Maxim Power Provides Update on Canadian Business Journal, M2 Operations and CCGT Project

CALGARY, Alberta, September 21, 2022 (GLOBE NEWSWIRE)—Maxim Power Corporation (“Maxim” or “Corporation”) (TSX: MXG) will combine operations with the 204 MW Milner 2 (“M2”). Cycle Gas Turbine (“CCGT”) extension of the M2 project.

Updates to M2 Operations and CCGT Projects

As previously reported, M2 commenced cold commissioning activities related to the CCGT expansion project in the third quarter of 2022. These activities include taking the M2 gas turbine offline so that the heat recovery steam generator, steam turbine and associated components can be connected. As a result of these activities, the M2 facility has been offline since his early September. MAXIM expects his CCGT expansion of M2 to begin hot commissioning activity early in the fourth quarter of 2022, resulting in intermittent power generation throughout the quarter. The project is scheduled to complete commissioning in December 2022.

Recent milestones include over 90% construction completion and ongoing cold commissioning activities. Estimated project costs, excluding borrowing costs, are now $155 million. MAXIM continues to predict that there will be sufficient liquidity to complete his CCGT expansion for M2.

Once M2’s CCGT expansion is complete, it will be able to capture waste heat that would otherwise be emitted into the atmosphere and turn it into useful low-carbon electricity for Alberta’s power grid. M2’s CCGT expansion will reduce carbon emissions by more than 60% compared to conventional coal-fired HR miller facilities.

About Maxim

Based in Calgary, Alberta, MAXIM is one of Canada’s largest truly independent power generation companies. MAXIM is currently focused on power projects in Alberta. Its core asset, the 204 MW HR Milner Plant M2, located in Grande Cache, Alberta, is a state-of-the-art natural gas-fired power plant that was commissioned in Q2 2020. MAXIM now has approximately 300 MW of M2 capacity, while investments in heat recovery combined cycle technology will increase the efficiency of the plant. In addition, MAXIM continues to explore additional development options in Alberta, including currently licensed gas-fired and wind project permits. MAXIM is trading on his TSX under the symbol ‘MXG’. For more information on MAXIM, please visit his website at www.maximpowercorp.com. For more information, please contact:

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

Kyle Mitton, CFO and Vice President of Corporate Development, (403) 263-3021

This press release contains forward-looking statements within the meaning of applicable securities laws relating to Maxim’s plans and its anticipated future operations, operational focus, objectives, strategy, financial and other aspects. and forward-looking information (collectively, “forward-looking information”). Operation performance and production performance. Forward-looking information is typically “expect,” “believe,” “forecast,” “expect,” “goal,” “plan,” “intend,” “could,” Use words like “deaf”, “could”, “could”. will” or similar words that suggest future results, events, or performances. Any forward-looking statements contained in this press release speak only as of the date of their release and are expressly qualified by this cautionary statement. Specifically, this press release includes, among other things, the timing of cold and hot commissioning activities, the expected completion date for the CCGT expansion of M2, the emission intensity, the current cost estimate for the CCGT expansion of M2, and the MAXIM for the CCGT expansion. funding plan.

Forward-looking information is based on our experience and Maxim’s perception of historical trends, current conditions, expected future developments, and other factors that Maxim believes are appropriate under the circumstances. Based on certain assumptions and analysis made by Maxim. These include, among others, assumptions about the amount of costs to be borne by MAXIM for his CCGT expansion of M2, as well as assumptions about sources of funding for it, general asset integrity and reliability, planned time and Includes unplanned time. M2 is offline, realization of expected benefits from CCGT extension of M2.

MAXIM’s actual results, performance or achievements could differ materially from those expressed or implied by these forward-looking statements and, therefore, any of the events anticipated by the forward-looking statements. There is no guarantee that will occur or will occur. Or, if any of them do, what benefit MAXIM will derive from it. and whether it will deliver the expected benefits, as well as the cost and availability of labor, equipment and materials. Readers should note that the above list of factors is not exhaustive. Additional information regarding these and other factors that may affect MAXIM’s business, operations or financial results is contained in reports filed with applicable securities regulators. It can be accessed through MAXIM’s SEDAR profile at www.sedar.com. These forward-looking statements are made as of the date of this press release and Maxim does not make any forward-looking statements as a result of new information, future events or results or otherwise, unless necessary. Disclaims any intent or obligation to publicly update any forward-looking statements. Subject to applicable securities laws.

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