Moving energy from where it is sourced and stored to where it is demanded most

Project is among the largest standalone battery storage assets in Southeastern Europe

Repono AB (“Repono”), a European energy storage developer and operator headquartered in Göteborg, announces a strategic commercialization and optimization partnership with Gunvor Group (Geneva), in collaboration with enspired GmbH (Vienna), for its flagship battery energy storage system (BESS) project in Argeș County, Romania.

The project, with an installed capacity of 202 MW / 404 MWh, is among the largest standalone battery storage assets in Southeastern Europe and comes at a time when Romania is rapidly establishing itself as one of the most attractive markets in Europe for battery energy storage. Driven by the continued expansion of renewable generation, increasing demand for grid flexibility, and a supportive regulatory framework, the Romanian power market is creating strong opportunities for large-scale storage assets to play a central role in balancing the system and enabling further renewable integration. 

Within this context, Gunvor Group will market and commercially manage 100% of the project’s capacity via a cap and floor toll structure, while enspired GmbH will commercially optimize the asset across all existing revenue streams, providing full access to power and ancillary service markets. Together, this setup ensures that the Argeș project is well positioned to capture value across multiple revenue streams in an increasingly dynamic energy market.

Karim Grueber, Managing Director of Repono, commented:
“Romania is rapidly emerging as one of Europe’s most attractive markets for battery energy storage. The accelerated build-out of renewable generation, combined with growing system balancing requirements and increasing market volatility, is creating a strong business case for large-scale BESS assets. Together with Gunvor, enspired and our local development partner, we believe the Argeș project is exceptionally well positioned to support grid flexibility while capturing the significant opportunities offered by this evolving market environment.”

Pawel Lewin, Head of Energy Origination & Bio Methane at Gunvor Group, added:
“Gunvor is pleased to partner with Repono in Romania, a fast-evolving power market, as we continue to explore new battery storage projects that further integration of renewable energy across the world.”

Jürgen Pfalzer, Chief Commercial Officer, enspired GmbH, commented:
“The collaboration with Repono and Gunvor marks a transformative step for the deployment of large-scale storage in Romania, and we are proud to support by unlocking commercial value and boosting revenues with our advanced BESS optimization services.”

The Argeș BESS project is targeting commercial operation in Q2 2027, subject to the successful achievement of key project financing, and construction milestones.

Repono AB, headquartered in Göteborg, is a European developer, owner, and operator of large-scale battery energy storage systems focused on enabling the energy transition through flexible infrastructure. Gunvor Group, headquartered in Geneva, is one of the world’s largest independent commodities trading companies active across global energy markets. enspired GmbH, based in Vienna, provides optimization and trading services for battery storage and renewable energy assets.

Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—shipping, refineries, pipelines, storage, and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2025, Gunvor Group generated US $144 billion in revenue on 253 million metric tons of turnover. More information can be found at GunvorGroup.com

enspired is Europe’s leading optimizer of battery energy storage systems (BESS), managing a BESS portfolio of 80+ grid-scale batteries and more than 1GWh of BESS live in a full cross-market setup, including the largest BESS in Germany. enspired achieves maximum revenues through the advanced trading platform developed 100% in-house. The company is active across 12 countries in Europe and Asia.

Agreement is the latest in a series of long-term LNG supply and purchase agreements from the Delfin Deepwater Port LNG Export Facility

Houston, TX – Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group announced today that Gunvor International B.V. Amsterdam, Geneva Branch (“Gunvor”), has entered into a long-term LNG Sale and Purchase Agreement (“SPA”) with Delfin LNG LLC (“Delfin LNG”), a subsidiary of Delfin.

Under the SPA, Delfin LNG will supply 0.3 million tonnes of LNG per annum to Gunvor on a free-on-board (“FOB”) basis at the Delfin FLNG1 facility, located 40 nautical miles off the coast of Louisiana, for 20 years. 

Kalpesh Patel, Co-Head of LNG Trading and member of the Management Board of Gunvor, said: “We are very pleased to announce another long-term partnership with Delfin. The deal represents further enhancement of Gunvor’s LNG portfolio and together with our robust fleet, we will continue to position ourselves as a reliable supplier of LNG to all destinations around the globe.”

Dudley Poston, CEO of Delfin, said: “We look forward to building on our longstanding partnership with Gunvor as we continue to advance the development of critical energy infrastructure in the U.S. This additional agreement further highlights our strength as a dependable long-term supplier of clean and scalable LNG solutions.”

About Delfin

Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to three FLNG Vessels producing up to 13.2 MTPA of LNG. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of America. Delfin LNG received a deepwater port license from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Additional information is available at www.delfinmidstream.com.

About Gunvor Group

Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—shipping, refineries, pipelines, storage, and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2025, Gunvor Group generated US $144 billion in revenue on 253 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

GENEVA, SWITZERLAND (1 December 2025) – Members of the management of Gunvor Group (“Gunvor” or the “Company”), one of the leading physical energy trading companies in the world, announce the successful acceptance of a management-led buy-out offer of the Company from existing ownership. Under the agreement, majority owner Torbjörn Törnqvist will sell the entirety of his holdings in favor of a group of current employees, who will wholly own the Company going forward. There will continue to be no outside ownership or interests.

The management buy-out, first conceived of by the Company’s leadership at Gunvor’s all-hands retreat in Morocco in 2022, will entail a series of structural and governance changes designed to ensure the long-term commercial success and global growth of the 25-year-old company. The buy-out has been advanced at this time to establish a definitive reset and path forward for a Company for which misperceptions about its past have become an impossible distraction.

Gary Pedersen has been appointed as chief executive officer of the Company. Pedersen was signed in 2024 as CEO Americas based in Houston, with the intention of eventually assuming global leadership. (Pedersen’s biography can be found below.) For an interim period, he will be based in both Houston and Geneva.

“The time is right for this transition. A generational shift has well been underway, and we have the financial strength, liquidity, and depth of leadership to continue to advance our global growth strategy,” said Pedersen. “Our goal is to uphold our leading role as a reliable and competitive participant in the global energy markets—today and well into the future.”

The new ownership of the Company remains fully committed to the existing strategy of pursuing global growth, diversification, and investing along the energy supply chain, with a particular emphasis on investments and development within the U.S. market, along with Europe and Asia.

The Company will further implement changes to the Gunvor Group Ltd Board of Directors and Executive Committee, which now exclude members of the Törnqvist family or representatives thereof. Developments related to governance and leadership structures will be announced in due course.

Biography of Gary Pedersen
Gary is a 30-year veteran of the energy commodities trading industry, with extensive international experience in trading management, logistics, and refining. He joined Gunvor from Millennium Management LLC, where he served as Senior Portfolio Manager for cross barrel oil products. Gary began his career in 1994 at Koch Industries, Inc., where he worked for various entities, including Koch Chemical Company, Flint Hills Resources, and Koch Supply & Trading. During this period, Gary held managing director roles in Rotterdam, Singapore, London, and Geneva. At Koch Supply & Trading SaRL, he oversaw trading around the company’s 85,000 bpd condensate splitter in Rotterdam, along with the trading of aromatics, natural gas liquids, naphtha, gasoline, and condensates. Gary studied and played football at Iowa State University and received a Finance degree from University of Nebraska Kearney. Gary is a U.S. citizen.

SINGAPORE (17 November 2025) – Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first Enwex German Onshore Wind (GWM) futures block trade on Abaxx Exchange with participation from Gunvor International B.V. (“Gunvor”) on November 17, 2025.

The two parties traded 10 lots of the February 2026 Enwex German Onshore Wind (GWM) Futures contract at EUR 28.45/hour. The trade was brokered by TP ICAP, with clearing services provided by ADM Investor Services Singapore, KGI Securities and Marex.

“This first trade shows how exchange-listed products can play a useful role in managing the growing exposure to renewable generation risk,” said Ronny Bendlin Spür, Weather Trader at Gunvor International B.V., Amsterdam, Geneva Branch. “By completing the first wind futures trade on Abaxx, we’ve helped demonstrate how standardized exchange products can bring transparency, efficiency, and liquidity to the weather derivatives market. As wind and solar continue to shape price dynamics in power markets, the ability to hedge resource-driven volatility will become essential for producers, investors, and energy traders alike.”

Tim Boyce, Head of Weather Derivatives, EMEA at TP ICAP added, “As the world’s leading interdealer broker, we proudly leverage our global network and deep expertise to enhance market liquidity. Executing this inaugural trade marks a key milestone, and we look forward to collaborating with all market participants to drive continued growth.”

Willy Cahyadi, Managing Director, ADM Investor Services Singapore, stated, “We are proud to clear the first trades on Abaxx’s Enwex German Onshore Wind Futures on behalf of ADMIS’ global client base. As energy markets evolve, we continue to provide the dependable and innovative solutions our clients rely on to manage risk with confidence.”

Abaxx Enwex German Onshore Wind (GWM) Futures extend weather derivatives into renewable generation, providing a practical way for market participants to manage the financial impact of wind variability. Listed exclusively as the benchmark for the Enwex German Wind Index, the contract enables producers to hedge volume risk tied to generation output, while offering traders and investors a new instrument for expressing views on wind conditions and price dynamics.

The contract is a euro-denominated, financially-settled product indexed to Enwex Wind Germany, a forecast-based index that translates wind speed at 100m into standardized generation utilization rates, expressed in €/MWh.

Abaxx Enwex German Onshore Wind (GWM) Futures are available for trading from 1000 to 2400 SGT (14 hours), Monday to Friday, except for Singapore public holidays. View contract details, connected clearing and broker firms, and request market access at abaxx.exchange/resources/start-trading.

About Abaxx Technologies Inc.
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying the next generation of digital market infrastructure that reconciles law, identity, and technology to enable real-time collateral mobility, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiaries Abaxx Spot Pte. Ltd. and Adaptive Infrastructure.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in post-trade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement, and transfer agency services designed to reduce risk and improve reliability across asset classes.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

GENEVA (7 November 2025) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.395 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

• Tranche A: US $1.885 billion 364-day Revolving Credit Facility with three 364-day extension options
• Tranche B: US $510 million 3-year Revolving Credit Facility with one 364-day extension option

Thanks to strong support from existing and new banking partners the Facility ended up upsized this year again, with additional liquidity successfully raised in both tranches.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,775,000,000 364-day tranche of the 2024 European Revolving Credit Facilities Agreement, and the US $350,000,000 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.

The Facility has a US $400 million Accordion Option and complements the existing US $490 million 3-year tranche of the 2024 European Revolving Credit Facilities Agreement.

The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the energy efficiency of the shipping fleet; the investment in renewable and carbon reduction projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified.

“We are very pleased with the outcome of this refinancing with an increased facility amount – including in the longer tenor – and several new banks joining the pool. We thank our banking pool for their continued support in this flagship European financing facility for our Group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Abu Dhabi Commercial Bank PJSC, Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank (P.J.S.C), London Branch, ING Bank N.V., Amsterdam, Lancy / Geneva Branch, Natixis CIB, Qatar National Bank (Q.P.S.C.) Paris Branch, SMBC Bank International plc, Société Générale, UBS Switzerland AG, and UniCredit Bank GmbH are Bookrunning Mandated Lead Arrangers. Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International plc, Société Générale were mandated to arrange the Facility and acted as Active Bookrunners while UBS Switzerland AG is Facility and Swingline Agent. Natixis CIB acted as Sustainability Coordinator for the Facility.

Banco Bilbao Vizcaya Argentaria S.A., Niederlassung Deutschland, DBS Bank Ltd, London Branch and First Abu Dhabi Bank PJSC are Senior Mandated Lead Arrangers.

Citibank N.A., Jersey Branch, KfW IPEX-Bank GmbH and Mizuho Bank, Ltd. are Mandated Lead Arrangers.

Bank of China Limited, London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Commerzbank London Branch AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, Industrial and Commercial Bank of China Limited, London Branch, Lloyds Bank plc, OTP Bank plc., and Sumitomo Mitsui Trust Bank, Limited (London Branch), The Standard Bank of South Africa Limited, Isle of Man Branch are Lead Arrangers.

ABC International Bank Plc, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque Internationale de Commerce -BRED (Suisse) SA, Banque de Commerce et de Placements SA, CaixaBank S.A., China CITIC Bank Corporation Limited London Branch, Deutsche Bank Luxembourg SA, Europe Arab Bank SA, GarantiBank International N.V, Habib Bank AG Zurich, Mashreqbank PSC, Nedbank Limited, London Branch, Raiffeisen Bank International AG, and Union de Banques Arabes et Françaises – UBAF are Arrangers.

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals, and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—downstream, refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for its customers. For more information, visit www.gunvorgroup.com

CALGARY (5 October 2025) – Gunvor Group, one of the largest physical energy commodities traders in the world, is pleased to announce its partnership with Canada-based AltaGas, which has reached a positive FID on the Phase One expansion of its Dimsdale Gas Storage Facility. Gunvor will support AltaGas’ 6 Bcf expansion with a 10-year firm storage service contract.

Capital cost for AltaGas’ project is estimated at approximately $65 million with a 2026 year-end targeted in-service date. The project will focus on facility debottlenecking with a new meter station and dehydration equipment that will expand capacity, increase reliability, and significantly reduce operating costs.

This long-term natural gas storage lease furthers Gunvor’s position as a physical trader of natural gas and LNG throughout North America, where the company has invested across the value chain, including in upstream and infrastructure investments.

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals, and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—downstream, refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for our customers.

BUDAPEST – Gunvor, one of the world’s leading independent commodities trading companies, and New Energy (member of the NE-TECH Group), a Budapest-based technology company specializing in the advanced chemical recycling of end-of-life tires, are pleased to announce the signing of a strategic collaboration agreement aimed at jointly advancing the transition toward a circular economy.

According to the terms of the agreement, New Energy will supply Gunvor with pyrolysis oil produced from waste tires at its industrial-scale recycling facility located in Dunaharaszti, Hungary. This collaboration will include supplies from additional NE-TECH  facilities under development in Karcag, Hungary, as well as in Western Europe and other regions outside the European Union.

The pyrolysis oil will be used as a feedstock for refineries, replacing conventional fossil-based raw materials. The use of chemically recycled oil reduces carbon emissions and aligns with key principles of circular economy models by enabling material reuse and waste minimization.

Ricardo Cordeiro de Sousa, Circular Naphtha and Pyrolysis Oil trader at Gunvor, commented: “On top of conventional products, Gunvor is committed to increasing its support for the ‘circular economy’ and the Energy Transition. NE-TECH  has a unique technology that is working on full industrial scale operating 24/7, and together we can offer both economic advantages and environmental benefits. We look forward to working with New Energy and sourcing products from its current and new facilities in Europe.”

Viktor Varadi, CEO of NE-TECH Group, added: “This partnership underlines our successful development and optimization of our processes to maximize economic efficiency of our plant and technology. We are proud that we achieved this level, where we qualify our products to the high standards of Gunvor, and partner with one of the world’s leading independent commodities trading companies This collaboration will result in the production of more environment friendly products made by the petrochemical industry.” 

The partnership between Gunvor and NE-TECH Group represents a meaningful step toward scalable, commercially viable circular solutions in the energy and chemical sectors.

About NE-TECH Group
NE-TECH Group is an innovative technology group. Its group companies are specialized in the development and commercialization of solutions related to circular economy. NE-TECH’s main mission is to turn formerly untreatable polymer based and organic waste streams into useful raw materials for the petrochemical industry, thus addressing the unsustainable extraction of natural resources in an economically viable manner. NE-TECH has developed and commercialized a proprietary technology that can turn waste tires back to secondary raw materials to support circular economy strategies of its partners and customers. It also has two decades of operational experience in running a pyrolysis plant by group member New Energy. Further information about NE-TECH at www.ne-tech.eu

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Further information can be found at www.gunvorgroup.com.

Agreement Propels Texas LNG Toward a Final Investment Decision 

HOUSTON – Texas LNG Brownsville LLC, a four million tonnes per annum (“MTPA”) liquefied natural gas export terminal to be constructed in the Port of Brownsville, Texas, has signed a definitive 20-year Sales and Purchase Agreement with Gunvor Singapore Pte Ltd for 0.5 MTPA of LNG from Texas LNG on a Free on Board basis. The agreement converts a previous non-binding Heads of Agreement between the two companies. Texas LNG Brownsville LLC is a subsidiary of Glenfarne Energy Transition, LLC, and Gunvor Singapore Pte Ltd is a subsidiary of Gunvor Group. 

“Texas LNG is moving rapidly towards a targeted year-end Final Investment Decision,” said Glenfarne Chief Executive Officer and Founder Brendan Duval. “Our agreement with Gunvor continues our progressing of successfully completed commercial contracts, sufficient for FID, for Texas LNG. Together with the advanced state of project financing and completion of the FERC process last month, this project is poised to unlock the superior benefits of clean, reliable U.S. LNG for Gunvor and our other partners.” 

“As one of the foundation customers of Texas LNG, we are pleased to complete this agreement and open up new sources of U.S. LNG to meet the growing demand for secure energy in overseas markets,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor. 

The majority of Texas LNG’s offtake volume will be sold under long-term binding agreements. Texas LNG is in the process of converting HOAs with Macquarie and another highly experienced, investment-grade global LNG player into definitive agreements. Kiewit is leading the engineering, procurement, and construction of Texas LNG under a lump-sum turnkey structure.

About Texas LNG 
Texas LNG is an LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com.

About Glenfarne 
Glenfarne Group is a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas, with offices in Anchorage, Alaska; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Through its subsidiaries, Glenfarne owns and operates over 60 energy infrastructure assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.glenfarne.com.

About Gunvor Group 
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2024 generated U.S. $136 billion in revenue on 232 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).