Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into has entered into a non-binding Letter of Intent (" LOI ") with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND), a leading provider of on-site hydrogen fueling stations, to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration (a " Potential Transaction "). The Company does not anticipate issuing any securities in connection with a Potential Transaction unless the FTFCTO (as defined below) has been lifted by the British Columbia Securities Commission (the " BCSC ").
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Alkaline Fuel Cell Power: Developing Affordable, Renewable and Reliable Assets and Cleantech
Alkaline Fuel Cell Power (NEO:PWWR, OTCQB:ALKFF) focuses on developing, producing and commercializing clean energy technology. The company has active revenue streams while simultaneously developing advanced hydrogen-based technology for future solutions. Alkaline Fuel Cell Power is led by a team of experts with experience in corporate administration, finance and utilities.
The company’s PWWR Flow Streams (“PWWR Flow”) solution is presently on the market and offers cost-effective combined heat and power (CHP) for multi-residential and commercial applications. Its natural gas-powered CHP systems are cost-efficient, and can reduce air emissions and maintain grid connection for peak usage times and backup power.
Company Highlights
- Alkaline Fuel Cell Power is a diversified investment platform focusing on developing and commercializing clean energy technology with active revenue alongside long-term innovation of hydrogen-powered fuel cells.
- The Company operates through two global entities: PWWR Flow Streams (“PWWR Flow”), an AFCP brand, and Fuel Cell Power NV, a wholly owned subsidiary in Belgium.
- PWWR Flow Streams is a developer, operator and owner of natural gas combined heat and power (“CHP”) systems for multi-residential and commercial customers, providing cost-effective baseload power and supplemental heating. This business line is actively generating revenue and has a pipeline of approximately $50 million in projects.
- Fuel Cell Power NV represents the company’s long-term goal, which is the full development and commercialization of hydrogen-powered alkaline fuel cells geared toward the mass adoption of hydrogen power. These fuel cells are nearly silent, do not vibrate, have no combustion processes, and the only by-product is pure water.
- Alkaline Fuel Cell Power’s diversified business lines encompass four revenue streams that provide active revenue now and opportunities for significant growth as its hydrogen-powered fuel cells are fully commercialized.
- The company is led by an experienced team of managers with a history of successfully leading organizations to profitability.
This Alkaline Fuel Cell Power. profile is part of a paid investor education campaign.*
Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development
Under the LOI, PWWR and PowerTap intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies' value propositions with customers by combining PowerTap's hydrogen fueling technology with PWWR's fuel cells and power development projects.
"The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America," said Frank Carnevale, CEO of Cleantech Power Corp. "By delivering hydrogen to customers' sites, we bridge the divide that enables hydrogen to be used on our Combined Heat and Power ("CHP") systems and other proprietary technology."
Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp., stated, "We are excited about the opportunity to integrate Cleantech Power Corp.'s assets into our product stack. This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions."
Corporate Update
As announced on June 2, 2023 , the Company is currently subject to a Failure to File Cease Trade Order (the " FTFCTO "). The FTFCTO will remain in effect until the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the annual financial statements for the year ended December 31, 2022 and the related management discussion and analysis, as well as the requisite CFO and CEO certifications (the " Required Documents "). The Company is working with its auditors to complete the Required Documentation.
Further, as announced on April 4, 2023 , PWWR is currently working towards securing certain of Fuel Cell assets (the " Fuel Cell Assets ") which are currently under administration by a Belgian bankruptcy trustee.
2023 Priorities
On March 6, 2023, the Company announced 2023 Priorities, and the ability to deliver hydrogen more immediately to potential customers in North America, greatly enhances PWWR's ability to market long term renewable CHP projects for customers.
PWWR will utilize this opportunity to further enhance funding opportunities with low to no carbon power solutions as well as approaching existing sales prospects with the need for long-term baseload affordable renewable and reliable power.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. ("PowerTap"), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap's patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com
CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
PWWR is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter , Facebook , LinkedIn , Instagram , TikTok and YouTube . Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " PWWRF " and on the Frankfurt Exchange under symbol " E43 " and " WKN A3EEHV ".
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531- 8264
fcarnevale@cleantechpower.ca
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 in this news release may include, but are not limited to, the LOI, the Potential Transaction, the FTFCTO and the Fuel Cell Assets and expectations relating therewith and 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.
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PowerTap Hydrogen Fueling Corp. and Cleantech Power Corp. Enter Into Letter of Intent for Collaborative Energy Project Development
PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND) ("PowerTap" or the "Company" or "MOVE") PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company, a leading provider of on-site hydrogen fueling stations, has entered into a non-binding Letter of Intent (" LOI ") with Cleantech Power Corp. (NEO: PWWR) (" PWWR ") to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration.
Under the LOI, PWWR and PowerTap intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies' value propositions with customers by combining PowerTap's hydrogen fueling technology with PWWR's fuel cells and power development projects.
"The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America," said Frank Carnevale, CEO of Cleantech Power Corp. "By delivering hydrogen to customers' sites, we bridge the divide that enables hydrogen to be used on our Combined Heat and Power ("CHP") systems and out other proprietary technology."
Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp., stated, "We are excited about the opportunity to integrate Cleantech Power Corp.'s assets into our product stack. This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions."
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. ("PowerTap"), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap's patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth
PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Notice Regarding Forward Looking Information:
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock the Company's ability to build out its planned hydrogen fueling station network, and the Company's ability to raise sufficient funds to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur or be achieved.
Although PowerTap believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because PowerTap can give no assurance that they will prove to be correct. Since forward-looking information addresses 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.
This press release contains forward-looking statements pertaining to, among other things, a potential collaboration with Cleantech Power Corp. Forward- looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.
Although the Company believes that the material factors, expectations, and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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Cleantech Power Corp. Enters Into Non-Binding Letter of Intent to Acquire Combined Heat and Power Assets
Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into a non-binding letter of intent (the " Letter of Intent ") with an arm's length third party to acquire, directly and indirectly, certain operating combined heat and power and other assets (the " CHP Assets ") located in North America (the " Potential Transaction ").
Pursuant to the Letter of Intent, the Company may acquire the CHP Assets by making two payments. The first payment relates to CHP Assets which are past commercial operation and will consist of a payment of approx. $7.5 million (the " COD Payment "). The COD Payment will be made on close of the Potential Transaction. The second payment relates to CHP Assets which are currently not past their commercial operation date and will consist of a payment of approx. $5 million (the " Non-COD Payment " and, collectively with the COD Payment, the " Aggregate Payment Amount "). The Non-COD Payment will be made in the sole-discretion of the Company. The Company believes that if consummated, the transactions contemplated in the Letter of Intent have the potential to provide the Company with approximately $1.5 million annual cash flow. Certain of the projects associated with the CHP Assets are subject to contract terms between 15 to 20 years.
"Cleantech Power is focused on delivering our vision of combining stable energy streams with advanced hydrogen technology to bring value to Investors," stated Frank Carnevale, Chief Executive Officer of Cleantech Power Corp. "In addition to the Potential Transaction contributing towards the Company becoming EBITDA-positive, the new project pipeline associated with the CHP Assets would bring our current total on non-contracted sales leads to over $150 million in CHP projects to develop in the coming years."
Revenue Growth & Synergies
The acquisition of CHP Assets is consistent with the Company's previous acquisition dated April 22, 2023 , and supports the Company's focus on the development of affordable, renewable and reliable power assets.
The Potential Transaction is synergistic and has the potential to support the Company in the following ways:
- Deliver EBITDA to the Company;
- Provides approx. $100 million in potential future project opportunities;
- Cost of natural gas inputs and carbon taxes are covered by off-taker customers, limiting spark spread risk to the Company;
- Project economics are not anticipated to be subject to government subsidies or carbon credits to be viable;
- Adds project development and CHP experience to the Company;
- Off-takers of CHP Asset contracts may provide future opportunities to increase integration of fuel cells; and
- The CHP Assets may enable the use of other cleantech during the life-span of the contracts with customers.
The projects associated with the CHP Assets are synergistic with the Company's experience in operations of other CHP assets currently in the Company's portfolio. PWWR believes operations and generation production may be further optimized over time, providing the potential for increased returns to the Company and its shareholders. If consummated, the Potential Transaction is expected to assist the Company in funding current operations, including the development of its Fuel Cell Assets (as defined below) and other clean technology.
As announced on April 4, 2023 , PWWR is currently working towards securing its Fuel Cell assets (the " Fuel Cell Assets ") held at Fuel Cell Power NV (" FCP NV ") in Belgium.
Financing
The Potential Transaction is non-binding in nature and is subject to the Company arranging suitable financing. There is no guarantee that financing will be arranged, however, the Company is exploring financing options, and may finance the Aggregate Payment Amount and the purchase of the CHP Assets through a combination of third-party secured debt, drawing down the approximately $5 million in convertible debt note financing announced on November 18, 2022 and March 14, 2023 that the company currently has access, or other financing alternatives.
The Company is currently performing financial, legal and operational diligence on the CHP Assets and will provide further update to the market if the Potential Transaction materializes.
2023 Priorities
On March 6, 2023, the Company announced 2023 Priorities, and the acquisition of the CHP Assets will contribute towards achieving EBITDA positive for the Company over the coming 5 to 7 quarters.
The Company will use this opportunity to assess and confirm financing opportunities to enable the development of sales opportunities it acquired from AI Renewables, sales pipeline within acquisition and additional project opportunities.
CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
PWWR is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter , Facebook , LinkedIn , Instagram , TikTok and YouTube . Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " PWWRF " and on the Frankfurt Exchange under symbol " E43 " and " WKN A3EEHV ".
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531- 8264
fcarnevale@cleantechpower.ca
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 in this news release may include, but are not limited to, the Letter of Intent, the CHP Assets, the method of financing the Aggregate Payment Amount, the COD Payment, the Non-COD Payment, the Potential Transaction and expectations relating therewith and 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.
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Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent
Cleantech Power Corp. (NEO: PWWR) (OTCQB:PWWRF) (Frankfurt: E43, WKN: A3EEHV), previously named Alkaline Fuel Cell Power Corp., (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company now trades on the Frankfurt Stock Exchange in Germany under the symbol " E43 " and the securities identification number (in German: "Wertpapierkennnummer" or WKN) " A3EEHV ". Additionally, PWWR is pleased to announced that it has progressed with its previously announced Letter of Intent by acquiring the Genius AI electric breaker panel (" GENIUS Energy Hub ").
"Our pathway to fuel cell commercialization success includes the integration of supporting cleantech", stated Frank Carnevale, CEO of PWWR. "I look forward to assessing the additional potential of integrating the GENIUS Energy Hub into our future fuel cell products."
" GENIUS has proven to be a game-changer in the energy industry," said Vic Burconak, CEO. " By integrating with Fuel Cell technology, we are providing a more efficient and effective way to generate power, while also enhancing the safety and reliability of the system. Our customers can expect to enjoy the benefits of a clean and reliable power source, with the added convenience and peace of mind provided by GENIUS. "
PWWR has procured the GENIUS Energy Hub for use in the Festival Hydro fuel cell pilot announced on April 20, 2023. PWWR has purchased the GENIUS Energy Hub for approx. $5,000, to ensure immediate access to a unit in a dwindling inventory. GENIUS Energy Hub is expected to integrate with the PWWR Jupiter 1.0 fuel cell prototype to monitor and control the Jupiter 1.0's power output with greater precision, allowing for maximum efficiency, and reducing the risk of overloading the system. GENIUS Energy Hub may be used in other pilot site or PWWR business if opportunity presents itself priory to the Festival Hydro pilot.
ABOUT GENIUS ENERGY HUB
GENIUS Energy Hub is a hybrid solid state technology equipped with advanced sensors and software that will provide real-time data on the Jupiter 1.0's performance and power output. This information can be accessed remotely via a user-friendly interface, allowing for easy monitoring and adjustment of the fuel cell's operation.
GENIUS Energy Hub is designed to be compatible with a wide range of Fuel Cell systems, making it a versatile solution for a variety of applications, including residential and commercial buildings, industrial facilities, and mobile power generation.
2023 Priorities
As per the March 6, 2023 announcement of list of 2023 priorities , PWWR is intending to use the Festival Hydro Pilot towards demonstrating the enhanced value to customers and potential partners and distributors, thus aimed to deliver nearer term fuel cell sales quicker than previously anticipated.
The integration with the GENIUS Energy Hub enables more control of multiple power inputs, thus enabling a more rapid path towards customer adoption opportunities when fuel cells are made available for sale.
PWWR has access to approximately $5 million in debt financing (the " Financing "), and intends to support costs in strategic fuel cell pilots.
Additional fuel cell pilots are being discussed with other parties.
As announced on April 4, 2023 , PWWR is currently working towards securing its Fuel Cell assets (the " Fuel Cell Assets ") held at Fuel Cell Power NV (" FCP NV ") in Belgium, and utilize such assets in connection with various pilot projects in 2023 and 2024 (the " Pilot Projects ").
ABOUT CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
PWWR is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter , Facebook , LinkedIn , Instagram , TikTok and YouTube . Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " PWWRF " and on the Frankfurt Exchange under symbol " E43 " and " WKN A3EEHV ".
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531- 8264
fcarnevale@cleantechpower.ca
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 in this news release may include, but are not limited to, the GENIUS Energy Hub and expected benefits, uses and integrations with assets of the Company, statements relating to Festival Hydro, statements relating to the Financing, Statements related to the Fuel Cell Assets and potential Pilot Projects, and 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38e4b5b-1118-41ed-9339-9f6b0ce21bd3
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Cleantech Power Corp. Announces Warrant Amendments
Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: 77R, WKN: A3CTYF ) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech, is pleased to announce that the Company has applied to the NEO Exchange (the " Exchange "), to amend the terms of 44,163,554 common share purchase warrants (the " Warrants ") issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021 and May 7, 2021 (" Warrant Amendments ").
The Warrants are currently due to expire on May 7, 2023 and the Company has applied to the Exchange to extend the expiry date of the Warrants to August 7, 2023. The exercise price of the Warrants will remain at $0.20. The Company does not view the Warrant Amendments as material and therefore, disinterested shareholder approval is not required pursuant to the policies of the Exchange, and the Exchange has accepted the extension. The Warrant Amendments were passed unanimously by the board of directors of the Company.
Of the 44,163,554 Warrants subject to the Warrant Amendments, there are three (3) registered holders of the Warrants who are deemed Insiders (as such term is defined in the Exchange policies) of the Company (the " Impacted Insiders "). The Impacted Insiders hold an aggregate of approximately 681,515 Warrants representing 1.54% of the Warrants subject to the Warrant Amendments.
Any subsequent amendments to the Warrants, if sought by the Company, will require disinterested shareholder approval (as required by the Exchange policies), including any amendments to the Warrants that the Company would otherwise deem non-material.
The Company confirms that there is no undisclosed material information relating to the Company that has not been disclosed at this time.
CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
PWWR is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter , Facebook , LinkedIn , Instagram , TikTok and YouTube . Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " PWWRF " 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@cleantechpower.ca
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 in this news release may include, but are not limited to, the Warrant Amendments, the Impacted Insiders and 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.
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Honda to Establish C$15 Billion Electric Vehicle Value Chain in Ontario
In a bid to expand its electric vehicle (EV) capabilities, Honda Motor (NYSE:HMC) has announced plans to invest approximately C$15 billion to establish a comprehensive EV value chain in Ontario, Canada.
The investment reflects Honda's efforts to meet the increasing long-term demand for EVs in North America.
“Today's announcement is a historic investment by a manufacturer in the Canadian auto industry,” said Honda Canada President and CEO Jean Marc Leclerc in a company announcement on April 25. “It proudly honors the highly skilled associates who have earned a global reputation for manufacturing excellence and represents Honda’s recognition of the long-term attractiveness of the Canadian electric vehicle manufacturing ecosystem.”
The proposed EV value chain will include the construction of an innovative EV assembly plant and a standalone battery manufacturing facility in Alliston, Ontario. Additionally, Honda plans to build a cathode active material and precursor (CAM/pCAM) processing plant and a separator plant through joint venture partnerships.
Once operational, the EV assembly plant is expected to produce up to 240,000 vehicles per year, with the battery manufacturing facility boasting a capacity of 36 gigawatt hours annually.
The project is anticipated to create over 1,000 new manufacturing jobs in Ontario, while also generating significant spinoff employment opportunities across various sectors.
"Today’s announcement is a game changer for manufacturing in Canada,” said Justin Trudeau, Canada’s prime minister. “Honda’s investment is a vote of confidence in Canada, in Canadian auto workers, and in our manufacturing sector. Together, we’re creating good-paying jobs, growing our economy, and keeping our air clean."
Honda's investment aligns with its transition toward carbon neutrality, with a target to achieve 100 percent zero-emission EV sales by 2040. The move also involves supplementary investments such as retooling existing facilities and establishing a joint venture EV battery plant with LG Energy Solution (KRX:373220), with an expected investment of US$4.4 billion.
The company views the establishment of the EV value chain in Ontario as a strategic step toward achieving this goal, leveraging the region's skilled workforce and supportive business environment.
Collaboration with the Canadian and Ontario governments will also play a crucial role in driving innovation and providing incentives to support the project. The federal government's new investment tax credits and provincial incentives aim to promote low-emission manufacturing and attract investments in EV supply chain segments.
North America's EV landscape
The North American EV market is slated for substantial growth, driven by increasing EV adoption and supportive government initiatives, according to a forecast from Fortune Business Insights.
As the third largest region in the global EV market, the area is projected to experience a CAGR of 16.1 percent during the forecast period. The market size is expected to soar from US$62.73 billion in 2022 to US$228.47 billion by 2030.
In the US, both consumers and the government are increasingly investing in electric mobility. The US Department of Transportation's approval of EV charging network plans for all states, covering approximately 75,000 miles of highways, underscores the nation's commitment to expanding EV infrastructure.
Canada also boasts untapped potential in the production of essential materials for EV components. As one of the top five countries producing cobalt, copper, graphite, precious metals, nickel and uranium, Canada's expansion into lithium, magnesium and rare earths production further strengthens its EV market position.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Quarterly Activity Report Quarter Ending 31 March 2024
HIGHLIGHTS
- Frontier released its Definitive Feasibility Study (DFS) for a 120MWdc Solar Facility with integrated 80MW 4-hour battery (Stage One). DFS Highlights included:
- Stage One generates average EBITDA1 of $68 million pa over first five years of production and $63m pa over first 10 years of production
- 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 is 27.3%1.
- Procurement and EPC contracts nearing conclusion with all equipment selection being with tier one providers
- Tender process resulted in cost estimates for all major long lead items in line with or lower than DFS estimates
- Final equipment selection and contract negotiations on track for conclusion in Q2
- Phase One of the debt process confirmed strong interest from banks to provide debt funding solutions in line with the terms outlined in the DFS, including approval of debt carrying capacity of 70% which equates to $225 million
- A select number of leading Australian and international banks have been shortlisted (Phase 2) as part of the debt financing process
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
- WA peak electricity operational demand reached a new record of 4.23GW in February 2024, and exceeded the record peak six times during the March quarter
- A significant rise in peak prices (4pm – 9pm) occurred during the March quarter, increasing by 65% to $172/MWh compared to the previous yea
- The average energy price in 1Q24 was $78.5/MWh, 6% higher than 1Q23 ($74.2/MWh)
- On 14 occasions during the quarter, the Australian Energy Market Operator paid for demand reduction to ensure stability and reliability of the system
- As at 31 March 2024, Frontier had cash of $10.3m (unaudited)
Stage One DFS confirms strong financial returns
The Company’s Stage One DFS highlights Frontier's unique opportunity to be a near-term major renewable energy producer in Western Australia, at a time when energy demand continues to outpace supply in WA, resulting in electricity prices reaching record highs. The key project assumptions determined by the DFS are highlighted in Table 1 below.
The DFS forecasts annual renewable electricity generation of approximately 258GWh (year one). Of this, 120GWh is stored in integrated DC coupled batteries and sold in the Wholesale Electricity Market (WEM) at peak demand times, with a charging and discharging efficiency loss of 15% or 18GWh.
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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.
Tesla Shares Jump on Full Self-Driving Milestone in China
Tesla (NASDAQ:TSLA) shares rose on Monday (April 29) morning following the announcement that Chinese authorities have approved the company’s advanced driver-assistance technology.
The company was up 11.88 percent from Friday’s (April 26) close at US$188.29 as of the opening bell.
CEO Elon Musk made a surprise trip to China over the weekend as the Beijing auto show ended. Soon after his landing, news broke that the company’s advanced driver-assistance technology has successfully met China’s strict data security requirements, leading to the removal of previously placed Tesla car restrictions that prohibited the use of cameras and sensors and restricted over-the-air Tesla updates.
This development has fueled expectations that Full Self-Driving (FSD) could soon be available in China.
Due to concerns that built-in cameras could collect sensitive information, Chinese officials had banned Tesla vehicles on certain government properties. However, Musk’s meetings, which included a sit-down with Chinese Premier Li Qiang on Sunday (April 28), apparently appeased officials, who also approved new energy vehicle models from Chinese-owned BYD (HKEX:1211), Lotus (NASDAQ:LOT), Nezha, Li Auto (NASDAQ:LI) and Nio (NYSE:NIO).
Tesla has reportedly also signed a deal with Baidu (NASDAQ:BIDU), China’s most widely used search engine, that would grant Tesla access to Baidu’s mapping and navigation technology for FSD, further solidifying its position in the market.
Tesla’s FSD system is classified as a Level 2 driver-assistance system, which means that although it can handle some aspects of driving, the driver must remain attentive and prepared to take control at any moment.
FSD is an upgrade to Tesla’s Autopilot driver-assistance system, which primarily focuses on maintaining the vehicle’s speed and lane positioning. FSD expands upon these capabilities with more complex features, such as automatic lane changing, intersection navigation and object recognition. The technology has been offered in China since September 2020, but with limits on features such as automated lane changing and adaptive cruise control.
In the US, FSD is currently undergoing beta testing, with users providing feedback to refine the system. Tesla’s Autopilot features have been subject to scrutiny, and just last week safety regulators opened an investigation into whether new safeguards installed during Tesla's December recall of more than 2 million cars are enough to address safety concerns following a series of crashes. It has since been reported that Autopilot was linked to at least 200 crashes and 29 fatalities.
Tesla’s recent breakthrough in China could provide a much-needed boost for the carmaker, as it has been facing stiff competition from local EV manufacturers. Its sales in China have been declining as new competitors enter the market, prompting the carmaker to pursue strategies such as price cuts in an attempt to regain market share. The introduction of FSD could be a significant differentiation factor for Tesla, setting it apart from Chinese EV manufacturers.
The approval of Tesla’s technology in China comes after the company’s Q1 earnings call last week, which revealed a 9 percent drop in revenue and 22 percent fewer car sales than the previous year, Tesla’s biggest annual drop since 2012.
Tesla shares closed Monday at US$194.05.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Appendix 4C
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Carbonxt Group Limited – March 2024 Quarterly Update
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Appendix 4C Report for the March 2024 Quarter and provides the following update on the key areas of activity for the period -- all numbers are in A$.
Highlights
- Customer receipts for the March quarter were $3.6m – an increase of 8% on the prior quarter.
- Sales of Powdered Activated Carbon (PAC) were consistent q/q and up 56% on the prior comparative period due to increased sales in non-coal fired power station channels. This outcome has been a deliberate effort of the Company to improve manufacturing efficiencies and increase gross margins.
- Sales of Activated Carbon Pellets (ACP) were up 37% on the prior quarter.
- Construction of the flagship Activated Carbon production facility in Kentucky, USA is now focused on commissioning activities, with operations expected to commence early in Q3 CY2024.
- Post quarter-end, the US Environmental Protection Agency (EPA) released an important update on PFAS regulation, with the introduction of legally enforceable rules that limit PFAS levels to 4 parts per trillion (ppt) in US drinking water.
Carbonxt is a cleantech company that develops and manufactures environmental technologies to maintain compliance with air and water emission requirements and to remove harmful pollutants. The Company’s primary operations are in the US and include a significant R&D focus as well as manufacturing plants for activated carbon pellets and powder activated carbon. Carbonxt continues to expand its pellet product portfolio to address numerous industrial applications.
Managing Director Warren Murphy commented: “The March quarter marked another busy period for Carbonxt’s US team, as final construction activity at the flagship Kentucky facility approaches completion ahead of commissioning and first production. The new facility will provide the Company with a significantly expanded production capacity for Activated Carbon products in both granular and pellet form, marking an important step forward as part of our commitment to play a key role in the provision of market-ready products to improve the quality of US water supplies. The industry continues to enjoy strong policy and regulatory support at the federal government level, highlighted by the latest EPA announcement confirming the new legally enforceable standard for PFAS levels in US drinking water. We look forward to providing consistent updates on Kentucky in the June quarter as final construction works are completed ahead of the commencement of full production operations which are scheduled for early in the September quarter.”
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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.
Cleantech Market Update: Q1 2024 in Review
The first quarter of 2024 brought a robust performance from the stock market, with the S&P 500 (INDEXSP:.INX) achieving a notable 10 percent gain — its largest Q1 advance since 2019.
Investor confidence during this period appeared to be buoyed by expectations that the US Federal Reserve will lower interest rates this year. However, reports on gross domestic product, job growth and consumer pricing indicate inflation may be persistent, contributing to Fed Chair Jerome Powell’s cautious approach to lowering interest rates.
On the cleantech side, BloombergNEF reported that clean energy investment surged 17 percent last year, and the industry’s performance in Q1 demonstrates its resilience and adaptability amid evolving economic conditions and a heightened focus on sustainability. Notably, a Ceres report from the end of March shows that a record number of climate-related shareholder resolutions had been filed in 2024 for the annual meetings of companies in North America.
“In Q1 of 2024 we saw more of the ‘new normal’ in venture and growth investing — following the explosive years of financing during the pandemic, equity financing levels have essentially leveled out, but have settled at average levels higher than the averages pre-pandemic,” said Anthony DeOrsey, research team lead at Cleantech Group.
He told the Investing News Network (INN) that the period brought investment growth in hard-to-abate sectors such as green steel and cement, and said Q1 was a successful venture quarter in hydrogen production technologies. Additionally, the year's first quarter was marked by decreased levels of investment activity in the Asia Pacific region compared to 2023, when China was the biggest market for cleantech spending, as well as growth in the European market.
At a global level, the discussions and agreements at COP28 late last year highlighted the importance of addressing climate change through a swift and just transition to renewable, sustainable energy sources. This urgency provided a backdrop for evaluating the performance of the cleantech industry in 2024's first quarter.
What trends impacted cleantech in Q1?
US supports cleantech sector with funds and policies
Government investment is key for the cleantech industry to thrive and innovate, and in February, the US Department of Energy announced it would invest US$100 million to support pilot projects and testing facilities focused on carbon dioxide (CO2) removal technologies. This funding is part of the Carbon Negative Shot Initiative, which aims to reduce the cost of capturing and storing CO2 from the atmosphere to less than US$100 per net metric ton by 2032.
The Biden administration also demonstrated its commitment to addressing climate change by allocating US$6 billion to fund 33 projects focused on decarbonizing energy-intensive industries, such as aluminum and other metals mining, cement and concrete production and iron and steel operations. The project is part of the government's Investing in American Agenda, with funding coming from the Infrastructure Law and the Inflation Reduction Act.
According to a March press release, these efforts are expected to reduce the equivalent of over 14 million metric tons of CO2 emissions annually, comparable to the emissions of 3 million gasoline-powered cars.
Also in March, the Environmental Protection Agency announced a new rule to limit tailpipe emissions on light-duty and medium-duty vehicles starting in 2027. This rule, which the Biden administration has called the “strongest ever” of its kind, is part of the Investing in America Agenda and is funded by the Infrastructure Law and Inflation Reduction Act.
Steel and cement industries getting greener
Cement and steel are two of the most-produced materials globally, and are among the world's top sources of CO2 emissions. Now, however, efforts are being made to make these markets greener.
“These traditionally hard-to-abate sectors now have enough of a slate of innovative solutions to start charting a path forward to decarbonization,” DeOrsey said about these industries.
“We are now at an interesting stage in which there are new green steel and cement production technologies that are entering the market (mostly through demonstration plants, but some at commercial scale) — a first 'tranche' of technologies is emerging while the more nascent technologies are seeing more venture support.”
Cleantech Group's take on the “tranches” of green steel and green cement development.
Chart via Cleantech Group.
For example, Brimstone received a US$189 million federal investment to build a new plant to deploy its decarbonized process for producing cement, and Sublime Systems was selected to receive US$87 million to accelerate the construction of a cement factory in Massachusetts. It will reduce carbon emissions by replacing limestone with calcium silicate, thereby producing industry-standard cement with electrochemical reactions instead of applying heat.
DeOrsey also mentioned Skyven Technologies, a California-based startup company that has received US$145 million to deploy steam-generating wind pumps to manufacturing facilities worldwide.
Overseas, H2 Green Steel and Boston Metal have recently made significant advancements in this area. Stockholm-based H2 Green Steel secured 6.5 billion euros to build the world’s first large-scale green steel plant in Europe, with contributions from institutional investors such as the Microsoft Climate Innovation Fund, Mubea and Siemens Financial Services, along with a 250 million euro grant from the EU Innovation Fund. Meanwhile, Boston Metal raised US$20 million in Series C2 funding from Marunouchi Innovation Partners, bringing the total to US$282 million, to expand its presence in Asia and further develop its platform for decarbonized steelmaking using molten oxide electrolysis.
EV market faces challenges and opportunities
The first quarter of 2024 saw notable developments in the electric vehicle (EV) industry unfold.
Tesla (NASDAQ:TSLA), facing backlash from investors after reporting Q1 sales figures that were 8.5 percent lower than the previous year, opened its North American Superchargers to Ford (NYSE:F) EVs. To improve profit margins, Tesla also chose to raise the price of its Model Y EVs by 2,000 euros in Europe and by US$1,000 in the US.
In China, EV sales growth has slowed in recent months. However, in March, Chinese EV manufacturer BYD (HKEX:1211) debuted an affordable EV model priced below US$10,000. It is currently not sold in the US, but reportedly has attracted attention from American carmakers. BYD has set an ambitious target to increase its annual sales by 20 percent, aiming to sell 3.6 million units in 2024. The company is aiming for half a million of those sales to be overseas.
Meanwhile, Waymo, a subsidiary of Alphabet (NASDAQ:GOOGL), made progress in the autonomous vehicle sector by securing approval to operate its self-driving cars at speeds of up to 65 miles per hour on highways and local streets in specific areas of Los Angeles and the Bay Area. For its part, newcomer Fisker (OTC Pink:FSRN), which launched its first EV in 2023, has encountered substantial difficulties, as demonstrated by the company’s decision to reduce the price of its Ocean SUV by 39 percent. The company was also forced to halt production, is facing a potential bankruptcy and was delisted from the New York Stock Exchange on April 22. These developments highlight the varied experiences and challenges faced by different players in the evolving EV and autonomous vehicle markets.
“An interesting pull-through effect of global EV rollout has been the opportunities it is creating for innovation and growth of new technologies in EV charging — Europe has seen consistent venture activity in this regard over the past few years,” said DeOrsey about trends he's noted in this part of the cleantech sector.
What factors will move the cleantech market in 2024?
Enhanced geothermal gaining steam
As the year continues, where should cleantech investors direct their attention?
“A space to watch is enhanced geothermal,” said DeOrsey. “Despite having significant potential to provide 24/7 firm clean power, challenging project economics have remained a barrier. New technologies in drilling and closed-loop systems have shown promise to better access the latent power potential in hot, dry rock geothermal deposits.”
Recent developments in this space include a US$17 million Series A funding round led by Chesapeake Energy (NASDAQ:CHK) to develop EarthStore, Sage Geosystems’ first commercial geopressured geothermal systems facility, in Houston in Q4 of this year. Also, geothermal energy startup Fervo Energy raised US$244 million in February to further operations at a project in Utah that is aiming to bring 400 megawatts of clean electricity to the grid by 2026.
Quaise Energy, identified by DeOrsey as another geothermal energy company to watch, raised US$21 million in a Series A1 funding round, with new investors Mitsubishi (TSE:8058) and Standard Investments joining Prelude Ventures and Safar Partners. Quaise is developing terawatt-scale geothermal energy by vaporizing rock with MIT-researched techniques that use millimeter-wave microwaves to dig deep geothermal wells.
Other cleantech developments to watch
As the EV market evolves, Tesla is facing a potentially difficult year, with analysts anticipating decreased sales. However, the success of emerging competitors like Xiaomi (HKEX:1810), whose debut of the SU7 model resulted in a 16 percent surge in share value, demonstrates that the EV landscape remains dynamic.
“The subsidies to Chinese EV manufacturers are very significant and (have) allowed for a rapid scaling of EV production and sales, both within China and Chinese-produced vehicles for export,” DeOrsey told INN.
“There is already a high 27.5 percent import tariff on Chinese-built vehicles in the US,” he continued. “The onus will now be on US manufacturers to slash costs through learning effects and use of technology."
In DeOrsey's view, western EV producers should look to leverage new technology in order to reduce expenses. While there are many variables at play, Cleantech Group sees innovation reducing cathode costs for batteries.
He is monitoring Ascend Elements’ US$162 million funding round, which will go toward the construction of North America’s first sustainable cathode precursor manufacturing facility, set to open in early 2025.
Aside from that, a recent partnership between Canada’s Heliene and Georgia-based Suniva marks an important development for US solar project developers, as it enables them to take advantage of a new federal subsidy offered under the Inflation Reduction Act. By joining forces, Heliene and Suniva will produce "Made in USA" solar panels, incorporating Suniva's US-made solar cells into Heliene's US-made solar modules.
Finally, if GE Verona (NYSE:GEV), a spinoff of General Electric (NYSE:GE) that encompasses GE Renewable Energy, GE Power and GE Digital, continues to demonstrate a strong performance on the New York Stock Exchange, it could serve as an indicator of investor confidence in the renewable energy and power sectors.
Investor takeaway
As the world increasingly embraces cleantech, investors can strategically allocate their resources by staying informed on recent and emerging trends, policies and partnerships that are shaping the renewable energy landscape.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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