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Quarterly Activities/Appendix 4C Cash Flow Report
October 30, 2023
Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to provide its quarterly activity report for the quarter ending 30 September 2023.
HIGHLIGHTS
- Frontier signed a binding agreement to acquire Waroona Energy Inc. (Waroona) to create a large-scale Australian renewable energy company. Transaction is on track for completion during the December quarter
- The transaction combines two highly synergistic projects, located adjacent to each other and in close proximity to key infrastructure
- Combining the projects simplifies financing and applications for potential government grants
- Upon implementation, Frontier Shareholders will hold ~67% of the Merged Group and Waroona shareholders ~33%
- The Australian Energy Market Operator (AEMO) released its annual Electricity Statement of Opportunities Report, highlighting an urgent requirement for additional generating capacity
- Over the next decade demand is forecast to increase by at least 78% (Expected Case), with High Case demand increasing by more than 220%
- Meanwhile generating capacity is forecast to decline, resulting in deficits forecast for every single year over the entire forecast period
- Wholesale electricity prices continued to increase in the quarter, up 25% Year-on-Year
- Waroona Energy’s study assessing a 120MW Dual Fuel (Green Hydrogen) peaking plant commenced
- Dual Fuel Peaking Plants are a mature technology and are used to supply energy to a market typically during peak periods of high demand (and pricing) for electricity
- Given Waroona Energy’s existing connection to the South West Interconnected System (SWIS), a dual fuel peaking power plant is a clear potential first consumer of green hydrogen
- Frontier meets key criteria for the Federal Government’s ‘Hydrogen Headstart’ program and intends submitting its Expression of Interest (EOI) in the December quarter
- Demonstrating a clear offtake pathway, such as fuelling a peaking power plant, is a key requirement for the subsidy
- Waroona Energy commenced a Definitive Feasibility Study (DFS) for a 120MWdc Solar Facility (Stage One) due for completion in early 2024
- The DFS will finalise the detailed design, including capital cost estimate (accurate to ±15%), for a Stage One solar development
- Waroona’s landholding is located closest to the nearby electricity terminal and is logically the first project to be developed
- As at 30 September 2023, Frontier had cash of $6.9m (unaudited)
- On implementation of the Waroona acquisition, Frontier’s cash will be supplemented by Waroona’s cash (~A$11.9m as at 30 September 2023)
- Cash outflows in the quarter included land acquisition cost of ~$1.1m
Binding Agreement signed to acquire Waroona
Frontier signed a binding agreement with Waroona Energy Inc. (TSXV: WHE) (Waroona), whereby Frontier will acquire 100% of the shares not already held by Frontier via a Plan of Arrangement under the Business Corporations Act (British Columbia) (Share Plan), the equivalent of an Australian Scheme of Arrangement. Frontier Group currently holds ~20% of Waroona. This will create one of Australia’s largest renewable energy companies.
Waroona Shareholders will receive 1 new Frontier Share for every 4.27 Waroona Shares held on the Share Plan record date. Upon implementation of the Share Plan, Frontier will have approximately 445m Shares on issue. Current Frontier shareholders will hold approximately 67.3% of the Merged Group and Waroona Shareholders will hold approximately 32.7% of the Merged Group1.
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.
oil and gas investingasx stocksasx:fhecleantech investingenergy investingfrontier energyresource explorationresource investingtechnology investing
FHE:AU
19 June
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
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18 June
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.
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28 May
$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.
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24 May
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.
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21 May
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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30 April
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.
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.
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