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 Provides Update on Status of MCTO
Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“PWWR” or the “Company”), is providing this update on the status of a management cease trade order granted on April 3, 2023 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203"). On April 3, 2023, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2022 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").
The Company reports that the audit is progressing and will provide a further update on the timing of its Annual Filings on or about May 15, 2023. The Company is also progressing on completion of its interim financial statements and accompanying management’s discussion and analysis for the first quarter ended March 30, 2023, and will provide a further update on or about May 15, 2023. Further updates on timing will be provided by the Company as necessary.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
On behalf of the Board of Directors of the Company,
Alkaline Fuel Cell Power Corp.
“Frank Carnevale”
Frank Carnevale, CEO
+1 (647) 531-8264
fcarnevale@fuelcellpower.com
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable energy 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 https://www.fuelcellpower.com, and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the 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”.
Forward-LookingInformation
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 MCTO 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.
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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Emergent Waste Solutions
Investor Insights
Emergent Waste Solutions presents a compelling opportunity for impact investing, leveraging a disruptive technology that promises to become a profitable solution to the world’s growing waste problem.
Overview
Emergent Waste Solutions (EWS) is a Canadian company that converts waste into marketable products using its proprietary Advanced Thermolysis System (ATS). The technology uses materials like municipal solid waste, tires, plastics, biomass and livestock waste as feedstock and converts these into valuable products, such as activated carbon, carbon black, biochar, bio-coal, syngas and bio-oil.
The company’s North American facility is in Ruby Creek, British Columbia, which has entered commercial production and achieved the first sales of its biochar. The plant, which has a CaPEx of $3.5 million has attractive economics with potential revenues at full operation of over $1.6 million and net profit before tax of $721,000 (to finance its first plant, EWS sold 54 percent interest in revenue from the plant to investors.). In addition, the company has a strong pipeline of projects in excess of $100 million in CapEx. This includes three projects in Canada and international projects in Brazil, Ghana and the Philippines.
These projects will process agriculture waste, wood waste, used tires and municipal solid waste, and depending on feedstock will produce biochar, bio-oil, bunker-grade diesel, renewable natural gas and carbon black.
EWS is pursuing several global revenue models: 100 percent ownership, the sale of its ATS plants; and joint ventures, where Emergent aims to hold a minimum of 50 percent ownership of a project. Such JV arrangements will allow EWS to maintain optimal plant operating parameters, ensure maintenance and plant upgrades, have a national and international sales strategy, and execute new product development to achieve maximum profits.
The company expects significant revenue growth over the next few years, forecasting an increase in revenue. On top of this, the margins in the business are predicted to remain high and increase as the scale of the business grows and as it focuses on sales of specialty grow blends versus commodity biochar.
According to EWS, the traditional waste treatment and disposal service industry in Canada alone was valued at $5.1 billion in 2022. Even if EWS was to capture a small percentage of this market, the potential revenue numbers are large. EWS believes the Canadian market will need more than 3,500 plants to treat different waste streams. For example, waste wood biomass would need more than 1,700 plants, municipal solid waste (MSW) will need over 750 plants, and livestock manure will need more than 600 plants.
The company’s ATS technology has lucrative economics. An ATS5000 plant (processing 120 Tonnes per day for 330 days per year) using MSW as feedstock has the potential to generate nearly $55 million in annual revenues with an operating income of about $42 million.
EWS offers investors an attractive ESG investment opportunity to benefit from the growing demand for renewable natural gas, biochar, bio-coal and carbon black.
Company Highlights
- Emergent Waste Solutions (EWS) is a private Canadian company focused on converting waste into valuable carbon-based commodities, including renewable natural gas (RNG), oils, and bunker grade diesel.
- The company boasts of a disruptive Advanced Thermolysis System (ATS) technology (patent pending) to process various feedstock such as municipal solid waste, tires, plastics, biomass and livestock waste, and convert them into useful products such as activated carbon, carbon black, biochar, bio-coal, syngas and bio-oil.
- The company’s project in Ruby Creek, BC is operational and has achieved commercial production with sales of biochar. Moreover, the company has a robust pipeline of projects both in Canada and internationally.
- The market opportunity for EWS’s technology is very large. Traditional waste treatment market in Canada is valued at $5.1 billion with an estimate of over 3,500 plants needed to treat various streams of waste in Canada.
- EWS offers investors an attractive ESG investment opportunity to benefit from the growing demand for renewable natural gas, biochar, bio-coal and carbon black. The company has entered into an amalgamation agreement with Buscando Resources pursuant to which Buscando will acquire all of the outstanding shares in the capital of EWS by way of a three-cornered amalgamation, subject to the terms and conditions of the Amalgamation Agreement.
Key Project
ATS Technology and Manufactured Products
EWS uses its patent-pending, proprietary Advanced Thermolysis System (ATS) technology, as a superior alternative to incineration and creates valuable products without creating pollution. It uses a process whereby carbon-based feedstock such as wood fiber is placed in an oxygen-deprived reactor. The heated feedstock cracks at the molecular level and separates into chemical components – carbon, oil and renewable natural gas. EWS’s technology uses a combination of steam, direct heat, indirect heat and medium pyrolysis, ensuring a complete penetration of the feedstock and a complete separation of the constituent elements.
Based on the different feedstocks, EWS’s technology can produce different products such as renewable natural gas, biocoal, biochar, carbon black, diesel and bio-oil. These products are explained below in brief.
1. Biochar: A solid material derived from carbon-based biomass. It is a pure form of charcoal and, due to its porous structure, has numerous uses and benefits.
2. Carbon Black: ATS technology recaptures and purifies the carbon black in waste rubber tires.
It is mainly used as a reinforcement agent in the manufacturing of rubber tires and also used as a pigment and as an additive in plastics, paints and ink pigment.
3. Bio-Oil: Bio-Oil is produced when biomass is processed using ATS technology. The product generated using ATS has less moisture and is a relatively purer product compared to other technologies.
4. Green Diesel: When tires or plastics are processed with the ATS, a dark-colored light diesel is produced. It can be blended with regular diesel and used for diesel generators and off-road machinery.
5. Biochar Grow Medium Blends: In conjunction with Coastal Raintree Consulting, EWS has developed a line of Grow Medium Blends with a biochar foundation, specifically a Cannabis Blend, a Germination Blend, and a Potting Blend.
6. Bio coal: It is a biomass fuel and a replacement for thermal coal (used to make electricity). It is also an alternative to coking coal for use in steel and other metallurgical industries. Moreover, thermal power plants can use bio coal without significant changes to the thermal coal plants. Bio coal burns cleaner and results in less GHG discharge.Management Team
Kevin Hull – CEO and Director
Kevin Hull holds a degree in business administration, and has extensive experience in mining and environmental technologies and has sales and marketing expertise. He has consulted for companies and developed marketing strategies. Before founding EWS, he was active in capital markets and was instrumental in securing $20 million from a state-owned Chinese enterprise into a Canadian junior resource company on the TSXV.
Brian Gusko – Director and VP of Finance
Brian Gusko has more than 15 years of experience in capital markets and has helped raise over $50 million for various firms. He has served on the board of at least 10 public companies and has also served as the CEO and CFO for several public companies. He was instrumental in taking Biome Grow public, which upon listing was valued at over $200 million.
Dan Becher – Director
Dan Becher holds a diploma in instrumentation and control systems from British Columbia Institute of Technology. He has more than 37 years of rich experience having worked in industrial chemical plants in varied roles of engineering design and maintenance of both process control and electrical systems. His experience is valuable in the areas of plant operations, maintenance and design enhancements.
Serge Borys – Director
Serge Borys holds a bachelor’s degree in commerce from the University of British Columbia and a law degree from the University of Alberta. Since 2005, he has been a principal in 77 Group Corp., a US corporation having substantial real estate holdings in China. He has a comprehensive understanding of technology and the patent process.
Alicia Passmore – VP Manufacturing
Alicia Passmore has extensive training and experience in setting up and working with manufacturing processes, specifically with implementing LEAN manufacturing techniques. She has rich experience in the vitamin and supplement industry, which includes the formulation of new products.
Benjamin Ryder – Chief Operations Officer
Benjamin Ryder has more than 23 years of experience in administration and project management. He received project management training at the Southern Alberta Institute of Technology. He has previously worked with Bridgewater Bank where he was a key figure in the development of the credit card division. He has experience in developing large web applications and show homes for major property developments.
Rhonda Hyslop – Engineer
Rhonda Hyslop has received training as a chemical engineer and has primarily worked in industrial wastewater treatment plants, where her responsibilities have included facility design to commercial scale-up. She owns two patents and has worked on lab-scale to pilot-scale commercialization projects.
Jason Rossett
Jason Rosset is the founder of Accuworx Inc. and Sure Horizon Environmental Inc. (two leading North American environmental service companies, which are now part of NYSE listed GFL Environmental Inc.), and current chairman of Sluyter Company Ltd., a chemical manufacturer.
He is also former chair of Young Presidents’ Organization (YPO) Upper Canada and Maple Leaf Chapters. YPO is a global organization of 22,000 current and former CEOs; their companies represent approximately 10 percent of global GDP.
Dr. David Galvez – Advisor
Dr. David Galvez received his doctorate in plant physiology from the University of Alberta, and is a seasoned expert in the formulation and commercialization of botanical-based products using traditional, non-traditional, and functional ethnobotanical plant extracts. He has developed and launched commercial products in the dietary supplement market for pain relief, sleeplessness, relaxation, and anxiety management, both in capsule and drink formats. Currently, he is focused on the nano-emulsification of cannabinoids and terpenes, the development of novel beverages, and securing research partnerships with academic institutions.
Dr. Anayansi C. Cohen-Fernandez – Advisor
Dr. Anayansi Cohen-Fernandez is a biologist and senior reclamation specialist. She is the director of Coastal Raintree Consulting and a sessional instructor at the SFU/BCIT MSc. in ecological restoration. She specializes in land reclamation and restoration planning including reclamation following mining, oil, gas, energy, urban, forestry and agricultural disturbances. She has more than 10 years of environmental consulting and resource management experience.
Dr. Amir M. Dehkhoda – Advisor
Dr. Amir Dehkhoda has a PhD in chemical engineering and has extensive research and development experience in applied electrochemistry, material development, wastewater treatment and catalysis. He is currently an industrial postdoctoral fellow with a Richmond, BC-based biotech company that focuses on the characterization and optimization of wood-based nanomaterial for electrochemical energy storage and wastewater treatment applications. He has significant experience in the development of value-added carbon material from biomass waste.
EV Maker Fisker Files for Bankruptcy Amid Financial and Production Struggles
US carmaker Fisker has filed for Chapter 11 bankruptcy protection in the District of Delaware, citing production issues and macroeconomic headwinds affecting the electric vehicle (EV) market.
The California-based EV manufacturer, known for its eco-friendly and sustainable Ocean SUV, is in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the potential sale of its assets.
"Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world," the company said on Monday (June 17). CEO Henrik Fisker has reportedly shied away from public view since February.
"But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward,” the release adds.
The company’s financial struggles have been apparent for several months, and it had already paused the production of its Ocean SUV, launched in 2022, due to inflation and production problems.
Valued at US$2.9 billion when it went public in 2020, Fisker has seen its value quickly erode.
In its most recent financial results, Fisker reported total 2023 revenue of US$272.9 million, but recorded a net loss of nearly US$762 million. The company's bankruptcy filing reportedly shows that it has US$500 million to US$1 billion in estimated assets, and liabilities of between US$100 million and US$500 million, with 200 to 999 creditors.
Fisker's CEO also filed for bankruptcy back in 2013 for his first startup venture, Fisker Automotive.
The Ocean SUV has been plagued by issues since its release. Reports of power loss, inoperative functions and handling concerns led to the recall of over 11,201 units across the US, Canada and Europe.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article
Carbon Done Right Developments Inc. Provides Bi-Weekly MCTO Status Update
Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, is providing a bi-weekly status update in accordance with National Policy 12-203-Management Cease Trade Orders ("NP 12-203").
As previously announced on April 30, 2024 and further to the news releases of the Company dated May 15, 2024, and May 31, 2024, the Company applied for a management cease trade order ("MCTO") due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings"). The MCTO was granted by the British Columbia Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than June 30, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
$4.3M Forward Sales Contract with Wisconsin Public Service
United States focused Cleantech company Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) is pleased to announce that its largest customer has agreed to a binding purchase order for Activated Carbon Pellets (AC Pellets) valued at $4.3m.
- Binding $4.3m purchase order received for Activated Carbon (AC) products from US utility Wisconsin Public Service
- The parties have agreed to terms on a forward purchase contract which will facilitate the $4.3m payment to Carbonxt up-front. The purchase order is for a 6-month supply of AC products
- Contract is expected to provide a material uplift to net cash in the June quarter, ahead of the planning commissioning and manufacturing launch of CG1’s flagship Activated Carbon production facility in Kentucky in Q3 CY2024
- US market conditions for both pelletized and granular activated carbon products remain strong, with the Company engaged in ongoing commercial discussions for additional sales agreements
The sale was made under a forward purchase agreement, with Carbonxt to take receipt of the full amount of the purchase order up front, with payment to be received within the next seven days from the date of this announcement. Delivery of the AC Pellets is to occur over the next 6 months.
The agreement with US utilities provider, Wisconsin Public Service (WPS), is for the supply of Carbonxt’s proprietary AC Pellet product, which will be deployed as part of WPS’ innovative ReACT (regenerative activated coke technology) emissions control systems.
ReACT is an integrated multipollutant control approach that removes Nitrogen Oxides (NOx), Sulfur Oxides (SOx) and mercury (Hg) from coal-fired plants by adsorption with activated coke, to reduce aggregate emission levels.
WPS recently publicly announced that the Weston Power Plant (‘Weston’), which is supplied by AC Pellets from Carbonxt, will be in operation until at least 2032. Carbonxt has a long-term contract with WPS for the sole supply of AC Pellets for the life of the power station.
The structure of the forward purchase order by WPS provides Carbonxt with a material uplift in projected net cash for the June quarter. It also reflects the strong partnership that the Company has established with WPS as a long-term supplier, during which time WPS has become Carbonxt’s largest customer to-date.
The Company is in advanced negotiations with clients for additional purchase orders for Powdered Activated Carbon (PAC) products from its Black Birch facility. Funds from the WPS sale will complement the ongoing construction and commissioning of the group’s flagship Activated Carbon production facility in Kentucky – a 50/50 Joint Venture with Kentucky Carbon Processing.
The commissioning and manufacturing launch of the Kentucky plant is scheduled to commence in the September quarter (refer ASX Announcement 21 May 2024). The plant is expected to significantly expand Carbonxt’s production capacity and addressable market for best-in-class activated carbon products, amid ongoing demand tailwinds for water-treatment (Liquid Phase) AC products in the US market.
The Company is advancing towards product testing at Kentucky and remains in negotiations with several large potential customers ahead of full commissioning.
Prices for AC products continue to remain well-supported above US$4,000/ton in the US market, with the plant projected to generate gross profit margins of 45% at prices of US$3,500/ton.
Comment
Managing Director Warren Murphy said: “We are pleased to confirm this forward sales contract, which further consolidates the strong commercial partnership between CG1 and WPS – our largest US partner. The up-front payment terms of the deal are a reflection of the confidence WPS has in our product, along with the ongoing demand for best-in-class activated carbon products. The contract will provide Carbonxt with a material boost to net operating cashflows at an important juncture in our stated development strategy, with major growth upside through the forthcoming commissioning and manufacturing launch of the flagship AC production facility in Kentucky. With strong market conditions for AC products and ongoing commercial discussions for additional sales contracts from our existing operations, Carbonxt is well-placed to capitalise on its strong market position to generate a step-change in group revenues and EBITDA in the second half of calendar 2024.”
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.
Tesla Doing Damage Control in Europe as Retail Price Cuts Hurt Leasing Companies
Tesla (NASDAQ:TSLA) is taking steps to mend strained relationships with European leasing companies following a series of retail price cuts that have negatively impacted fleet values.
According to Reuters, Elon Musk's Tesla is attempting to stabilize its market position by offering unofficial discounts and addressing longstanding service issues to restore confidence among buyers.
Tesla's retail price cuts were designed to counteract softening global demand for electric vehicles (EVs) and rising competition, particularly from Chinese automakers like BYD (OTC Pink:BYDDF,SZSE:002594). However, these reductions have led to financial losses for European leasing companies, which make up nearly half of the region's auto sales.
The news outlet notes that fleet customers are especially important in Europe, where companies often lease large amounts of company cars for employees. In fact, purchases from leasing and rental car companies made up 44 percent of Tesla's sales last year in the UK, as well as 15 EU countries. In Q1, its fleet sales in those areas fell by 2.3 percent.
Leasing firms calculate lease prices based on the anticipated resale value of vehicles. Sudden drops in retail prices have severely undercut these residual values, causing significant financial strain.
Richard Knubben, director general of Leaseurope, emphasized the severity of the situation, telling Reuters that there’s “nothing worse than continuously dropping the value of a fleet buyer’s assets.”
In an additional setback, Tesla began slashing Model Y production in Shanghai in March. Data from the China Association of Automobile Manufacturers shows that output of Model Ys in China stood at 49,498 units in March and 36,610 units in April, reflecting 17.7 percent and 33 percent decreases, respectively, compared to a year ago. The production reduction aims to address weakening demand in China, where a price war has erupted amid an economic slowdown.
Overall the company is grappling with an inventory surplus, having produced 46,561 more vehicles than it delivered in Q1. This overproduction has resulted in thousands of unsold cars being stored in parking lots.
European fleet managers report Tesla service problems
Beyond pricing issues, Tesla has been criticized for slow and expensive service, a major pain point for fleet customers.
Lorna McAtear, fleet manager at UK energy firm National Grid (LSE:NG,NYSE:NGG), told Reuters in an interview that Tesla’s repair costs are triple the industry average, with vehicles often arriving with defects.
Despite these challenges, some fleet managers, like Fiona Howarth of Octopus EVs, remain supportive, acknowledging Tesla's pioneering role in the EV market. Tim Albertsen, CEO of Ayvens (EPA:ALDA), Europe's largest auto-leasing company, acknowledged improvements in Tesla's service, but highlighted the damaging effects of falling resale values.
Conversely, Arval, the car-leasing unit of BNP Paribas (OTCQX:BNQPF,EPA:BNP), is exploring partnerships with Chinese EV manufacturers to offset losses from Tesla's price cuts. Deputy CEO Bart Beckers told Reuters that Tesla’s pricing strategy is self-defeating, saying, “You are really shooting yourself in the foot.”
Operational turmoil within Tesla has been further evidenced by recent layoffs and restructuring efforts, particularly within the company's Supercharger network division. The abrupt firing of its entire charging division has jeopardized the expansion of its charging infrastructure — a key element of Tesla's value proposition for EV customers.
Despite ongoing challenges,Tesla investor Scottish Mortgage Investment Trust recently expressed a vote of confidence by announcing its continued support to Musk's US$56 billion pay package.
Tesla pushing forward as competition increases
Even with these setbacks, Tesla continues to push forward with plans to increase its market share.
Musk has indicated a shift in focus toward self-driving technology, although the company is scaling back on other projects, such as the long-awaited affordable Model 2.
Tesla's recent activities reflect its efforts to regain the trust of European fleet buyers. Its ability to navigate these challenges will be crucial as it seeks to maintain its market position amid evolving market dynamics.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Investor Presentation
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) provides the attached Investor Presentation
Company Snapshot
- Carbonxt products remove toxic pollutants from a range of industrial, water and air environments.
- The products are unique engineered activated carbons with first of a kind manufacturing operations.
- Three US-based production facilities, with the third facility being commissioned over the coming months.
- Industry leading R&D capability.
- Environmental regulations driving strong customer demand.
- New joint venture with Kentucky Carbon Processing, LLC (“KCP”) to expand production and product range.
- Recent EPA regulatory change underpins impending water market entry, significantly expanding addressable 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.
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