Forward Water Technologies Corp. ("FWTC") (TSXV:FWTC) has initiated new projects via direct customer contact in the food and beverage space to enable more efficient wastewater handling in the production of food and beverage products with globally positioned multinational manufacturers. FWTC has entered early planning stages for pilot or early commercial trials after being selected for evaluation by two unique clients. Projects, if successful, would represent a significant reduction in water usage for the manufacturing of products and simultaneously reduce the energy footprint currently required. This energy reduction would not only lead to cost savings but also have a major impact in reducing CO2 emissions
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Forward Water Technologies Grant of Stock Options
Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) announces that it has granted incentive stock options to the CEO of the Company, Howie Honeyman, to acquire 425,000 common shares in the capital of the Company at an exercise price of $0.1050(the "Options") in accordance with the Company's 10% rolling incentive stock option plan. The Options are exercisable for a five-year term expiring January 19, 2028. The Options granted vest as to one-third immediately, the second third on January 19th 2024 and the final third on January 19th, 2025.
About Forward Water Technologies Corp.
Forward Water is a publicly-traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by Green Centre Canada a leading technology innovation centre, supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. For more information, please visit www.forwardwater.com.
Mr. Howie Honeyman, Ph.D., President & Chief Executive Officer
Forward Water Technologies Corp.
howie.honeyman@forwardwater.com
Phone: (519) 333-5888
For further information please contact:
Kayla.ferderber@forwardwater.com
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as outlined in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
Neither 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 news release.
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Forward Water Technologies
Overview
Forward Water Technologies (TSXV:FWTC) is helping lithium mining companies and other industries reduce their environmental impact through its innovative wastewater treatment technology that enables industrial operations to reduce liquid waste volume by up to 95 percent.
Environmental, social and governance (ESG) ratings continue to be a key business strategy for organizations as they impact public perception and partnership possibilities. For water-intensive industries, such as mining, sustainable wastewater management is critical.
Transformative wastewater technologies are critical for both businesses and the world’s population. In fact, unless sufficient progress is achieved, UNICEF and WHO estimate that 1.6 billion people will be without access to safe drinking water by 2030, and 2.8 billion will be without access to safe sanitation and hygiene. Water treatment technologies can disrupt current trends and improve global access to safe drinking water.Through its Forward Osmosis (FO) technology, Forward Water is providing an environmentally friendly alternative to traditional wastewater disposal. Traditionally, wastewater disposal requires transporting untreated wastewater for deep well disposal or high-intensity thermal treatment.
Forward Water’s FO system is installed at the client site, and wastewater is treated to reduce waste volume and produce valuable clean water for reuse in the manufacturing process. Then, the significantly reduced volume of wastewater is transported and disposed of, significantly saving on transportation and disposal costs.
The FO technology targets three massive sectors: industrial wastewater, mining and food manufacturing. Forward Water’s unique and patented FO technology achieves high-rate water extraction within a low-energy continuous process. The process reduces waste and allows up to 95 percent water recovery, ready for reuse.
Forward Water’s Li-FO™ technology is ideal for lithium-brine mining operations, allowing mines to “fine tune” brine sources to improve concentration by up to 20 times. This results in improved recovery and makes lower-concentration brines economically viable. Forward Water is currently embarking on an early development testing project to further evaluate and refine the technology’s viability in lithium mining.
In 2023, the company’s wholly owned subsidiary, Forward Water Technologies Inc., licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
CleanTech Lithium (AIM:CTL,Frankfurt:T2N,OTC:CTLHF) has contracted FWT to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction (DLE) process in Chile. The collaboration will use FWT’s industrial forward osmosis system in the hyper-concentrating of CleanTech Lithium's eluate and its conversion into battery-grade lithium carbonate through Conductive Energy's DLE process.
Howie Honeyman, CEO, explained in an interview how the company’s technology can improve lithium mining operations. “A lot of lithium being mined today around the world is coming from underground aquifers that store the lithium brine. The challenge is that the lithium is surrounded by other minerals and salts, requiring chemical ‘tweezers’ to pluck out that lithium. What we can do is, at multiple places in that process, we can concentrate that lithium-containing water stream, which makes it far easier for these miners to handle the volumes they need to extract that lithium.”
An experienced management team with technical expertise leads the company towards further refining and deploying its technology. The team includes experts in materials science, chemistry and engineering. Additional experts in corporate administration and financing round out the leadership team to lead the company toward its goals.
Company Highlights
- Forward Water Technologies has developed a patented wastewater treatment technology that reduces wastewater volume and improves reusability across multiple industries, including mining and food manufacturing.
- The company’s Forward Osmosis (FO) technology disrupts the traditional method of wastewater disposal by reducing the amount of waste that must be transported and disposed of, directly reducing costs.
- The FO technology also improves water reusability by up to 95 percent, reducing the expense of importing water for industrial processes.
- The Forward Water Technologies Li-FO™ process is applicable in the lithium mining sector by improving concentration by up to 20 times, allowing organizations to improve extraction efficiency.
- The company has partnered with a lithium-brine extraction operation to evaluate its Li-FO™ technology.
- Forward Water Technologies is in early negotiations to deliver an FWTC forward osmosis pilot system on-site in Chile to support a customer's lithium extraction process.
- Forward Water Technologies has licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
- The company has been contracted by CleanTech Lithium to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction processes in Chile.
- An experienced management team with a blend of relevant technical expertise leads the company toward refining and marketing its technology.
Key Project
Forward Osmosis Water Treatment
Forward Osmosis is a naturally occurring process in which water is spontaneously drawn across a membrane when one solution is higher in salt concentration than the other. The difference in salinity, known as the osmotic gradient, creates a low-energy water treatment process.
Forward Water Technologies has leveraged the naturally occurring process to innovate its patented, three-step FO technology, enabling a 95 percent wastewater reduction and 95 percent water recovery.
Project Highlights:
- Patented Three-Step Process: Forward Water Technologies FO process achieves low-energy and high-rate water extraction with a unique three-step design:
- Water Extraction: Water is drawn across the FO membrane into a salt draw solution. The combination of the patented draw solution and unique membrane “locks” the draw solution on one side of the membrane, creating a true closed-loop process.
- Water/Salt Separation: Next, a switchable water salt (SWS) achieves water/salt separation as low-grade heat is applied, and it phases from liquid to gas. As the gas leaves the solution, clean water is left behind. The energy necessary for this step is often found in many facilities in the form of waste heat.
- Salt Draw Reconcentration: Finally, as the gas leaves the solution, it is captured within the closed-loop system and is passively cooled, causing it to phase back into liquid form as an SWS. The SWS liquid is collected and recycled back to the front of the membranes in the water extraction step, creating a continuous process.
- Widely Applicable Water Treatment: The low-energy process allows organizations across several industries to improve water reclamation and reduce wastewater by up to 95 percent. Additionally, the process allows for up to 20 times concentration, making the process amenable to lithium-brine extraction and other potential applications.
- Significant Cost Savings: The primary value proposition for the FO process is cost reduction in wastewater transportation and disposal. With the process in place, more water is reclaimed for reuse in manufacturing, which reduces the raw volume of wastewater that must be transported and disposed of.
Management Team
Howie Honeyman - Chief Executive Officer and President
Dr. Howie Honeyman has 20 years of experience commercializing new technologies at Xerox, Cabot, E Ink, Natrix Separations and as former CTO of GreenCentre Canada. Honeyman commercialized high-capacity, high-throughput membranes for bioprocessing as SVP of Natrix Separations, which has since been acquired by Millipore-Sigma. Since 2015, Honeyman has been leading Forward Water to become a premier wastewater treatment solution. Honeyman is also an inventor of record on over 50 US patents and holds a PhD in chemistry from the University of Toronto.
Michael Willetts - Chief Financial Officer
Michael Willetts has over 25 years in financial leadership roles primarily in manufacturing, from large multinational businesses to startups, both public and private. He previously worked as an engineer in the automotive industry before entering into finance at Ford Motor Company. Willets went on to progressively larger finance roles in several international automotive suppliers (Textron, GKN, DSM) and Canadian manufacturers (Armtec, Stronach International, AirBoss of America). Willetts is currently providing fractional CFO services through WD Numeric Corporate Services in the manufacturing, SaaS and cannabis industries. Willetts graduated with a BASc, BComm and MBA from the University of Windsor.
Wayne Maddever - Chief Operating Officer
Dr. Wayne Maddever received his Ph.D. in materials science engineering from the University of Toronto. Since 1985, he has held senior executive management positions with technically based businesses in start-up, turnaround or acquisition situations where his skills in change management have brought considerable success in the commercialization of new technologies. His experience in both private and public companies, domestically and internationally, spans a broad variety of industries, including bio and advanced materials, precision manufacturing, recycling, waste-to-energy and medical devices. He holds a number of patents in several fields. He is a fellow of the Canadian Academy of Engineering. In addition to his duties as COO of Forward Water, he is currently portfolio manager at Bioindustrial Innovation Canada, one of the major shareholders of Forward Water.
Grant Thornley - VP Engineering Solution Sales
Grant Thornley is a business strategist with more than 25 years of experience. He has developed and grown international water/wastewater markets through innovative growth hacking techniques and processes, synergized with product development and positioning, data analytics and acceleration of go-to-market strategies through alliances and partnerships. Having expertise in chemical, mechanical and biological treatment processes as well as designing hundreds of municipal and industrial applications, Thornley brings a knowledge-to-action approach to helping clients solve problems and realize new opportunities in water reuse, energy conservation and CO2 reduction.
Leonard Seed - Director of Engineering & Operations
Leonard Seed has over 18 years of experience developing and commercializing new water and wastewater treatment technologies, primarily in a start-up environment. Seed is named as an inventor on over seven patents and has authored several publications. Seed is a professional engineer and has an MSc in environmental engineering from the University of Guelph. Leonard holds inventorship on seven US patents and is an instructor at Mohawk College teaching aspects of water treatment technologies and leading research efforts on forward osmosis.
Philip Jessop - Executive Research Director
Dr. Philip Jessop is a professor and Canada Research Chair of Green Chemistry at the Department of Chemistry, Queen’s University in Kingston, Ontario. He also serves as the technical director of GreenCentre Canada and executive research director at Forward Water Technologies. After his Ph.D. (British Columbia, 1991) and a postdoctoral appointment (Toronto, 1992), he became a contract researcher in Japan working for R. Noyori (Nobel Prize 2001). As a professor at the University of California-Davis (1996-2003) and since then at Queen’s, he has studied green solvents and the chemistry of carbon dioxide. Distinctions include the NSERC Polanyi Award (2008), Killam Research Fellowship (2010), Canadian Green Chemistry & Engineering Award (2012), Eni Award (2013), Fellowship in the Royal Society of Canada (2013), a Canada Research Chair Tier 1 (2013 to 2020), and the NSERC Brockhouse Prize (2019). He serves as chair of the editorial board for the journal Green Chemistry, has chaired three international conferences, and helped create GreenCentre Canada, a national center of excellence for the commercialization of green chemistry technologies. Forward Water is a spin-off company based on Dr. Jessop’s switchable solvents.
Forward Water Technologies Corp. Business Update: New Projects Initiated with Major Corporations in the Food and Beverage Sector
About Forward Water Technologies Corp.
Forward Water Technologies Corp. (TSX.V: FWTC) is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early-stage R&D for the treatment of food and beverage process streams.
For more information, please visit www.forwardwater.com.
Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
(519) 333-5888
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 news release.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE: Forward Water Technologies Inc.
View the original press release on accesswire.com
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Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp announce Advance of Secured Loan
Forward Water Technologies Corp. ("FWTC") (TSXV:FWTC) and Fraser Mackenzie Accelerator Corp. (the "MAC") (TSXV:FMAC.P) are pleased to announce that, further to their joint news release of May 14, 2024 announcing the proposed transaction between FWTC and FMAC (the "Transaction"), they continue to work to advance the Transaction
Loan Advance
FMAC has advanced to FWTC an additional $25,000 by way of a secured loan (the "FMAC Loan"). The FMAC Loan shares a pari passu security ranking with FMAC's previous loan of to FWTC of $25,000 and with loans previously advanced by existing FWTC shareholders FirstLine Venture Partners Corporation and Sustainable Chemistry Alliance. The FMAC Loan will mature on December 31, 2024 and will bear interest at a rate of 20% per annum commencing on the date that is 120 days following the entering into of the definitive agreement to be entered into in connection with the Transaction, with no interest being charged prior to such date. FMAC has obtained TSXV approval to loan up to $225,000 to FWTC (inclusive of the $25,000 FMAC Loan).
FWTC and FMAC continue to work towards execution of the definitive agreement. The Transaction is intended to be FMAC's qualifying transaction for purposes of TSX Venture Exchange ("TSXV") policies. FWTC, after completion of the Transaction, is referred to as the "Resulting Issuer".
Concurrent Financing
In conjunction with the Transaction, FMAC proposes to raise a minimum of $1,400,000 in gross proceeds from the sale of FMAC subscription receipts (each, a "Subscription Receipt") at a price of $0.15 per Subscription Receipt (the "Concurrent Financing Price"). Each Subscription Receipt will entitle the holder to receive one FMAC common share (an "FMAC Share") and one-half of a FMAC common share purchase warrant, each whole such warrant (an "FMAC Warrant") will entitle the holder to purchase one FMAC Share at an exercise price of $0.20 at any time prior to the third anniversary of the issuance of such warrant.
The Transaction is proposed to occur following a 10 for 1 consolidation of the FWTC common shares: (a) the FMAC Shares (including, for greater certainty, the FMAC Shares issued upon exercise of the Subscription Receipts) will be exchanged on an approximately one for one basis for common shares in the capital of FWTC ("Resulting Issuer Shares") and the FMAC Warrants will be exchanged on an approximately one for one basis for common share purchase warrants of FWTC ("Resulting Issuer Warrants ; and (b) the Resulting Issuer Shares will be listed on the TSXV. Assuming that $1,400,000 is raised in the Concurrent Financing, this will result in 97,127,920 pre-consolidation Resulting Issuer Shares (or 9,712,792 post-consolidation Resulting Issuer Shares) being issued to the investors in the concurrent financing on closing of the Transaction. The Concurrent Financing Price is equivalent to $0.0144 per FWTC Share on a pre-exchange, pre-consolidation basis, or $0.144 per FWTC Share on a pre-exchange, post-consolidation basis.
Further Information
For more information concerning the Transaction, see the Company's news release dated May 14, 2024. The parties will provide further details in respect of the Transaction in due course by way of press release in accordance with the requirements of the CPC Policy.
About Forward Water Technologies Corp.
Forward Water Technologies Corp. (TSX.V: FWTC) is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors.
FWTC has immediate plans to treat brine from the direct lithium extraction (DLE) sector using is mobile pilot equipment this summer in conjunction with its partners. This project will establish FWTC's iFOTM technology as a valuable component in producing lithium carbonate from aquifer sourced brines for use in applications such as electric vehicle (EV) battery production.
In addition, the Company has initiated early-stage R&D for the treatment of food and beverage process streams.
For more information, please visit www.forwardwater.com.
About Fraser Mackenzie Accelerator Corp.
FMAC is a "capital pool company" which completed its initial public offering on February 22, 2023. The common shares of FMAC ("FMAC Shares") are listed for trading on the TSX Venture Exchange Inc. ("TSXV") under the stock symbol FMAC.P. FMAC has not commenced commercial operations and has no assets other than cash. It is intended that the Transaction, when completed, will constitute the "Qualifying Transaction" of FMAC pursuant to Policy 2.4 - Capital Pool Companies (the "CPC Policy") of the TSXV.
Contact Information:
Fraser Mackenzie Accelerator Corp.
Philip Benson, President & Chief Executive Officer
Email: pbenson@frasermackenzie.com
Telephone: 416-818-6163
Forward Water Technologies Corp.
C. Howie Honeyman, Chief Executive Officer
E-mail: howie.honeyman@forwardwater.com
Telephone: (519) 333-5888
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 news release.
Caution Concerning Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") 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", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the Transaction, the Concurrent Financing, the Consolidation, the ability of FWTC and FMAC to meet the conditions of the Transaction in the required timeframes, the execution of a Definitive Agreement, obtaining the necessary exemptions and approvals from the TSXV or other regulatory bodies, including the business, name and function of the Resulting Issuer and certain financial information and forecasts. FWTC and FMAC caution 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 FWTC and FMAC, including expectations and assumptions concerning the FWTC, FMAC, the Resulting Issuer, the Transaction, the timely receipt of all required shareholder, court (if applicable) and regulatory approvals (as applicable), including the acceptance of the TSXV, the satisfaction of other closing conditions in accordance with the terms of the Definitive Agreement, as well as other risks and uncertainties, including those described in FWTC and FMAC's respective disclosure documents available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements 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 FWTC and FMAC. The reader is cautioned not to place undue reliance on any forward-looking statements. 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 neither FWTC nor FMAC 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
SOURCE:Forward Water Technologies Corp.
View the original press release on accesswire.com
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Forward Water Technologies Corp. Announces Resignation of Director Andrew Pasternak
Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") announces the resignation of Andrew Pasternak from the Board of Directors of Forward Water Technologies Corp. Mr. Pasternak has been aiding FWTC prior to its listing on the TSXV and well afterward. The Company's board will continue to review potential replacements for Mr. Pasternak and will issue a further news release if and when a replacement is identified
FWTC's CEO, C. Howie Honeyman said,"Mr. Pasternak has been a key asset in the formation of FWTC and has provided essential support for many years. His positive contributions will continue to resonate for many years. We are saddened to see him depart but know he will continue aiding others in bringing innovative technologies to commercial reality."
About Forward Water Technologies Corp.
Forward Water Technologies Corp. (TSX.V:FWTC) is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early-stage R&D for the treatment of food and beverage process streams.
For more information, please visit www.forwardwater.com.
Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
(519) 333-5888
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 news release.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE: Forward Water Technologies Corp.
View the original press release on accesswire.com
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Forward Water Technologies Announces Commercial Update
Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) announces today a commercial update based on enquiries received since its press release of March 20, 2024. With respect to the opportunities currently being pursued by Forward Water to develop direct lithium extraction projects, the Company estimates that should commercial scale plants be built incorporating FWTC's process technology, each plant could represent approximately US$25 million of revenue to FWTC. This estimate is based on information and specifications provided by an array of parties that have engaged with FWTC to date. Revenue from each plant would be recognized over approximately 36 months but exact amounts and timelines will vary
FWTC also continues to purse multiple industrial wastewater opportunities with its marketing partners. The applications of FWTC's technology process vary by customer and application but preliminary engineering work to date suggests that each opportunity could represent US$2-6 million of revenue to FWTC should they proceed.
It should be noted that this information is not to be construed as a forecast and none of these projects may advance to commercial contracts.
About Forward Water Technologies Corp.
Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Industrial Forward Osmosis (iFO™) technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology enables the extraction of clean water from challenging process and waste streams that conventional technologies can not be operated on. Due to its high-water extraction ability, iFO™ is used in DLE processes for the hyper-concentrating of lithium prior to conversion. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors.
For more information, please visit www.forwardwater.com.
Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
519-333-5888
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 news release.
Forward-Looking Statements
This document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to the potential revenue which may be achieved from various types of projects as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. We caution readers not to place undue reliance on these statements as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the ability to finalize agreements for the Company's projects, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
SOURCE:Forward Water Technologies Corp.
View the original press release on accesswire.com
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Forward Water Technologies Completes Non-Brokered Private Placement of Secured Debentures
Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) today announced that it has closed the issuance of the $225,000 of debentures referenced in the Company's press release dated May 14, 2024. The Company issued $100,000 of secured convertible debentures that bear interest at 20% per annum and bear interest at a rate of 20% per annum with such interest to commence 120 days following the execution of the definitive agreement to be entered into in connection with the proposed business combination with Fraser Mackenzie Accelerator Corp. ("FMAC") (see the Company's press release dated May 14, 2024) (the "Business Combination") and maturing on the earlier of December 31, 2024 and the closing of the Business Combination. These convertible debentures will convert into units of Forward Water ("Units") concurrently with the completion of the Transaction at a conversion price of $0. 145 per Unit (following the proposed 10 for 1 share consolidation to be completed by the Company in connection with the Business Combination (the "Consolidation")). Each Unit will be comprised of one common share and one-half of one common share purchase warrant of Forward Water with each whole warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.20 (following the Consolidation) at any time prior to the third anniversary of the issuance of such warrant. If the Business Combination is not completed the debentures will not be convertible
The remaining $125,000 of debentures are not convertible, will mature on December 31, 2024 and will otherwise have the same terms as set forth above. $25,000 principal amount of debentures were acquired by Fraser Mackenzie Accelerator Corp. and the remaining $200,000 principal amount of debentures were acquired by FirstLine Venture Partners Corporation ("FirstLine") and Sustainable Chemistry Alliance ("SCA"). It is intended that the proceeds of the financing will be used for general working capital purposes.
The securities issued or being issuable in connection with the financing will be subject to a hold period of four months and one day that will expire on September 25, 2024.
FirstLine and SCA each hold greater than 20% of the outstanding FMAC Shares and as such are considered related parties for the purposes of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The participation of FirstLine and SCA constitutes a "related party transaction" within the meaning of MI 61-101. FWTC is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a), respectively - Fair Market Value Not More Than 25 Per Cent of Market Capitalization, on the basis that at the time the issuances were agreed to, neither the fair market value of the securities to be distributed to FirstLine or SCA, nor the consideration to be received for the securities, will exceed 25 per cent of FWTC's market capitalization. The Board of Directors of FWTC has unanimously approved the issuances and no materially contrary view or abstention was expressed or made by any director in relation to the issuances. FWTC did not file a material change report in respect of the participation of FirstLine or SCA in the issuances at least 21 days before anticipated closing as FTWC wished to close on an expedited basis for sound business reasons.
In addition to the foregoing, the Company advises that the Company and FMAC have agreed to amend the deadline for signing the definitive agreement for the Business Combination to June 4, 2024.
About Forward Water Technologies Corp.
Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Industrial Forward Osmosis (iFO™) technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology enables the extraction of clean water from challenging process and waste streams that conventional technologies can not be operated on. Due to its high-water extraction ability, iFO™ is used in DLE processes for the hyper-concentrating of lithium prior to conversion. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors.
For more information, please visit www.forwardwater.com.
Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
519-333-5888
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 news release.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding the use of proceeds of the financing, potential closing of the Business Combination, the expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE: Forward Water Technologies Corp.
View the original press release on accesswire.com
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$24M Contract to Leading US Waste Management Business
United States focused Cleantech company Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) is pleased to report that it has secured a four-year contract extension to supply premium PAC products from the Company’s fully-owned Black Birch facility to Reworld, an existing Carbonxt customer and a global leader in sustainable waste solutions, which will generate group revenues of approximately $6 million per annum for the duration of the contract.
- Significant contract extension for the ongoing supply of premium Powder Activated Carbon (‘PAC’) products to Reworld – an existing Carbonxt customer and a leading provider of sustainable waste solutions in the US waste-to-energy industry
- Contract is for a four-year term and comprises a material expansion to the supply of PAC from Carbonxt to Reworld from the Company’s Black Birch facility, which will generate annual revenues of ~$6m for the duration of the contract
- Commencing in October 2024, revenues from the Reworld contract extension will represent an increase of over 25% in total annual revenues for the Group, alongside a significant uplift in gross margin for the Black Birch facility
- Carbonxt’s renewable product portfolio, superior product performance and customer service were highlighted as primary factors in Reworld’s decision to extend and expand the contract
- Reworld contract follows Carbonxt’s recent $4.3m up-front forward sale to utility provider Wisconsin Public Service (WPS), further consolidating the Company’s strong position and ahead of the forthcoming commissioning of its flagship activated carbon production facility in Kentucky
All amounts are in AUD unless otherwise stated.
Commencing in October 2024, annual revenues from the contract will represent an increase of over 25% on existing group revenues. In addition, as a result of previous efficiency improvements carried out at Black Birch to boost capacity, along with improved economies of scale from the expanded contract volume, the sale of PAC products to Reworld is expected to achieve gross margins for the Black Birch facility of over 40%.
The PAC will be used in the majority of Reworld’s US thermomechanical treatment facilities (TTFs) that utilize an activated carbon technology to remove mercury, dioxins and furans. The PAC will be manufactured and supplied from Carbonxt’s Black Birch facility in Georgia, which utilizes recovered wood- based material to produce its carbon products.
Carbonxt presently supplies a minor share of Reworld’s PAC requirements. The new 4-year contract commencing in October 2024 will see Carbonxt supply a majority of Reworld’s PAC needs.
A key decision factor for Reworld was the renewable and recycled nature of the Carbonxt PAC products, as Reworld is committed to supplier sustainability and prioritizes suppliers with recycled products. This decision aligns strategically with the focus by Reworld on a more circular economy, advancing zero-waste- to-landfill initiatives and a commitment to sustainability objectives.
Carbonxt will now play a significant role for Reworld in meeting its emission compliance objectives and help drive them towards their sustainability goals. As part of the contract, Carbonxt is joining Reworld’s Preferred Supplier Program and will be partnering with Reworld in various sustainability efforts including the development and purchase of renewable energy credits (RECs). This program aligns both companies’ sustainable business practices and supports the potential for additional collaborative business opportunities.
The contract with Reworld follows a recent $4.3m sale of Activated Carbon (AC) products to US utility Wisconsin Public Service (WPS) (refer ASX Announcement 28 May 2024). The WPS contract was agreed on forward-sale terms, providing Carbonxt with a material increase in short-term cash.
The recent sales momentum for premium activated carbon products in the US market comes ahead of the forthcoming commissioning of Carbonxt’s flagship, state-of-the-art activated carbon production facility in Kentucky in joint venture with its US development partner, KCP.
The field team is overseeing final development works at the Kentucky plant, which remains on track for first production in Q3 CY2024. Negotiations with several large customers for the sale of premium AC products from Kentucky are well advanced, and the Company looks forward to providing further updates soon as production commences.
Comment
Managing Director Warren Murphy said: “This contract expansion and extension with Reworld is a significant development for the Company, and firmly establishes Carbonxt’s presence in the US waste-to- energy sector. Reworld’s expansive network of sustainable waste facilities coupled with Carbonxt’s renewable products enables large-scale emission compliance through a greener supply chain. This is an industry where the need for technologies to meet sustainability and decarbonisation goals is growing rapidly, and our suite of renewable best-in-class PAC products are a perfect fit. With an increase in demand from additional new sectors and ongoing solid performance from our technology portfolio, we remain in a strong position to scale up operations and deliver further value to our shareholders.”
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.
SunCable Gets Environmental Approval for Australian Solar Farm, Will Power Darwin and Singapore
Renewable energy company SunCable has received principal environmental approval for its flagship Australia-Asia Power Link (AAPowerLink) project, the company announced via press release on Tuesday (July 16).
“This approval allows us to progress the development, commercial, and engineering activities required to advance the project to Final Investment Decision targeted in 2027,” said Cameron Garnsworthy, SunCable's managing director.
Approval came from the Northern Territory's government and the Northern Territory Environment Protection Authority.
AAPowerLink is a proposed 12,000 hectare solar precinct in the Northern Territory's Barkly region. Its onshore component, known as DarwinLink, will supply up to 4 gigawatts (GW) of green electricity to the Darwin area. Meanwhile, SingaporeLink, its international branch, will supply up to 1.75 GW to Singapore through a 4,300 kilometre subsea cable.
At peak power, the solar power plant will be able to generate 17 to 20 GW from solar photovoltaic arrays. “As a comparison, Loy Yang in Victoria (A and B), which is Australia’s largest power station, has a capacity of 3.6 GW, although the power generated per GW of capacity is higher for coal-fired power than for solar PV,” states a project overview.
In terms of economic value, SunCable said AAPowerLink is anticipated to deliver more than AU$20 billion to the Northern Territory during the construction period and first 35 years of operation. A peak workforce of 14,300 is projected, with an average of 6,800 direct and indirect jobs for each year of the construction phase.
AAPowerLink has held major project status with the Northern Territory government and Commonwealth government since 2019 and 2020, respectively. It has also been assessed as "investment ready" by Infrastructure Australia.
Following this week's environmental approval, SubCable will be able to pursue continuing negotiations for Indigenous land use agreements with traditional owners across the project footprint, as well as the development of a second-generation site to enable supply of up to 4 GW to Darwin customers over two stages of development.
SunCable also plans to look into adding wind generation to the project to drive down levelised energy costs for customers. Aside from that, the company will examine ways to optimise the AAPowerLink system as a whole.
Should a final investment decision be made in 2027 as scheduled, AAPowerLink is expected to be completed and commence electricity supply in the early 2030s.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
EV Winter? West Still Lagging Behind China as Buyers Face High Prices, Range Anxiety and Tariffs
Although electric vehicle (EV) sales have trended steadily upward over the last five years, industry experts present at Fastmarkets' Lithium Supply and Battery Raw Materials Conference are concerned that high price points, continued range anxiety and geopolitical tensions could impede future market growth.
Although EVs gained market share last year, accounting for 18 percent of the 75.3 million automobiles sold, figures from the International Energy Agency show that China continues to lead other regions by a wide margin.
Of the 14 million EVs sold in 2023, most new registrations were made in China, which came in at 60 percent. Meanwhile, Europe and the US accounted for 25 percent and 10 percent, respectively.
During a panel discussion at the event titled “The Future of Demand: Are We in EV Winter?” participants highlighted several reasons why China is outpacing every other region when it comes to EV adoption.
The most prominent factor is the sheer size of the Chinese automobile industry. “China is an automotive machine the likes of which the world has never seen before,” said Michael Dunne, CEO of Dunne Insights.
“China last year produced 30 million cars — that's three times as many as were produced here in the US. China can supply half the world's demand for vehicles," added the market intelligence expert.
Demographic factors have also led to purchase hesitation in markets outside of China.
While awareness of EVs is no longer a significant hurdle, with brands like Tesla (NASDAQ:TSLA) gaining high visibility, convincing older drivers to switch from gasoline-powered vehicles remains a challenge. While 30 percent of American drivers aged 18 to 25 plan to buy an EV, 58 percent of people in the country still prefer gasoline vehicles.
“EV manufacturers are seeing that consumers, especially here in North America, like to drive heavy vehicles long distances at higher speeds. And that's the antithesis of what a battery-powered EV wants,’ said Dunne.
These trends have led to more consumers in North America opting for plug-in hybrid EVs (PHEVs) or traditional internal combustion engine vehicles. And they're not the only trends dampening purchases.
American drivers still lack EV enthusiasm
Another difference between China and other markets is general excitement, the panelists noted.
Chinese consumers have become more excited about EVs, especially after the introduction of Tesla's Model 3, which changed perceptions around EVs, according to Dunne. He noted that before 2020, Chinese consumers weren’t excited about EVs; however, once the Model 3 was released there was a shift.
“I saw a tremendous mindset change — a perception among Chinese consumers where suddenly EVs were the new cool (thing) when the Model 3 was introduced and manufactured in China,” said Dunne.
He went on to explain that suddenly, brands like BYD (OTC Pink:BYDDF,SZSE:002594) gained significant traction. Prior to that point, BYD was lagging in the auto industry, with sales declining in 2018 and 2019.
Dunne believes that a domestic manufacturer in North America and Europe needs to release a standout model, proving that there is a company in these regions that can offer an excellent product at a reasonable price. Without that, customers may remain satisfied with their hybrids, PHEVs or gasoline-powered vehicles.
Feeding into the lack of enthusiasm for EVs is their high price point, an area that Chinese manufacturers have addressed through a wide range of EV offerings at various price points.
For Phoebe O’Hara, battery raw materials analyst at Fastmarkets, the issue of affordability and lack of choice are two sides to the same coin. “China is the only region where EV prices went down last year; in the US and Europe they went up,” she said, noting that the cost of the average EU EV is 2.4 times higher than the average national income.
“If we're trying to open up to low- and middle-income consumers, which is most of the market, there simply aren’t any (EVs) available,” said O’Hara, adding that in the UK there are 600 internal combustion engine vehicle models, compared to two EV models. “I think China is the answer when it comes to affordability,” she said.
Geopolitical tensions spur pricey tariffs
EV sector tariffs are also throwing a wrench in widespread adoption outside China.
Currently EVs manufactured in China are subject to tariffs in the EU and North America. On July 4, the EU raised tariffs on Chinese EVs, with new rates ranging from 17.4 to 37.6 percent on top of the existing 10 percent duty.
While this move aims to protect the EU's motor industry, it may increase EV prices for consumers.
The new tariffs also impact Beijing, which is already in a trade war with Washington, as the EU is a key market for Chinese EVs. EU officials claim China's "unfair subsidization" allows the country's EVs to be sold cheaper than EU-made vehicles, an allegation that China denies. Likening China's advantage to the US/Russia space race of the 1960s, Dunne noted that “automakers globally recognize China has a huge lead in terms of batteries, power supply chains and costs … (however), the urgency doesn’t seem to be there, and that’s really concerning.”
Despite tariffs, Chinese automakers have maintained profitability and competitive prices in markets like Europe, except in the luxury EV segment, where tariffs on Shanghai Automotive Industry vehicles have increased costs for consumers.
“But I think the people that inevitably lose out are consumers,” said O’Hara.
Overall, the panelists suggested that while tariffs have added some complications, the bigger challenge is developing domestic supply chains and manufacturing capabilities to reduce reliance on imports.
Ultimately, the experts acknowledged China's significant competitive advantage due to its massive automotive manufacturing capacity and supply chain capabilities. With that in mind, they suggested that western automakers should adopt and learn from China's strategies to become more competitive.
At the same time, they cautioned against becoming overly reliant on China, which could lead to losing domestic market share and increasing geopolitical tensions. Overall, a balanced approach was recommended — leveraging China's strengths while investing in domestic supply chains and capabilities to reduce dependency.
While many Chinese EVs face tariffs, subsidies have offered some support to the industry. The US$7,500 consumer tax credit for new EVs included in the Inflation Reduction Act has helped spur EV sales in the US.
As of January 1, 2024, that rebate can be applied at the dealership, effectively lowering the total upfront cost. According to a February Reuters report, the US government issued US$135 million in EV tax credits over the first month of the year.
Speaking about the benefits of subsidies, O’Hara noted that when the UK removed EV subsidies in 2022, sales plummeted 22 percent year-over-year. The panelists explained that when subsidies and incentives are used strategically, they can support industry development, but emphasized that they shouldn’t be used as a crutch that prevents automakers from making the necessary investments and innovations to succeed on their own.
Something that O’Hara thinks is more beneficial than short-term subsidies is leadership.
“Honestly, it's rhetoric,” she said. “If you don't have somebody in power who's supporting the energy transition, who's saying positive things about vehicles and supporting OEMs — if you can’t do anything in a business way, you do it with soft power. And I think the UK is great example where that has fallen completely to the wayside.”
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Tesla's Share of US EV Market Dips Below 50 Percent for First Time
Tesla’s (NASDAQ:TSLA) share of the US electric vehicle (EV) market fell below the 50 percent threshold for the first time ever in 2024's second quarter, according to a July 11 report from Cox Automotive.
The company’s dominant position in the American EV market, which it has held since the introduction of its Model S in 2012, took a hit on the back of competition from rival automakers, including EV manufacturers in China.
Tesla accounted for 49.7 percent of EV sales in the US from April to June, down from 59.3 percent a year earlier. The decline came despite growth in overall US EV sales, which rose 11.3 percent compared to the same period last year.
The total number of electric cars and light trucks sold in the US exceeded 330,000 units during the second quarter, representing 8 percent of all new car sales in the period, up from 7.2 percent a year earlier.
The drop in Tesla’s market share can be attributed to several factors. One is that traditional automakers like Ford (NYSE:F), Hyundai (KRX:005380) and Kia (KRX:000270) have been aggressively expanding their EV offerings.
Just last month, Hyundai and Kia entered into a long-term agreement with Chilean chemicals company SQM (NYSE:SQM) to acquire their supply of lithium hydroxide, a necessary component for EV batteries.
At the same time, Tesla’s EV lineup has aged, with the best-selling Model Y debuting in 2020.
In contrast, competitors are introducing newer models with updated technology and designs. Hyundai and Kia, for example, offer a broader range of EVs at competitive prices, with the former finding commercial success for its IONIQ 5 release, while the IONIQ 6 is one of the 10 most fuel-efficient EVs in the US this year.
Tesla’s global sales were down in Q2 as well. The company reported a 4.8 percent drop in sales worldwide for the quarter, with approximately 444,000 units sold. Cox estimates its US sales fell by 6.3 percent to 164,000 cars.
Chinese Tesla rival BYD steps up
BYD (OTC Pink:BYDDF,SZSE:002594) is China's largest EV maker and another significant rival for Tesla.
On July 9, it announced a US$1 billion deal to establish a manufacturing plant in Turkey.
The facility is expected to produce up to 150,000 vehicles annually and will help BYD circumvent newly increased tariffs imposed by the European Union on Chinese-made EVs. The Turkish plant is also part of BYD’s broader strategy to expand production outside China, including new facilities in Thailand and plans for a plant in Mexico.
BYD’s expansion comes amid increasing regulatory challenges in the west.
As mentioned, the European Union recently raised tariffs on Chinese EVs by an additional 17.4 percent, while the US has imposed a 100 percent border tax on Chinese-made electric cars.
In December of last year, BYD also announced plans to open an EV plant in Hungary.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Electric Vehicle Market Update: H1 2024 in Review
The electric vehicle (EV) market has boosted demand for commodities such as lithium and cobalt in recent years, making EV sales a good metric for evaluating the battery metals landscape.
However, slowing growth in EV adoption in 2023 led to lower predictions for EV sales this year and lower prices for battery metals. Now that we’re half way through 2024, some interesting trends have emerged that may lead market participants to rethink their EV sales forecasts.
With those factors at play, what are the key electric vehicle trends to watch? Here the Investing News Network (INN) takes a look at what's moving the EV market in 2024, as well as what’s on the horizon for the EV sector longer term.
Global electric vehicle sales up in H1 2024
While sales looked rough early in the year looking at numbers by a month-on-month perspective, they were up significantly year-over-year. According to EV market research firm Rho Motion, January sales dropped by 26 percent from December to 1.1 million vehicles sold, only to fall another 25 percent month-over-month in February to 0.8 million vehicles sold.
However, taking a look at year-over-year shows that combined EV sales for the first two months of the year were actually up by 32 percent over the January/February period in 2023.
Sales pushed past the million mark once again in March and the months that followed. By the end of May, more than 5 million EVs had been sold around the world in the first five months of the year. Compared to the same period last year, the number of EVs purchased rose by 20 percent.
This growth isn't even across the board, though. One of the key trends to watch in this year’s EV market landscape is the marked difference in growth trajectories for the three major regional markets.
2024 EV market trends in China, North America and Europe
China continues to lead the world in EV adoption rates, based on Rho Motion’s data. The Chinese EV market grew by 31 percent in the January to May period compared to 2023, compared to just 5 percent growth in North America (excluding Mexico) and 4 percent in Europe.
Looking at May alone, China’s sales were up 36 percent year-over-year. The numbers were not so hot for the other two key markets, which were down by 3 percent and 9 percent respectively.
The United States and Canada, says Rho Motion’s leading EV Data Analyst Charles Lester, are “suffering a blow to sales figures this year as Tesla (NASDAQ:TSLA) struggles to get back into the fast lane and President Biden announces tariffs for Chinese EV and battery imports.”
The world’s largest EV manufacturer is China’s BYD (OTC Pink:BYDDF,HKEX:1211), which launched an affordable EV model priced below US$10,000 earlier this year. The company plans to grow its annual sales by 20 percent to reach 3.6 million EVs in 2024, with a goal of selling about 500,000 units internationally. Rho Motion reports that BYD’s market share in Europe has reached 1 percent, up from about 0.5 percent in 2023, and the company sold 176,000 units overseas in the first five months of the year.
These cheaper Chinese EV models pose a problem for the other two major auto markets, North America and Europe, which are already grappling with trying to grow their own domestic EV industries to challenge China’s overwhelming dominance in the global EV market.
In May, the Biden administration effectively quadrupled tariffs on Chinese EVs to 100 percent, and disqualified imported EVs from the US$7,500 federal tax credit, in a move to protect the US auto industry.
Shortly after, the European Union (EU) imposed its own tariffs on Chinese EVs, which Reuters reports range from 17.4 percent for BYD to 38.1 percent for SAIC Motor Company (SHA:600104), another major Chinese EV maker. This is on top of the standard 10 percent car duty.
Lester warned against the tariffs on Chinese EV imports imposed by the EU. “If they hope to achieve their ambitious climate goals, they will want to maintain good trade relations with the fastest-growing EV market,” he said.
In late June, the Canadian government said it is also looking to protect its investments in the country’s burgeoning EV industry through new tariffs on China EV imports.
"A surge of low-cost EV imports from China will undermine everything being done right now to rebuild and grow a strong and truly national auto industry," Unifor President Lana Payne said.
In the US, the apparent stagnation in EV sales so far this year is largely a reflection of falling demand for Tesla vehicles. In its Q1 2024 earnings report, the company reported a 13 percent drop in revenue compared to last year, which was attributed to a more competitive EV market and more consumers choosing hybrid models over pure EVs. Tesla deliveries declined by 9 percent year-on-year, while total revenue dropped to US$21.3 billion from US$23.3 billion.
Tesla CEO Elon Musk told shareholders that more affordable Tesla models are in the works and could be brought to market in “early 2025, if not late this year.” However, in May his company laid off 10 percent of its global workforce.
Tesla sales lag as other US EV brands grow in 2024
The roadblock Tesla’s struggling to overcome hasn’t led other major US EV brands to hit the brakes, according to Bloomberg, which shared data from US auto industry authority Cox Automotive. The graph below shows that six of the 10 top brands saw EV sales growth in the US of over 50 percent year-over-year in the first quarter.
Q1 2024 year-over-year EV sales growth by brand in the US.
Chart via Bloomberg.
The companies in the US EV market that saw the biggest increases are Ford (NYSE:F) at 86 percent, Toyota (NYSE:TM,TSE:7203) at 85.9 percent, Mercedes-Benz (OTC Pink:MBGAF,ETR:MBG) at 66.9 percent, Rivian (NASDAQ:RIVN) at 58.8 percent, and Hyundai (KRX:005380) and Kia (KRX:000270), which were both up 56 percent.
Bloomberg reporter Tom Randall points out that removing the two worst performing brands for the quarter — Tesla, down 13.3 percent, and GM (NYSE:GM), down 20.5 percent — puts Q1 US EV sales growth at 23 percent year-over-year. GM’s sales drop had little to do with a drop in demand, but rather because it stopped the production of its Chevy Bolt, which was one of the best selling EV models in the US. Its new EV, the Chevy Equinox, is expected to release in 2024.
However, despite a stellar start to EV sales in 2024, both Ford and Toyota shifted into reverse on their once ambitious EV manufacturing targets. While Ford first made cuts to its expansion plans in late 2023, as recently as June 24, the auto giant said it is suspending the release of new battery electric vehicle (BEV) models because it doesn’t see the economic case for it in the current environment.
"We will not launch a second-gen [EV] product unless it's profitable within the first year and we are going to get a return on that capital we're investing," said Ford Chief Financial Officer John Lawler. This is telling, coming from the second best-selling EV brand in the US so far in 2024.
And then there’s Toyota, which is looking to delay the planned 2025 launch of EV production in the US to 2026. In April, Toyota Chairman Akio Toyoda expressed his company’s belief that a “multi-pathway approach” is the best route to decarbonizing transportation, and that “customers, not regulations or politics,” will dictate the path forward. In addition to BEVs, the Japanese car maker is also focused on hybrid and hydrogen-powered vehicles as well as continuing with its internal combustion engine (ICE) models.
What’s in store for the rest of 2024? A lot of optimism still remains for the EV market for the remainder of the year.
The International Energy Agency’s (IEA) Global EV Outlook 2024 released in late April is forecasting that EV sales will hit 17 million worldwide by the end of the year — representing one in five of new car purchases.
“Electric cars continue to make progress towards becoming a mass-market product in a larger number of countries,” the IEA stated. “Tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry’s pace of growth, but global sales data remain strong.”
The long-term outlook for the EV market
Looking further out, the IEA expects that EVs will represent half of total global auto sales in 2035. That figure could increase to two-thirds if governments are able to meet all their energy and climate mandates on schedule.
Speeding up the adoption of EVs will also require automakers to bring more affordable models to market that are price competitive with their internal combustion engine equivalents. China is already doing well in this facet of the market; however, much ground needs to be covered in the North American and European markets, which are struggling with supply chain issues for EV battery metals as well as a lack of public charging infrastructure.
According to IEA estimates, more than 60 percent of electric vehicles sold in China last year were cheaper than their ICE counterparts. In Europe and the US, depending on the geographic location and the vehicle type, the agency reports that EVs are 10 percent to 50 percent more expensive than ICE vehicles. On the plus side, based on current trends, the IEA forecasts that price parity between EVs and ICE vehicles could be reached in ex-China markets by 2030.
For its part, BloombergNEF released its Long-Term Electric Vehicle Outlookin June. Using its base case scenario, the firm's analysts predict that by 2027, annual passenger EV sales will reach 30 million, representing 33 percent of total global vehicle sales, and forecast that EV sales will top 40 million in 2030. By 2040, they predict this figure will hit 73 million, making up 73 percent of total vehicle sales worldwide.
This base case scenario is based on consumer demand replacing policy-driven demand as battery prices decline, costs become competitive with ICE vehicles and battery technologies improve range and performance.
Chart via BloombergNEF
Investor takeaway
In 2024, the global EV market is sending clear signals that this is very much a growth stage market. The early adopters have bought in and now automakers must prove to the average consumer that their product is worth consumers' hard-earned dollars. Additionally, if governments want car buyers to come along for the ride on the road to net-zero, they’ll have to play a bigger role incentivizing both consumers and producers to go all-in on EVs.
Regardless, the long-term outlook for the EV market remains a positive one, which bodes well for battery metals demand. Check out our articles on the Biggest Electric Vehicle Stocks and How to Invest in Battery Metals for more insight into the investment opportunities in this sector of the growing green economy.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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From EVs to Energy: Experts Explore Cleantech Investment Opportunities at Collision
At this year's Collision event, a clear message emerged from industry experts: cleantech is no longer a niche market, but a mainstream investment opportunity with significant growth potential.
The sector has evolved beyond early stage venture capital funding, now encompassing a wider range of investment channels. From infrastructure projects like modernizing power grids and developing sustainable transportation systems, to energy storage solutions and eco-friendly buildings, the cleantech sector is poised for a new era of investment.
In a panel discussion at Collision, which ran from June 18 to 20 in Toronto, Canada, Andrew Beebe, managing director at Obvious Ventures, compared cleantech's early days to those of the internet — there wasn't much investment interest. In fact, he recalled, venture capitalists initially didn't even know what the internet was.
“And then like two years later, they all had internet funds. And then two years after that, they stopped calling them internet funds, because they were just funds, they were just technology — because the internet was clearly going to be part of the global fabric of our economy. And I think the same thing is happening in climate," he said.
DCVC partner Rachel Slaybaugh noted that mainstream investment in climate solutions is increasing as the economic benefits become clearer. She pointed to electric vehicles (EVs) as a compelling example, saying they offer a lower total ownership cost and a positive driving experience. In her opinion, this shift reflects a growing understanding of the economic viability of climate solutions, moving beyond early adopters driven by a desire for impact.
Chante Harris, founder and managing partner at Eunoia, echoed that statement during a separate panel. “When I think of conscious investments, I think about how we are building both towards returns and impact,” she said.
Harris went on to say that in recent years there has been a surge in venture capital funding for cleantech.
“Seventy percent of all venture capital last year went into climate technology, a huge win for the space. At the same time, two-thirds of that actually went into hardware," she told listeners at the conference.
This surge in venture capital funding has coincided with various policy and market drivers; Harris said that in the US over US$300 billion has been committed to climate solutions through the Inflation Reduction Act, the Chips Act and the Bipartisan Infrastructure Law, which contain provisions that could indirectly lead to environmental benefits.
She also highlighted the importance of cleantech for corporations seeking to achieve net-zero goals, emphasizing that they are essential for companies to meet their objectives.
5 cleantech investment opportunities to watch
1. Nuclear energy and hydrogen
Among the cleantech investment opportunities discussed at Collision was nuclear fission, especially micro and small modular reactors, which will be able to help fill growing demand for clean power.
Slaybaugh noted that Amazon's (NASDAQ:AMZN) recent purchase of a nuclear-powered data center exemplifies this shift. In addition, she pointed to hydrogen as a potentially transformative clean fuel source due to the simplicity of extracting it from the ground compared to building electrolyzers.
“If we can make it work, there's a real chance to have the economics of hydrogen be really transformative,” she said.
2. Hydro power
Curtis VanWalleghem, co-founder and CEO of Canadian energy storage startup Hydrostor, highlighted the challenges associated with wind and solar energy while showcasing his company.
He emphasized their unpredictable nature, which can lead to curtailment during periods of surplus and intermittency when wind or solar energy isn't available. He identified a need for new long-duration storage solutions.
“Historically, people think of storage (and) they think of lithium-ion batteries and pumped hydro. And those are the two kinds of leading storage solutions, but they do have limitations. Lithium-ion batteries degrade, they're pretty costly to build and they have a short life. Pumped hydro, on the other hand, uses a lot of water, a lot of space and it’s very challenging to find sites where you can build additional ones,” he told the audience at Collision.
Hydrostor’s Advanced Compressed Air Energy Storage technology uses water pressure to store compressed air, releasing and combining it with stored heat to generate electricity. “The big advantage versus lithium-ion is our system lasts 100 years and never degrades, and to add an hour costs US$50 per kilowatt hour of storage capacity. A lithium-ion costs about US$300, it lasts 10 years and fades every year that it's operating,” said VanWalleghem.
The firm has an operational facility in Ontario, and in a few months will begin construction of a plant in Australia that will power a small mining town with 100 percent renewable energy. Projects are also set to begin in California next year.
“Our business plan has us in the next 15 years contracting and starting construction on 100 of these Advanced Compressed Air Energy Storage facilities,” VanWalleghem said.
3. Electric vehicles
While emerging clean technologies are gaining traction, established cleantech solutions are also seeing continued advancements. John Rizzo, chief technical officer at InductEV, highlighted how his company is developing wireless EV chargers to address insufficient charging infrastructure, which is hindering widespread adoption.
“Our approach is to charge the vehicles wirelessly while they're going about their route. Imagine a bus that's going about its route stopping at a bus station, or imagine a loading truck going to a loading dock, stopping for 45 minutes, and it's charging then," he said, noting that this allows for much more flexibility.
Tom Guy described how Etc., an incubation arm of BT Group (LSE:BT.A,OTC Pink:BTGOF), is piloting a project to repurpose decommissioned street cabinets that used to store broadband and telephone cables into EV charging ports.
“We've got power in the right places,” he said about his company. “So what we're doing now is learning how to control the power and create a charging network across the (United Kingdom).”
4. eVTOL aircraft
Archer Aviation (NYSE:ACHR), a company at the forefront of developing electric vertical takeoff and landing (eVTOL) aircraft, also took to the stage. Chief Regulatory Affairs Officer Billy Nolen described his company’s forthcoming plans to offer affordable urban air mobility as a sustainable, efficient alternative to traditional aviation.
“We're one of only two companies in the US to receive what we call our airworthiness criteria from the Federal Aviation Administration. We have received our Part 135, which allows us to operate commercially; we received our Part 145, which allows us to repair our own aircraft, and this year we are moving into what we call our four credit flight testing with the Federal Aviation Administration," he explained at the conference.
Speaking about the Archer Midnight, which has been described an an electric air taxi, Nolen emphasized how its distributed propulsion — six five-blade motors on the front and six two-blade motors on the back — results in a significantly reduced failure rate compared to helicopters, which have just two motors.
The Archer Midnight will be able to transport a pilot, four passengers and their bags, will reach speeds of up to 150 miles per hour and will have a range of up to 100 miles. The company plans to enter the market with a price structure comparable to that of Uber (NYSE:UBER) Black, with the ultimate goal of driving costs down to a price point similar to Uber X. The company has aggressive growth plans in place, with visions of affordable urban air mobility by 2028.
“I expect that over the next six months, nine months, 12 months, you'll see eVTOLs in the news all the time because we will begin to do more flying or testing,” said Nolen. The company is initially launching its service in New York City in collaboration with United Airlines (NASDAQ:UAL), aiming to provide air taxi travel from Newark Airport or JFK Airport to midtown Manhattan, which typically takes one to two hours by car due to traffic. According to Nolen, the trip could be completed in just 15 to 20 minutes with Archer Midnight. Similar services are planned for Chicago, and the company recently established a network in San Francisco. Service is expected to begin sometime in 2025.
Nolen also revealed that Archer is working closely with the United Arab Emirates, with a contract in place to start service there with the Archer Midnight in 2026. The company also plans to establish service in India, and has announced a deal with Korea’s version of Uber, called KakaoMobility.
Investor takeaway
Discussions at Collision highlighted the increasing mainstream interest and investment in cleantech. The growing demand for viable clean energy solutions is driving significant venture capital funding into the market, with a focus on clean sources of fuel and transportation, as well as innovative energy storage solutions.
The emergence of new investment opportunities in cleantech underscores the shift toward sustainable and impactful investments that not only aim for returns, but also contribute to environmental benefits.
As the world continues to prioritize environmental sustainability and climate action, it's evident that cleantech is becoming an integral part of global investment strategies. The ongoing commitment to advancing climate solutions and the development of innovative technologies will play a crucial role in shaping a more sustainable future.
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.
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