A Global Business

London – Gunvor Group, a leading global energy commodities trading company, announces that it has received the first issuance of credits from its cookstove project in Sierra Leone. The credits are eligible for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). 

The cookstove project, which is implemented by DelAgua, has distributed 250,000 fuel-efficient stoves to households across seven districts in Sierra Leone: Koinadungu, Moyamba, Kenema, Bo, Tonkolili, Kambia and Western Rural. Along with the stove, each household receives one-on-one education on the health and environmental benefits of clean cooking. They also receive ongoing support during the stove’s 10-year lifespan, delivered by a local network of over 1,600 youth ambassadors by DelAgua, providing valuable employment and skills training. 

“Gunvor believes that investing in cookstove projects is one of the most impactful carbon credit opportunities; they deliver measurable emissions reductions while simultaneously improving health, reducing deforestation, and supporting local livelihoods in vulnerable communities,” said Darren Gurner, Head of Voluntary Carbon at Gunvor. “With CORSIA, we have further strengthened the credibility of our Sierra Leone program by aligning with a rigorous, internationally recognized framework backed by the aviation sector and overseen by global regulatory standards.”

CORSIA provides airlines and other aviation sector participants with an internationally-recognized framework through which they can meet their emissions reduction obligations. In line with CORSIA requirements, the project has secured a Letter of Authorisation (LoA) from the Government of Sierra Leone. The projects first small issuance has received the CORSIA tag through insurance, ensuring full alignment with CORSIA eligibility requirements and providing enhanced confidence for buyers.

One major benefit of cookstoves is that they use significantly less wood than traditional cooking methods, so fewer trees are felled. The project also has significant health benefits from reduced smoke in the cooking process as well as time saving: people do not have to spend time and money collecting firewood, and cooking times are quicker.

DelAgua’s CEO, Euan McDougall, said, “We believe that no rural household should be left behind in the global transition to clean cooking. Our Live Well project empowers communities through access to clean cooking, while delivering credible and measurable high-quality climate outcomes and so can  contribute meaningfully to the global aviation sector’s climate commitments. We are proud to partner with Gunvor to extend this programme to 250,000 households across Sierra Leone, transforming more than two million lives.” 

The carbon credits are now available for purchase through Gunvor’s carbon trading desk, with future issuances from later this year being sold on a pre-issuance basis.

Gunvor has recently started work on two further cookstove projects, one in Sri Lanka and the second, again with DelAgua, in The Gambia. In addition, it is funding a forest planting project in Colombia, from which carbon credits will be available in 2026, as well as working on a number of other projects which are at different stages of the investment process

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.

About DelAgua
DelAgua is a social enterprise with more than a decade of experience implementing large-scale carbon development projects that transform the lives of rural households in Least Developed Countries across Africa. The Live Well programme exclusively targets rural communities who are otherwise unable to afford the transition to clean cooking. To date, DelAgua has distributed more than 2 million stoves across Rwanda, The Gambia and Sierra Leone. The cookstove distributed by DelAgua is the world’s most fuel-efficient, advanced wood fuel stove. It reduces wood consumption by 71% compared to 3-stone cooking methods and produces 81% fewer emissions than an open fire delivering multiple health, climate, gender and economic benefits for people and the environment.

For more information, please contact [email protected]

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**Oil Products** Oil products, also known as petroleum products, are the end products derived from the processing of crude oil in oil refineries. Crude oil is a fossil fuel that... Read more. 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 aromaticsAromatics are a group of organic compounds that contain a benzene ring or exhibit similar chemical properties. They are widely used as key raw materials in the production of various... Read more, natural gas liquids, naphthaNaphtha refers to a variety of volatile, highly flammable liquid hydrocarbon mixtures used mainly as solvents and diluents, as well as the raw material for conversion to gasoline. Reference: OECD <https://stats.oecd.org/glossary/detail.asp?ID=4614>... Read more, 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