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Baiya International Group Inc. Announces Fiscal Year 2024 Financial Results

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SHENZHEN, China, May 13, 2025 /PRNewswire/ — Baiya International Group Inc. (“BIYA” or the “Company”) (Nasdaq: BIYA), a human resource (“HR”) technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced its financial results for the fiscal year ended December 31, 2024.

Ms. Siyu Yang, Chief Executive Officer of BIYA, commented, “We are pleased to report a resilient performance for fiscal year 2024, reflecting our determined efforts to navigate China’s evolving recruitment market. We achieved a remarkable revenue growth of 10.7% despite slow economic recovery and labor market adjustments, driven by our flexible business strategy with a focus on project outsourcing services. As we see expansion opportunities in the rapidly growing logistics and express delivery sectors, we have been examining postal business tender documents, leading to our successful cooperation with new major customers such as Zhaoqing Branch of China Postal Group Limited. As a result of active business expansion among postal companies, revenue from project outsourcing increased by 26.6%, accounting for 99.7% of our total revenue.”

Ms. Yang continued, “Our gross profit grew by 75.4%, underscoring the effectiveness and resilience of our strategic initiatives. At the same time, we took active steps to reduce operating expenses while increasing investment in sales efforts. These measures significantly improved our financial performance, turning a net loss into a positive net income for fiscal year 2024. With such proactive strategies, we believe that we are now better positioned to explore high-margin subsectors that can support a sustainable growth trajectory. Looking ahead, we remain committed to our core strategy while remaining alert to new opportunities as China’s economy gradually recovers. We plan to continue to improve the Gongwuyuan Platform to deliver high-quality job matching and HR related services in the flexible employment marketplace. We are confident that our resilient approach, combined with strong client relationship management, will continue to support our long-term growth and deliver value to our shareholders.”

Fiscal Year 2024 Financial Highlights

Net revenues were $12.8 million in fiscal year 2024, an increase of 10.7% from $11.6 million in fiscal year 2023.Gross profit was $1.4 million in fiscal year 2024, an increase of 75.4% from $0.8 million in fiscal year 2023.Net income was $6,687 in fiscal year 2024, compared to net loss of $1.1 million in fiscal year 2023.Basic and diluted net income per common share were $0.00 in fiscal year 2024, compared to basic and diluted loss per common share of $0.10 in fiscal year 2023.

Fiscal Year 2024 Financial Results

Net Revenues

Net revenues were $12.8 million in fiscal year 2024, an increase of 10.7% from $11.6 million in fiscal year 2023.

Revenue from entrusted recruitment service was $0.04 million in fiscal year 2024, a decrease of 97.2% from $1.5 million in fiscal year 2023. The decrease was primarily attributed to the delayed effects of China’s stringent preventive measures against the COVID-19 pandemic, which have increased the challenges of economic recovery.Revenue from project outsourcing service was $12.8 million in fiscal year 2024, an increase of 26.6% from $10.1 million in fiscal year 2023. The increase was primarily due to the outsourcing revenues from the Company’s major customers, $3.2 million increase from Zhaoqing Branch of China Postal Group Limited, $1.3 million increase from Guangdong Yingwang Industrial Investment Limited (“Yingwang”), and $0.7 million increased from Zhongshan Branch of China Postal Express & Logistics Co., Ltd, which was partly offset by $0.5 million decreased from Zhongshan Branch of China Postal Group limited and $2.0 million decreased revenue from Nanchang Jiesite Cleaning and Environmental Protection Limited (“Jiesite”).Revenue from other services was $3,050 in fiscal year 2024, an increase of 155.6% from $1,193 in fiscal year 2023. During fiscal year 2024, the revenue generated from other services mainly represents software revenue of $3,050. During fiscal year 2023, the revenue generated from other services mainly represents software revenue of $1,193. In November 2019, Gongwuyuan launched enterprise version of its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline services.

Cost of Revenues

Total cost of revenue was $11.4 million in fiscal year 2024, an increase of 5.8% from $10.8 million in fiscal year 2023.

Gross Profit

Gross profit was $1.4 million in fiscal year 2024, an increase of 75.4% from $0.8 million in fiscal year 2023. The increase was mainly due to the $0.7 million increase in gross profit from project outsourcing service, which was partly offset by the $0.1 million decrease in gross profit from entrusted recruitment service.

Operating Expenses

Total operating expenses were $1.3 million in fiscal year 2024, a decrease of 11.7% from $1.5 million in fiscal year 2023. The change was mainly due to a decrease of $0.2 million in general and administrative expenses and a decrease of $62,369 in research and development expenses, which were partly offset by an increase of $87,458 in selling expenses.

Selling expenses were $0.2 million in fiscal year 2024, an increase of 68.8% from $0.1 million in fiscal year 2023. The increase was primarily due to the $0.1 million increase in bidding service fee, which was offset by the $21,807 decrease in commission expenses and $13,384 decrease in salary and related welfare expenses of salesperson.General and administrative expenses were $0.9 million in fiscal year 2024, a decrease of 18.6% from $1.1 million in fiscal year 2023. The decrease in general and administrative expenses were mainly due to decreased bad debt expense by $0.1 million, decreased rental expense by $75,817, decreased employee salaries and welfare expenses by $63,769 due to the decrease of headcount in administration function, decreased consulting and professional service fees by $33,707, which offset by increased other G&A expense by $89,071.Research and development expenses were $0.2 million in fiscal year 2024, a decrease of 20.8% from $0.3 million in fiscal year 2023.

Net Income (Loss)

Net income was $6,687 in fiscal year 2024, compared to net loss of $1.1 million in fiscal year 2023. The decrease in net loss in 2024 mainly resulted from increased gross profit by $0.6 million, decreased operating expenses by $0.2 million, and decreased other expenses by $0.3 million in fiscal year 2024.

Basic and Diluted Net Income (Loss) per Common Share

Basic and diluted net income per common share were $0.00 in fiscal year 2024, compared to basic and diluted loss per common share of $0.10 in fiscal year 2023.

Financial Condition

As of December 31, 2024, the Company had cash of $1.7 million, compared to $0.03 million as of December 31, 2023.

Net cash provided by operating activities in fiscal year 2024 was $1.6 million, compared to net cash used in operating activities of $1.8 million in fiscal year 2023.

Net cash provided by financing activities in fiscal year 2024 was $0.08 million, compared to net cash used in financing activities of $0.5 million in fiscal year 2023.

Recent Development

On March 24, 2025, the Company completed its initial public offering (the “Offering”) of 2,500,000 ordinary shares at a public offering price of $4.00 per share. The gross proceeds were $10.0 million, before deducting underwriting discounts and estimated offering expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market on March 21, 2025, under the ticker symbol “BIYA.”

About Baiya International Group Inc. (“Baiya”)

Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements can be identified by terms such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the United States Securities and Exchange Commission (“SEC”).

For further information, please contact:

Baiya International Group Inc.
Investor Relations Department
Phone: +86 0769-88785888
Email: info@biyainc.com

Investor Relations Inquiries:

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. Dollars, except for the number of shares)

As of
December 31,

2024

2023

ASSETS

CURRENT ASSETS

Cash

$

1,668,291

$

31,973

Accounts receivable, net

1,648,073

3,692,078

Due from related parties

40,549

2,811,786

Deferred offering costs

889,160

668,651

Prepaid expense and other current assets

177,325

237,958

Loan receivable from third parties, current

—

75,797

Total current assets

4,423,398

7,518,243

NON-CURRENT ASSETS

Property and equipment, net

1,872

2,373

Right-of-use asset, net

49,356

4,015

Loan receivable from third parties, non-current

443,787

98,560

Other non-current assets

33,017

—

Total noncurrent assets

528,032

104,948

TOTAL ASSETS

$

4,951,430

$

7,623,191

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

1,662,594

$

2,835,982

Loan payable to third parties, current

164,399

140,800

Advance from customers

29,675

30,498

Accrued liabilities and other payables

2,057,865

1,966,483

Taxes payable

146,239

264,671

Due to related parties

170,855

1,040,009

Lease liability

8,422

9,661

Bank loan payables, current

117,345

623,878

Total current liabilities

4,357,394

6,911,982

NON-CURRENT LIABILITIES

Lease liability

43,972

1,025

Loan payable to third parties, non-current

—

28,160

Bank loan payables, non-current

—

87,707

Total non-current liabilities

43,972

116,892

TOTAL LIABILITIES

$

4,401,366

$

7,028,874

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY

Preferred shares, par value $0.0001, 100,000,000 shares authorized, nil shares issued and outstanding as of December 31, 2024 and 2023, respectively

—

—

Ordinary common shares, par value $0.0001, 400,000,000 shares authorized, 10,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively

1,000

1,000

Additional paid-in capital

1,796,285

1,775,951

Statutory Reserve

380,901

325,223

Accumulated other comprehensive loss

(221,139)

(153,429)

Accumulated deficit

(1,456,778)

(1,392,350)

Total Company shareholders’ equity

500,269

556,395

Non-controlling interest

49,795

37,922

Total shareholders’ equity

550,064

594,317

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

4,951,430

$

7,623,191

 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. Dollars, except for the number of shares)

For the years ended
December 31,

2024

2023

2022

Net revenues

$

12,809,211

$

11,574,877

$

13,161,560

Cost of revenues

11,401,940

10,772,530

11,635,220

Gross profit

1,407,271

802,347

1,526,340

Operating expenses

Selling expenses

214,672

127,214

243,937

General and administrative expenses

890,089

1,093,703

2,205,442

Research and development expenses

238,150

300,519

479,218

Total operating expenses

1,342,911

1,521,436

2,928,597

Profit/(loss) from operations

64,360

(719,089)

(1,402,257)

Other income (expenses)

Interest expense, net

(31,510)

(24,030)

(55,640)

Government subsidy income

5,823

33,654

190,944

Other expenses, net

(3,456)

(321,112)

(39,307)

Other (expenses)income

(29,143)

(311,488)

95,997

Income/(loss) before income tax

35,217

(1,030,577)

(1,306,260)

Less: income tax expense

28,530

32,239

23,421

Net income/(loss)

6,687

(1,062,816)

(1,329,681)

Less: net income/(loss) attributable to non-controlling interests

15,437

(45,739)

(65,578)

Net loss attributable to common shareholders of Baiya International Group Inc.

$

(8,750)

$

(1,017,077)

(1,264,103)

Comprehensive income/(loss)

Net income/(loss)

$

6,687

$

(1,062,816)

(1,329,681)

Other comprehensive loss

Foreign currency translation loss

(71,274)

(46,538)

(214,064)

Total other comprehensive loss

(71,274)

(46,538)

(214,064)

Total comprehensive loss

(64,587)

(1,109,354)

(1,543,745)

Less: comprehensive income/(loss) attributable to non-controlling interests

11,874

(48,095)

(76,303)

Comprehensive loss attributable to common shareholders of Baiya International Group Inc.

$

(76,461)

$

(1,061,259)

(1,467,442)

Net income/(loss) per common share

Basic and diluted*

$

0.00

$

(0.10)

$

(0.13)

Weighted average number of common shares outstanding

Basic and diluted*

10,000,000

10,000,000

10,000,000

*

Retrospectively restated for effect of share reorganization

 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars, except for the number of shares)

For the years ended
December 31,

2024

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net income/(loss)

$

6,687

$

(1,062,816)

$

(1,329,681)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Depreciation expense

443

799

2,139

Allowances for credit losses

(43,859)

121,899

844,053

Amortization of operating lease right-of-use assets

11,693

139,592

177,843

Deferred income tax, net

—

5,818

(3,298)

Changes in operating assets and liabilities:

Accounts receivable, net

1,972,340

(1,331,193)

704,945

Advance to suppliers, net

—

40,371

(141,522)

Due from related parties

894,107

(900,702)

760,214

Prepaid expense and other current assets

126,918

(138,659)

29,877

Accounts payable

(1,112,598)

1,117,916

(312,815)

Advance from customers

—

—

(21,619)

Accrued liabilities and other payables

(165,046)

175,063

(182,184)

Taxes payable

(105,398)

33,247

(96,177)

Lease liability

(1,530)

(2,448)

(25,135)

Net cash (used in) provided by operating activities

1,583,757

(1,801,113)

406,640

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from loans-bank

55,434

—

1,728,334

Due to related parties

938,382

(416,209)

1,330,285

Repayments to loans-bank

(638,745)

(31,224)

(944,416)

Proceeds from third party loan

(278,083)

—

(184,029)

Advance to third party loan

—

(60,716)

—

Net cash (used in) provided by financing activities

76,988

(508,149)

1,930,174

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(24,427)

(62,935)

(67,132)

NET (DECREASE) INCREASE IN CASH

1,636,318

(2,372,197)

2,269,682

CASH, BEGINNING OF YEAR

31,973

2,404,170

134,488

CASH, END OF YEAR

$

1,668,291

$

31,973

$

2,404,170

Supplemental disclosure information of cash flow:

Cash paid for income tax

$

4,543

$

15,090

$

55,299

Cash paid for interest

$

36,724

$

63,042

56,883

Supplemental non-cash information:

Right of use assets obtained in exchange for operating lease liability

$

3,038

$

4,985

$

—

Due from related party offset with due to related party upon execution of offset agreement

$

1,812,949

—

—

 

 

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SOURCE Baiya International Group Inc.

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ENROAD Aims to Redefine the Roof Box with Smart Technology and Automotive-Inspired Design at SEMA 2026

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33 minutes ago

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October 26, 2026

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LAS VEGAS, Oct. 26, 2026 /PRNewswire/ — ENROAD, a premium automotive travel lifestyle brand, will showcase its award-winning Nomadix Pro Smart Roof Box at SEMA Show 2026, at Booth 59033 in the West Hall with Diamond Lot, from November 3rd to 6th.

Recognized with the German Red Dot Design Award, Nomadix Pro reimagines the traditional roof box with fingerprint unlocking, solar-powered operation, and ENROAD’s Trispark energy system. Combining intelligent convenience with sleek, automotive-inspired design, it transforms roof storage from a simple cargo solution into a smarter companion for every journey.

ENROAD’s debut at SEMA Show marks an important step in bringing its vision of Smart Automotive Travel to the global automotive aftermarket and outdoor recreation communities, where innovation, personalization, and adventure meet.

Automotive-Inspired Design, Refined for Every Journey

A roof box should do more than add cargo space—it should complement the vehicle it sits on. The Nomadix Pro combines a streamlined silhouette and a clean, contemporary profile with distinctive integrated rear lighting, creating a more recognizable look that brings automotive-inspired design to a traditionally utilitarian accessory.

The Nomadix Pro received the 2025 Red Dot Design Award, recognizing its design, and represents three years of product development supported by more than 10 proprietary patents.

Smart Access, Without the Extra Steps

One of the Nomadix Pro’s standout features is its fingerprint-based unlocking system, offering an alternative to carrying and using a traditional key. A mechanical backup key provides another access option when needed.

ENROAD has also rethought the details that affect everyday use. Its ClickHold™ mounting system replaces conventional bulky knobs with a rack-and-cam lever mechanism, designed to simplify installation while preserving usable interior space.

The RailTie™ fastening system, featuring adjustable aluminum rails and zinc-alloy buckles, helps secure belongings during travel. A front-mounted secondary lock provides an additional measure to help keep the lid closed at speed, while four-bar hinges allow the box to open from either side of the vehicle.

Together, these features are designed to make installation, loading and accessing gear more straightforward.

Lighting That Works Beyond the Drive

Inside the Nomadix Pro, motion-sensing is equipped, with dual sensing for light and human body, that means less fumbling around when looking for a bag, jacket or piece of camping equipment after dark. The exterior rear lighting adds a distinctive visual details and safety while driving.

Nomadix Pro also incorporates ENROAD’s Trispark solar-powered energy system, which combines solar charging, portable power and campsite illumination in one integrated solution.

Trispark features a 24,000mAh battery, fast-charging capability and adjustable lighting modes, bringing additional utility to time spent outdoors.

From its exterior lighting to its interior illumination and portable power options, ENROAD is exploring ways to make the roof box a more considered part of the automotive travel.

Built Around Real-World Use

The Nomadix Pro has undergone 24 reliability tests covering scenarios including emergency maneuvers, lane changes, rough roads, prolonged vibration, extreme cold and repeated opening and closing cycles.

Its interior features molded felt lining to help protect stored equipment, while its mounting, fastening and locking systems address the practical demands of carrying gear on the road.

These details reflect ENROAD’s focus on combining a modern look with features that serve a clear purpose.

A First Look at What’s Next

SEMA 2026 will also offer an early look at ENROAD’s upcoming smart roof box. The new version will expand the ENROAD lineup, bringing its focus on contemporary design, practical storage and user-friendly features to a broader range of customers.

Visit ENROAD at SEMA 2026

Dates: November 3–6, 2026
Location: Las Vegas Convention Center
Booth: West Hall with Diamond Lot — 59033
Website: ENROAD – Easy to Go, Easy to Feel.

About ENROAD

Established in 2024 as a lifestyle brand under PGYTECH, ENROAD specializes in innovative automotive travel solutions. Its Nomadix Pro Smart Roof Box, developed over three years with 10+ proprietary patents, won the 2025 Red Dot Design Award, combining smart convenience, functional design, and green technology.

Backed by PGYTECH’s 10+ years of product innovation, ENROAD brings this expertise to the automotive travel lifestyle mobility space,  redefining the automotive travel experience.

For more information, visit ENROAD – Easy to Go, Easy to Feel.

 

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SOURCE ENROAD

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Hisense Celebrates 100 Years of Television and Marks the Origin of RGB MiniLED

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33 minutes ago

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October 26, 2026

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LONDON, Oct. 26, 2026 /PRNewswire/ — In 1926, John Logie Baird first demonstrated his pioneering television system at 22 Frith Street, London. A century later, Hisense, a leading global brand in consumer electronics and home appliances, returned to this historic site on 24–25 October to celebrate the centenary of television under the theme “Celebrating 100 Years of Television. Hisense, the Origin of RGB MiniLED.” At Outernet London’s The Now Building, near 22 Frith Street, an immersive big-screen experience brought a century of television history to life and showcased Hisense’s latest RGB technology.

A century of television innovation has transformed how people experience entertainment. Now, with RGB MiniLED, which represents the new origin of display innovation, Hisense aims to mark the next milestone in this ongoing journey. By connecting the origin of television with RGB MiniLED, Hisense launched a campaign at 22 Frith Street and Outernet London’s The Now Building. This celebration was not only a tribute to the past, but also a statement about the future of home entertainment, highlighting Hisense RGB MiniLED’s role in the next chapter of television. Martin Wilkie, Director at World Origin Sites, also praised what Hisense has contributed, ‘What Hisense has done is take television to the next stage — and the quality shows.’

Taking place on 24-25 October, Hisense’s “London Walk through TV History” connected five stops, inviting the public to follow the campaign map, enjoy a coffee, discover London’s rich television heritage and experience the latest in display technology along the way.

The main venue was Bar Italia at 22 Frith Street, Soho, a landmark site where Baird gave his first public demonstration of television in 1926. Here, visitors could enjoy a complimentary coffee while soaking up London’s television history and collecting limited-edition souvenirs and vouchers by participating in any one activity including a photo check-in, a Q&A quiz, or social media sharing.

Notably, on the afternoon of 25 October, Iain Logie Baird, grandson of television pioneer John Logie Baird, joined the celebrations at Bar Italia to mark this special milestone and honour the legacy of television. His presence lent historical weight to the event, which is a symbolic recognition of the continuity from his grandfather’s pioneering work to Hisense’s RGB MiniLED, the next step in television evolution. Hisense is doing something similar to my grandfather: taking something that had been exclusively in the laboratory and putting it into a product the public can buy and enjoy, said Iain Logie Baird.

As part of the trail, visitors were guided to The Now Building at Outernet London, Europe’s largest immersive digital experience space, featuring a 360-degree environment with ultra-high-definition LED screens. They could explore a museum-style exhibition celebrating 100 years of television history and experience Hisense’s latest RGB technology up close.

Bringing this immersive experience to life, Hisense’s latest RGB MiniLED technology marks the new milestone in display innovation. Exemplified by its flagship 116UXS TV, the technology delivers richer, more accurate colours, exceptional brightness and contrast, and lifelike picture quality, revealing a new level of realism to the viewing experience.

Visitors could also continue along the trail to the participating retail stores. These stores offer opportunities to explore Hisense RGB MiniLED products or enjoy exclusive vouchers, as detailed below:

John Lewis & Partners, Oxford Street:  Get hands-on with Hisense RGB MiniLED TVs.Selfridges, Oxford Street & Harrods, Brompton Road: Experience Hisense RGB MiniLED TVs and enjoy an exclusive 20% discount on eligible Hisense RGB MiniLED and MicroLED TVs when redeeming the voucher in store.

*Valid until 8 November 2026.

Arun Bhatoye, Head of Marketing for Hisense UK, said: “The UK’s rich heritage of broadcasting innovation makes it a particularly meaningful place to celebrate 100 years of television. As the origin of RGB MiniLED, Hisense is proud to help shape the future of display technology, pushing the boundaries of colour, brightness and contrast to deliver more lifelike visuals and enhanced viewing comfort. We’re excited to be part of the next chapter in television history and to bring these innovations to consumers around the world.”

About Hisense

Hisense, founded in 1969, is a globally recognized leader in home appliances and consumer electronics with operations in over 180 countries, specializing in delivering high-quality multimedia products, home appliances, and intelligent IT solutions. According to Omdia, Hisense ranks No. 1 globally in the 100-inch and over TV segment (2023-2026H1). As The Origin of RGB MiniLED, Hisense continues to lead the next-generation RGB MiniLED innovation. As an Official Partner of UEFA EURO 2028, Hisense continues its legacy of global sports partnerships, bringing people closer to the moments that unite fans around the world.

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ELEMENTL POWER, DS INVESTMENT PARTNERS AND SAMSUNG C&T TO ADVANCE NEW U.S. NUCLEAR DEVELOPMENT

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33 minutes ago

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October 26, 2026

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Proposed partnership of up to $750 million would help fund development of multiple Elementl nuclear projects

WASHINGTON, Oct. 26, 2026 /PRNewswire/ — Elementl Power, a nuclear project delivery and capital management platform, has signed a preliminary agreement to form and fund a development partnership of up to $750 million with a consortium led by South Korean investment firm DS Investment Partners (DSIP). Samsung C&T Engineering & Construction Group, which has delivered energy projects including nuclear worldwide, is participating in the consortium as a potential strategic investor. 

The consortium would fund a portion of the proposed partnership’s projected capital and hold a significant minority interest in the partnership. The agreement consists of a letter of intent and term sheet setting out the proposed terms of the partnership and allows for participation from additional strategic and financial investors.

The proposed nuclear development partnership is intended to provide a portion of the capital necessary for up to three of Elementl’s advanced nuclear projects to achieve final investment decision (FID), supporting pre-construction activities, including permitting, interconnection and long-lead item procurement. One of the three projects is Elementl’s 1.5 gigawatt project under development in Ohio, which will use GE Vernova Hitachi Nuclear Energy’s BWRX-300 small modular reactors.  

The planned partnership would advance Elementl’s full-lifecycle development strategy and demonstrate the company’s model of matching top-tier development capital with high-quality, pre-FID advanced nuclear projects. Elementl has engaged Macquarie Capital as financial advisor to evaluate bringing additional strategic and financial investors into the partnership.

“Elementl’s partnership with DS Investment Partners and its consortium would advance our full-lifecycle development strategy and represents a first-of-its-kind capital formation model for U.S. nuclear focused purely on developing multiple utility-scale projects,” said Elementl Chairman and CEO Chris Colbert. “Once finalized, this partnership would expand our early-stage project capital, increase our access to South Korea’s nuclear supply chain and engineering expertise and enhance our position as the financial and development partner best equipped to deliver new nuclear.”

“This proposed partnership would bring together financial and industrial expertise with proven experience in the nuclear sector to support the next generation of American nuclear projects,” said DS Investment Partners CEO Seung Soo Kang. “We believe new nuclear is essential to meeting rising energy demand, and we are proud to partner with Elementl and Samsung C&T in building a strong foundation to advance these power projects.”

“This collaboration represents a unique opportunity to establish a private capital model that accelerates the path to delivery for commercial U.S. nuclear projects, and we are pleased to bring our nuclear construction experience and support to this effort with Elementl and DS Investment Partners,” said Samsung C&T Senior Vice President Jung Kim.

The proposed partnership does not constitute a final investment decision on any project. The agreement remains subject to definitive documentation, regulatory approvals and other customary closing conditions.

Elementl is backed by leading energy and infrastructure investors, including Energy Impact Partners, accounts advised by T. Rowe Price Associates, Inc., Prelude Ventures, Breakwater North and Alumni Ventures.

About Elementl Power
Elementl Power is America’s Nuclear Prime, leading the delivery and capital management of new nuclear plants. Elementl’s platform combines expertise in energy finance, project execution, regulatory strategy, and nuclear operations with a technology-agnostic approach to drive the full lifecycle of plant development, from site selection and financing through licensing, construction and commercial operation. For more information, please visit elementlpower.io or follow us on LinkedIn.

About DS Investment Partners (DSIP)
DS Investment Partners (DSIP) is an investment firm focused on energy, technology, healthcare and strategic infrastructure, and is part of a Seoul-based financial group. Working alongside technology providers, industrial partners, and institutional investors across Asia, the Middle East, Europe and North America, DSIP seeks to support investments that enhance security, reliability and long-term sustainability while creating value for stakeholders.

About Samsung C&T Corporation
Samsung C&T’s Engineering & Construction Group has more than 40 years of engineering and construction experience operating throughout the world. The group spans commercial and residential buildings, civil infrastructure and plant construction. Its landmark projects include Burj Khalifa, the world’s tallest building, the Riyadh Metro Project in Saudi Arabia, the Qurayyah 4,000MW CCPP Project, and the ongoing Qatar 2,000MW Solar Power Project. In the nuclear energy sector, the company has successfully delivered 12GW across 10 units, including the 5.6GW Barakah Nuclear Power Plant in the UAE. It has recently undertaken the Nuclear Power Plant refurbishment project and Front-End Engineering Design (FEED) for Small Modular Reactors (SMRs), demonstrating its global competitiveness in large-scale reactor and SMR technologies, and solidifying its expertise across all areas of the nuclear industry.

CONTACT:

Timothy Wirth

Elementl Power Communications

(484)886-5705

tim@elementlpower.io

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SOURCE Elementl Power Inc.

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