Maxim Power Corp. Announces Partial Settlement of Claim for Compensation Resulting in $6.5 million of Proceeds

Executive Summary

• Maxim Power Corp. settled a portion of its fire‑related compensation claim, receiving a net settlement of approximately $6.5 million (net of fees).
• The proceeds are expected in Q4 2025 and represent the maximum amount available under the third party’s insurance policy.
• The company continues to pursue additional recovery from remaining third parties; timing and amounts of any further compensation remain uncertain.

Key Details

• Settlement amount: ~$6.5 million net, representing the full insured limit of the settling third party.
• Expected receipt: Q4 2025 (fourth quarter of 2025).
• Claim origin: Non‑injury fire on 30 September 2022 that damaged Milner 2’s air inlet filter house.
• Original claim filed in 2024 against multiple third parties; this settlement is with one of those parties.
• Remaining third parties have insurance policies whose collective limits are approximately equal to the $6.5 million already settled.
• No definitive timeline or amount can be provided for any additional compensation from the remaining parties.

Notable Quotes

(No direct quotes were included in the release.)