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Investor Insight
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Overview
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
- KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
- MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
- Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.
Each xU3O8 token represents fractional ownership of physical uranium ore concentrate (yellowcake) securely stored by Cameco in regulated facilities, eliminating the high barriers to entry that once restricted uranium investment to institutions and major corporations.
Company Highlights
- Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
- Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
- FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
- Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
- The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
- Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
- Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
- The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
Technology Platform
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Blockchain Infrastructure: Etherlink, Powered by Tezos
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
Digital Custody: Archax
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Physical Supply: Curzon Uranium
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
Physical uranium storage: Cameco
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
Investor Insight
In an increasingly eco-conscious global market, Carbonxt presents a compelling investment case, leveraging a growing addressable market driven by strategic partnerships and regulatory changes that are set to drive demand for activated carbon through 2029.
Overview
Activated carbon, derived from materials like wood, coconut husks and coal, is a critical tool for filtering contaminants from air and water. Its effectiveness comes from a unique oxidation process that creates a vast network of microscopic pores, dramatically increasing surface area. This versatility makes activated carbon essential across industries, including healthcare, agriculture, oil and gas, food processing, and environmental remediation.
For large-scale industrial applications, activated carbon is available in powdered, pelletized and granular forms, with prices ranging from US$2,000 to US$6,000 per ton – presenting a significant and growing market opportunity.
Carbonxt Group (ASX:CG1) is positioned to capitalize on this demand. As an innovative manufacturer of custom activated carbon, Carbonxt has expanded its production footprint in the United States through a joint venture with Kentucky Carbon Processing, forming NewCarbon. This partnership enhances the company’s gross margins and improves access to high-quality raw materials.
A key driver of Carbonxt’s growth is its newly commissioned Inez Power Activated Carbon Plant in Kentucky, which focuses on liquid-phase applications, particularly for PFAS water treatment – a segment twice the size of the air-phase market. PFAS, known as “forever chemicals,” are persistent in the environment and linked to a range of health risks including cancer and developmental disorders.
The EPA’s 2024 National Primary Drinking Water Regulations and federal infrastructure funding are accelerating the need for advanced PFAS treatment solutions. Carbonxt’s premium-grade granular and pelletized activated carbon is designed to meet this demand, enabling US water utilities to achieve compliance and improve water quality.
With more than 50,000 water utilities across the US, including 4,000 serving populations greater than 10,000, Carbonxt is strategically positioned to supply this rapidly expanding market segment and compete with incumbent providers.
In addition to theKentucky facility, Carbonxt operates two other US-based plants: the Black Birch Powdered Activated Carbon Facility in Georgia, and the Arden Hills Pelletization Plant in Minnesota. These three sites have a combined production capacity of 13,500 tons per annum, with an expansion pathway to 43,500 tons by 2027.
Company Highlights
- Environmental Market Opportunity: Carbonxt operates in the US activated carbon market valued at over US$1 billion, with its products addressing both air and water-phase applications. Regulatory changes, including the EPA’s 2024 NPDWR for PFAS – are expected to triple market size in the next five years to more than US$2 billion.
- Cutting-edge Manufacturing Footprint: The company now operates three US-based production plants with a combined current capacity of 13,500 tons and a path to expand this to 43,500 tons by 2027.
- NewCarbon JV Strength: The strategic partnership with Kentucky Carbon Processing through the NewCarbon JV is enabling the successful commissioning of the Inez Power AC plant in Kentucky. The plant positions Carbonxt as a premium supplier in the PFAS-focused water treatment market.
- Product Differentiation: Carbonxt produces powdered, pelletized and granular activated carbon. Notably, its Inez carbon achieved a 99 percent PFOA removal rate, surpassing competitors in early trials. Meanwhile, its PAC products are non-brominated, reducing corrosiveness and improving plant safety.
- Strong Demand Outlook: Tightening federal and state regulations on mercury and PFAS emissions are accelerating the adoption of Carbonxt's technologies. Water utilities in more than 11 US states have adopted enforceable PFAS limits, with others expected to follow.
Core Product
High-performance Activated Carbon
Carbonxt designs and manufactures high-performance activated carbon products for customers in the industrial, utility and municipal sectors. The company's product range includes powdered, pelletized and granular activated carbon, engineered for optimal efficiency in air purification and water treatment. Carbonxt’s non-brominated, oxidizing formulations are non-corrosive and maintain performance throughout their lifecycle, reducing plant wear and lowering operational costs.
Although listed in Australia, Carbonxt’s operations are focused in the United States, with production based out of three strategically located facilities. These enable Carbonxt to meet rising US demand for clean technology solutions in compliance-driven industries.
A major catalyst for growth is the newly commissioned Inez Power Activated Carbon Plant in Kentucky, developed through Carbonxt’s joint venture with Kentucky Carbon Processing (NewCarbon). The facility produces granular and pelletized activated carbon targeting the liquid-phase water treatment market, particularly PFAS removal. This segment is expected to drive a larger share of Carbonxt’s future revenue mix, with early product samples showing 99 percent PFOA removal and 92 percent geosmin removal – outperforming leading competitors.
Highlights:
- Strong Market Outlook: Demand for activated carbon – especially for PFAS treatment and industrial air control – continues to rise amid tightening EPA regulations and state-level mandates.
- Pricing Trends: Average pricing for granular activated carbon in municipal bids has risen steadily, with recent public tenders ranging from US$2.34 to US$2.57/lb.
- Looking Up: Carbonxt’s H1 FY25 gross margin rose to 49 percent, up from 44 percent in H1 FY24, driven by higher product pricing and cost efficiency at its Georgia and Minnesota plants.
- Market Momentum: Early samples from the Kentucky plant have been well received by target customers. The company is actively negotiating offtake agreements with several large US water utilities.
- Use Cases:
- Powdered Activated Carbon – For mercury, acid gas and flue gas removal in coal-fired power stations, cement plants and industrial incinerators. Products include MatsPAC, AquaPAC and CEMPAC.
- Pelletized Activated Carbon – Used for VOC and hydrogen sulphide removal from air and gas streams. Tailored for emissions-heavy industries and energy applications.
- Granular Activated Carbon (GAC) – Designed for PFAS, taste and odor removal in municipal drinking water systems. Developed at the Inez plant with superior performance metrics.
- Contract Agreements: In 2025, Carbonxt secured a US$4.3 million purchase order from Wisconsin Public Service for activated carbon supply. The company also extended a four-year supply agreement with Reworld Waste, valued at approximately AU$6 million per annum, for premium powdered activated carbon products.
Production Facilities
Carbonxt operates three U.S.-based production facilities, each specializing in a key segment of the activated carbon market.
Inez Power Activated Carbon Plant (Kentucky)
Carbonxt’s newest and most advanced facility, Inez has reached full mechanical completion and is currently in the commissioning phase. It produces granular and pelletized activated carbon, specifically formulated for PFAS removal and drinking water treatment. Early product samples have demonstrated 99 percent PFOA removal efficiency and 92 percent geosmin removal, outperforming key competitors. The plant’s initial capacity of 6,000 tons will scale to 10,000 tons, positioning Carbonxt as a premium GAC supplier in the North American water treatment market.
Black Birch Powdered Activated Carbon Facility (Georgia)
This facility manufactures wood-based powdered activated carbon, supporting industrial applications including mercury and flue gas control. It produces specialized products such as MatsPAC, AquaPAC and CEMPAC, with an annual capacity of 6,000 tons, expandable to 10,000 tons. Cost-reduction initiatives at this site have contributed to Carbonxt’s improved gross margins in FY25.
Arden Hills Pelletization Plant (Minnesota)
Focused on pelletized wood and lignite-based carbons, Arden Hills supplies products like NAQ-ACP and CTC-ACP, used in mercury removal, tolling arrangements and VOC capture. The facility currently operates at 7,500 tons per annum.
Capacity Expansion Outlook
Combined, Carbonxt’s facilities currently operate at 13,500 tons of annual production, with an established path to expand to 43,500 tons by 2027. The diverse geographic locations provide resilience against weather disruptions and ensure uninterrupted supply across markets.
Management Team
David Mazyck – President, NewCarbon and Director of Technology
Dr. David Mazyck is a world-leading expert on activated carbon (AC) and its applications including mercury capture. He has developed AC products for major multinational AC manufacturers and has regularly consulted them on technical issues. Mazyck is the former chairman of the Activated Carbon Standards Committee for the American Waterworks Association and has developed products for NASA.
He received his PhD in environmental engineering from Penn State University, where he also earned a PhD minor in fuel science.
Matthew Driscoll - Chairman
Matthew Driscoll has significant experience across several industries, including online technologies, financial services, fintech, cleantech, property and resources. He has more than 30 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies.
He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances. His current directorships include NED Energy Technologies, NED Blina Minerals, NED Eco Systems, and NED Smoke Alarms Holdings.
Warren Murphy - Managing Director
Warren Murphy has led a large number of acquisitions and financings across the energy, resources and infrastructure sectors. This includes the development of over 2,000 MW of Greenfields power stations and the acquisition of over 3,000 MW of generation assets.
He was co-head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown based in the Sydney office and led the development of Babcock & Brown’s energy sector capability in Australia and New Zealand, including the founding of Infigen Energy and its unlisted predecessor, Global Wind Partner, where he served as a director from inception until June 2009.
Murphy was also a director of the ASX-listed Alinta and Sydney Gas, as well as the unlisted Coogee Resources.
Nicholas Andrews – Independent Director
Nicholas Andrews has held the role of executive chairman and CEO at Magontec (ASX:MGL), an established business in the global magnesium sector. He is a member of the executive committee and serves on the board of the International Magnesium Association. Prior to his executive career, Andrews held several senior roles in the financial services sector across both investment management and investment banking.
Investor Insight
Syntheia’s innovative conversational AI solution is transforming the face of customer engagement for the B2B market. Backed by a stable financial foundation, Syntheia is well-placed to execute its growth strategy, offering investors a compelling opportunity.
Overview
Syntheia (CSE:SYAI) has rapidly emerged as an innovative player in the expanding conversational AI platform-as-a-service market.
In an industry on the cusp of redefining customer engagement, Syntheia delivers advanced AI solutions tailored to the evolving demands of modern communication. Its platform, built to replicate human-like conversations across phone and digital channels, serves both large enterprises and small-to-medium businesses, many of which face persistent challenges in customer support and high turnover in frontline roles. By combining expertise in natural language processing, tonality, sentiment analysis, and conversational behavior, Syntheia sets itself apart, offering a more authentic and human-like experience than conventional chatbot technologies.
At the heart of Syntheia’s strategy is a forward-looking approach to AI-powered customer service—an industry undergoing rapid and transformative growth. The global conversational AI market, valued at US$12.24 billion in 2024, is projected to soar to US$61.69 billion by 2032, driven by a robust compound annual growth rate of 22.6 percent. This surge underscores the rising demand for intelligent, scalable solutions capable of handling customer interactions with speed, accuracy, and a human-like touch.
Market growth is being driven by several key factors, including increasing demand for customer-centric interactions, the pursuit of greater operational efficiency, and the cost savings enabled by automating and enhancing customer support functions. Syntheia is well-positioned to capitalize on these trends, equipping businesses with AI-driven tools that reduce onboarding costs, overcome language barriers, and address other operational challenges, while simultaneously improving customer engagement.
Syntheia is listed on the Canadian Securities Exchange under the ticker symbol SYAI. Its stock is tightly held, with a limited float that supports disciplined share expansion. Financially, the company is on solid footing, with $2 million in cash, no debt, and a well-structured capitalization profile that includes options and warrants. This strong financial position provides the flexibility and resources necessary for Syntheia to execute its growth strategy and adapt to evolving market conditions.
Syntheia has signed a non-binding letter of intent to acquire Beyond The Call (BTC), an Ontario-based call center operator. The acquisition targets BTC and certain of its assets. By integrating Syntheia’s AI platform with BTC’s operations, both companies see an opportunity to modernize the business, enhance efficiency, and improve customer satisfaction.
With Syntheia’s Assistant NLP platform surpassing 20,000 subscribers in April 2025, the company is well on track to achieve its goal of reaching 100,000 subscriptions by year-end.
Company Highlights
- Syntheia is a conversational AI solution delivering AI-driven, human-like customer service for enterprises and SMBs.
- The AssistantNLP Platform offers 24/7/365 multilingual support, accessible globally.
- Syntheia operates on a freemium revenue model, with scalable plans catering to varied business sizes and needs.
- The conversational AI market is expected to reach $32.62 billion by 2030, with Syntheia well-positioned to capitalize on this growth.
- Syntheia’s algorithms have achieved an 84 percent success rate in data collection and 98 percent in outreach programs, highlighting exceptional efficiency.
- Financially stable, Syntheia has $2 million in cash, no debt and trades on the Canadian Securities Exchange.
Key Technology
Syntheia is a front-runner in conversational AI, employing natural language processing (NLP) algorithms that are continually refined for accuracy and contextual understanding. The platform’s advanced NLP technology, bolstered by proprietary algorithms, enables it to understand and respond to various conversational cues, including tone, sentiment, semantics, and even idiomatic expressions. These sophisticated capabilities make interactions feel more fluid, accurate and responsive, which is particularly advantageous in sectors like healthcare, finance and customer service, where nuanced communication is essential. In fact, Syntheia’s algorithms exhibit impressive efficacy rates, achieving an 84 percent success rate in data collection and a 98 percent success rate in outreach initiatives, demonstrating the system’s effectiveness in real-world applications.
One of the most compelling aspects of Syntheia’s solution is its proprietary AssistantNLP platform, which offers 24/7/365 conversational AI service. The AssistantNLP platform is designed to handle high volumes of customer queries in multiple languages and across industries, ensuring a scalable, reliable and flexible solution for diverse customer needs.
Syntheia’s platform is also highly accessible, structured around a freemium revenue model that allows businesses to try the service at no cost and then upgrade based on usage and additional features. The freemium model’s flexibility is essential in broadening Syntheia’s customer base by reducing the initial financial commitment for prospective clients and encouraging growth from smaller firms to larger enterprise accounts.
Management Team
Tony Di Benedetto – Chairman, Chief Executive Officer
Tony Di Benedetto has nearly 20 years of IT entrepreneurship, mergers and acquisitions, and capital markets experience. As a seasoned technology business leader, he has successfully built and brought multiple tech businesses to market.
Richard Buzbuzian – President
Richard Buzbuzian is a capital markets executive with over 25 years of investment experience in Canada and Europe, and operates a family office with an investment portfolio of public and pre-IPO companies. Buzbuzian holds a degree from the University of Toronto.
Paul Di Benedetto – Chief Technology Officer
Paul Di Benedetto is a technology visionary with expertise in diverse innovative technologies, including blockchain and AI. He is responsible for overseeing the ongoing development of patent-approved technology at work from Syntheia.
Veronique Laberge – Chief Financial Officer
Veronique Laberge is a chartered professional accountant and holds the title of auditor. With more than 17 years of experience in professional practice, she specializes in certification mandates and general accounting, and acts as a consultant for public and private companies.
Emilio Iantorno – VP of Product & Experience Strategy
Emilio Iantorno, a 20-year design veteran, specializes in crafting engaging product experiences for diverse audiences and industries. Emilio leads the Syntheia design process, effectively harnessing the best technology to tackle business challenges.
Investor Insight
Provaris Energy is at the forefront of developing integrated compressed hydrogen and liquid CO₂ storage and transport infrastructure. With proprietary technology, a capital-light license model, and a growing portfolio of European hydrogen supply chain projects, Provaris is well-positioned to support global decarbonization efforts.
Company Highlights
- Proprietary tank IP and vessel designs enable scalable, low-cost storage and transport solutions.
- Compression technology offers the lowest cost for regional hydrogen supply.
- Term sheet signed with Uniper Global Commodities for 42,500 tpa hydrogen supply; binding Hydrogen SPA targeted mid-2025.
- Second MoU signed in March 2025 for 30,000 tpa hydrogen supply from Norway to Germany; term sheet expected Q2 2025.
- Early cash flow via license and origination fees; no capex required for Provaris to participate in shipping infrastructure.
- Partnership with Yinson Production AS to deliver new liquid CO₂ tank designs targeting maritime, floating, and onshore storage.
- High-volume inbound interest (>150 ktpa) from Nordic and Spanish developers confirms market demand.
- Prototype compressed hydrogen tank in construction, with class approvals expected Q3 2025.
Overview
Provaris (ASX:PV1) offers innovative storage and transport infrastructure essential to lowering the cost of hydrogen and CO₂ supply chains. With offices in Sydney and Oslo, the company is strategically focused on Europe, where decarbonization goals and energy security demand scalable and efficient clean energy solutions.
Provaris has developed a proprietary compressed hydrogen shipping solution designed to deliver “ready-to-use” green hydrogen with the lowest delivered cost for regional markets. Compression has been validated as the most energy- and cost-efficient method for hydrogen delivery, eliminating the need for complex conversion to carriers like ammonia. Studies show Provaris’ model delivers ~50 percent more hydrogen at ~20 percent lower cost compared to ammonia, with emissions well below EU RED II thresholds.
The company's “capital lite” model enables early cash flow and long-term recurring revenue through license and origination fees, without requiring ownership of ships or infrastructure. Each hydrogen supply project can generate ~US$34 million in total revenue for Provaris, including a technology license fee of ~US$16.5 million per project.
With binding commercial milestones targeted for 2025, including two supply agreements with German utilities totaling over 70,000 tonnes per annum of hydrogen, Provaris is well positioned to enable Europe’s transition to clean hydrogen. Europe's hydrogen import needs are forecast to reach 7 million tonnes (Mt) by 2030, with less than 1 percent of that currently supplied by low-carbon sources.
The company is also pioneering bulk liquid CO₂ tank technology in partnership with Yinson Production AS, opening a second stream of licensing revenue and addressing bottlenecks in carbon capture and storage infrastructure. This innovation aligns with Provaris’ mission to enable practical, efficient, and scalable zero-carbon energy supply chains across Europe and beyond.
Advanced Supply Chain Project Pipeline in Europe
Provaris is advancing several green hydrogen export projects from the Nordics to continental Europe:
- Norway: Two hydrogen export projects under MoUs with German utilities (Uniper and a second unnamed utility).
- Germany: Import infrastructure collaboration with utilities; aligned with TSO build-out and industrial decarbonization targets.
- Spain: Ongoing discussions with developers and offtake partners for hydrogen export hubs.
- Finland: Working with local partners to identify export-capable hydrogen production sites.
- The Netherlands: Joint pre-feasibility with Global Energy Storage (GES) for 40,000 tpa hydrogen import terminal in Rotterdam.
These projects underpin a cumulative pipeline of over 150 ktpa and demonstrate Provaris’ ability to meet Europe’s growing hydrogen demand.
Key Features and Benefits of Compressed Hydrogen
- Enhanced Safety: Provaris’ compressed hydrogen technology prioritizes safety in storage and transportation.
- Cost-effectiveness: By eliminating the need for complex liquefaction or ammonia synthesis processes, the company's solutions reduce overall costs.
- Scalability: The technology is adaptable to various project sizes, from regional supply chains to large-scale international exports.
- Environmental Sustainability: Compressed green hydrogen aligns with global efforts to reduce carbon emissions and transition to cleaner energy sources.
Multiple studies reaffirm the simplicity and efficiency of compressed hydrogen enables low-cost supply for Europe.
Innovative Hydrogen Vessel Designs: H2Neo Carrier and H2Leo Barge for export efficiency
Complementing its proprietary compressed hydrogen technology, Provaris is progressing the final design and classification approval phases of two purpose-built vessel types—the H2Neo Carrier and H2Leo Barge—designed to safely and efficiently transport compressed hydrogen across regional maritime routes.
These vessels are central to Provaris' strategy to unlock flexible and cost-effective green hydrogen supply chains. The H₂Neo Carrier is engineered with a cargo capacity of 27,000 cubic meters (equivalent to 450 tonnes of hydrogen at 250 bar pressure) and features a closed containment system that eliminates boil-off losses and minimizes emissions. FEED level design has been completed and approved by classification societies, including safety studies. Final Class approval is expected in 2025, aligning with the company’s targeted project final investment decisions in 2026.
H2Neo carrier solution together with barge storage for loading and discharge sites
The combination proprietary tank technology, automated shipbuilding processes, and flexible infrastructure options, Provaris offers a lower total cost of ownership and faster deployment compared to alternative hydrogen carriers such as ammonia or liquid hydrogen. These innovations position Provaris as a first mover in delivering safe, scalable, and cost-competitive maritime transport for green hydrogen across Europe.
Innovating CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio in 2024 to include CO₂ storage. This strategic move commenced with a ground-breaking partnership with Norway’s Yinson Production AS to bring innovation to liquid CO₂ storage and transport, for both maritime and onshore applications. Yinson is a US$3 billion global energy infrastructure leader in FPSOs and renewable technologies, having raised US$1.6 billion in late-2024 for growth funding, including the establishment of CO₂ supply chains.
A Joint Development Agreement (JDA) to develop new bulk liquid CO₂ (LCO2) tank designs for floating, onshore and ship-based storage applications, solves an industry bottleneck for CO₂ tank capacity limited to ~7,500 cbm. Targeting major gains in storage volume and reduced storage costs, tank designs at low pressure and temperature maximise storage and efficiency to reduce storage and transport costs.
Aligned with its technology license model for hydrogen, Yinson is funding Provaris’ development of new tank designs to be jointly owned and then licensed to owners of floating storage, shipping and land-based storage solutions, which will include Yinson.
In March 2025, Provaris completed a concept design for a large-volume, low-pressure tank solution, unlocking a new stream of license fee revenue. The initial license fee of US$200,000 has already been received, and further payments are anticipated as development progresses.
Milestones for June 2025 include the completion of Phase 2 of the JDA which will include a type rating approval of a LCO2 tank and integrated with Yinson’s development of a Floating Storage Injection Unit (FSIU) proposed for the use in offtshore CCS injection projects under development in Europe and Asia.
Management Team
Martin Carolan – Managing Director & CEO
Greg Martin – Chairman
Andrew Pickering – Non-executive Director
David Palmer – Non-executive Director
Per Roed – Chief Technical Officer
Mats Fagerberg – Business Development, Europe
Garry Triglavcanin – Product Development Director
Norman Marshall – Group Commercial Manager
John Stevenson – Group Financial Controller
Jessica Roed – Operations Manager, Norway
Investor Insight
NorthStar Gaming offers investors a differentiated premium iGaming platform at the intersection of sports media and betting technology, with strategic partnerships, proven revenue growth, and expanding market access across Canada's C$8.5 billion total addressable market.
Overview
NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) owns and operates a casino and sportsbook gaming platform in Canada under the name NorthStar Bets. Since its listing on the TSXV in March 2023, the company has seen significant success with its uniquely differentiated offering that combines high-quality sports journalism with betting/casino games. Specifically, NorthStar utilizes targeted content to engage, attract and retain sports bettors, which leads to higher retention rates and higher player values.
NorthStar's competitors may provide insights, but they are hosted within a different platform causing inconvenience to the end-users who must swap between apps. NorthStar's proprietary Sports Insights editorial features, offered seamlessly to customers within the NorthStar Bets website and app, continue to be a strong differentiator and driver of value.
In 2024, NorthStar launched Sports Insights 2.0 with new features, design, stats and a smoother user experience. Sports Insights is a key differentiating feature that supports the company's position as a premium brand and industry leader at the intersection of betting and sports media. The content includes analysis of upcoming events, betting strategies and helpful tips. Since Sports Insights is integrated directly within NorthStar's sportsbook, users can wager directly from the content without leaving the betting environment.
Sports Insights users demonstrate enhanced performance metrics, including 13 percent higher VIP penetration, 58 percent higher average total deposits, 50 percent higher average casino turnover, and 138 percent higher average sports turnover.
The company's industry-leading tech stack is a result of its partnership with Playtech and Kambi, both reputable and established industry players. Playtech is the world's largest and most trusted online gaming software supplier, while Kambi is the leading provider of premium sports betting and technology services. Moreover, Playtech is NorthStar's largest shareholder, with more than C$22 million invested into the business since its launch, including a C$10-million infusion in October 2023. In 2025, Playtech extended this strategic partnership with NorthStar by back-stopping NorthStar’s C$43.4M credit facility with Beach Point Capital Management LLC, further validating the strong potential for the rapidly growing online gaming and sports market in Canada.
NorthStar Gaming, which started exclusively in the Ontario (NorthStarBets.ca) market, has expanded its revenue potential and now has the ability to drive revenue outside of Ontario, following its May 2023 acquisition of Slapshot Media. Slapshot Media is the managed services provider to NorthStarBets.com, an iGaming site owned and operated by the Abenaki Council of Wolinak and licensed by The Kahnawake Gaming Commission.
With Ontario accounting for 39 percent of the Canadian population, NorthStarBets.com opens up the company to the remaining 61 percent of the Canadian market, an important catalyst for growth in customer base and revenue.
Financial Performance
NorthStar has demonstrated consistent year-over-year growth since its launch in 2022. According to preliminary numbers for Q4 2024:
Total Wagers: $303 million (up 42 percent year-over-year)
Gross Gaming Revenue: $10 million (up 32 percent year-over-year)
Revenue: $9.5 million (up 51 percent year-over-year)
Gross Margin: $3.6 million (up 71 percent year-over-year)
The Canadian online sports betting and iGaming market is projected to reach C$8.5 billion by 2026. NorthStar is well-positioned to grow its Ontario market share and expand across Canada, where a 3 percent market share would equate to more than C$200 million in revenue.
Company Highlights
- NorthStar Gaming is an operator of casino and sportsbook gaming platforms in Canada. The platform provides real-time news, statistics, analysis and scores directly in the betting environment, along with the most popular online casino games.
- The company began its operations in the Ontario market. Its acquisition in May 2023 of Slapshot Media, a marketing and managed services provider for spreads.ca (now rebranded NorthStarBets.com), has enabled NorthStar to derive revenue outside Ontario throughout the rest of Canada, an important catalyst for growth.
- NorthStar is poised to capture a material share of the Canadian market, estimated to reach C$8.5 billion in total addressable market by 2026, with more than 60 percent of the market being outside of Ontario.
- Tier 1 partnerships with sports betting and technology providers, such as Playtech and Kambi, ensure customers with best-of-breed entertainment and betting experience.
- In addition to being a technology provider, Playtech is NorthStar's largest shareholder, investing more than C$22 million into the business since launch, including a C$10-million infusion in October 2023. Playtech's unparalleled expertise in the gaming industry continues to accelerate NorthStar's growth and rapidly expand its user base.
- Sports Insights 2.0 was launched in 2024 with new features, design, stats and a smoother user experience.
- The company has demonstrated strong growth with gross margin now covering overheads and has surpassed C$1.8 billion in total wagers since the launch of NorthStarBets in May 2022.
- An experienced management team with local knowledge and insights targeting the Canadian audience leads the company.
Key Brands
NorthStarBets.ca
It is available to players in Ontario. The main game offerings on Northstarbets.ca include a sportsbook with pre-live and live markets with monthly sports betting markets, and slot/live and jackpot casino games. Northstarbets.ca offers more than 500 casino games, including slots, blackjack, roulette and baccarat, and a variety of stakes and live dealer games.
Liver dealer games are among the most popular among users. A “live dealer” casino game has a real person as the dealer with the game streamed on video. The live video feeds of the dealers and the casino environment are streamed to the players' computers or mobile devices in real time. This technology enables players to see the game as it unfolds and interact with the dealer and other players.
NorthStarBets.com
It is available to players outside Ontario. NorthStarBets.com is a rebrand of Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak, and is offered through NorthStar Gaming’s wholly owned subsidiary, Slapshot Media, a Canadian iGaming marketing and managed services provider.
Management Team
Michael Moskowitz – CEO and Chairman
Michael Moskowitz is the chief executive officer and a founding partner of NorthStar. He is a veteran technology executive and transformative leader who has more than 25 years of leadership experience in the consumer, communications, gaming and technology industries. Moskowitz was the previous CEO and chairman at Panasonic North America, where he led the company’s successful business and growth strategy in delivering integrated technology solutions for businesses, government agencies and consumers across North America. Prior to that, he also served as president and CEO of XM Canada (XSR.TO) and president of Palm in the Americas International. He sits on the executive board of Consumer Technology Association (CTA/CES) which represents the largest and most innovative technology companies in North America. He previously served as a director of Mobilicity (Canada), Hussmann Corporation (USA), and Panasonic Avionics Corporation (USA).
Corey Goodman – Chief Development Officer, Counsel and Corporate Secretary
Corey Goodman has held a variety of senior executive roles in both legal and business development capacities for nearly 20 years, and most recently served as chief corporate development officer to Torstar Corporation. His focus is on mergers and acquisitions and partnerships in media, energy and regulated industries. He was also general counsel to three public issuers.
Chin Dhushenthen – Chief Financial Officer
Chin Dhushenthen has held numerous executive positions across a wide variety of functions including finance, compliance, risk management and technology. His prior experience includes The Hunter Group, Azerty United Canada, Hydrogenics, and most recently at CAPREIT. Dhushenthen is a chartered professional accountant, with more than 25 years of proven experience impacting business growth and maximizing profits through contributions in financial management and productivity improvements.
Barry Shafran – Lead Director
Barry Shafran has extensive public and private company leadership and board experience in multiple industries, including financial services, online gaming and the service industry. He was the founder and CEO of Chesswood Group, a financial services business, and he helped it scale from $10 million to $1 billion in revenues. Prior to Chesswood, he founded cars4U.com which was Canada’s first online auto retailer. On the iGaming front, he has worked with Cryptologic, an online gaming software provider. He was involved in the sale of Don Best (Las Vegas), a well-known odds-maker.
Vic Bertrand – Director
Vic Bertrand has more than 35 years of global business experience. From 1986 to 2014, he co-led MEGA Brands, transforming his family’s small local business into a vertically integrated, global toy leader with sales in over 100 countries. Bertrand is currently president of Stratinn, a real estate and investment firm. From 2019, he was CEO of ToysRUs CDA, where he restored profitability leading to an exit in 2021. In addition, he is an active advisor and director currently serving on the boards of CardioMech (Norway), Soundbite (Canada), and Spinal Stabilization Technologies (USA/Ireland).
Brian Cooper – Director
Brian Cooper has more than 30 years of experience in athlete representation, activation management, broadcast programming, executive-level property leadership, and sports marketing. He has been recognized for his imprint on the Canadian sports and entertainment landscape and was twice named one of the Globe and Mail’s Top 25 Power Players in Canadian Sports, Yahoo’s Top 25 most influential people in Canadian Sport, and was the first inductee to the Sponsorship Marketing Council of Canada’s Hall of Fame.
Sylvia Prentice – Director
Sylvia Prentice is the president and owner of Mackinnon Calderwood Advertising. a full-service Canadian agency providing media and creative services and promotional support across a number of industries. She and her team have been involved in a number of early iGaming businesses, including Playground Poker Club, CanPlay and Party Poker.net.
Dean MacDonald – Director
Dean MacDonald has had a long and successful career in executive roles at many companies. Previously, he served as executive chairman and president and chief executive officer of ClearStream Energy and its predecessor Tuckamore Capital, as president and managing partner of Cable Atlantic, chief operating officer of Rogers Cable, and as the chief executive officer of Persona, a TSX-listed cable and internet services company. He has management and investment experience in several industries, including energy, commercial real estate, marketing and communications. He has served on numerous public and private boards over the past three decades.
Chris McGinnis – Director
Chris McGinnis has over 20 years of experience in finance, accounting, investor relations, corporate strategy, M&A, and equity research. He is currently chief financial officer at Playtech, the leading online gambling technology company. Prior to joining Playtech, McGinnis was head of corporate strategy at software company Temenos. He started his career at Deloitte in Canada where he qualified as a chartered professional accountant. He has also worked in Equity Research for UBS in Canada and Bank of America Merrill Lynch in the UK. He is also a chartered financial analyst.
Alex Latner – Director, General Counsel, Playtech
Alex Latner joined Playtech as general counsel in January 2017. Prior to that, Latner spent his entire career in the London office of international law firm Berwin Leighton Paisner LLP (BCLP), now Bryan Cave Leighton Paisner LLP, where he was a partner in the corporate finance team from 2008 until he left the firm in 2017, having originally joined the firm as a trainee solicitor in 1998. At BCLP, Latner advised on a wide range of corporate finance transactions including flotations, secondary offerings and public and private M&A. Alex has extensive experience in the UK public markets, and acted for a number of listed UK and international companies and various investment banks and other corporate finance intermediaries across a broad range of industries, such as technology (including betting and gaming), real estate and the wider built environment. His clients included Playtech, which he had advised since before its original IPO on the London Stock Exchange’s AIM market in 2006.
Mike Cormack – Head of Content & Integrations
Mike Cormack has two decades of experience in Canadian sports media, and has held a variety of editorial leadership roles. His strengths are developing and leading successful multiplatform content teams and strategies. Previously, he was managing editor of The Athletic, Toronto and managing editor of sportsnet.ca
Investor Insight
IODM is well-positioned in the growing fintech space to meet rising demand for accounts receivable automation, with recent North American expansion underscoring its global scalability and recurring revenue potential.
Overview
IODM (ASX:IOD) is a cloud-based working capital management software solution designed to automate and streamline the accounts receivable function for universities, commercial companies and other enterprises. This platform facilitates the collection of payments, enhances client communication, and reduces manual workload. By integrating with existing accounting systems, IODM improves cash flow management and optimizes working capital.
A key strength is IODM’s capability to manage complex billing cycles, especially for international payments. As of 2024, the platform is used by ten UK universities, and IODM is actively expanding into North America, Asia, and Europe.
In April 2025, IODM signed a revenue share agreement with leading North American payment provider Convera, targeting the large and growing international student population in the US and Canada. This partnership significantly enhances IODM’s reach in the education sector, particularly with universities seeking more efficient cross-border payment solutions.
Company Highlights
- IODM is a cloud-based accounts receivable communications platform designed to automate and streamline cash collection processes within the terms of trade.
- The platform seamlessly integrates with ERP systems like Oracle, SAP, Microsoft Dynamics and Xero, reducing the need for manual invoicing and follow-ups.
- IODM targets medium to large companies and is scalable for businesses with multiple divisions and complex reporting requirements.
- The company has experienced strong adoption among universities and enterprises, with a focus on managing complex billing cycles and cross-border payments.
- In 2024, IODM began implementing a revenue share agreement in North America through Convera, replicating its success in the UK university market.
Key Product: IODM Connect
IODM Connect is the company’s flagship intelligent accounts receivable platform, designed to automate invoice reminders, payment collections, and cash allocation. Seamlessly integrating with leading ERP systems—including Oracle, SAP, Microsoft Dynamics, and Xero—the platform can be adopted with minimal disruption to existing financial workflows.
A key strength of IODM Connect lies in its ability to streamline time-consuming receivables processes. Automated payment reminders reduce manual follow-ups, while advanced cash allocation and reconciliation tools improve accuracy and speed. This is especially valuable for organizations managing high transaction volumes or cross-border payments, where complexities around currencies and methods can lead to delays and errors.
By simplifying these processes, IODM Connect enhances efficiency, reduces administrative burden, and enables businesses to focus on core operations while maintaining tighter control over cash flow.
Strategic Partnerships
IODM has established a network of strategic global partnerships that continue to drive its international expansion. In the education sector, the company has partnered with Convera (formerly Western Union Business Solutions) to streamline cross-border tuition and fee payments. This collaboration has been pivotal in securing IODM’s strong foothold in the UK and EU university markets and is now being extended to support growth in North America.
IODM has also partnered with Corpay (NYSE:CPAY), a global leader in corporate payment solutions, to support enterprise clients in industries such as manufacturing, transport, and logistics. These partnerships provide access to key verticals and geographies without requiring a large regional sales footprint.
By leveraging the infrastructure and client networks of its partners, IODM can scale efficiently, expand its market reach, and accelerate revenue growth globally.
Target Market: Universities and Enterprise Clients
IODM continues to target education and enterprise sectors with complex billing requirements:
- In the UK, IODM has onboarded 12 universities, including the London School of Economics and Coventry University.
- Through its partnership with Convera, IODM is rapidly expanding in North America, aiming to serve international students across the US and Canada.
- The platform simplifies tuition, accommodation, and ancillary payments while reducing administrative burden and currency conversion complexities.
Market Drivers
Growing demand for IODM’s platform is fueled by key trends in the education sector and among enterprises with international operations. A major driver is the increasing population of international students, particularly in regions such as Europe, North America, and Australia. Universities are under mounting pressure to manage cross-border payments more efficiently, navigating challenges like fluctuating exchange rates, diverse payment methods, and extended processing times. IODM’s platform addresses these complexities by streamlining and automating receivables, helping institutions improve the student payment experience while optimizing operational efficiency.
Rising inflation and higher interest rates have intensified the need for effective cash flow management across both the education and enterprise sectors. Timely and accurate collection of receivables has become essential to maintaining financial resilience. IODM’s automation capabilities reduce manual workloads, minimize errors, and accelerate payment cycles, making it a critical tool for organizations striving to enhance liquidity and financial stability in a challenging economic environment.
Management Team
Mark Reilly – Chief Executive Officer
Mark Reilly has over 25 years of experience in corporate advisory and insolvency, particularly within the mining, banking, and finance sectors. He has held leadership roles at companies such as Forte Energy, Valor Resources, and BOS Global Holdings. Under his leadership since 2017, IODM has expanded its global footprint, forging strategic partnerships and driving growth in the education and enterprise sectors.
Petrina Halsall – Chief Operating Officer
Petrina Halsall worked in critical IT roles across the FMCG, automotive, transport, logistics and public sectors. Notably, she served as head of IT for the Victorian Department of Treasury and held leadership positions at GUD Holdings for seven years. Her extensive background in managing business-critical infrastructure and certified security makes her a key asset for IODM’s operational efficiency.
James Burke – Chief Technology Officer
James Burke has extensive experience in overseeing complex technological infrastructures and security systems. Before joining IODM, Burke held roles that focused on critical infrastructure management in various sectors. His leadership and technical skills in IT security have played a crucial role in developing and maintaining the robust technological infrastructure at IODM, helping the company achieve scalable growth.
Graham Smith – Head of Operations, UK and North America
Graham Smith has over six years of experience in the financial services industry. Before joining IODM, he worked at Western Union Business Solutions in various roles, including regional manager for channels and partnerships. Smith’s expertise in managing partnerships and expanding business into new regions is central to IODM’s continued growth in these key international markets.
