activities. Couple this demand with the growth in resource development in the North West, projects like Oceanic are now needed to meet huge and growing electricity demand. The goal is to partner with first nations and a significant company who can quickly engage in continuing the development of the project and ultimately be a successful part of the BC Hydro calls as they are announced. There is clearly the need for power in the Northwest and there are few projects of scale that can meet this demand and Oceanic is well funded to pursue a PPA with BC Hydro and the Province to help power Northwest BC.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to several risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
Oceanic Wind Energy Inc.
Tel: 604-631-4483
Email: moconnor@oceanicwind.ca
