For Immediate Release
Vancouver, B.C. – January 26, 2024 – Oceanic Wind Energy Inc. (TSXV-NEX: NKW.H) (“Oceanic” or “Company”) today announced its financial results for the year ended September 30, 2023.
An overview of Oceanic’s year-end results includes:
- As at September 30, 2023, Oceanic had $35,111 in cash, compared to $49,926 at September, 30 2022. Subsequent to yearend the Company raised $231,000 from the exercise of warrants.
- For the fiscal year ended September 30, 2023, Oceanic incurred a net loss of $0.3 million ($0.00 per share), compared to $.4 million ($0.01 per share) for the year ended September 30, 2022.
As announced on November 13, 2023, under the terms of the agreements with Northland Power which closed on September 1, 2020, Oceanic has successfully negotiated the return of the development rights of the Hecate Strait project. Oceanic signed agreements with two of Northland Power Inc. wholly owned subsidiaries that place Oceanic in the lead role in project development and full ownership of the project.
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 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.
This is a very timely and positive announcement 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 a large international company who is renowned for its development, construction, and operation of large offshore wind projects around the world. The Company is also in discussion with local first nations communities to solicit their input and their interest in participation. 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 spring 2024 BC Hydro call and future calls as they are announced.
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.