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Alkaline Fuel Announces Trading on OTCQB and Filing of First Quarter 2022 Financial Statements and MD&A
Alkaline Fuel Cell Power Corp. (NEO: PWWR)(OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company"), a company engaged in the development and production of alkaline fuel cell heat and power systems for residential, industrial and commercial markets worldwide, is pleased that it has filed its Interim Consolidated Financial Statements for the first quarter of 2022 and the accompanying Management Discussion and Analysis on its SEDAR profile at www.sedar.com. The financial statements and MD&A will also be posted on the Company’s website at www.fuelcellpower.com.
The Company is also pleased to announce that its common shares have been up-listed from the OTC Pink Sheet Open Market to the OTCQB Venture Market (the “OTCQB”) by the OTC Markets Group Inc. The Company’s common shares began trading on the OTCQB under the symbol “ALKFF” as of the opening of the market on March 28, 2022. AFCP’s common shares continue to trade on the NEO Exchange under the symbol “PWWR” and the Frankfurt Stock Exchange under the symbol “77R”.
”We are pleased to be trading on the OTCQB, allowing the Company to reach the largest investor audience in the world,” commented Frank Carnevale, Chief Executive Officer. “We look forward to providing further updates on the development of our hydrogen fuel cell technology, and better conveying the values of our recently acquired Combined Heat and Power projects, to investors.”
Operated by OTC Markets, the OTCQB offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process. The OTCQB is recognized by the United States (“US”) Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. These standards provide a strong baseline of transparency, as well as the technology and regulations to improve the trading experience for investors.
The Company has a verified profile and is 12g3-2(b) Certified by OTC Markets. Investors or other interested parties in the US can obtain real-time quotes for the Company as well as access its most current news and other information at www.otcmarkets.com. Shareholders will also now have greater access to information via the OTC Disclosure and News Service, as well as transparent prices through full depth-of-book with Real Time Level 2 quotes.
ABOUT ALKALINE FUEL CELL POWER CORP.
The Company is focused on the development, production and commercialization of micro-combined heat and power (“micro-CHP”) systems based on alkaline fuel cell technology. A fuel cell is a clean electrical power conversion/generation system, akin to small power stations that provide electricity and an equivalent amount of heat for various purposes. Based on hydrogen powered alkaline fuel cell technology, our technology offers an energy source that generates zero CO2 emissions with pure water as the only by-product, making it ideally suited for residential and small- to medium-sized power markets. We believe Fuel Cell Power is well positioned to become a positive contributor to the global demand for clean energy, particularly in Europe where demand outpaces supply, and current technology remains inadequate to meet market needs. Further information is available on our website at https://www.fuelcellpower.com/ and we encourage investors and other interested stakeholders to follow us on LinkedIn, Twitter, Facebook, Instagram and YouTube. Our common shares are listed for trading on the NEO Exchange (“NEO”) under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “ALKFF” and on the Frankfurt Exchange under symbol “77R” and “WKN A3CTYF”.
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
fcarnevale@fuelcellpower.com
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
5 Biggest Clean Energy ETFs in 2024
Exchange-traded funds (ETFs) have been gaining popularity in North America in a wide range of industries, including the clean energy sector, whose appeal is rapidly increasing.
For investors looking to gain exposure to the cleantech market, investing in individual stocks can be daunting considering the broad reach of this market sector, which includes renewable energy technologies such as wind and solar; battery technologies for electric vehicles and large-scale energy storage systems; agritech, water treatment and air purification systems; built environment technologies; carbon capture and green hydrogen. These are just some of the trends that will affect cleantech in 2024 and beyond.
ETFs have become so popular partially because they provide a safer way for investors to gain exposure to various industries while avoiding the volatility that comes with investing in individual stocks.
Below is a look at the five top clean energy ETFs to consider, ranked by total assets. All numbers and figures were gathered using ETFdb.com and were current as of February 29, 2024. Read on to learn more.
1. iShares Global Clean Energy ETF (NASDAQ:ICLN)
Total assets: US$2.477 billion
The iShares Global Clean Energy ETF was created on June 24, 2008, and has a large portfolio of domestic and international stocks.
An analyst report on the ETF states that it "likely doesn't deserve" a large weighting in an investor's long-term portfolio. It suggests that the fund could be useful as a "satellite holding" that looks at a fraction of the market that is often overlooked by less focused ETFs.
Three of the iShares Global Clean Energy ETF's top-weighted holdings include: Enphase Energy (NASDAQ:ENPH) at 8.81 percent, First Solar (NASDAQ:FSLR) with a 7.64 percent weighting, and Nextracker (NASDAQ:NXT) at 4.93 percent.
2. First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN)
Total assets: US$837.32 billion
The First Trust NASDAQ Clean Edge Green Energy Index Fund, which officially came into existence on February 14, 2007, is a "unique member" of the alternative energy category, according to ETFdb.com. Why? Because it invests in companies that have interests in different green energy subsectors, such as biofuels, solar energy and advanced batteries.
ETFdb.com also states that because of this ETF's focus, it may be appealing to investors looking for broader exposure in the alternative energy sector. Three of its highest-weighted holdings are ON Semiconductor (NASDAQ:ON) at 8.83 percent, First Solar at 7.75 percent, and Tesla (NASDAQ:TSLA) at 6.93 percent.
3. Invesco WilderHill Clean Energy ETF (ARCA:PBW)
Total assets: US$366.32 million
Begun on March 3, 2005, the Invesco WilderHill Clean Energy ETF focuses on clean energy companies using green and renewable energy and technologies that help with cleaner energy.
Currently this ETF's top-weighted holdings include Nextracker at 2.37 percent, Solid Power (NASDAQ:SLDP) at 2.12 percent and American Superconductor (NASDAQ:AMSC) at 2.08 percent.
4. ALPS Clean Energy ETF (ARCA:ACES)
Total assets: US$230.22 million
The ALPS Clean Energy ETF was formed fairly recently, on June 29, 2018. The majority of the companies in this ETF are based in North America. The top three holdings of the ETF are Enphase Energy at a weight of 6.13 percent, Itron (NASDAQ:ITRI) at 5.90 percent, and Albemarle (NYSE:ALB) at 5.75 percent.
5. SPDR S&P Kensho Clean Power ETF (ARCA:CNRG)
Total assets: US$213.84 million
The SPDR S&P Kensho Clean Power ETF was launched in October 2018 and tracks companies whose products and services are driving innovation in the clean energy sector, including the areas of solar, wind, geothermal and hydroelectric power.
The fund currently has 51 holdings. The top three by weight are Nextracker at 3.71 percent, Constellation Energy (NASDAQ:CEG) at 3.37 percent and General Electric (NYSE:GE) at 3.13 percent.
This is an updated version of an article originally published by the Investing News Network in 2018.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Half Yearly Report and Accounts
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Half-year report.
Results for announcement to the market
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the Group after providing for income tax amounted to $3,368,165 (31 December 2022: $2,664,912).
Revenues decreased 5.5% compared to 1H23 primarily due to reduced supply to the largest Activated Carbon pellet customer due to plant outages at that customer's facility.
The directors consider Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (‘EBITDA’) and Underlying EBIT to reflect the core earnings of the Group. Underlying EBITDA and underlying EBIT are financial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the profit or loss under AAS adjusted for non-cash and significant items.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Carbonxt Group Limited – HY24 Results
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Half-year report for the half-year ending 31 December 2023 and provides the following update on the key areas of activity for the period -- all numbers are in A$.
OPERATIONS OVERVIEW
- Half year revenue of $8.4 million, down 5% on HY23, primarily due to a once-off impact on sales to the group’s largest pellet customer following outages at that customer’s facility.
- Operations during the half-year highlighted by great progress on the construction of the Company’s flagship Activated Carbon production facility in Kentucky, jointly owned with Kentucky Carbon Processing, LLC (“KCP”). Commissioning of the facility is now underway with a significant production ramp-up to occur next quarter.
- Pellet sales accounted for 54% of revenue and 37% of sales volume. Carbonxt continues to see strong demand for industrial pellets which is very encouraging given the near-term entry into production at the Kentucky facility.
- Powdered activated carbon (PAC) accounted for 46% of revenue and 63% of sales volume – PAC revenue increased by 31% from HY23.
- HY24 gross margin of 44%, up from 28% in HY23 principally due to positive flow-on effects from the successful rollout of operating cost reduction initiatives, as well as a reduction in manufacturing shifts at Arden Hills. The production performance of the Company’s other major ACP customer continues to decrease and is at a record low manufacturing cost.
- Underlying EBITDA for HY23 was a loss of $286K, compared to HY23 EBITDA loss of $930K, an improvement of 69%.
FINANCIAL OVERVIEW [All results in AUD]
REVENUE
- Total revenue was down 5% from HY23, driven primarily by downtime at our largest customer who had significant equipment issues at their facility in the December quarter.
- Pellet revenue was down 24% from HY23 reflecting the aforementioned reduction in demand from our largest pellet customer.
- PAC revenue was up 31% from HY23 reflecting the impact of material price increases across the customer portfolio and the increase in volume from one existing customer of approximately $1.5 million per annum.
MARGIN
- 1H23 gross margin was 44%, an increase from the 28% recorded in 1H23, reflecting the improvements made to operating costs over the past year.
- As noted earlier, continuous improvement is evident at Arden Hills based on lower fixed plant costs on a per unit basis.
- Several initiatives are also underway at Black Birch to further lower operating costs, including changes to the underlying lease structure. Negotiations on this matter will continue over the next quarter but are expected to lead to noticeable ongoing improvements in profitability.
OPERATING COSTS
- Shipping costs to customers increased in 1H24 to 13% of sales, compared to 1H23 at 11% of sales. The higher shipping costs reflect a customer mix change (lower sales to a major pellet customer who is located close to our Arden Hills plant).
- Operating costs of $2.9m were up 15% on 1H23 primarily reflecting additional one-off expenditure associated with entering into the Kentucky investment.
KENTUCKY PLANT
- During this period, construction has been underway for the new activated carbon plant in eastern Kentucky, USA. The plant will have an initial capacity of 10,000 tons per annum, with the ability to expand to 20,000 tons per annum for a small additional investment.
- Carbonxt has contributed USD $5.5 million to NewCarbon Processing, LLC (“NewCarbon”), alongside its US partner KCP. Carbonxt holds a 35.5% ownership interest in NewCarbon as of 31 December 2023, with options to invest a further USD $4.5m to move to 50% ownership interest.
- Construction progress has been pleasing with the plant now moving into the testing of front- end equipment and processes. The final electrical activities are expected to be undertaken in March with the delivery of the control systems, prior to the commencement of production.
- Near-term sales efforts are well underway with a very positive reception being received by our former industrial pellet customers. The next step for nearly all prospective customers is to provide pellet samples from the facility. This is expected to continue over the next few months.
- The JV project provides Carbonxt with a unique opportunity to benefit from major investments in pollution reduction technologies across the US market.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Definitive Feasibility Study Confirms Strong Financial Returns, Rapid Payback for Waroona Renewable Energy Project
Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to announce completion of a Definitive Feasibility Study (DFS or Study) for Stage One of its Waroona Renewable Energy Project in WA, comprising a 120MWdc solar facility and an integrated four-hour 80MW battery (the Project).
HIGHLIGHTS
- Study confirms the Project as a long life, low operating cost and highly profitable renewable energy project. The Project is now advancing towards a Final Investment Decision (FID)
- Project generates average EBITDA1 of $68 million pa over first five years of production and $63m pa over first 10 years of production
- Aurora Energy Research provided independent revenue forecasts for the Project
- Post-tax payback1 of 5.8 years (4.6 years pre-tax) based on $304m total initial capital cost
- Leveraged2 post-tax Internal Rate of Return (IRR) is 21.6%1 and pre-tax IRR of 27.3%1. 100% equity financed post-tax IRR is 14.8%1 and the pre-tax IRR is 18.0%1
- Frontier expects to earn a highly leveraged return, based on the Company’s financing strategy and initial debt market soundings
- First year solar energy generation forecast at 258GWh3, with 119GWh discharged/sold through the battery (in peak periods) and 115GWh discharged from direct solar generation (daytime market) into the WA Wholesale Electricity Market (WEM)
- The average energy price forecast over the life of the operation is $143/MWh4 (peak periods) and $80MWh4 (solar price), in line with 2023 actual prices on the WEM
- Stage One utilises only a third of Frontier’s 868ha landholding and represents a fraction of total long-term potential generation the Project can unlock
- Barrenjoey appointed as Corporate Advisor to assess strategic partnerships for Stage One development and future expansion opportunities
- The Company received multiple unsolicited approaches over the past year from a range of multi-nationals, global renewable energy producers and industrial firms expressing interest in the Project
- Debt financing discussions commenced; Frontier expects indicative terms during 2Q24
This comes at a time when energy demand continues to outpace supply in WA, resulting in electricity prices reaching record highs. Just last week, record peak demand on the South West Interconnected System was surpassed once again, with the top six operational demand peaks ever recorded in the state’s main grid all happening between January 31 and Feb 19 this year. Unfortunately, the majority of the energy to meet this record demand peak came from carbon emitting sources, with 58% being gas and 32% being coal generated. This highlights the urgent requirement for renewable energy storage solutions, such as our 100% renewable energy Waroona solar/battery project, to quickly come online.
Highlights of the Study include exceptionally strong financial returns under all key metrics, including forecast EBITDA averaging $68m per annum over the first five years of production. 5
These strong returns drive a rapid post tax payback of 5.8 years, or 19% of the project life of 30 years. A major contributor to this is the Reserve Capacity Payment, a feature unique to WA, which is forecast to provide revenue of about $28m per annum during the first five years of production.
We aim to now move rapidly towards a Final Investment Decision by mid-2024. Central to this is finalising our funding strategy. Debt financing work is well underway – we have NDAs signed with multiple banks and an Information Memorandum and data room ready for banks shortly.
We have also appointed Barrenjoey, a leader in renewable energy transactions in Australia, as Corporate Advisor to assess strategic development partnerships. This follows multiple unsolicited approaches over the past year from a range of multi-nationals, global renewable energy producers and industrial firms expressing interest in the Project.
The Company will assess the merits of a strategic partner, in association with debt financing, as we aim to minimise dilution. We also believe the right partner will help accelerate our future expansion opportunities, given Stage One is only about 10% of the total long-term potential generation the Project can unlock."
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Appendix 4E
1. Results for announcement to the market
2. Dividend information
There were no dividends paid, recommended or declared during the current financial year or the previous financial year.
There is no dividend reinvestment plan.
3. Net tangible assets per ordinary share
4. Control gained or lost over entities
On 15 May 2023, Frontier assessed that it had lost control over Waroona Energy Inc (“WHE”) and deconsolidated its interest in WHE from the date this change occurred and as a result Frontier classified WHE as an associate.
On 14 December 2023 Frontier completed the acquisition of all of the outstanding shares of WHE that it did not already own or control and accordingly re-gained control over WHE from this date.
5. Details of associates and joint ventures
Not applicable.
Additional information supporting the Appendix 4E disclosure requirements can be found in the Annual Report which contains the Directors’ Report and the consolidated financial statements for the year ended 31 December 2023.
This report is based on the consolidated financial statements for the year ended 31 December 2023 which have been audited.
Click here for the full ASX Release
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Frontier Energy Limited (ASX: FHE) – Trading Halt
Description
The securities of Frontier Energy Limited (‘FHE’) will be placed in trading halt at the request of FHE, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 29 February 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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