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Quarterly Activities/Appendix 4C Cash Flow Report
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.
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.
Quarterly Activity Report Quarter Ending 31 March 2024
HIGHLIGHTS
- Frontier released its Definitive Feasibility Study (DFS) for a 120MWdc Solar Facility with integrated 80MW 4-hour battery (Stage One). DFS Highlights included:
- Stage One generates average EBITDA1 of $68 million pa over first five years of production and $63m pa over first 10 years of production
- Post-tax payback1 of 5.8 years (4.6 years pre-tax) based on $304m total initial capital cost
- Leveraged2 post-tax Internal Rate of Return (IRR) is 21.6%1 and pre-tax IRR is 27.3%1.
- Procurement and EPC contracts nearing conclusion with all equipment selection being with tier one providers
- Tender process resulted in cost estimates for all major long lead items in line with or lower than DFS estimates
- Final equipment selection and contract negotiations on track for conclusion in Q2
- Phase One of the debt process confirmed strong interest from banks to provide debt funding solutions in line with the terms outlined in the DFS, including approval of debt carrying capacity of 70% which equates to $225 million
- A select number of leading Australian and international banks have been shortlisted (Phase 2) as part of the debt financing process
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
- WA peak electricity operational demand reached a new record of 4.23GW in February 2024, and exceeded the record peak six times during the March quarter
- A significant rise in peak prices (4pm – 9pm) occurred during the March quarter, increasing by 65% to $172/MWh compared to the previous yea
- The average energy price in 1Q24 was $78.5/MWh, 6% higher than 1Q23 ($74.2/MWh)
- On 14 occasions during the quarter, the Australian Energy Market Operator paid for demand reduction to ensure stability and reliability of the system
- As at 31 March 2024, Frontier had cash of $10.3m (unaudited)
Stage One DFS confirms strong financial returns
The Company’s Stage One DFS highlights Frontier's unique opportunity to be a near-term major renewable energy producer in Western Australia, at a time when energy demand continues to outpace supply in WA, resulting in electricity prices reaching record highs. The key project assumptions determined by the DFS are highlighted in Table 1 below.
The DFS forecasts annual renewable electricity generation of approximately 258GWh (year one). Of this, 120GWh is stored in integrated DC coupled batteries and sold in the Wholesale Electricity Market (WEM) at peak demand times, with a charging and discharging efficiency loss of 15% or 18GWh.
Click here for the full ASX Release
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tesla Shares Jump on Full Self-Driving Milestone in China
Tesla (NASDAQ:TSLA) shares rose on Monday (April 29) morning following the announcement that Chinese authorities have approved the company’s advanced driver-assistance technology.
The company was up 11.88 percent from Friday’s (April 26) close at US$188.29 as of the opening bell.
CEO Elon Musk made a surprise trip to China over the weekend as the Beijing auto show ended. Soon after his landing, news broke that the company’s advanced driver-assistance technology has successfully met China’s strict data security requirements, leading to the removal of previously placed Tesla car restrictions that prohibited the use of cameras and sensors and restricted over-the-air Tesla updates.
This development has fueled expectations that Full Self-Driving (FSD) could soon be available in China.
Due to concerns that built-in cameras could collect sensitive information, Chinese officials had banned Tesla vehicles on certain government properties. However, Musk’s meetings, which included a sit-down with Chinese Premier Li Qiang on Sunday (April 28), apparently appeased officials, who also approved new energy vehicle models from Chinese-owned BYD (HKEX:1211), Lotus (NASDAQ:LOT), Nezha, Li Auto (NASDAQ:LI) and Nio (NYSE:NIO).
Tesla has reportedly also signed a deal with Baidu (NASDAQ:BIDU), China’s most widely used search engine, that would grant Tesla access to Baidu’s mapping and navigation technology for FSD, further solidifying its position in the market.
Tesla’s FSD system is classified as a Level 2 driver-assistance system, which means that although it can handle some aspects of driving, the driver must remain attentive and prepared to take control at any moment.
FSD is an upgrade to Tesla’s Autopilot driver-assistance system, which primarily focuses on maintaining the vehicle’s speed and lane positioning. FSD expands upon these capabilities with more complex features, such as automatic lane changing, intersection navigation and object recognition. The technology has been offered in China since September 2020, but with limits on features such as automated lane changing and adaptive cruise control.
In the US, FSD is currently undergoing beta testing, with users providing feedback to refine the system. Tesla’s Autopilot features have been subject to scrutiny, and just last week safety regulators opened an investigation into whether new safeguards installed during Tesla's December recall of more than 2 million cars are enough to address safety concerns following a series of crashes. It has since been reported that Autopilot was linked to at least 200 crashes and 29 fatalities.
Tesla’s recent breakthrough in China could provide a much-needed boost for the carmaker, as it has been facing stiff competition from local EV manufacturers. Its sales in China have been declining as new competitors enter the market, prompting the carmaker to pursue strategies such as price cuts in an attempt to regain market share. The introduction of FSD could be a significant differentiation factor for Tesla, setting it apart from Chinese EV manufacturers.
The approval of Tesla’s technology in China comes after the company’s Q1 earnings call last week, which revealed a 9 percent drop in revenue and 22 percent fewer car sales than the previous year, Tesla’s biggest annual drop since 2012.
Tesla shares closed Monday at US$194.05.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Appendix 4C
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Carbonxt Group Limited – March 2024 Quarterly Update
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Appendix 4C Report for the March 2024 Quarter and provides the following update on the key areas of activity for the period -- all numbers are in A$.
Highlights
- Customer receipts for the March quarter were $3.6m – an increase of 8% on the prior quarter.
- Sales of Powdered Activated Carbon (PAC) were consistent q/q and up 56% on the prior comparative period due to increased sales in non-coal fired power station channels. This outcome has been a deliberate effort of the Company to improve manufacturing efficiencies and increase gross margins.
- Sales of Activated Carbon Pellets (ACP) were up 37% on the prior quarter.
- Construction of the flagship Activated Carbon production facility in Kentucky, USA is now focused on commissioning activities, with operations expected to commence early in Q3 CY2024.
- Post quarter-end, the US Environmental Protection Agency (EPA) released an important update on PFAS regulation, with the introduction of legally enforceable rules that limit PFAS levels to 4 parts per trillion (ppt) in US drinking water.
Carbonxt is a cleantech company that develops and manufactures environmental technologies to maintain compliance with air and water emission requirements and to remove harmful pollutants. The Company’s primary operations are in the US and include a significant R&D focus as well as manufacturing plants for activated carbon pellets and powder activated carbon. Carbonxt continues to expand its pellet product portfolio to address numerous industrial applications.
Managing Director Warren Murphy commented: “The March quarter marked another busy period for Carbonxt’s US team, as final construction activity at the flagship Kentucky facility approaches completion ahead of commissioning and first production. The new facility will provide the Company with a significantly expanded production capacity for Activated Carbon products in both granular and pellet form, marking an important step forward as part of our commitment to play a key role in the provision of market-ready products to improve the quality of US water supplies. The industry continues to enjoy strong policy and regulatory support at the federal government level, highlighted by the latest EPA announcement confirming the new legally enforceable standard for PFAS levels in US drinking water. We look forward to providing consistent updates on Kentucky in the June quarter as final construction works are completed ahead of the commencement of full production operations which are scheduled for early in the September quarter.”
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.
Cleantech Market Update: Q1 2024 in Review
The first quarter of 2024 brought a robust performance from the stock market, with the S&P 500 (INDEXSP:.INX) achieving a notable 10 percent gain — its largest Q1 advance since 2019.
Investor confidence during this period appeared to be buoyed by expectations that the US Federal Reserve will lower interest rates this year. However, reports on gross domestic product, job growth and consumer pricing indicate inflation may be persistent, contributing to Fed Chair Jerome Powell’s cautious approach to lowering interest rates.
On the cleantech side, BloombergNEF reported that clean energy investment surged 17 percent last year, and the industry’s performance in Q1 demonstrates its resilience and adaptability amid evolving economic conditions and a heightened focus on sustainability. Notably, a Ceres report from the end of March shows that a record number of climate-related shareholder resolutions had been filed in 2024 for the annual meetings of companies in North America.
“In Q1 of 2024 we saw more of the ‘new normal’ in venture and growth investing — following the explosive years of financing during the pandemic, equity financing levels have essentially leveled out, but have settled at average levels higher than the averages pre-pandemic,” said Anthony DeOrsey, research team lead at Cleantech Group.
He told the Investing News Network (INN) that the period brought investment growth in hard-to-abate sectors such as green steel and cement, and said Q1 was a successful venture quarter in hydrogen production technologies. Additionally, the year's first quarter was marked by decreased levels of investment activity in the Asia Pacific region compared to 2023, when China was the biggest market for cleantech spending, as well as growth in the European market.
At a global level, the discussions and agreements at COP28 late last year highlighted the importance of addressing climate change through a swift and just transition to renewable, sustainable energy sources. This urgency provided a backdrop for evaluating the performance of the cleantech industry in 2024's first quarter.
What trends impacted cleantech in Q1?
US supports cleantech sector with funds and policies
Government investment is key for the cleantech industry to thrive and innovate, and in February, the US Department of Energy announced it would invest US$100 million to support pilot projects and testing facilities focused on carbon dioxide (CO2) removal technologies. This funding is part of the Carbon Negative Shot Initiative, which aims to reduce the cost of capturing and storing CO2 from the atmosphere to less than US$100 per net metric ton by 2032.
The Biden administration also demonstrated its commitment to addressing climate change by allocating US$6 billion to fund 33 projects focused on decarbonizing energy-intensive industries, such as aluminum and other metals mining, cement and concrete production and iron and steel operations. The project is part of the government's Investing in American Agenda, with funding coming from the Infrastructure Law and the Inflation Reduction Act.
According to a March press release, these efforts are expected to reduce the equivalent of over 14 million metric tons of CO2 emissions annually, comparable to the emissions of 3 million gasoline-powered cars.
Also in March, the Environmental Protection Agency announced a new rule to limit tailpipe emissions on light-duty and medium-duty vehicles starting in 2027. This rule, which the Biden administration has called the “strongest ever” of its kind, is part of the Investing in America Agenda and is funded by the Infrastructure Law and Inflation Reduction Act.
Steel and cement industries getting greener
Cement and steel are two of the most-produced materials globally, and are among the world's top sources of CO2 emissions. Now, however, efforts are being made to make these markets greener.
“These traditionally hard-to-abate sectors now have enough of a slate of innovative solutions to start charting a path forward to decarbonization,” DeOrsey said about these industries.
“We are now at an interesting stage in which there are new green steel and cement production technologies that are entering the market (mostly through demonstration plants, but some at commercial scale) — a first 'tranche' of technologies is emerging while the more nascent technologies are seeing more venture support.”
Cleantech Group's take on the “tranches” of green steel and green cement development.
Chart via Cleantech Group.
For example, Brimstone received a US$189 million federal investment to build a new plant to deploy its decarbonized process for producing cement, and Sublime Systems was selected to receive US$87 million to accelerate the construction of a cement factory in Massachusetts. It will reduce carbon emissions by replacing limestone with calcium silicate, thereby producing industry-standard cement with electrochemical reactions instead of applying heat.
DeOrsey also mentioned Skyven Technologies, a California-based startup company that has received US$145 million to deploy steam-generating wind pumps to manufacturing facilities worldwide.
Overseas, H2 Green Steel and Boston Metal have recently made significant advancements in this area. Stockholm-based H2 Green Steel secured 6.5 billion euros to build the world’s first large-scale green steel plant in Europe, with contributions from institutional investors such as the Microsoft Climate Innovation Fund, Mubea and Siemens Financial Services, along with a 250 million euro grant from the EU Innovation Fund. Meanwhile, Boston Metal raised US$20 million in Series C2 funding from Marunouchi Innovation Partners, bringing the total to US$282 million, to expand its presence in Asia and further develop its platform for decarbonized steelmaking using molten oxide electrolysis.
EV market faces challenges and opportunities
The first quarter of 2024 saw notable developments in the electric vehicle (EV) industry unfold.
Tesla (NASDAQ:TSLA), facing backlash from investors after reporting Q1 sales figures that were 8.5 percent lower than the previous year, opened its North American Superchargers to Ford (NYSE:F) EVs. To improve profit margins, Tesla also chose to raise the price of its Model Y EVs by 2,000 euros in Europe and by US$1,000 in the US.
In China, EV sales growth has slowed in recent months. However, in March, Chinese EV manufacturer BYD (HKEX:1211) debuted an affordable EV model priced below US$10,000. It is currently not sold in the US, but reportedly has attracted attention from American carmakers. BYD has set an ambitious target to increase its annual sales by 20 percent, aiming to sell 3.6 million units in 2024. The company is aiming for half a million of those sales to be overseas.
Meanwhile, Waymo, a subsidiary of Alphabet (NASDAQ:GOOGL), made progress in the autonomous vehicle sector by securing approval to operate its self-driving cars at speeds of up to 65 miles per hour on highways and local streets in specific areas of Los Angeles and the Bay Area. For its part, newcomer Fisker (OTC Pink:FSRN), which launched its first EV in 2023, has encountered substantial difficulties, as demonstrated by the company’s decision to reduce the price of its Ocean SUV by 39 percent. The company was also forced to halt production, is facing a potential bankruptcy and was delisted from the New York Stock Exchange on April 22. These developments highlight the varied experiences and challenges faced by different players in the evolving EV and autonomous vehicle markets.
“An interesting pull-through effect of global EV rollout has been the opportunities it is creating for innovation and growth of new technologies in EV charging — Europe has seen consistent venture activity in this regard over the past few years,” said DeOrsey about trends he's noted in this part of the cleantech sector.
What factors will move the cleantech market in 2024?
Enhanced geothermal gaining steam
As the year continues, where should cleantech investors direct their attention?
“A space to watch is enhanced geothermal,” said DeOrsey. “Despite having significant potential to provide 24/7 firm clean power, challenging project economics have remained a barrier. New technologies in drilling and closed-loop systems have shown promise to better access the latent power potential in hot, dry rock geothermal deposits.”
Recent developments in this space include a US$17 million Series A funding round led by Chesapeake Energy (NASDAQ:CHK) to develop EarthStore, Sage Geosystems’ first commercial geopressured geothermal systems facility, in Houston in Q4 of this year. Also, geothermal energy startup Fervo Energy raised US$244 million in February to further operations at a project in Utah that is aiming to bring 400 megawatts of clean electricity to the grid by 2026.
Quaise Energy, identified by DeOrsey as another geothermal energy company to watch, raised US$21 million in a Series A1 funding round, with new investors Mitsubishi (TSE:8058) and Standard Investments joining Prelude Ventures and Safar Partners. Quaise is developing terawatt-scale geothermal energy by vaporizing rock with MIT-researched techniques that use millimeter-wave microwaves to dig deep geothermal wells.
Other cleantech developments to watch
As the EV market evolves, Tesla is facing a potentially difficult year, with analysts anticipating decreased sales. However, the success of emerging competitors like Xiaomi (HKEX:1810), whose debut of the SU7 model resulted in a 16 percent surge in share value, demonstrates that the EV landscape remains dynamic.
“The subsidies to Chinese EV manufacturers are very significant and (have) allowed for a rapid scaling of EV production and sales, both within China and Chinese-produced vehicles for export,” DeOrsey told INN.
“There is already a high 27.5 percent import tariff on Chinese-built vehicles in the US,” he continued. “The onus will now be on US manufacturers to slash costs through learning effects and use of technology."
In DeOrsey's view, western EV producers should look to leverage new technology in order to reduce expenses. While there are many variables at play, Cleantech Group sees innovation reducing cathode costs for batteries.
He is monitoring Ascend Elements’ US$162 million funding round, which will go toward the construction of North America’s first sustainable cathode precursor manufacturing facility, set to open in early 2025.
Aside from that, a recent partnership between Canada’s Heliene and Georgia-based Suniva marks an important development for US solar project developers, as it enables them to take advantage of a new federal subsidy offered under the Inflation Reduction Act. By joining forces, Heliene and Suniva will produce "Made in USA" solar panels, incorporating Suniva's US-made solar cells into Heliene's US-made solar modules.
Finally, if GE Verona (NYSE:GEV), a spinoff of General Electric (NYSE:GE) that encompasses GE Renewable Energy, GE Power and GE Digital, continues to demonstrate a strong performance on the New York Stock Exchange, it could serve as an indicator of investor confidence in the renewable energy and power sectors.
Investor takeaway
As the world increasingly embraces cleantech, investors can strategically allocate their resources by staying informed on recent and emerging trends, policies and partnerships that are shaping the renewable energy landscape.
Don’t forget to follow us @INN_Technology or real time updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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