Aecon signs agreement for Simcoe Battery Energy Storage System Project

150 MW / 1,200 MWh facility to provide critical energy storage capacity - - ~1 GW of battery energy storage systems built or under delivery by Aecon in Ontario -

TORONTO, July 28, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that Simcoe Battery Project General Partnership Inc., in which Aecon Concessions is an equity partner, has executed an Energy Storage Facility Agreement with Ontario’s Independent Electricity System Operator (“IESO”) to build, own and operate the 150 MW / 1,200 MWh Simcoe Battery Energy Storage System Project (“Simcoe Battery Project”) in Norfolk County, Ontario.

Aecon Concessions, Six Nations of the Grand River Development Corporation (“SNGRDC”), the Mississaugas of the Credit Business Corporation (“MCBC”), Sitka Power Inc., and NRStor will be ownership partners, and will provide electricity storage services to the IESO through a 20-year agreement, receiving capacity payments from the IESO for capacity services, as well as additional revenue from energy sold into the Ontario electricity grid and ancillary services. Aecon will also serve as the exclusive Engineering, Procurement and Construction (“EPC”) provider for the balance of plant works, and an EPC agreement with Aecon is expected to be finalized. The target to commence commercial operations is 2030.

“The Simcoe Battery Project will strengthen grid reliability and support the integration of renewable generation – helping to provide the resilient energy foundation and critical storage capacity required to support economic growth and meet Ontario’s growing electricity demand,” said Steve Nackan, Executive Vice President and President, Aecon Concessions. “As a diversified development, construction and investment partner, Aecon is strategically focused on opportunities across North America linked to power infrastructure, energy storage, grid expansion and resilience. Our involvement across the full lifecycle of this project is a strong example of our One Aecon approach – harnessing the expertise of our diverse operating sectors, and converting core development and construction capabilities into long-term concession opportunities.”

The Simcoe Battery Project complements Aecon Concessions’ ownership interest in the Oneida Energy Storage Project in Ontario, which has been successfully operating since May 2025 and was developed and delivered by Aecon, SNGRDC, MCBC, NRStor, and Northland Power, alongside construction partner Aecon-Six Nations (“A6N”) general partnership – a purpose-built team with Indigenous partnership at the forefront.

With multidisciplinary North American power infrastructure expertise, Aecon is a leader in Canada’s power generation and battery storage sector. Through its completed and ongoing work, including the Simcoe Battery Project, Aecon projects represent approximately 1 GW of Ontario’s delivered or planned projects. In addition to the Oneida Energy Storage Project, Aecon’s portfolio of related work in Ontario includes the completed York Battery Energy Storage System (“BESS”) and Goreway BESS facilities, as well as the ongoing South March BESS and Trail Road BESS projects.

About Aecon

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

For further information:

Adam Borgatti SVP, Corporate Development and Investor Relations 416-297-2600 ir@aecon.com

Nicole Court Vice President, Corporate Affairs and Communications 416-297-2600 corpaffairs@aecon.com

Statement on Forward-Looking Information:

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the expected scope, execution and delivery of all phases of the project; the anticipated timing of the various phases and completion of the project; the expected receipt of capacity payments and additional revenues from energy and operating reserve services; the anticipated benefits of the project to grid reliability, renewable energy integration and Ontario’s electricity system; and the continued growth of Aecon’s power infrastructure, energy storage and concession development business. Forward-looking statements may in some cases be identified by words such as “may,” “will,” “expects,” “target,” “future,” “plans,” “believes,” “anticipates,” “estimates,” “projects,” “intends,” “should” or the negative of these terms, or similar expressions.

In addition to events beyond Aecon’s control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to, the risk of not being able to finalize the EPC agreement as anticipated; the risk that the project does not proceed, or is delayed, on the anticipated timeline; the risk of not being able to commence commercial operations as scheduled; the risks associated with a third party’s failure to perform; the risk of not being able to obtain, maintain or satisfy the terms and conditions of required permits, approvals, agreements and regulatory authorizations; the risk of not being able to meet contractual schedules and other performance requirements; the risk of not being able to meet labour needs at reasonable costs; the risk of not being able to address supply chain, equipment procurement or construction challenges; the risk that anticipated revenues, economic returns and project benefits are not fully realized; the risk that electricity demand, renewable energy development, grid expansion needs or market conditions do not materialize as anticipated; and the risk of not being able to execute the development, construction, commissioning and operation of the project as planned. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to, that: the project proceeds as contemplated, required agreements and approvals are obtained on a timely basis, project partners and other third parties perform their obligations, and none of the risks identified above materialize. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Risk factors are discussed in greater detail in Section 13 – “Risk Factors” in Aecon’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended March 31, 2026, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.