Maxim Power

What Maxim Power does

Maxim Power Corp. (TSX: MXG) is a Calgary-based independent power producer focused exclusively on power projects in Alberta, Canada. The company's core operating asset is the 300 MW H.R. Milner Plant (M2), a state-of-the-art Combined Cycle Gas Turbine (CCGT) facility near Grande Cache, Alberta, commissioned in Q4 2023. The CCGT configuration pairs a 204 MW natural gas-fired turbine with the repurposed M1 steam turbine, which generates approximately 96 MW of incremental low-carbon electricity by capturing waste heat — reducing carbon emission intensity by more than 60% versus the legacy coal-fired facility.

Maxim generates revenue by selling all electricity produced from M2 to the Alberta Electric System Operator (AESO) at prevailing Alberta pool market prices; revenue is therefore usage-based and fully exposed to Alberta power market dynamics. In Q1 2026, revenue was $15.6M, down from $20.3M in Q1 2025, reflecting both lower generation volumes and a decline in pool price to $32.15/MWh from $39.78/MWh. Full-year 2024 revenue was $101M on record M2 generation. Maxim's development pipeline includes the 400 MW Prairie Lights gas-fired project near Grande Prairie (major permits obtained, GE Vernova 7HA.02 turbine reserved for 2030 delivery, up to $60M planned 2026 spend) and the 200 MW Buffalo Atlee Wind Project in Jenner, Alberta (in resource assessment). The company has approximately C$84M in available liquidity to fund Prairie Lights.

The business model is sales-led and project-driven, oriented around long-cycle capital deployment, regulatory engagement, and government-supported infrastructure rather than consumer-facing activity. Recent strategic actions include the April 2025 divestiture of Summit Coal to Valory Resources for $14.2M and a February 2026 gas turbine reservation agreement with GE Vernova. The company is publicly listed on the TSX with a small employee base (11-50) and is led by President & CEO Robert (Bob) Emmott and CFO Kyle Mitton.

Name

Maxim Power

Legal name

Maxim Power Corp.

Website

https://maximpowercorp.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Maxim Power Corp. is a Calgary-based independent power producer that operates the 300 MW M2 Combined Cycle Gas Turbine plant in Grande Cache, Alberta, selling all generated electricity to the Alberta Electric System Operator under regulated market structures, and is developing an additional 600 MW pipeline.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industry

Onshore Wind Power Generation (Utility-Scale) (EUACAFAA)

Keywords

• Independent power producer
• Natural gas generation
• Combined cycle turbines
• Wholesale electricity
• Dispatchable power supply

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Sales: MAXIM generates electricity from its 300 MW M2 CCGT facility in Grande Cache, Alberta, and sells all power produced to the Alberta Electric System Operator (AESO) under the Alberta power market structure. Revenue is driven by generation volumes and prevailing Alberta market power prices. Q1 2026 revenue was $15.6 million, down from $20.3 million in Q1 2025 due to lower generation volumes and reduced Alberta power prices ($32.15/MWh vs $39.78/MWh year-over-year).
2. Asset Divestiture (Summit Coal Sale): MAXIM divested its Summit Coal subsidiary to Valory Resources Inc. for $14.2 million in April 2025, consisting of $10.2 million cash and $4.0 million in equity securities (convertible note). This represents a one-time transaction revenue stream from asset sales.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Maxim Power Corp. is an independent power producer that acquires, develops, owns, and operates power generation facilities in Alberta, Canada. Its core asset is the 300 MW H.R. Milner Plant (M2), a combined cycle gas turbine (CCGT) facility near Grande Cache that sells all electricity produced to the Alberta Electric System Operator (AESO). The company is also developing the 400 MW Prairie Lights gas-fired project and the 200 MW Buffalo Atlee Wind project.

Product overview

Maxim Power Corp. is an independent power producer focused on power projects in Alberta, Canada. The company's core asset is the 300 MW H.R. Milner Plant (M2), a state-of-the-art Combined Cycle Gas Turbine (CCGT) facility near Grande Cache, Alberta, which commissioned in Q4 2023. The company also operates the repurposed Milner 1 (M1) steam turbine as part of the CCGT facility. MAXIM is developing two additional power projects: Prairie Lights (400 MW gas-fired, near Grande Prairie) and Buffalo Atlee Wind (200 MW wind, in Jenner, Alberta). The company trades on the TSX under the symbol MXG.

Differentiator

Problem solved

Functional benefit

Products and services

• H.R. Milner Plant (M2) A 300 MW state-of-the-art Combined Cycle Gas Turbine (CCGT) power plant located at the HR Milner Generating Station near Grande Cache, Alberta. The CCGT unit comprises a 204 MW natural gas-fired turbine generator and captures waste heat to generate approximately 96 MW of incremental low-carbon power through the repurposed M1 steam turbine, reducing carbon emissions intensity by more than 60% compared to the legacy coal-fired facility.
• Prairie Lights Power Project A 400 MW gas-fired generation project near Grande Prairie, Alberta, with major permits obtained. Equipment reservation secured with GE Vernova for a 7HA.02 gas turbine with target delivery by 2030. Expected development spending of up to $60 million in 2026.
• Buffalo Atlee Wind Project

Quantifiable outcome

• Carbon emission intensity reduced by more than 60% compared to legacy coal-fired HR Milner facility
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• GE VernovacoreTechnology or Integration · 9 February 2026Maxim Power entered into a gas turbine and generator reservation agreement with GE Vernova (NYSE: GEV) to secure a manufacturing slot for a 7HA.02 gas turbine and generator package with a target delivery by 2030 for the Prairie Lights Power Project near Grande Prairie, Alberta. The agreement requires a non-refundable deposit payable in 2026 ahead of a definitive sales agreement. The reservation deal reflects strong demand for major power equipment, with GE Vernova's gas power backlog growing significantly. MAXIM expects to spend up to $60 million on the Prairie Lights project during 2026.
• Valory Resources Inc.minorOthers · 29 April 2025MAXIM closed the sale of 100% of its interest in Summit Coal Limited Partnership and Summit Coal Inc. (collectively 'Summit') to Valory Resources Inc. for $14.2 million, consisting of $10.2 million cash and $4.0 million in equity securities in the form of a 15% interest-bearing convertible note. Valory subsequently exercised its option to purchase Summit Coal, with the deal closing on April 29, 2025.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Capital Power Corporation: Edmonton-based independent power producer with a portfolio that includes CCGT and renewable assets across Alberta and other North American markets. Directly comparable as a publicly traded Alberta IPP competing in the AESO market with overlapping gas-fired and renewable generation strategies.
• TransAlta Corporation: Calgary-based power generator with significant Alberta gas, wind, and hydro capacity operating in the same AESO market. Most direct peer given shared Alberta geography, mixed gas-renewable portfolio, and merchant exposure to Alberta power prices.
• ATCO Power: Alberta-based power generation subsidiary of ATCO Ltd., operating natural gas-fired and renewable generation in the AESO market. Directly comparable Alberta IPP with similar gas-fired generation technology and customer base.
• Northland Power: Canadian independent power producer with a portfolio including natural gas, wind, and solar assets across North America. Comparable as a publicly traded IPP with mixed gas-renewable generation technology and similar scale of operating and development assets.
• Heartland Generation: Alberta-based independent power producer operating a portfolio of gas and coal-to-gas converted generation assets. Direct peer in the Alberta merchant power market with similar natural-gas heavy generation mix and AESO exposure.

Regional players

• ENMAX Corporation: Calgary-based municipal energy corporation with generation, retail, and wires operations in Alberta. Comparable as a participant in the Alberta electricity market with generation assets, though it has a broader retail/wires footprint than Maxim.
• EPCOR Utilities: Edmonton-based utility with generation, transmission, and distribution operations primarily in Alberta. Comparable as an Alberta-based energy infrastructure operator, though its portfolio is more vertically integrated than Maxim's pure-play IPP model.

Broad incumbents

• Brookfield Renewable Partners: Large-scale global renewable IPP with hydroelectric, wind, and solar assets including Canadian operations. Comparable thematically as a publicly traded IPP, though focused exclusively on renewables rather than gas-fired dispatchable generation.

Emerging players

• Boralex: Quebec-based renewable IPP with wind, solar, and storage assets expanding across North America. Comparable as a Canadian IPP pursuing growth in renewable generation, though its technology mix is more limited than Maxim's gas-renewable portfolio.
• Innergex Renewable Energy: Canadian independent renewable power producer with hydroelectric, wind, and solar assets. Comparable as a Canadian publicly traded IPP with renewable generation focus, though smaller scale and pure-play renewables versus Maxim's gas-led portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/maxix-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maxim Power