Day: June 21, 2023

The #1 imported Mexican beer and 7x All-Star reward fans who seize all that summer has to offer with the Modelo Summer Bucket Sweepstakes

CHICAGO, June 21, 2023 (GLOBE NEWSWIRE) — Modelo knows that summer is more than just a time to unwind – it’s an opportunity to level up and reach your full potential. To recognize those who take advantage of the summer season, Modelo teamed up with professional basketball player Damian “Dame” Lillard to create the Modelo Summer Bucket Sweepstakes. With a list of summer activities curated personally by Lillard, he and Modelo are encouraging fans to unlock the full potential of the season for the chance to win exclusive prizes.

“Modelo and I both know that summer is no time to waste. Throughout my career, the summer has been a crucial period for personal growth and cultivating a winning mentality. It’s a blend of honing my skills on the court and cherishing time with loved ones, something I don’t get to do as much as I’d like to during the season,” shared Lillard. “Teaming up with Modelo on my summer bucket list allows me to inspire fans to embrace that same summer mindset.”

Each month in June, July, and August, Lillard will unveil a new bucket list activity on his and the Modelo Instagram channels. Those who rise to the challenge and share their attempts through the Modelo Summer Bucket Sweepstakes will have the chance to win a Dame-inspired Modelo beer bucket that comes complete with everything needed to make the season count including a gift card to use towards a summer’s worth of Modelo.*

At the end of the sweepstakes, all submissions, including the monthly winners, will be entered for a chance to win a grand prize “Dame Time Bucket” with items hand-selected by Damian Lillard himself including autographed sneakers and his favorite noise-canceling headphones. Plus, these buckets will include a special, personalized touch – consider it the Mark of a Fighter.

“Modelo is fully committed to helping our fans embrace the true potential of summer and rewarding those who wholeheartedly seize the moment,” said Greg Gallagher, Vice President Brand Marketing, Modelo. “Teaming up with someone like Damian Lillard, who consistently gives his all on and off the court, allows us to raise a glass in honor of those who make the most out of the summer.”

To enter the Modelo Summer Bucket Sweepstakes, fans need to share a video or photo of themselves completing the latest bucket list activity on their own Instagram feed before each monthly entry deadline. To enter for the chance to win one of the monthly prizes, participants must be 21 years or older and include #ModeloSummerBucketSweepstakes and #21+ in the caption of their submission as well as tag and follow @ModeloUSA.

For more information, visit www.modelousa.com and @ModeloUSA on Instagram. Constellation Brands is the exclusive licensee and sole producer of Modelo in the United States, DC, and Guam. Since 1925, the entire Modelo portfolio has been, and continues to be, proudly brewed in Mexico.

*Modelo awarded in the form of a $130 gift card

NO PURCHASE NECESSARY. Open only to legal residents of the 50 U.S. and D.C., 21 or older. The last Entry Period ends 11:59 PM ET on 8/20/23. The Modelo Summer Bucket Sweepstakes is sponsored by Crown Imports LLC. No alcohol awarded with prizes. Void where prohibited. For complete details including timing of each Entry Period, see Official Rules at rules.dja.com/modelosummerbuckets.

ABOUT MODELO®
Born in 1925 in the small town of Tacuba, Mexico, Modelo has been bringing distinctive high-quality beer to those with the Fighting Spirit ever since, including Modelo Especial®, Modelo Negra®, Modelo Chelada Especial, and a flavorful lineup of Modelo Cheladas. Modelo Especial is a golden, full-flavored Pilsner-style lager with a clean, crisp finish. As the #1 imported beer in the U.S., Modelo Especial recently surpassed 175MM cases sold in 2022 and became the #2 beer brand in the category. The Modelo family of beers are exclusively brewed in Mexico and imported and marketed for the U.S. by Constellations Brands.

Media Contact:
Stephanie McGuane
Stephanie.mcguane@cbrands.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc30686-984f-4294-8be0-9fe9faf5fea0

GlobeNewswire Distribution ID 8861741

Zoom extends free signup period for Zoom Scheduler to July 20

SAN JOSE, Calif., June 21, 2023 (GLOBE NEWSWIRE) — Today, Zoom announced general availability for its new Zoom Scheduler tool and the extension of the free signup period. Zoom Scheduler makes finding the perfect meeting time easier by sharing availability for others to conveniently book appointments.

“We heard again and again from our customers that they were looking for a convenient way to book appointments without leaving the Zoom platform,” said Joseph Chong, Head of Product, Solutions, and Industry Marketing, Zoom. “With Zoom Scheduler, they can. Based on positive feedback, we will be offering Zoom Scheduler for free for anyone to try for one more month.”

Zoom is known for simplifying collaboration tools, and its latest product has taken on everyone’s least favorite meeting task: aligning calendars. Sharing availability windows back and forth manually takes up valuable time and adds more friction to a workday. Meeting with potential customers or clients often compounds this problem, as external participants lack visibility into one another’s calendars. Zoom Scheduler allows hosts to generate windows of availability that others can use to book appointments. With Zoom Scheduler, users will be able to grow their businesses faster and get more done so they can spend more time on what matters: preparing for the meeting or taking a break.

Get together with Zoom Scheduler

Now generally available, Zoom Scheduler places a meeting on the host’s calendar with a Zoom Meetings link already included, saving both participants time. Hosts can use their preferred calendar: Zoom Scheduler works seamlessly with Zoom Meetings and Zoom Mail and Calendar and integrates with both Google Calendar and Microsoft 365.

Features of Zoom Scheduler include:

• Ability to schedule one-on-one meetings or one-to-many group meetings and specify how many people can attend any available slot.
• Choose recurring availability or custom availability for one-off meetings.
• Generate slots of availability when any or all team members are available.
• Automate and customize email notifications.
• Collect preferred information during the attendee booking process.

Beta customers love how Zoom Scheduler saves time and consolidates meeting scheduling where it makes the most sense: in the middle of the communication platform they know and love.

“Zoom Scheduler offers an easy, no-effort integration with the rest of the Zoom platform,” said Gabe Moronta, Visla. “It has all the features, settings, and capability I need.”

Zoom Scheduler integrates with Zoom Calendar, which has become a resource for meetings both before and after. Zoom Calendar offers a sidebar view alongside the Zoom desktop client, so attendees can maximize their time by seeing if others have joined the meeting yet. After the meeting, shared files live in the Calendar invite for future reference.

Free and paid Zoom users can try out Zoom Scheduler for free anytime before July 19, 2023. On July 20, 2023, Scheduler will be available as an add-on for purchase for $5.99/month per user on Zoom’s website (add to any existing legacy Zoom plan or Zoom One plan), and will be included in the Zoom One Business Plus and Enterprise Plus plans.

About Zoom
Zoom is an all-in-one intelligent collaboration platform that makes connecting easier, more immersive, and more dynamic for businesses and individuals. Zoom technology puts people at the center, enabling meaningful connections, facilitating modern collaboration, and driving human innovation through solutions like team chat, phone, meetings, omnichannel cloud contact center, smart recordings, whiteboard, and more, in one offering. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more info at zoom.com.

Zoom Public Relations
Lacretia Taylor
press@zoom.us

GlobeNewswire Distribution ID 8862086

• Reported quarterly diluted earnings per share of $0.45
• AGF reported its 11th consecutive quarter of positive mutual fund sales reporting net sales of $77 million
• Quarterly dividend of $0.11 per share

TORONTO, June 21, 2023 (GLOBE NEWSWIRE) — AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2023.

AGF reported total assets under management and fee-earning assets¹ of $41.2 billion compared to $41.9 billion as at February 28, 2023 and $40.3 billion as at May 31, 2022.

“Today we are seeing the results of our collective teams’ efforts and we have made significant progress against our strategic imperatives,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “We remain focused on the continued diversification of our business including the build out of our private markets platform, AGF Private Capital, and the onboarding of new clients across all channels.”

AGF’s mutual fund gross sales were $819 million for the quarter compared to $818 million in the comparative period. Mutual fund net sales were $77 million compared to $132 million in the comparative period, marking the 11^th consecutive quarter of positive net sales. AGF’s sales have continued to outpace the industry. During the quarter, the industry² reported net redemptions, while AGF mutual funds remained in net sales.

“Given current market volatility and industry pace, we are pleased with the continued success of our sales strategy,” said Judy Goldring, President and Head of Global Distribution, AGF. “The solid execution of our sales strategy has allowed us to diversify and expand our client base and focus on evolving our product offerings and varying product structures to provide access to our investment capabilities in multiple ways to meet their unique needs.”

“We continue to take a thoughtful approach to expense management, focusing on maintaining core expenses while also recognizing the importance of investing in our strategic growth areas including rewarding employees who contribute to the acceleration of our sales strategy and deliver investment outperformance, “added McCreadie.

Key Business Highlights:

• AGF announced the appointment of industry veteran Ken Tsang to the position of Chief Financial Officer. He is a respected and seasoned leader with nearly 30 years of experience as a strategic finance and corporate development leader in Financial Services.
• As part of an ongoing product review and AGF’s commitment to ensuring its lineup is responsive to market trends and regulatory changes, while also delivering competitive pricing, AGF Investments Inc. announced a host of product-related updates to its Canadian lineup, including selective pricing changes, preliminary prospectus filings for new funds and select fund/series closures.
• AGF’s separately managed accounts (SMA) business continued to gain momentum over the quarter as the firm onboarded a sustainable investment strategy onto the U.S. SMA platform of a large global wealth management firm.
• The firm relocated its Boston office to 99 High Street. The expanded space will deliver the same seamless in-office and at-home working experience offered to employees at CIBC SQUARE and AGF’s other locations while supporting the continued build-out of AGF’s U.S. business.

Financial Highlights:

• Total net revenue was $95.8 million for the three months ended May 31, 2023, compared to $82.7 million in the prior year. The increase was influenced by higher income on Private Capital long-term investments, which can be variable quarter to quarter and impacted by the timing of monetizations and cash distributions.
• Selling, general and administrative costs were $53.0 million for the three months ended May 31, 2023, compared to $47.3 million in 2022. The year-over-year increase in SG&A was impacted by higher incentive compensation as a result of our track record of investment outperformance and the successful execution of our sales strategy, which is to increase our presence in the investment dealer channel. In addition, the increase incorporates strategic investments made into the business to support our growth plan, including Private Capital, as well as increases driven by the market environment.  AGF is committed to being an employer of choice, which means looking at responsible practices and initiatives to attract, develop and reward employees.
• EBITDA before commissions for the three months ended May 31, 2023, was $42.8 million, compared to $35.4 million in the prior year comparative period.
• Net income for the three months ended May 31, 2023, was $30.3 million ($0.45 diluted EPS), compared to $10.1 million ($0.14 diluted EPS) in the prior year comparative period.

1		Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
2		Total long-term mutual funds in the Canadian mutual funds industry per Investment Funds Institute of Canada (IFIC).

		Three months ended									Six months ended
			May 31,			February 28,			May 31,			May 31,			May 31,
	(in millions of Canadian dollars, except per share data)		2023			2023			2022			2023			2022
	Revenues
	Management, advisory and administration fees	$	109.8		$	106.8		$	111.0		$	216.6		$	223.6
	Trailing commissions and investment advisory fees		(34.1)			(33.8)			(34.8)			(67.9)			(70.4)
	Net management, advisory and administration fees1	$	75.7		$	73.0		$	76.2		$	148.7		$	153.2
	Deferred sales charges		2.1			1.8			2.1			3.9			3.6
	Share of profit (loss) of joint ventures		0.8			0.3			(0.2)			1.1			(0.8)
	Other income from fee-earning arrangements		0.9			0.7			0.7			1.6			1.5
	Fair value adjustments and other income		16.3			4.3			3.9			20.6			14.5
	Total net revenue1		95.8			80.1			82.7			175.9			172.0
	Selling, general and administrative		53.0			53.0			47.3			106.0			96.6
	Deferred selling commissions		–			–			17.8			–			37.1
	EBITDA before commissions1		42.8			27.1			35.4			69.9			75.4
	EBITDA1		42.8			27.1			17.6			69.9			38.3
	Net income		30.3			17.6			10.1			47.9			23.0
	Diluted earnings per share		0.45			0.26			0.14			0.71			0.32
	Free cash flow1		19.8			19.3			12.3			39.1			25.6
	Dividends per share		0.11			0.10			0.10			0.21			0.19

	(end of period)	Three months ended
			May 31,			February 28,			November 30,			August 31,			May 31,
	(in millions of Canadian dollars)		2023			2023			2022			2022			2022
	Mutual fund assets under management (AUM)2	$	23,631		$	24,029		$	23,898		$	22,496		$	22,849
	Institutional, sub-advisory and ETF accounts AUM		8,276			8,439			8,440			7,860			8,039
	Total AGF Investments AUM		31,907			32,468			32,338			30,356			30,888
	AGF Private Wealth AUM		7,162			7,324			7,349			7,072			7,279
	AGF Private Capital AUM		48			54			55			60			58
	Total AUM	$	39,117		$	39,846		$	39,742		$	37,488		$	38,225
	AGF Private Capital fee-earning assets3		2,087			2,082			2,077			2,067			2,052
	Total AUM and fee-earning assets3	$	41,204		$	41,928		$	41,819		$	39,555		$	40,277
	Net mutual fund sales2		77			221			251			51			132
	Average daily mutual fund AUM2		24,017			23,782			22,504			22,207			23,183

1		Net management, advisory and administration fees, total net revenue, EBITDA before commissions, EBITDA, and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
2		Mutual fund AUM includes retail AUM, pooled fund AUM and institutional client AUM invested in customized series offered within mutual funds.
3		Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

For further information and detailed financial statements for the second quarter ended May 31, 2023, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedar.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/wpgusrjc. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm delivering excellence in investing in the public and private markets through its three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.

AGF brings a disciplined approach focused on providing an exceptional client experience and incorporating sound responsible and sustainable practices. The firm’s investment solutions, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $41 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Courtney Learmont
Vice-President, Finance
647-253-6804, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies (such as COVID-19), natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2022 Annual MD&A.

GlobeNewswire Distribution ID 8861669

Freddy, Freshworks’ AI assistant, continues to advance to make generative AI more accessible to employees in support, sales, marketing and IT, making their everyday work easier

SAN MATEO, Calif., CHENNAI, India, June 21, 2023 (GLOBE NEWSWIRE) — Freshworks Inc., (NASDAQ: FRSH) today announced Freddy Self Service, Freddy Copilot and Freddy Insights to make artificial intelligence more accessible to every workplace. The new predictive and assistive generative AI capabilities embedded within Freshworks solutions and platform go beyond content generation and help support agents, sellers, marketers, IT teams and leaders become more efficient with a revolutionary new way to interact with their business software.

The new Freddy AI enhancements will be demonstrated for the first time at Freshworks’ Q2 ’23 Launch event, adding to the AI upgrades launched in March that have reduced time to complete work tasks in sales, marketing and support by as much as 83%.

Freshchat with Freddy Copilot

“Our goal at Freshworks is to put the power of generative AI in the hands of the Fortune five million, not just the Fortune 500 enterprise,” Girish Mathrubootham, Founder and CEO. “We’ve been helping customers run more efficient businesses with AI for half a decade and know they don’t need a billion apps to do so. Every department could benefit from a workplace assistant that maximizes productivity, and that’s what Freddy AI can do – for the support agent, sales person, marketer, IT manager, HR professional, developer and more.”

The new Freddy AI capabilities leverage Freshworks’ domain expertise in sales, marketing, customer support and IT to deliver artificial intelligence that helps eliminate busy work and makes doing work easier and more delightful. Freddy Copilot offers contextual assistance, offloads repetitive tasks, and maximizes team productivity by enabling developers and employees in support, sales, and marketing to use conversations to get their work done; Freddy Self Service offloads monotonous work to bots to scale support and deliver excellent customer experiences; and Freddy Insights automates the analysis of their daily productivity and provides recommendations to drive greater business impact. Together, Freddy generative AI capabilities help businesses automate, scale, and derive actionable insights from their work.

Freshworks chose to integrate Microsoft Azure OpenAI Service into Freddy AI solutions to ensure the privacy and security of Freshworks customers data. John Montgomery, Corporate Vice President, Azure AI Platform at Microsoft said, “Microsoft and Freshworks are working together to bring the power of generative AI with enterprise-level security and compliance into the workplace for companies of all sizes. We believe in Freshworks’ mission and we’re excited to see how people in customer support, IT, sales and marketing can transform their customer and employee experiences with Microsoft Azure OpenAI.”

Freddy Copilot for a More Efficient Way to Sell, Market, and Develop

Freddy Copilot for support, sales, marketing and developers helps users speed up workflows using conversational prompts to do their jobs within Freshworks products and build new applications to extend them. Beta deployments of Freddy Copilot have been used by 390 companies and reduced effort by as much as 83%. More than 2,500 developers already using Freshworks Developer Platform can now use Freddy Copilot to develop innovative, high-quality, reliable apps faster.

Freddy Self Service for More Personalized Customer & Employee Support at Scale

Freddy Self Service gives companies the tech to deliver personalized automation at scale. This is possible using the Freshworks platform and large language model (“LLM”) for personalized automation that fuels agent productivity. Leveraging large language and account-specific models, Freddy Self Service handles large portions of L0/L1 queries from employees and customers within Freshdesk and Freshservice while delivering personalized responses. This allows customer support and IT personnel to focus on higher value projects and tasks.

“Freshworks has quickly become the center of IQor’s digital customer and employee universe,” said Sergey Kolosovosky, Senior Vice President of Application Development and Solutions at IQor, a U.S. business processing firm with 40,000 employees using Freshworks Freddy AI capabilities. “Using these new AI solutions, we’re excited to equip our customers and employees with the tools they need to enable their daily functions and deepen our engagement with them, allowing us to focus on the key priority, creating happy employees and delighted customers. Having access to great software, supercharged by generative AI, is a game changer for us.”

Freddy Insights for Automated and Actionable Business Leader Intelligence

Freddy Insights helps businesses to streamline operations and drive business growth. Freshworks’ generative AI analyzes customer and employee support data to automatically identify areas for improvement. It also is able to analyze marketing and sales effectiveness and recommends optimizations that can improve performance and increase revenue. Freddy Insights also offers proactive quality management that evaluates support quality, helps find out if staff are delivering on established goals and guides agents to get better with every customer conversation.

“For far too long companies have spent time and energy training humans to understand software. Now with generative AI, products are learning to adapt to how humans think,” said Prakash Ramamurthy, Chief Product Officer at Freshworks. “Freshworks has a unique opportunity to bring greater productivity and proactive insights to businesses of all sizes and help our customers turn generative AI into business momentum.”

Freshworks’ goal is to have Freddy AI solutions unify the strengths of a range of LLMs to optimize business performance and speed deployments. Freshworks will build out proprietary language models and incorporate general purpose LLMs to address customer specific needs.

To learn more about the Freshworks Q2 ’23 Launch, visit the Freshworks website or register for our virtual event on June 22. All the innovations announced today are available for beta testing.

About Freshworks
Freshworks Inc., (NASDAQ: FRSH) creates business software anyone can use. Purpose-built for IT, customer support, and sales and marketing teams, our AI-boosted products are designed to let everyone work more efficiently and deliver more value for immediate business impact. Headquartered in San Mateo, California, Freshworks operates around the world to serve more than 60,000 customers, including American Express, Blue Nile, Bridgestone, Databricks, Fila, Klarna, and OfficeMax. For the freshest company news, visit www.freshworks.com and follow us on Facebook, LinkedIn, and Twitter.

Media Relations Contact:
Jayne Gonzalez
PR@freshworks.com

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70f65da2-de89-4f8e-9b4e-ae2e5c2b78df

https://www.globenewswire.com/NewsRoom/AttachmentNg/7ee5bb5a-9835-480e-a94c-c29a4e467c7a

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b516176-9723-4dc3-a37c-246c522fb9ac

GlobeNewswire Distribution ID 8862026

On behalf of Copenhagen Infrastructure Partners (CIP), Managing Partner Jacob Baruël Poulsen on June 21, 2023, signed an Investment Notification Form in the presence of the Republic of Korea’s President Yoon Suk-Yeol committing to investments of USD 350 million into offshore wind projects in Korea.

COPENHAGEN, Denmark and SEOUL, South Korea, June 21, 2023 (GLOBE NEWSWIRE) — The investments from CIP’s Flagship funds will support the development and construction of GW-scale offshore wind projects in Korea, where CIP since 2018 has been developing offshore wind projects and secured Electricity Business License for those projects. The projects include both fixed bottom and floating offshore wind and are located in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region.

The projects which are developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP, will support Korea’s ambitious target of reaching 14,3GW of offshore wind power by 2030, a significant increase compared to the existing 0,1GW installed today. Korea has vast potential for offshore wind and has pledged to achieve carbon neutrality by 2050 which will require delivery of additional large-scale renewables including offshore wind projects.

Jacob Baruël Poulsen, Managing Partner at CIP, commented: “I am proud to have announced before President Yoon Suk-Yeol our plan and commitment to significant invest in the strong offshore market and industry in Korea on behalf of CIP’s Flagship Funds. We have, since entering the Korean market in 2018, worked diligently with local companies, authorities, and communities to develop wind power supply networks and foster an even stronger industry ecosystem. And we look forward to accentuating these efforts by investing 350 million US dollars to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.”

David Taesung Yoo, Co-CEO of COP Korea, said: “The investment of 350 million US dollars will go to development of our offshore wind portfolio in Korea including the advanced 99MW Jeonnam 1 project. We have grown our team to about 70 people based in Korea including expatriates and local offshore wind experts and this investment will allow us to continue growing the team and sharing of know-how with local partners and further the local content contribution. By materializing our GW-scale project we hope to create momentum in the Korean offshore wind market.”

CIP entered Korea in 2018 and has since invested significantly and introduced innovative technologies to the market. CIP’s Energy Transition Fund – the largest dedicated clean hydrogen fund globally – is exploring opportunities for cooperation and development of its Power-to-X business and CIP is also looking to expand its concept of energy island to Korea.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages ten funds and has to date raised approximately EUR 19 billion for investments in energy and associated infrastructure from more than 140 international institutional investors. CIP has approximately 400 employees and 11 offices around the world. For more information, visit www.cip.com

About Copenhagen Offshore Partners
Copenhagen Offshore Partners (COP) is a world leader in offshore wind project origination, development, and construction. COP is accelerating the energy transition through development of a 50+ GW project portfolio, one third of which represents floating offshore wind. The group also specializes in system integration capabilities, including power-to-x. COP’s expert team are advancing projects across 17 offices in Europe, Asia Pacific, and the Americas. COP is a proudly independent company owned by its management. Learn more at www.cop.dk

For further information, please contact:

Copenhagen Infrastructure Partners
Simon Augustesen, VP Communications
Phone: +45 30526721
Email: siau@cip.com

Thomas Kønig, Partner – Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.com

Copenhagen Offshore Partners
Jamie Shellenberger Bessmann– Head of Communications
Phone: +45 53547375
Email: jsb@cop.dk

GlobeNewswire Distribution ID 1000826342