Hallador Energy Acquires 460 MW of Siemens Turbines for $350 Million, Accelerating Merom Natural Gas Generation Project

About this update from Hallador Energy Company

Targeted to Begin Generating Revenue Between Late 2028 and Mid-2029 Following Siemens Restoration at U.S. Facilities. Hallador to Host Conference Call Tomorrow, June 2, at 8:30 a.m. Eastern Time TERRE HAUTE, Ind., June 01, 2026 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today announced that it has entered into an Asset Purchase Agreement (“APA”) with Energy World Corporation (ASX:EWC) to acquire approximately 460 MW of Siemens gas turbines, generators, a steam turbine, and ancillary equipment for a total purchase price of $350 million, or approximately $760/kW. Hallador will also incur incremental costs for transportation, refurbishment, insurance, and logistics of approximately $100 million in connection with the delivery of the equipment to Siemens USA and then on to its Merom site. The turbines have never been previously fired and are being acquired at what the company believes to be an attractive valuation to comparable new equipment alternatives, particularly given the current delivery windows for new turbines. The acquisition’s delivered price of $450 million represents more than half the estimated total project cost for Hallador’s proposed Merom simple cycle natural gas-fired combustion turbine project, which is currently advancing through MISO’s ERAS interconnection process. The transaction secures critical long-lead time equipment in a market characterized by significant supply constraints and extended lead times for new turbine deployment. “This is an important advancement for Hallador,” said Brent Bilsland, Chairman and Chief Executive Officer. “Until you have equipment, you don’t have a project. We now have Siemens equipment — at what we believe is the right price, at the right time, and in a supply environment where availability has become increasingly limited. We are not waiting for turbines to be built; this equipment already exists. We believe securing equipment at this stage meaningfully reduces development timing risk and strengthens our positioning as we advance through the MISO expedited interconnection process. “More broadly, this acquisition represents a meaningful step in Hallador’s evolution toward a more diversified, multi-fuel generation platform capable of serving the growing demand for reliable, dispatchable power in MISO Zone 6. We continue to see increasing interest from utilities...

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