Source: United States Senator Peter Welch (D-Vermont)
ISLAND POND, VT — U.S. Senator Peter Welch (D-Vt.), Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, today joined NEK Broadband, U.S. Department of Agriculture (USDA) Rural Development officials, broadband advocates, customers, workers, and State and local leaders to announce that NEK Broadband was awarded $2.8 million through the USDA’s Community Connect Grant program. The fiber infrastructure project funded by this program will help provide high-speed internet to the residents of Groton. Including this funding, USDA Rural Development has invested more than $20.5 million in connectivity projects throughout Vermont’s Northeast Kingdom through NEK Broadband.
Before the press conference, NEK Broadband taught Senator Welch and USDA RD State Director Sarah Waring how to splice broadband fiber.
“With the help of the USDA RD and this federal funding from the Biden-Harris Administration, NEK Broadband is meeting the challenge and building out the broadband that every rural community deserves and needs. I am thrilled to celebrate more than $20 million total in USDA grants, including new funding through the Community Connect grant program,” said Senator Peter Welch. “To get this fiber to the barn at the end of the dirt road requires overcoming so many practical challenges—and that takes continuity, that takes confidence, competence, collaboration, and cooperation. Every day brings new problems to solve, and they’re solving them every day to provide their neighbors with high-speed, reliable internet. I’ll keep fighting in the Senate for more broadband funding and will keep advocating for the passage of my bipartisan bill to improve the ReConnect program and speed broadband deployment.”
“This Community Connect grant is special because of the way in which residents and town officials in Groton stepped up to find solutions in coordination with regional, state, and federal resources to contribute to NEK Broadband’s mission to build public infrastructure and help bring service to the unserved in over 70 towns in northeastern and central Vermont,” said Christa Shute, Executive Director, NEK Community Broadband. “With the assistance of this grant from USDA, NEK Community Broadband dba NEKCV takes another step forward in our digital equity program by staffing and equipping three community centers in Groton and Ryegate that will help provide opportunities for the residents to access high speed internet during days, evenings, and weekends, while providing training, teaching and resources to build digital literacy.”
View photos and B-Roll from the event below:
“Among the many things we learned over the last few years, is that having reliable online access should be seen as a human right for everyone—especially those living in our remotest rural communities,” said Sarah Waring, USDA Rural Development State Director for Vermont and New Hampshire. “Securing important goods and services, and simply being connected to friends and family, can no longer be a hit-or-miss proposition that depends on your area code. We all know the stories of kids at home who can’t access school assignments, or small businesses who can’t make online sales, or the inadequate delivery of telemedicine where there’s no high-speed internet access. That’s why I am so proud that the Biden-Harris Administration continues to send a clear and resounding message to our neighbors in this remote corner of our state: we’re here, with your local providers, working hard to get you connected.”
“The Community Connect Grant will transform the ability of our residents and area organizations to access & leverage the enormous potential of the Internet for jobs, education, healthcare, public safety, and community development,” said Michael Gaiss, Groton’s primary representative on the Governing Board of NEK Broadband. “The impact on our town and region will be felt for years to come. Our grateful thanks and appreciation to the USDA for this opportunity.”
Including today’s funding, USDA RD has invested $20,501,567 in Northeast Kingdom connectivity projects through NEK Broadband, a nonprofit organization known as a Communication Union District (CUD). In August, NEK Broadband and CVFiber, a CUD serving towns in Central Vermont, merged to form NEKCV. In May 2023, USDA obligated more than $17 million in broadband funding through the ReConnect Grant Program. The same month, Senator Welch convened a hearing on rural broadband access featuring testimony from Christa Shute. In August 2021, NEK Broadband received a $190,380 Rural Business Development Grant to extend the fiber network into western Concord and the town of Waterford.
As Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, Senator Welch introduced the bipartisan ReConnecting Rural America Act, which would codify and clarify components of USDA’s ReConnect Loan and Grant Program and, in so doing, reduce red tape, and speed broadband deployment. The ReConnect Program plays a central role in expanding access to high-speed broadband in rural America.s. The bipartisan bill was included in the Senate’s draft Farm Bill, the Rural Prosperity and Food Security Act.
Source: United States Senator Ron Wyden (D-Ore)
October 30, 2024
Tribes with Oregon presence to receive federal investments are the Confederated Tribes of the Warm Springs, Cow Creek Band of Umpqua Tribe of Indians, Burns Paiute and Nez Perce
Washington, D.C. – U.S. Sens. Ron Wyden and Jeff Merkley as well as U.S. Reps. Earl Blumenauer and Val Hoyle today announced that Oregon’s Energy Department has secured $10.9 million and four Tribes with members in Oregon have earned a combined $1.16 million in federal investment to modernize the electric grid and reduce the impacts of extreme weather while also ensuring power sector reliability.
The four Tribes securing the federal funds are the Confederated Tribes of the Warm Springs, Cow Creek Band of Umpqua Tribe of Indians, Burns Paiute and Nez Perce.
“Oregon families, small businesses, schools, hospitals and more rely on a dependable energy grid, said Wyden, who also has introduced the Grid Resilience Improvement through Dedicated (GRID) Assistance Act. “These fresh federal investments in grid resilience are incredibly timely after this year’s state record of nearly 2 million acres burned by wildfires. I’m gratified these resources are heading to these Tribes along with the state Energy Department, and will keep battling for similar funds for communities throughout the state.”
“As devastating wildfires, droughts, and intense winter storms continue to grip Oregon, we must invest in strengthening our power grids to safeguard Oregon families and businesses,” Merkley said. “It is great news that these federal funds from the Bipartisan Infrastructure Law are heading to the Oregon Department of Energy and Tribes to make these critical improvements that will make all the difference for communities across Oregon when disasters strike.”
“Our communities need an electric grid that can withstand the increasingly severe impacts of the climate crisis. Thanks to Democrats in Congress, Oregon and Tribal nations are receiving the investments necessary build this reality with a smarter, more resilient power grid,” said Blumenauer.
“As this season’s record-breaking wildfire season showed, extreme weather, caused by the climate crisis, is becoming increasingly common across Oregon,” Hoyle said. “These funds will help to fortify our energy infrastructure against extreme weather and improve its dependability across the state and in Tribal communities. I’ll continue working with federal and state partners to ensure Oregon’s electric grid is safe and resilient.”
The federal money for the state Energy Department and four Tribes is part of a combined total of $473.6 million nationally in fiscal year 2024 Grid Resilience State and Tribal Formula Grants from the U.S. Department of Energy. The resources will be distributed as follows:
· Oregon Department of Energy, $10.9 million
· Confederated Tribes of the Warm Springs, $454,958
· Nez Perce Tribe, $290,877
· Cow Creek Band of Umpqua Tribes of Indians, $268,172
· Burns Paiute Tribe, $148,901
“The Confederated Tribes of the Warm Springs is thankful for the federal government’s financial investment in our ability to protect our communities from extreme weather situations,” said Jonathan W. Smith, Sr., Chairman, Tribal Council for the Confederated Tribes of the Warm Springs Reservation of Oregon. “These funds will allow us to develop community resilience centers on our reservation for our tribal members to seek refuge during unbearably hot and cold weather patterns.”
“The Burns-Paiute tribe has identified energy security and resilience as a key priority,” said Tracy Kennedy, Chair of the Burns-Paiute Tribe. “We appreciate the support from Senator Wyden and Senator Merkley in helping us get funding to achieve our goals.”
“For the Cow Creek Band of Umpqua Tribe of Indians, we aim to use these generous funds to improve the reliability of delivering power, water and utility services provided by our own Umpqua Indian Utility Cooperative to the many Cow Creek Umpqua Tribally-owned properties, our Tribal citizens, and our community members in Canyonville,” said Carla Keene, Chairman of the Cow Creek Band of Umpqua Tribe of Indians. “This grant allows us to exercise our sovereign rights, strengthen the resilience of our system, and put us closer to achieving one of our long-term goals of energy independence.”–
“The Nez Perce Tribe is committed to helping the Northwest meet its energy needs in a cleaner and smarter way that will address the impacts of current energy demands on salmon restoration,” said Shannon F. Wheeler, Chairman, Nez Perce Tribal Executive Committee. “These funds are an important component of this collaborative work with energy utilities and other stakeholders in the Northwest and we are excited that these funds will allow us to continue to do this work.”
HelioCon’s 2024 Annual Report Details Its Advancement of a Technique To Improve Heliostat Accuracy and the Launch of an Open-Source CSP Platform
Maintenance workers drive between the heliostats at the Ivanpah concentrating solar energy plant, where mirrors track the sun and reflect sunlight to boiler receivers on power towers. When the concentrated sunlight strikes the boiler pipes, it heats the water to create superheated steam. Photo by Dennis Schroeder, NREL
Large mirrors that track the sun to concentrate and capture thermal energy—heliostats—are a core component of every power-tower concentrating solar power (CSP) plant around the world. But the sheer variety of shapes, sizes, and configurations of these giant mirrors has created the need for new, adaptable testing and calibration methods, both on the assembly line and in the field, to maximize the potential output of these precision devices.
The newly released HelioCon 2024 Annual Report highlights a host of new advances toward improving the cost and performance of heliostats, including a universally adaptable heliostat quality-control tool developed at the National Renewable Energy Laboratory (NREL) and an open-source platform developed at Sandia National Laboratories to share data, code, and workforce educational tools for the global CSP community.
“HelioCon has made tremendous progress on developing, maturing, and validating third-party evaluation and testing capabilities to make them ready for industry,” said Guangdong Zhu, HelioCon executive director and a senior researcher at NREL. “This is exactly what the industry needs right now.”
The U.S. Department of Energy Solar Energy Technologies Office (SETO) funds the Heliostat Consortium for CSP (HelioCon), which is coled by NREL and Sandia, along with core members at the Australian Solar Thermal Research Institute (ASTRI). HelioCon was founded in 2021 with a mission to develop and promote heliostat-based CSP technologies in the United States and advance the techno-economic performance of heliostats. Lowering the cost of producing, operating, and maintaining heliostats would ultimately lower the overall costs for CSP systems, which can provide clean long-duration energy storage and low-cost thermal energy for dispatchable electricity generation and high-heat industrial processes that have been difficult to decarbonize.
“Concentrating solar has a unique role to play in our clean energy future,” said Matthew Bauer, SETO’s CSP program manager. “Not only can CSP complement other clean energy sources by providing long-duration energy storage, but it can also supply the high temperatures that tough-to-electrify industrial processes require. Heliostats are a key to lowering the overall costs of all of these applications, so improving heliostats can boost a range of decarbonization strategies.”
Heliostats and a solar power tower operate at the Ivanpah CSP plant in California. Photo by Dennis Schroeder, NREL
The consortium’s online and in-person engagement efforts at seminars, events, and an annual workshop led to a growth spurt in 2024. HelioCon now includes 16 member institutions and more than 100 researchers, and it has developed partnerships with universities to prepare college students for work in the CSP field. HelioCon also awarded six new projects that are focused on workforce development, heliostat controls, and deployment, for a total of $3 million in its second-round funding request.
The HelioCon 2024 Annual Report details members’ advances in preparing metrology, measurement, and heliostat control tools for commercial readiness. These advances include a solar field closed-loop wireless control system, Non-Intrusive Optical (NIO) characterization tools, the Solar Optical Fringe Alignment Slope Technique (SOFAST), and composite mirror facets assessment. The report also announced that two major HelioCon projects are now being tested by industry partners:
ReTNA: An Adaptable Commercial Quality-Control Tool for Heliostat Manufacturers
An employee runs diagnostics on heliostats at the Crescent Dunes Solar Energy Project CSP facility. Photo by Dennis Schroeder, NREL
To tackle the question of how manufacturers can check the optics of heliostats before they are deployed in the field, NREL researchers used an existing tool they developed for testing heliostats outdoors—NIO measurement—as a starting point for developing a new measurement method for indoor use. The team, led by NREL researcher Devon Kesseli, set specifications to make the new optical measurement tool useful to industry: Regardless of the size and shape of the heliostats, the tool should be low cost, require minimal setup, measure a heliostat in less than a minute, and use the available lighting along the production line in a warehouse or laboratory.
Reflected Target Non-Intrusive Assessment (ReTNA) measures slope and canting in heliostats by deflectometry, or deflected reflection, with a commercially available camera. The camera captures images of a printed target panel that can be mounted to a wall or even the ceiling, and computer vision stitches together multiple reflected images of the patterned target to create a precision measurement of each mirror. Because ReTNA is so easily adaptable, the tool can measure the surface slope and facet canting of heliostats of various sizes and in any orientation along an assembly line.
Development of ReTNA under HelioCon began in 2022, and in 2024 it completed its proof-of-concept phase. ReTNA is now undergoing further testing by the consortium’s commercial partners.
OpenCSP: An Open-Source Platform for Code and Data Sharing and Workforce Development
Workers monitor system operations at Ivanpah’s control room. Photo by Dennis Schroeder, NREL
At the 2024 SolarPACES conference in October, HelioCon researcher Randy Brost, who leads the Optics Lab team at Sandia National Laboratories, announced the public launch of OpenCSP, an open-source platform that will serve as a collaborative environment where the CSP community can share code, data, and computer-aided design models, as well as tools for workforce education.
Designed to grow as a repository of information, OpenCSP launched with a number of tools and datasets already in place, including optical targets for heliostat metrology testing and Sandia’s SOFAST 2.0 code in Python. SOFAST is an adaptable, low-cost tool that can be used across the industry to create high-fidelity slope maps of concentrating solar mirrors.
Read the full HelioCon 2024 Annual Report.
Learn more about HelioCon’s research and outreach efforts and visit the NREL CSP and Sandia CSP sites.
HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) filed its Form 10-Q for the period ended September 30, 2024. In accordance with the Company’s Shareholders Agreement, it will host a conference call with shareholders on November 1, 2024.
For the third quarter of 2024, the Company reported net income from continuing operations of $21.9 million, or $1.09 per diluted share, with revenue of $197.3 million. This compares to net income from continuing operations of $29.5 million or $1.46 per diluted share, with revenue of $201.1 million, for the second quarter of 2024.
The Company’s Adjusted EBITDA (a non-GAAP measure defined on page 4) was $57.8 million compared to $60.0 million for the second quarter of 2024. Refer to pages 11 and 12 for a reconciliation of Adjusted EBITDA to GAAP results.
Third Quarter 2024 Geographic Breakdown
U.S. land revenue was $36.0 million for the third quarter of 2024, a decrease of 8% compared to revenue of $39.0 million for the second quarter of 2024. The decline in U.S. land revenue was primarily driven by decreased activity from our premium drill pipe and bottom hole accessories product lines within our Rentals segment, consistent with a reduced U.S. land rig count.
U.S. offshore revenue was $49.7 million in the third quarter of 2024, a decrease of 8% compared to revenue of $53.8 million in the second quarter of 2024. U.S. offshore revenue decreased primarily in our Well Services segments, with the most significant decline coming from our project-based completion services product line. U.S. Offshore revenue in the Rentals segment for the third quarter of 2024 was up $1.6 million versus the second quarter of 2024, despite approximately $1.0 million of revenue slipping to the fourth quarter of 2024 due to hurricane activity in September.
International revenue was $111.6 million in the third quarter of 2024, an increase of 3% compared to revenue of $108.4 million in the second quarter of 2024. International revenue was up across both our Rentals and Well Services segments, with the increase being driven by our hydraulic snubbing and well control services product lines.
Third Quarter 2024 Segment Reporting
The Rentals segment revenue in the third quarter of 2024 was $97.9 million, a 2% decrease compared to revenue of $99.9 million in the second quarter of 2024, primarily driven by reduced activity in U.S. land and hurricane disruptions in the U.S. offshore market. In the third quarter of 2024, Rentals segment income from operations was $43.9 million as compared to $44.1 million in the second quarter of 2024. Adjusted EBITDA was $55.9 million, a decrease from $56.0 million in the second quarter of 2024. Adjusted EBITDA Margin (a non-GAAP measure defined on page 4) was 57%, a 1% increase from the second quarter of 2024.
The Well Services segment revenue in the third quarter of 2024 was $99.5 million, a 2% decrease compared to revenue of $101.2 million in the second quarter of 2024 and income from operations for the third quarter of 2024 was $3.8 million as compared to $10.7 million in the second quarter of 2024. Adjusted EBITDA for the third quarter of 2024 was $15.4 million with an Adjusted EBITDA Margin of 16%, as compared to Adjusted EBITDA of $19.1 million with an Adjusted EBITDA Margin of 19% in the second quarter of 2024. The Well Services segment sequential decline was primarily driven by lower activity in our project-based completion services product line.
Liquidity
As of September 30, 2024, the Company had cash, cash equivalents, and restricted cash of approximately $380.6 million. As of September 30, 2024, our borrowing base, as defined in our credit agreement, was approximately $89.9 million, and we had $39.5 million in letters of credit outstanding which reduced the borrowing availability to $50.4 million. At September 30, 2024, we had no outstanding borrowings under our credit facility.
During the third quarter of 2024, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap. The transactions were completed at implied exchange rates that were approximately 63.0% higher than the official exchange rate, resulting in a loss of approximately $5.1 million during the third quarter of 2024.
During the third quarter of 2024, net cash from operating activities was $62.5 million. Free Cash Flow (a non-GAAP measure defined on page 4) for the third quarter of 2024 totaled $50.5 million as compared to $39.0 million for the second quarter of 2024. Refer to page 8 for a reconciliation of Free Cash Flow to Net Cash from Operating Activities.
Third quarter 2024 capital expenditures were $12.0 million. The Company expects total capital expenditures for 2024 to be approximately $100 to $110 million. Approximately 91% of total 2024 capital expenditures are targeted for the replacement of existing assets. Of the total estimated 2024 capital expenditures, approximately 68% is expected to be invested in the Rentals segment.
2024 Guidance
Our full year 2024 guidance remains consistent from the second quarter 2024 guidance. We expect 2024 revenue to come in at a range of $780 million to $840 million with 2024 Adjusted EBITDA expected to be in a range of $235 million to $265 million.
Conference Call Information
The Company’s management team will host a conference call on Friday, November 1, 2024, at 10:00 a.m. Eastern Time. The call will be available via live webcast in the “Events” section at ir.superiorenergy.com. To access via phone, participants can register for the call here, where they will be provided a phone number and access code. The call will be available for replay until November 1, 2025 on Superior’s website at ir.superiorenergy.com. If you are a shareholder and would like to submit a question, please email your question beforehand to Jamie Spexarth at ir@superiorenergy.com.
About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit: www.superiorenergy.com.
Non-GAAP Financial Measures
To supplement Superior’s consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also uses Adjusted EBITDA and Adjusted EBITDA Margin. Management uses Adjusted EBITDA and Adjusted EBITDA Margin internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company also believes these non-GAAP measures provide investors useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings and may not be comparable to similar measures presented by other public companies. Adjusted EBITDA and Adjusted EBITDA Margin should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with GAAP. We define Adjusted EBITDA as net income (loss) from continuing activities before net interest expense, income tax expense (benefit) and depreciation, amortization, accretion and depletion, restructuring and transaction expenses, adjusted for other gains and losses and other expenses, net, which management does not consider representative of our ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA by segment as a percentage of segment revenues. For a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, please see the tables under “―Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA” and “—Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA by Segment” included on pages 11 and 12 of this press release.
Free Cash Flow is defined as net cash from operating activities less payments for capital expenditures. Free Cash Flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes, however, that Free Cash Flow is an important financial measure for use in evaluating the Company’s financial performance, as it measures our ability to generate additional cash from our business operations. Free Cash Flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of Free Cash Flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view Free Cash Flow as supplemental to our entire Statement of Cash Flows. Please see table under “—Condensed Consolidated Statements of Cash Flows” included on page 8 of this press release.
The Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-looking non-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.
Forward-Looking Statements
This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will,” “could,” “may” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) and other uncertainties (such as the war in Ukraine and conflict in Israel and broader geopolitical tensions in the Middle East and eastern Europe) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.
While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 10-Qs and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Rentals
$
97,857
$
99,851
$
113,201
$
305,799
$
334,433
Well Services
99,450
101,230
97,184
301,223
340,562
Total revenues
197,307
201,081
210,385
607,022
674,995
Rentals
35,227
36,596
37,769
109,589
109,258
Well Services
74,172
71,672
72,076
214,717
239,062
Total cost of revenues
109,399
108,268
109,845
324,306
348,320
Depreciation, depletion, amortization and accretion
21,077
20,868
20,490
62,392
61,250
General and administrative expenses
33,458
33,404
30,089
101,837
92,256
Restructuring and transaction expenses
5,891
–
–
5,891
1,983
Other gains, net
(133
)
(614
)
(4,073
)
(1,829
)
(5,424
)
Income from operations
27,615
39,155
54,034
114,425
176,610
Other income (expense):
Interest income, net
5,032
5,760
6,629
17,632
18,581
Loss on Blue Chip Swaps
(5,113
)
–
(12,120
)
(5,113
)
(12,120
)
Other income (expense)
979
(2,082
)
(4,520
)
(2,916
)
(8,508
)
Income from continuing operations before income taxes
28,513
42,833
44,023
124,028
174,563
Income tax expense
(6,597
)
(13,370
)
(11,403
)
(34,754
)
(44,615
)
Net income from continuing operations
21,916
29,463
32,620
89,274
129,948
Income from discontinued operations, net of income tax
–
1,896
128
1,896
408
Net income
$
21,916
$
31,359
$
32,748
$
91,170
$
130,356
Income per share – basic:
Net income from continuing operations
$
1.09
$
1.46
$
1.62
$
4.43
$
6.46
Income from discontinued operations, net of income tax
–
0.09
0.01
0.09
0.02
Net income
$
1.09
$
1.55
$
1.63
$
4.52
$
6.48
Income per share – diluted
Net income from continuing operations
$
1.09
$
1.46
$
1.62
$
4.42
$
6.45
Income from discontinued operations, net of income tax
–
0.09
–
0.10
0.02
Net income
$
1.09
$
1.55
$
1.62
$
4.52
$
6.47
Weighted-average shares outstanding
Basic
20,177
20,172
20,136
20,170
20,123
Diluted
20,186
20,183
20,159
20,182
20,144
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
September 30,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
325,881
$
391,684
Accounts receivable, net
200,106
276,868
Inventory
70,293
74,995
Income taxes receivable
13,383
10,542
Prepaid expenses
23,363
18,614
Other current assets
7,765
7,922
Total current assets
640,791
780,625
Property, plant and equipment, net
306,285
294,960
Note receivable
72,694
69,005
Restricted cash
54,707
85,444
Deferred tax assets
59,555
67,241
Other assets, net
42,319
43,718
Total assets
$
1,176,351
$
1,340,993
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
38,897
$
38,214
Accrued expenses
106,203
103,782
Income taxes payable
20,100
20,220
Decommissioning liability
30,747
21,631
Total current liabilities
195,947
183,847
Decommissioning liability
140,030
148,652
Other liabilities
38,599
47,583
Total liabilities
374,576
380,082
Total equity
801,775
960,911
Total liabilities and equity
$
1,176,351
$
1,340,993
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Cash flows from operating activities
Net income
$
21,916
$
31,359
$
32,748
$
91,170
$
130,356
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation, depletion, amortization and accretion
21,077
20,868
20,490
62,392
61,250
Loss on Blue Chip Swaps
5,113
–
12,120
5,113
12,120
Washington State Tax Settlement
–
–
–
–
(27,068
)
Decommissioning costs
(5,111
)
(143
)
(3,401
)
(5,684
)
(6,279
)
Other non-cash items
(2,642
)
4,205
566
4,798
23,357
Changes in operating assets and liabilities:
22,162
17,487
(10,112
)
67,396
(38,390
)
Net cash from operating activities
62,515
73,776
52,411
225,185
155,346
Cash flows from investing activities
Payments for capital expenditures
(12,005
)
(34,744
)
(21,592
)
(67,447
)
(67,218
)
Proceeds from sales of assets
292
669
9,563
3,577
24,710
Proceeds from sales of Blue Chip Swap securities
8,121
–
9,656
8,121
9,656
Purchases of Blue Chip Swap securities
(13,234
)
–
(21,776
)
(13,234
)
(21,776
)
Net cash from investing activities
(16,826
)
(34,075
)
(24,149
)
(68,983
)
(54,628
)
Cash flows from financing activities
Distributions to shareholders
–
–
–
(250,417
)
–
Repurchase of shares
–
–
–
(962
)
–
Other
(358
)
–
–
(1,363
)
(1,116
)
Net cash from financing activities
(358
)
–
–
(252,742
)
(1,116
)
Net change in cash, cash equivalents, and restricted cash
45,331
39,701
28,262
(96,540
)
99,602
Cash, cash equivalents and restricted cash at beginning of period
335,257
295,556
410,447
477,128
339,107
Cash, cash equivalents, and restricted cash at end of period
$
380,588
$
335,257
$
438,709
$
380,588
$
438,709
Reconciliation of Free Cash Flow
Net cash from operating activities
$
62,515
$
73,776
$
52,411
$
225,185
$
155,346
Payments for capital expenditures
(12,005
)
(34,744
)
(21,592
)
(67,447
)
(67,218
)
Free Cash Flow
$
50,510
$
39,032
$
30,819
$
157,738
$
88,128
Free Cash Flow is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Free Cash Flow.
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
REVENUE BY GEOGRAPHIC REGION BY SEGMENT
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
U.S. land
Rentals
$
28,934
$
32,713
$
37,478
$
100,653
$
127,341
Well Services
7,027
6,242
8,223
20,735
20,384
Total U.S. land
35,961
38,955
45,701
121,388
147,725
U.S. offshore
Rentals
32,228
30,644
44,681
100,123
117,867
Well Services
17,489
23,125
14,459
69,486
54,185
Total U.S. offshore
49,717
53,769
59,140
169,609
172,052
International
Rentals
36,695
36,494
31,042
105,023
89,225
Well Services
74,934
71,863
74,502
211,002
265,993
Total International
111,629
108,357
105,544
316,025
355,218
Total Revenues
$
197,307
$
201,081
$
210,385
$
607,022
$
674,995
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
SEGMENT HIGHLIGHTS
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Revenues
Rentals
$
97,857
$
99,851
$
113,201
$
305,799
$
334,433
Well Services
99,450
101,230
97,184
301,223
340,562
Total Revenues
$
197,307
$
201,081
$
210,385
$
607,022
$
674,995
Income (loss) from Operations
Rentals
$
43,856
$
44,061
$
56,253
$
139,128
$
167,373
Well Services
3,789
10,686
10,581
27,867
50,860
Corporate and other
(20,030
)
(15,592
)
(12,800
)
(52,570
)
(41,623
)
Income from operations
$
27,615
$
39,155
$
54,034
$
114,425
$
176,610
Adjusted EBITDA
Rentals
$
55,915
$
56,023
$
68,791
$
174,959
$
204,632
Well Services
15,427
19,078
15,137
56,028
69,697
Corporate and other
(13,576
)
(15,078
)
(12,125
)
(45,096
)
(37,207
)
Total Adjusted EBITDA
$
57,766
$
60,023
$
71,803
$
185,891
$
237,122
Adjusted EBITDA Margin
Rentals
57
%
56
%
61
%
57
%
61
%
Well Services
16
%
19
%
16
%
19
%
20
%
Corporate and other
n/a
n/a
n/a
n/a
n/a
Total Adjusted EBITDA Margin
29
%
30
%
34
%
31
%
35
%
Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA and pages 11 and 12 for a reconciliation to income (loss) from operations.
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Net income from continuing operations
$
21,916
$
29,463
$
32,620
$
89,274
$
129,948
Depreciation, depletion, amortization and accretion
21,077
20,868
20,490
62,392
61,250
Interest income, net
(5,032
)
(5,760
)
(6,629
)
(17,632
)
(18,581
)
Income tax expense
6,597
13,370
11,403
34,754
44,615
Restructuring expenses and other adjustments (1)
9,074
–
(2,721
)
9,074
(738
)
Loss on Blue Chip Swap Securities
5,113
–
12,120
5,113
12,120
Other (income) expense, net
(979
)
2,082
4,520
2,916
8,508
Adjusted EBITDA
$
57,766
$
60,023
$
71,803
$
185,891
$
237,122
Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.
(1) Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs. Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT
(in thousands, unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Rentals
Income from operations
$
43,856
$
44,061
$
56,253
$
139,128
$
167,373
Depreciation, depletion, amortization and accretion
12,059
11,962
12,538
35,831
37,259
Adjusted EBITDA
$
55,915
$
56,023
$
68,791
$
174,959
$
204,632
Well Services
Income from operations
$
3,789
$
10,686
$
10,581
$
27,867
$
50,860
Depreciation, depletion, amortization and accretion
8,455
8,392
7,277
24,978
21,558
Restructuring expenses and other adjustments(1)
3,183
–
(2,721
)
3,183
(2,721
)
Adjusted EBITDA
$
15,427
$
19,078
$
15,137
$
56,028
$
69,697
Corporate
Loss from operations
$
(20,030
)
$
(15,592
)
$
(12,800
)
$
(52,570
)
$
(41,623
)
Depreciation, depletion, amortization and accretion
563
514
675
1,583
2,433
Restructuring expenses and other adjustments (1)
5,891
–
–
5,891
1,983
Adjusted EBITDA
$
(13,576
)
$
(15,078
)
$
(12,125
)
$
(45,096
)
$
(37,207
)
Total
Income from operations
$
27,615
$
39,155
$
54,034
$
114,425
$
176,610
Depreciation, depletion, amortization and accretion
21,077
20,868
20,490
62,392
61,250
Restructuring expenses and other adjustments (1)
9,074
–
(2,721
)
9,074
(738
)
Adjusted EBITDA
$
57,766
$
60,023
$
71,803
$
185,891
$
237,122
Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.
(1) Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs. Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.
FOR FURTHER INFORMATION CONTACT: Jamie Spexarth, Chief Financial Officer 1001 Louisiana St., Suite 2900 Houston, TX 77002 Investor Relations, ir@superiorenergy.com, (713) 654-2200
The Board of Directors of the African Development Bank has approved a loan of $54 million for a 120 MW onshore wind farm that will help position Mozambique as a regional energy hub.
The Bank’s loan, which includes $12 million from the Sustainable Energy Fund for Africa (SEFA), is in addition to financing expected from International Finance Corporation (IFC), U.S. International Development Finance Corporation (DFC), the Emerging Africa and Asia Infrastructure Fund (EAAIF) and the Private Infrastructure Development Group’s Technical Assistance. The total project cost is estimated at $224.5 million.
Mozambique’s national electricity utility, EDM, will be the sole off-taker from the wind farm, located 50 km west of Maputo, under a 25-year power purchase agreement.
The wind farm will be Mozambique’s first utility-scale wind power project. It is expected to generate 331.6 GWh annually, supplying affordable, reliable, and clean energy to both local consumers and regional markets, diversifying Mozambique’s energy mix, and improving access to electricity. It will also position the country as a regional energy hub, capitalizing on increased energy trade through the Southern African Power Pool (SAPP).
With Mozambique’s energy sources currently dominated by hydropower and gas, the Namaacha wind farm project will help reduce annual CO₂ emissions by approximately 71,816 tons, contributing to the country’s commitments under the Paris climate agreement.
The project will support economic growth, job creation, and improved living standards. During construction it will create 600 jobs, of which its targeting about 120 will be for women, and 300 for youth. Once operational, 20 permanent jobs will be created, with a focus on gender and youth inclusion.
Commenting on the project, Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, “This wind project represents a milestone for Mozambique and underscores the Bank’s strong commitment to advancing clean, renewable energy solutions in the region. It will not only enhance energy security but also facilitate regional electricity trade, benefiting Mozambique’s socio-economic development.”
Wale Shonibare, Director of the Energy Financial Solutions, Policy, and Regulations Department at the African Development Bank stressed the technological impact of this milestone project. “As the first large-scale wind energy initiative in Mozambique, this project showcases the transformative potential of renewable technologies to drive sustainable growth. By leveraging Mozambique’s natural resources, we are creating pathways toward a diversified and resilient energy sector that not only meets current demands but is future-proofed to support an evolving economy,” he said.
Globeleq is one of the project developers. Its CEO Jonathan Hoffman said: “The Namaacha Wind Farm is a significant milestone in Mozambique’s journey toward a diversified and sustainable energy landscape. We are proud to partner with EDM and Source Energia in contributing to the government’s ambitious ‘Energy for All by 2030’ program, which is rapidly transforming into a reality for countless Mozambicans. This project reflects our commitment to supporting Mozambique’s clean energy goals and bringing reliable power to the communities we serve.”
Aligned with the Bank’s Ten-Year Strategy, the New Deal on Energy for Africa, and its High 5 objective of “Light Up and Power Africa,” the project underscores Mozambique’s dedication to renewable energy development and supports its goal of achieving universal access to electricity by 2030.
The project complements the Bank’s earlier energy sector initiatives in Mozambique, including the Songo Matambo transmission line and the Mozambique Energy for All program.
Source: United States Senator for Massachusetts Ed Markey
Boston (October 30, 2024) – Senator Edward J. Markey (D-Mass.) and Senator Marco Rubio (R-Fl.), cosponsors of the bipartisan Sunshine Protection Act, which would make Daylight Saving Time (DST) permanent, again called for passage of their legislation to stop the twice-yearly process of changing clocks in the Spring and Fall. In March 2022, the Sunshine Protection Act unanimously passed the Senate.
“This head-spinning ritual of falling back and springing forward has gone on long enough,” said Senator Markey. “It isn’t just a nuisance — changing our clocks also has a very real impact on our economy, our health, and our happiness. More sun means more fun, so let’s pass the Sunshine Protection Act, which would make for brighter days year-round.”
“It’s time to lock the clock and stop enduring the ridiculous and antiquated practice of switching our clocks back and forth. Let’s finally pass my Sunshine Protection Act and end the need to ‘fall back’ and ‘spring forward’ for good,” said Senator Rubio.
As part of the Energy Policy Act of 2005, then-Representative Markey and Congressman Fred Upton (R-Mich.) amended the Uniform Time Act of 1966, extending the duration of DST in the Spring by changing its start date from the first Sunday in April to the second Sunday in March, and in the Fall by changing its end date from the last Sunday in October to the first Sunday in November. In 1985, then-Representative Markey partnered with Congressman Carlos Moorhead (R-Calif.) to extend DST by three weeks by changing the beginning of Daylight Saving Time from the last Sunday in April to the first Sunday in April.
ARCHBOLD, Ohio, Oct. 30, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 third quarter and year-to-date ended September 30, 2024.
2024 Third Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):
86 consecutive quarters of profitability
Net income increased 36.4% to $6.5 million, or $0.48 per basic and diluted share, from $4.8 million, or $0.35 per basic and diluted share, and net income expanded 14.7% from the 2024 second quarter
Net interest margin increased 12 basis points to 2.71%
Efficiency ratio improved to 67.98%, compared to 73.07% for the same period a year ago, and 69.03% for the 2024 second quarter
Total net loans remain stable at $2.54 billion at September 30, 2024
Total assets increased 4.8% to a record $3.39 billion
Deposits increased 4.3% to a record $2.68 billion
Stockholders’ equity increased 10.6% to a record $335.4 million
Asset quality remains at historically strong levels with nonperforming loans of only $2.9 million at September 30, 2024, compared to $22.4 million at September 30, 2023
Allowance for credit losses was 879.37% of nonperforming loans
F&M ended the quarter with excellent liquidity levels, and over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%
According to the FDIC, F&M continued to have the third largest share of deposits out of the 58 financial institutions that are also operating within its local markets
Lars B. Eller, President and Chief Executive Officer, stated, “F&M produced excellent earnings growth on a year-over-year and sequential basis, driven by higher net interest income, historically strong asset quality, and prudent expense management. Most importantly, our third quarter results reflect the talent of our associates, as we continue to work hard to drive operating improvements at F&M, serve our local Ohio, Indiana, and Michigan communities, and position F&M for long-term success. In addition, I am pleased to report that F&M was the third largest bank out of 58 financial institutions within the markets we compete, according to the FDIC, reflecting the leading value we provide to our local communities. In fact, F&M is the number one bank, based on deposits, in almost half of the communities in which we operate.”
Income Statement Net income for the 2024 third quarter ended September 30, 2024, was $6.5 million, compared to $4.8 million for the same period last year. Net income per basic and diluted share for the 2024 third quarter was $0.48, compared to $0.35 for the same period last year. Net income for the 2024 nine months ended September 30, 2024, was $17.6 million, compared to $17.2 million for the same period last year. Net income per basic and diluted share for the 2024 nine months was $1.28, compared to $1.26 for the same period last year.
Mr. Eller continued, “Our 2024 third quarter and year-to-date performance demonstrate the success of the near-term strategies we are pursuing to navigate a complex operating environment and improve earnings. Most importantly, while the demand for loans is high across our markets, our approach to risk and pricing remains conservative. This near-term strategy has contributed to excellent asset quality. In addition, we continue to focus on strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we have added over 5,600 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended the quarter with a loan-to-deposit ratio of 93.6%, compared to 97.2% at September 30, 2023, and 96.0% at June 30, 2024. Our third quarter of 2024 loan-to-deposit ratio was the lowest quarterly value in two years. The final near-term strategy we are pursuing is focused on controlling expenses, and I am encouraged by the continued year-over-year and sequential improvement in our efficiency ratio. This reflects the opportunities we are pursuing to manage operating costs and expand productivity.”
Deposits At September 30, 2024, total deposits were $2.68 billion, an increase of 4.3% from September 30, 2023. The Company’s cost of interest-bearing liabilities was 3.2% for the quarter ended September 30, 2024, compared to 2.82% for the quarter ended September 30, 2023, and 3.02% for the 2023 fourth quarter ended December 31, 2023.
Loan Portfolio and Asset Quality “F&M’s teams continue to do an excellent job managing our cost of funds, loan pricing, deposit growth and overall net interest margin. Since the quarter ended December 31, 2023, our yield on earning assets has increased by 34 basis points, compared to a 19 basis point increase in our cost of interest bearing liabilities – representing the third consecutive quarter our yield on earning assets has outpaced our cost of interest bearing liabilities. We expect this trend will continue as more of our loan portfolio reprices in 2024,” continued Mr. Eller.
Total loans, net at September 30, 2024, increased 0.3%, or by $8.7 million to $2.54 billion, compared to $2.53 billion at September 30, 2023. The year-over-year growth was driven by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.
F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $2.9 million, or 0.11% of total loans at September 30, 2024, compared to $22.4 million, or 0.89% of total loans at September 30, 2023, and $22.4 million, or 0.87% at December 31, 2023.
F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at September 30, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.3% of the Company’s total loan portfolio at September 30, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $880,000.
F&M’s CRE portfolio included the following categories at September 30, 2024:
CRE Category
Dollar Balance
Percent of CRE Portfolio(*)
Percent of Total Loan Portfolio(*)
Industrial
$
274,953
21.1
%
10.8
%
Retail
$
237,622
18.2
%
9.4
%
Multi-family
$
223,926
17.2
%
8.8
%
Hotels
$
141,642
10.9
%
5.6
%
Office
$
134,973
10.4
%
5.3
%
Gas Stations
$
62,028
4.8
%
2.5
%
Food Service
$
46,526
3.6
%
1.8
%
Development
$
30,999
2.4
%
1.2
%
Senior Living
$
29,866
2.3
%
1.2
%
Auto Dealers
$
25,068
1.9
%
1.0
%
Other
$
93,557
7.2
%
3.7
%
Total CRE
$
1,301,160
100.0
%
51.3
%
* Numbers have been rounded
At September 30, 2024, the Company’s allowance for credit losses to nonperforming loans was 879.37%, compared to 112.61% at September 30, 2023, and 111.95% at December 31, 2023. The allowance to total loans was 1.01% at September 30, 2024, compared to 1.00% at September 30, 2023. Including accretable yield adjustments, associated with the Company’s recent acquisitions, F&M’s allowance for credit losses to total loans was 1.10% at September 30, 2024, compared to 1.18% at September 30, 2023.
Mr. Eller concluded, “With two months remaining in 2024, I am encouraged by F&M’s strong financial and operating performance to date. F&M ended the quarter with record stockholders’ equity, historically strong asset quality, record deposits, and excellent liquidity levels with over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%. We remain focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. As a result, F&M’s financial and operating performance continues to strengthen and I believe the Company is well positioned to create lasting value for our communities, customers, team members, and shareholders.”
Stockholders’ Equity and Dividends Total stockholders’ equity increased 10.6% to $335.4 million, or $24.48 per share at September 30, 2024, from $303.2 million, or $22.19 per share at September 30, 2023. The Company’s Tier 1 leverage ratio of 8.04%, remained stable compared to September 30, 2023.
Tangible stockholders’ equity increased to $242.8 million at September 30, 2024, compared to $208.8 million at September 30, 2023. On a per share basis, tangible stockholders’ equity at September 30, 2024, was $17.72 per share, compared to $15.28 per share at September 30, 2023.
For the nine months ended September 30, 2024, the Company has declared cash dividends of $0.66125 per share, which is a 5.0% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the nine months ended September 30, 2024, the dividend payout ratio was 50.99% compared to 49.50% for the same period last year.
About Farmers & Merchants State Bank: Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.
Safe Harbor Statement Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
Non-GAAP Financial Measures This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data)
Three Months Ended
Nine Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
September 30, 2024
September 30, 2023
Interest Income
Loans, including fees
$
36,873
$
36,593
$
35,200
$
34,493
$
33,783
$
108,666
$
94,851
Debt securities:
U.S. Treasury and government agencies
1,467
1,148
1,045
987
1,005
3,660
3,103
Municipalities
387
389
394
397
392
1,170
1,201
Dividends
334
327
333
365
246
994
517
Federal funds sold
7
7
7
8
6
21
36
Other
2,833
2,702
1,675
2,020
927
7,210
1,830
Total interest income
41,901
41,166
38,654
38,270
36,359
121,721
101,538
Interest Expense
Deposits
16,947
16,488
15,279
15,015
13,323
48,714
31,908
Federal funds purchased and securities sold under agreements to repurchase
277
276
284
293
349
837
1,181
Borrowed funds
2,804
2,742
2,689
2,742
2,741
8,235
6,134
Subordinated notes
284
285
284
285
284
853
853
Total interest expense
20,312
19,791
18,536
18,335
16,697
58,639
40,076
Net Interest Income – Before Provision for Credit Losses
21,589
21,375
20,118
19,935
19,662
63,082
61,462
Provision for Credit Losses – Loans
282
605
(289
)
278
460
598
1,420
Provision for Credit Losses – Off Balance Sheet Credit Exposures
(267
)
(18
)
(266
)
189
(76
)
(551
)
(143
)
Net Interest Income After Provision for Credit Losses
21,574
20,788
20,673
19,468
19,278
63,035
60,185
Noninterest Income
Customer service fees
300
189
598
415
248
1,087
917
Other service charges and fees
1,155
1,085
1,057
1,090
1,133
3,297
3,253
Interchange income
1,315
1,330
1,429
1,310
1,266
4,074
4,008
Loan servicing income
710
513
539
666
502
1,762
3,739
Net gain on sale of loans
215
314
107
230
294
636
469
Increase in cash surrender value of bank owned life insurance
265
236
216
216
221
717
618
Net loss on sale of available-for-sale securities
–
–
–
–
–
–
(891
)
Total noninterest income
3,960
3,667
3,946
3,927
3,664
11,573
12,113
Noninterest Expense
Salaries and wages
7,713
7,589
7,846
6,981
6,777
23,148
19,934
Employee benefits
2,112
2,112
2,171
1,218
2,066
6,395
6,302
Net occupancy expense
1,054
999
1,027
1,187
950
3,080
2,646
Furniture and equipment
1,472
1,407
1,353
1,370
1,189
4,232
3,652
Data processing
339
448
500
785
840
1,287
2,362
Franchise taxes
410
265
555
308
434
1,230
1,179
ATM expense
472
397
473
665
640
1,342
1,946
Advertising
597
519
530
397
865
1,646
2,209
Net (gain) loss on sale of other assets owned
–
(49
)
–
86
49
(49
)
49
FDIC assessment
516
507
580
594
586
1,603
1,388
Servicing rights amortization – net
219
187
168
182
106
574
429
Loan expense
244
251
229
246
241
724
809
Consulting fees
251
198
186
192
179
635
640
Professional fees
453
527
445
331
358
1,425
1,099
Intangible asset amortization
445
444
445
446
445
1,334
1,334
Other general and administrative
1,128
1,495
1,333
1,532
1,319
3,956
4,841
Total noninterest expense
17,425
17,296
17,841
16,520
17,044
52,562
50,819
Income Before Income Taxes
8,109
7,159
6,778
6,875
5,898
22,046
21,479
Income Taxes
1,593
1,477
1,419
1,332
1,121
4,489
4,235
Net Income
6,516
5,682
5,359
5,543
4,777
17,557
17,244
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities
11,664
2,531
(1,995
)
13,261
(4,514
)
12,200
(2,480
)
Reclassification adjustment for realized loss on sale of available-for-sale securities
–
–
–
–
–
–
891
Net unrealized gain (loss) on available-for-sale securities
11,664
2,531
(1,995
)
13,261
(4,514
)
12,200
(1,589
)
Tax expense (benefit)
2,449
531
(418
)
2,784
(947
)
2,562
(333
)
Other comprehensive income (loss)
9,215
2,000
(1,577
)
10,477
(3,567
)
9,638
(1,256
)
Comprehensive Income
$
15,731
$
7,682
$
3,782
$
16,020
$
1,210
$
27,195
$
15,988
Basic Earnings Per Share
$
0.48
$
0.42
$
0.39
$
0.41
$
0.35
$
1.28
$
1.26
Diluted Earnings Per Share
$
0.48
$
0.42
$
0.39
$
0.41
$
0.35
$
1.28
$
1.26
Dividends Declared
$
0.22125
$
0.22
$
0.22
$
0.22
$
0.21
$
0.66125
$
0.63
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Assets
Cash and due from banks
$
244,572
$
191,785
$
186,541
$
140,917
$
151,711
Federal funds sold
932
1,283
1,241
1,284
1,471
Total cash and cash equivalents
245,504
193,068
187,782
142,201
153,182
Interest-bearing time deposits
2,727
3,221
2,735
2,740
2,989
Securities – available-for-sale
404,881
365,209
347,516
358,478
348,255
Other securities, at cost
15,028
14,721
14,744
17,138
16,995
Loans held for sale
1,706
1,628
2,410
1,576
1,039
Loans, net of allowance for credit losses of $25,484 9/30/24 and $25,024 12/31/23
2,512,852
2,534,468
2,516,687
2,556,167
2,504,329
Premises and equipment
33,779
34,507
35,007
35,790
31,723
Construction in progress
35
38
9
8
3,044
Goodwill
86,358
86,358
86,358
86,358
86,358
Loan servicing rights
5,644
5,504
5,555
5,648
5,687
Bank owned life insurance
34,624
34,359
34,123
33,907
33,691
Other assets
46,047
49,552
54,628
43,218
47,388
Total Assets
$
3,389,185
$
3,322,633
$
3,287,554
$
3,283,229
$
3,234,680
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing
$
481,444
$
479,069
$
510,731
$
528,465
$
505,358
Interest-bearing
NOW accounts
865,617
821,145
829,236
816,790
778,133
Savings
661,565
673,284
635,430
599,191
591,344
Time
676,187
667,592
645,985
663,017
700,445
Total deposits
2,684,813
2,641,090
2,621,382
2,607,463
2,575,280
Federal funds purchased and securities sold under agreements to repurchase
27,292
27,218
28,218
28,218
30,527
Federal Home Loan Bank (FHLB) advances
263,081
266,102
256,628
265,750
266,286
Subordinated notes, net of unamortized issuance costs
34,789
34,759
34,731
34,702
34,673
Dividend payable
2,998
2,975
2,975
2,974
2,838
Accrued expenses and other liabilities
40,832
27,825
25,930
27,579
21,892
Total liabilities
3,053,805
2,999,969
2,969,864
2,966,686
2,931,496
Commitments and Contingencies
Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 9/30/24 and 12/31/23; outstanding 13,702,593
135,193
135,829
135,482
135,515
135,171
shares 9/30/24 and 13,664,641 shares 12/31/23
Treasury stock – 861,832 shares 9/30/24 and 899,784 shares 12/31/23
(10,904
)
(11,006
)
(10,851
)
(11,040
)
(11,008
)
Retained earnings
230,465
226,430
223,648
221,080
218,510
Accumulated other comprehensive loss
(19,374
)
(28,589
)
(30,589
)
(29,012
)
(39,489
)
Total stockholders’ equity
335,380
322,664
317,690
316,543
303,184
Total Liabilities and Stockholders’ Equity
$
3,389,185
$
3,322,633
$
3,287,554
$
3,283,229
$
3,234,680
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA
For the Three Months Ended
For the Nine Months Ended
Selected financial data
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
September 30, 2024
September 30, 2023
Return on average assets
0.78
%
0.69
%
0.66
%
0.67
%
0.59
%
0.71
%
0.73
%
Return on average equity
7.93
%
7.13
%
6.76
%
7.27
%
6.26
%
7.28
%
7.52
%
Yield on earning assets
5.27
%
5.22
%
5.00
%
4.93
%
4.79
%
5.17
%
4.57
%
Cost of interest bearing liabilities
3.21
%
3.18
%
3.06
%
3.02
%
2.82
%
3.16
%
2.35
%
Net interest spread
2.06
%
2.04
%
1.94
%
1.91
%
1.97
%
2.01
%
2.22
%
Net interest margin
2.71
%
2.71
%
2.60
%
2.57
%
2.59
%
2.68
%
2.77
%
Efficiency
67.98
%
69.03
%
74.08
%
69.23
%
73.07
%
70.36
%
68.24
%
Dividend payout ratio
45.99
%
52.35
%
55.52
%
54.23
%
60.07
%
50.99
%
49.50
%
Tangible book value per share
$
17.72
$
16.79
$
16.39
$
16.29
$
15.28
Tier 1 leverage ratio
8.04
%
8.02
%
8.40
%
8.20
%
8.02
%
Average shares outstanding
13,687,119
13,681,501
13,671,166
13,665,773
13,650,823
13,679,955
13,633,101
Loans
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(Dollar amounts in thousands)
Commercial real estate
$
1,301,160
$
1,303,598
$
1,304,400
$
1,337,766
$
1,304,118
Agricultural real estate
220,328
222,558
227,455
223,791
225,672
Consumer real estate
524,055
525,902
525,178
521,895
512,973
Commercial and industrial
260,732
268,426
256,051
254,935
250,891
Agricultural
137,252
142,909
127,670
132,560
123,735
Consumer
67,394
70,918
74,819
79,591
83,024
Other
25,916
26,449
26,776
30,136
31,083
Less: Net deferred loan fees, costs and other (1)
1,499
(1,022
)
(982
)
517
(1,890
)
Total loans, net
$
2,538,336
$
2,559,738
$
2,541,367
$
2,581,191
$
2,529,606
Asset quality data
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(Dollar amounts in thousands)
Nonaccrual loans
$
2,898
$
2,487
$
19,391
$
22,353
$
22,447
90 day past due and accruing
$
–
$
–
$
–
$
–
$
–
Nonperforming loans
$
2,898
$
2,487
$
19,391
$
22,353
$
22,447
Other real estate owned
$
–
$
–
$
–
$
–
$
–
Nonperforming assets
$
2,898
$
2,487
$
19,391
$
22,353
$
22,447
Allowance for credit losses
$
25,484
$
25,270
$
24,680
$
25,024
$
25,277
Allowance for unfunded
1,661
1,928
1,946
2,212
2,023
Total Allowance for Credit Losses
$
27,145
$
27,198
$
26,626
$
27,236
$
27,300
Allowance for credit losses/total loans
1.01
%
0.99
%
0.97
%
0.97
%
1.00
%
Adjusted credit losses with accretable yield/total loans
1.10
%
1.10
%
1.11
%
1.13
%
1.18
%
Net charge-offs:
Quarter-to-date
$
68
$
15
$
55
$
531
$
93
Year-to-date
$
138
$
70
$
55
$
551
$
20
Net charge-offs to average loans
Quarter-to-date
0.00
%
0.00
%
0.00
%
0.02
%
0.00
%
Year-to-date
0.01
%
0.00
%
0.00
%
0.02
%
0.00
%
Nonperforming loans/total loans
0.11
%
0.10
%
0.76
%
0.87
%
0.89
%
Allowance for credit losses/nonperforming loans
879.37
%
1016.08
%
127.28
%
111.95
%
112.61
%
NPA coverage ratio
879.37
%
1016.08
%
127.28
%
111.95
%
112.61
%
(1) Includes carrying value adjustments of $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps associated with fixed rate loans
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)
For the Three Months Ended
For the Three Months Ended
September 30, 2024
September 30, 2023
Interest Earning Assets:
Average Balance
Interest/Dividends
Annualized Yield/Rate
Average Balance
Interest/Dividends
Annualized Yield/Rate
Loans
$
2,551,899
$
36,873
5.78
%
$
2,536,885
$
33,783
5.33
%
Taxable investment securities
415,943
2,107
2.03
%
393,910
1,559
1.58
%
Tax-exempt investment securities
19,661
81
2.09
%
23,986
84
1.77
%
Fed funds sold & other
197,258
2,840
5.76
%
85,515
933
4.36
%
Total Interest Earning Assets
3,184,761
$
41,901
5.27
%
3,040,296
$
36,359
4.79
%
Nonearning Assets
168,055
180,193
Total Assets
$
3,352,816
$
3,220,489
Interest Bearing Liabilities:
Savings deposits
$
1,538,387
$
10,691
2.78
%
$
1,367,168
$
7,673
2.24
%
Other time deposits
667,224
6,256
3.75
%
667,880
5,650
3.38
%
Other borrowed money
264,539
2,804
4.24
%
266,467
2,741
4.11
%
Fed funds purchased & securities sold under agreement to repurchase
27,481
277
4.03
%
34,128
349
4.09
%
Subordinated notes
34,769
284
3.27
%
34,654
284
3.28
%
Total Interest Bearing Liabilities
$
2,532,400
$
20,312
3.21
%
$
2,370,297
$
16,697
2.82
%
Noninterest Bearing Liabilities
491,851
544,801
Stockholders’ Equity
$
328,565
$
305,391
Net Interest Income and Interest Rate Spread
$
21,589
2.06
%
$
19,662
1.97
%
Net Interest Margin
2.71
%
2.59
%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
For the Nine Months Ended
For the Nine Months Ended
September 30, 2024
September 30, 2023
Interest Earning Assets:
Average Balance
Interest/Dividends
Annualized Yield/Rate
Average Balance
Interest/Dividends
Annualized Yield/Rate
Loans
$
2,561,774
$
108,666
5.66
%
$
2,470,770
$
94,851
5.12
%
Taxable investment securities
397,466
5,575
1.87
%
396,917
4,544
1.53
%
Tax-exempt investment securities
20,684
249
2.03
%
24,865
277
1.88
%
Fed funds sold & other
165,227
7,231
5.84
%
67,869
1,866
3.67
%
Total Interest Earning Assets
3,145,151
$
121,721
5.17
%
2,960,421
$
101,538
4.57
%
Nonearning Assets
161,113
176,568
Total Assets
$
3,306,264
$
3,136,989
Interest Bearing Liabilities:
Savings deposits
$
1,487,809
$
30,291
2.71
%
$
1,373,110
$
18,854
1.83
%
Other time deposits
662,129
18,423
3.71
%
620,071
13,054
2.81
%
Other borrowed money
264,310
8,235
4.15
%
204,927
6,134
3.99
%
Fed funds purchased & securities sold under agreement to repurchase
27,887
837
4.00
%
37,649
1,181
4.18
%
Subordinated notes
34,741
853
3.27
%
34,625
853
3.28
%
Total Interest Bearing Liabilities
$
2,476,876
$
58,639
3.16
%
$
2,270,382
$
40,076
2.35
%
Noninterest Bearing Liabilities
507,843
561,001
Stockholders’ Equity
$
321,545
$
305,606
Net Interest Income and Interest Rate Spread
$
63,082
2.01
%
$
61,462
2.22
%
Net Interest Margin
2.68
%
2.77
%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)
For the Three Months Ended September 30, 2024
For the Three Months Ended September 30, 2023
As Reported
Excluding Acc/Amort
Difference
As Reported
Excluding Acc/Amort
Difference
$
Yield
$
Yield
$
Yield
$
Yield
$
Yield
$
Yield
Interest Earning Assets:
Loans
$
36,873
5.78
%
$
36,149
5.67
%
$
724
0.11
%
$
33,783
5.33
%
$
32,631
5.15
%
$
1,152
0.18
%
Taxable investment securities
2,107
2.03
%
2,107
2.03
%
–
0.00
%
1,559
1.58
%
1,559
1.58
%
–
0.00
%
Tax-exempt investment securities
81
2.09
%
81
2.09
%
–
0.00
%
84
1.77
%
84
1.77
%
–
0.00
%
Fed funds sold & other
2,840
5.76
%
2,840
5.76
%
–
0.00
%
933
4.36
%
933
4.36
%
–
0.00
%
Total Interest Earning Assets
41,901
5.27
%
41,177
5.17
%
724
0.10
%
36,359
4.79
%
35,207
4.64
%
1,152
0.15
%
Interest Bearing Liabilities:
Savings deposits
$
10,691
2.78
%
$
10,691
2.78
%
$
–
0.00
%
$
7,673
2.24
%
$
7,673
2.24
%
$
–
0.00
%
Other time deposits
6,256
3.75
%
6,256
3.75
%
–
0.00
%
5,650
3.38
%
5,500
3.29
%
150
0.09
%
Other borrowed money
2,804
4.24
%
2,800
4.23
%
4
0.01
%
2,741
4.11
%
2,759
4.14
%
(18
)
-0.03
%
Federal funds purchased and securities sold under agreement to repurchase
277
4.03
%
277
4.03
%
–
0.00
%
349
4.09
%
349
4.09
%
–
0.00
%
Subordinated notes
284
3.27
%
284
3.27
%
–
0.00
%
284
3.28
%
284
3.28
%
–
0.00
%
Total Interest Bearing Liabilities
20,312
3.21
%
20,308
3.21
%
4
0.00
%
16,697
2.82
%
16,565
2.80
%
132
0.02
%
Interest/Dividend income/yield
41,901
5.27
%
41,177
5.17
%
724
0.10
%
36,359
4.79
%
35,207
4.64
%
1,152
0.15
%
Interest Expense / yield
20,312
3.21
%
20,308
3.21
%
4
0.00
%
16,697
2.82
%
16,565
2.80
%
132
0.02
%
Net Interest Spread
21,589
2.06
%
20,869
1.96
%
720
0.10
%
19,662
1.97
%
18,642
1.84
%
1,020
0.13
%
Net Interest Margin
2.71
%
2.62
%
0.09
%
2.59
%
2.46
%
0.13
%
For the Nine Months Ended September 30, 2024
For the Nine Months Ended September 30, 2023
As Reported
Excluding Acc/Amort
Difference
As Reported
Excluding Acc/Amort
Difference
$
Yield
$
Yield
$
Yield
$
Yield
$
Yield
$
Yield
Interest Earning Assets:
Loans
$
108,666
5.66
%
$
106,588
5.55
%
$
2,078
0.11
%
$
94,851
5.12
%
$
92,364
4.99
%
$
2,487
0.13
%
Taxable investment securities
5,575
1.87
%
5,575
1.87
%
–
0.00
%
4,544
1.53
%
4,544
1.53
%
–
0.00
%
Tax-exempt investment securities
249
2.03
%
249
2.03
%
–
0.00
%
277
1.88
%
277
1.88
%
–
0.00
%
Fed funds sold & other
7,231
5.84
%
7,231
5.84
%
–
0.00
%
1,866
3.67
%
1,866
3.67
%
–
0.00
%
Total Interest Earning Assets
121,721
5.17
%
119,643
5.08
%
2,078
0.09
%
101,538
4.57
%
99,051
4.47
%
2,487
0.10
%
Interest Bearing Liabilities:
Savings deposits
$
30,291
2.71
%
$
30,291
2.71
%
$
–
0.00
%
$
18,854
1.83
%
$
18,854
1.83
%
$
–
0.00
%
Other time deposits
18,423
3.71
%
18,423
3.71
%
–
0.00
%
13,054
2.81
%
13,458
2.89
%
(404
)
-0.08
%
Other borrowed money
8,235
4.15
%
8,254
4.16
%
(19
)
-0.01
%
6,134
3.99
%
6,187
4.03
%
(53
)
-0.04
%
Federal funds purchased and securities sold under agreement to repurchase
837
4.00
%
837
4.00
%
–
0.00
%
1,181
4.18
%
1,181
4.18
%
–
0.00
%
Subordinated notes
853
3.27
%
853
3.27
%
–
0.00
%
853
3.28
%
853
3.28
%
–
0.00
%
Total Interest Bearing Liabilities
58,639
3.16
%
58,658
3.16
%
(19
)
0.00
%
40,076
2.35
%
40,533
2.38
%
(457
)
-0.03
%
Interest/Dividend income/yield
121,721
5.17
%
119,643
5.08
%
2,078
0.09
%
101,538
4.57
%
99,051
4.47
%
2,487
0.10
%
Interest Expense / yield
58,639
3.16
%
58,658
3.16
%
(19
)
0.00
%
40,076
2.35
%
40,533
2.38
%
(457
)
-0.03
%
Net Interest Spread
63,082
2.01
%
60,985
1.92
%
2,097
0.09
%
61,462
2.22
%
58,518
2.09
%
2,944
0.13
%
Net Interest Margin
2.68
%
2.59
%
0.09
%
2.77
%
2.64
%
0.13
%
Company Contact:
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Distinguished Member of Operations Staff Is Busy Making the World a Better Place
Suzy DiMont is a force to be reckoned with.
Suzy DiMont. Photo by Werner Slocum, NREL
Since she was hired at the National Renewable Energy Laboratory (NREL) in 2014, the Energy and Sustainability manager has evolved from an intern to a program manager and integral member of the Women’s Network Employee Resource Group (ERG). On the Intelligent Campus team, she is involved with all things sustainability, including the annual commuter survey, Site Sustainability Plan, and climate resilience planning and was also a key contributor to the NREL Smart Labs initiative, which NREL uses to meet sustainability goals.
DiMont is actively engaged in her community and is always looking for ways to give back. Annually, she participates in the Bike MS NREL team ride to raise funds for multiple sclerosis (MS) research. As a member of the Women’s Network, she regularly mentors NREL peers and helps enable pathways for the professional advancement of women.
Earlier this year, DiMont was named a Distinguished Member of Operations Staff for her “dedication to advancing NREL’s mission and making meaningful strides toward a sustainable and clean energy future.” As a member of the Intelligent Campus Program, she is the primary point of contact with the U.S. Department of Energy’s Golden Field Office and manages NREL’s electric vehicle supply equipment rollout and cost recovery program and NREL’s energy and water utility billing.
When asked if she ever gets time to rest amid numerous projects, leadership roles, and community engagement activities, DiMont responded, “I do rest, I do rest. Well, I have a toddler now, so I don’t rest.”
Then, always finding a way to make others shine, DiMont said, “It’s not just me doing it. I couldn’t do it by myself. I work with a lot of really great people all over the lab.”
During her decade at the laboratory, DiMont has collaborated with diverse groups across NREL and is constantly getting involved with new projects related to sustainability. Although this line of work may seem custom fit, her path from student to educator to engineer to Sustainability manager was far from linear.
Suzy DiMont, husband Neil, and Kosol Kiatreungwattana on their first Bike MS Ride. Photo by Suzy DiMont, NREL
A Lifelong Love for Learning
As a child, DiMont did not long to settle into a perfect career. Instead, her innate curiosity sparked a desire to learn and participate in as many activities as possible.
“I don’t know if I ever really had a dream that I wanted to work,” DiMont said. “I always had a dream that I wanted to learn. I really liked school, I liked all topics, I liked everything. Math, reading, art, history, science—I wanted to do all of it.”
DiMont’s desire to be a well-rounded learner drew her to a liberal arts education at Hamilton College in New York.
At Hamilton, she explored a variety of majors—psychology, art, French, and archeology—before landing on anthropology and mathematics.
Her first job after college was teaching math at the Solebury Boarding School in Pennsylvania. The role was intimidating because, although DiMont was a lifelong learner, she had no practice developing formal lesson plans for grade schoolers. She learned how to write tests that were appropriately challenging for students and experienced the joys of being a dorm mom for the girls on campus. DiMont also realized teaching was not her calling.
After leaving Solebury, DiMont joined AmeriCorps, an independent U.S. government agency focused on service and volunteerism, and began working for the “I Have a Dream” Foundation. DiMont worked with students at under-resourced schools on dropout prevention and helped the students, known as “dreamers,” realize their aspirations and connected them with support.
One of DiMont’s former dreamers, Anakary Valenzuela, is now a business support administrative associate for NREL’s Mechanical and Thermal Engineering Sciences (MTES) directorate. She remembers meeting DiMont as a sophomore at Centaurus High School in Lafayette, Colorado.
Valenzuela had been a dreamer since second grade and was all too familiar with the influx of AmeriCorps members who served for a year then moved onto the next opportunity. DiMont was different. She stayed with the program for three years—long enough to see the cohort of students graduate high school—and she took a genuine interest in the lives of students she mentored.
When Anakary Valenzuela was a student, the “I Have a Dream” Foundation hosted an event to celebrate high school graduation. Photo from Casie Zalud Photography
“She was the best AmeriCorp we ever had,” Valenzuela said. “I would go to her for advice. She would mentor me. [She was] my counselor, my friend. She would always stay extra hours to talk to us if it had to do with homework or college prep or advising us on what type of college we should go to or major [we should declare]. And then she would drive us home.”
Their friendship extended well beyond Valenzuela’s high school graduation as DiMont informally mentored Valenzuela throughout college and encouraged her to apply at NREL. After Valenzuela was hired, DiMont encouraged her to get involved with the Women’s Network and Hispanic and Latinx Alliance and invited her to ERG meetings and dinners to make friends and build her network.
“She inspires me to do more. I feel like I am part of her family,” Valenzuela said. “I can always count on her, she’s always been there. I don’t know how she does everything, but I’m so grateful that we crossed paths in this lifetime.”
From Educator to Engineer
During her three years with AmeriCorps, DiMont realized she could pursue her dual loves for mathematics and community engagement with a career in engineering. Working with low-income students exposed disparities in the lack of access to civil infrastructure. She saw engineering as a way to make infrastructure and transportation equitable for all.
DiMont enrolled in the Engineering and Developing Communities graduate program at the University of Colorado (CU) Boulder. DiMont got involved in the Renewable and Sustainable Energy Institute, known as the RASEI program, now a joint program between NREL and CU Boulder.
The university was DiMont’s introduction to NREL, via one of the laboratory’s vocal supporters: former NREL research technician Marc Landry.
“What an incredible human,” DiMont said. “He would not stop talking about NREL and what a wonderful place it was … an unbelievable mind.”
During one of the first events DiMont attended as an intern in 2014, Xcel Energy awarded NREL the Self-Direct Achievement Award. Photo from Suzy DiMont, NREL
During graduate school, DiMont pondered a career in international development work. She and her then boyfriend, now husband, traveled to Bolivia with a South Dakota Engineers Without Borders program to participate in a water development project. Although the work was important, she felt it was better to stay in Boulder.
“To do international development work well, you have to be part of that community, and you have to invest in that community and spend time there and be there,” DiMont said. “You can’t just swoop in with technology. It’s not kind; it’s not effective.”
After hearing Landry sing NREL’s praises for so many years, DiMont decided to apply for a sustainability internship at NREL.
‘Sustainability Is a Marathon, not a Sprint’
As DiMont evolved from an intern into her current role, much of her work folded into the Intelligent Campus program, which leverages NREL campuses to advance research and achieve operational excellence by deploying cutting-edge control and analytics technology. Or in DiMont’s words, her job “sits at the intersection of research and making things happen.”
She focuses on creating programs and strategies to implement changes regarding energy efficiency, the kind of energy NREL uses, and getting to net zero. However, DiMont acknowledged that “sustainability is a marathon, not a sprint.” For NREL to achieve its sustainability goals, the right folks—including researchers, subject matter experts, communicators, and technicians—need to come together and stay excited about work ahead.
“A lot of what we do won’t have an impact for a while. That’s why it’s important to keep a generational lens,” DiMont said. “It’s not always easy, but having a great team makes it possible. They can commiserate with you, they support you, they back you up.”
The NREL Waste Reduction and Pollution Prevention Team was recognized for a DOE Sustainability Award in 2016. Right to left: Ali Mohagheghi, Kenneth Proc, Kevin Donovan, Ellen Fortier, Laura Justice, Nancy Stovall, Laurie Snyder, Suzy DiMont and Susan Chadwick. Photo by Dennis Schroeder, NREL
Making the World a Better Place for All
When it comes to making the world a better place, for DiMont, that starts with making NREL a better place. As an early member of the Women’s Network, Suzy advocates for diversity in STEM (science, technology, engineering, and mathematics). The Women’s Network is one of NREL’s 11 ERGs and provides a platform for promoting women in leadership and the workforce.
“I think the Women’s Network is so important, because there is still, especially in research in STEM, so much discrimination against women, people of color, women with intersectional identities, folks that are marginalized in some way,” DiMont said.
For many, the biggest hurdle is staying in a career field if you see few people who look like you or share your experiences.
“It’s a huge loss, because these are the fields where we need a diversity of thought, people that don’t see the world the same way, that think about problems differently, people that lead differently,” DiMont said. “You need that diversity in a field where you’re looking for innovation and new things. To reach everyone on the planet, you must have that diversity to be successful.”
During her tenure at NREL, DiMont has witnessed major changes in the ways NREL promotes diversity, equity, and inclusion and credits much of this change to NREL’s women in leadership, such as Bobi Garrett, NREL’s former chief operating officer, and Julie Baker, deputy laboratory director for Laboratory Operations.
Suzy DiMont and her child Sebastian. Photo from Suzy DiMont, NREL
“It’s incredible to be around these powerful women,” DiMont said. “It’s very inspiring.”
As a mother, DiMont wants to make the world a better place for her child. Living in a world impacted by climate change causes many to feel anxious and depressed about the future. For DiMont, knowing that humans caused climate change means humans are also part of the solution. She hopes to impart this optimism onto the next generation.
“I want my child to live in a world where he sees engineers and expects them to be women,” DiMont said. “I want him to feel like he has agency and can be part of these solutions.”
It is a lot of work and the job is not easy, but for DiMont, making the world better for the next generation is what it is all about.
“When do I rest?” DiMont asked. “I’ve got this time to do what I can do with it. I put in my energy when I can, then I unplug. I unplug and put my energy in other places. It’s just about being present for the things you are doing in that moment.”
Learn more about NREL’s commitments to sustainability and resilience.
FY 2024 constant currency revenue growth target revised to -2.0% to -2.4% and operating margin target narrowed to 13.3% to 13.4%
FY 2024 organic free cash-flow target confirmed at around €1.9 billion
Paris, October 30, 2024 – The Capgemini Group reported consolidated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis, and down -1.6% at constant exchange rates*.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our growth improved marginally in Q3 compared to Q2, despite stronger headwinds than anticipated in some sectors, primarily in Manufacturing. However, we continue to see recovery in Financial Services and gradually lesser headwinds from Telco and Tech.
In a market that remains soft overall, we expect to deliver a similar growth in Q4 while demonstrating the resilience of our operating margin and organic free cash-flow. Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services.
Our positioning as a business and technology transformation partner, the relevance of our offerings and the quality of our talent are driving our solid book-to-bill ratio and growing pipeline of strategic deals. We are also launching a set of targeted actions to simplify our operations to make the Group more agile with a stronger emphasis on growth.
Based on Q4 perspectives, we now expect a full-year constant currency growth rate of -2.0% to -2.4% and narrow the operating margin target to 13.3% to 13.4%, while the organic free cash-flow target of around €1.9 billion is confirmed.”
(in millions of euros)
Change
Revenues
2023
2024
At current exchange rates
At constant exchange rates*
Q3
5,480
5,377
-1.9%
-1.6%
9 months
16,906
16,515
-2.3%
-2.3%
After bottoming out in Q1 2024, Capgemini activity trends improved again in Q3, but only marginally. The Group generated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis and -1.6% at constant exchange rates*. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -2.1%. For the first nine months of the year, growth stands at -2.3%, both on a reported basis and at constant exchange rates.
Clients remained focused on driving efficiencies through large digital transformation programs, at the expense of discretionary deals. This is fueling strong demand for Capgemini’s Cloud and Data & AI/Gen AI services, as well as for digital core modernization and intelligent supply chain services that are key focus themes in the current environment.
Bookings totaled €5,222 million in Q3 2024, down -0.8% at constant exchange rates, leading to a book-to-bill ratio of 0.97 for the period. Generative AI bookings amounted to around €600 million over the last 9 months which represent around 3.5% of Group bookings.
OPERATIONS BY REGION
In the Group’s largest regions, Q3 growth rates remained similar to Q2. Overall, this reflects the continued recovery in Financial Services across all regions combined with, as anticipated, a slowdown in the Manufacturing sector.
At constant exchange rates, revenues in the North America region (28% of Group revenues in Q3 2024) decreased by -3.9% year-on-year. Financial Services further improved, yet still posting a year-on-year decline in Q3. Overall, the revenue contraction was driven by the Consumer Goods & Retail, Energy & Utilities, and Public sectors.
Revenues in the United Kingdom and Ireland region (13% of Group revenues) returned to positive growth at +0.4%. The continued dynamism of the Energy & Utilities sector and a resilient Manufacturing sector outweighed the contraction in the Consumer Goods & Retail sector.
Revenues in France (19% of Group revenues) decreased by -2.5%. Growth in the Public sector, along with positive momentum in TMT (Telecoms, Media & Technology), were more than offset by the slowdown of the Manufacturing sector.
Revenues in the Rest of Europe region (31% of Group revenues) increased by +0.6%. Solid growth in Financial Services, as well as continued dynamism in Energy & Utilities and Public sector, made up for the contraction in the Manufacturing and TMT sectors.
Lastly, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -2.2%. In the Asia-Pacific region, strong momentum in the Public sector and improving Financial Services were more than offset by visible weakness in the Consumer Goods & Retail and Manufacturing sectors. Growth acceleration in Latin America was mostly driven by the Consumer Goods & Retail sector.
OPERATIONS BY BUSINESS
In Q3 2024, at constant exchange rates, the growth in Strategy & Transformation services (9% of the Group’s total revenues* in Q3 2024) further strengthened to +6.5% year-on-year. This reflects continued client demand for strategic consulting on their transition towards a more digital and sustainable model as well as their unwavering interest in the broad AI and Gen AI opportunities.
In Applications & Technology services (63% of the Group’s total revenues and Capgemini’s core business), growth rates improved by 170 basis points compared to Q2, to -1.2% year-on-year in Q3.
Lastly, Operations & Engineering total revenues (28% of the Group’s total revenues) decreased by -3.4% primarily driven by the contraction in Infrastructure Services and, to a lesser extent, Engineering services.
HEADCOUNT
The Group’s total headcount stands at 338,900 as at September 30, 2024, down -1.1% year-on-year and up +0.6% since the end of June. The offshore workforce stands at 194,400 employees or 57% of the total headcount.
OUTLOOK
The Group’s financial targets for 2024 are updated as follows:
Revenue growth of -2.0% to -2.4% at constant currency (was -0.5% to -1.5%);
Operating margin of 13.3% to 13.4% (was 13.3% to 13.6%);
Organic free cash-flow of around €1.9 billion (unchanged).
The inorganic contribution to growth should be 40 basis points.
CONFERENCE CALL
Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.
February 18, 2025 FY 2024 results April 29, 2025 Q1 2025 revenues May 7, 2025 Shareholders’ Meeting July 30, 2025 H1 2025 results
DISCLAIMER
This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
ABOUT CAPGEMINI
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.
DEFINITIONS
Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.
Reconciliation of growth rates
Q1 2024
Q2 2024
Q3 2024
9M 2024
Organic growth
-3.6%
-2.3%
-2.1%
-2.7%
Changes in Group scope
+0.3 pts
+0.4 pts
+0.5 pts
+0.4 pts
Growth at constant exchange rates
-3.3%
-1.9%
-1.6%
-2.3%
Exchange rate fluctuations
-0.2 pts
+0.4 pts
-0.3 pts
-0.0 pts
Reported growth
-3.5%
-1.5%
-1.9%
-2.3%
When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.
Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expense” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.
Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.
Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.
Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.
REVENUES BY REGION
Revenues (in millions of euros)
Year-on-year growth
Q3 2023
Q3 2024
Reported
At constant exchange rates
North America
1,608
1,530
-4.9%
-3.9%
United Kingdom and Ireland
676
690
+2.1%
+0.4%
France
1,045
1,019
-2.5%
-2.5%
Rest of Europe
1,633
1,646
+0.8%
+0.6%
Asia-Pacific and Latin America
518
492
-5.0%
-2.2%
TOTAL
5,480
5,377
-1.9%
-1.6%
Revenues (in millions of euros)
Year-on-year growth
9 months 2023
9 months 2024
Reported
At constant exchange rates
North America
4,896
4,638
-5.3%
-4.9%
United Kingdom and Ireland
2,062
2,070
+0.4%
-1.8%
France
3,353
3,264
-2.6%
-2.6%
Rest of Europe
5,105
5,116
+0.2%
+0.1%
Asia-Pacific and Latin America
1,490
1,427
-4.2%
-1.9%
TOTAL
16,906
16,515
-2.3%
-2.3%
REVENUES BY BUSINESS
Total revenues* (% of Group revenues)
Year-on-year growth at constant exchange rates in total revenues of the business
Q3 2024
Strategy & Transformation
9%
+6.5%
Applications & Technology
63%
-1.2%
Operations & Engineering
28%
-3.4%
Total revenues* (% of Group revenues)
Year-on-year growth at constant exchange rates in total revenues of the business
9 months 2024
Strategy & Transformation
9%
+3.9%
Applications & Technology
62%
-2.7%
Operations & Engineering
29%
-2.3%
1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.
30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.
All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd.
+353 1 676 8702
Philip O’Quigley, CEO
+353 87 814 7042
Anne Flynn, CFO
+353 1 676 9162
Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae
+44 131 220 9771
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
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Workers walking by a solar power plant in Kazakhstan
Article | 30 October 2024 Read time: 6 mins
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IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.
Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.
IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.
What is IF-CAP?
The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.
Why is IF-CAP being formed?
The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.
As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region. IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.
What will IF-CAP do?
IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.
With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.
IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.
What will IF-CAP not do?
IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.
Developing Asia’s share of global greenhouse gas emissions nearly doubled,from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.
Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.
How does the leverage mechanism work?
The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.
This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.
Who are the partners supporting IF-CAP?
IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.
What sovereign portfolios will their guarantees cover?
IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.
Which countries are eligible for IF-CAP financing?
All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.
Will IF-CAP differ from ADB’s regular climate financing?
Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.
What are the benefits of IF-CAP?
For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.
For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.
For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.
Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?
IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.
Source: Hong Kong Government special administrative region
Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at 19th Eco Expo Asia today (October 30):
Secretary Sun (Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,
Good morning.
My heartfelt welcome to all of you joining us at the opening of the 19th Eco Expo Asia. This is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. This year, we are honoured to have about 190 officials from about 40 official delegations from various provinces and cities in Mainland China, ASEAN (Association of Southeast Asian Nations) and Belt and Road countries joining this signature annual environmental trade event in Asia.
When people are talking about Hong Kong, what comes into our minds usually is high-rise buildings and very congested streets and roads. But actually we have a lot of well-protected countrysides in Hong Kong. And if you don’t know, I tell you that we are very rich in biodiversity. The number of coral species in our sea is more than the entire Caribbean Sea. Well, surprised? Therefore, we have produced two documentaries, “Beautiful Hong Kong” and also “Enchanting China” so as to bring the very beautiful scenes of our motherland and natural Hong Kong to the world. What you have just seen is just an extract only, and I encourage all of you to enjoy the full version that would be screened at our booth at this Expo which would tell you more about our efforts and achievements in pollution prevention, ecological protection, and nature conservation.
This year, the theme of Eco Expo Asia is “Fostering Green Innovations for Carbon Neutrality”. Our country places a lot of importance on climate change and therefore sets targets to achieve peak carbon emissions before 2030 and also strives to achieve carbon neutrality before 2060. As to Hong Kong, our carbon emissions peaked in 2014, and compared to the peak, our carbon emissions today have been reduced by about a quarter already. Actually our carbon emissions per capita is only about one quarter of the United States, and about 60 per cent of the European Union. And therefore we have set an interim target, to cut our carbon emissions by half before 2035 and achieve carbon neutrality before 2050.
We have been striving to achieve these targets through implementing our Climate Action Plan 2050 in Hong Kong, which covers four major decarbonisation strategies, namely aiming to achieve net-zero electricity generation, promote green buildings and also energy efficiency, promote green transport, as well as manage our waste reduction. In terms of green transport, I can tell you that now out of 10 newly registered vehicles in Hong Kong, seven are electric. And therefore I think we are moving at a reasonable speed.
Looking ahead, we will continue to harness the transformative power of innovation and technology to accelerate the growth of green and low-carbon transformation through supporting the development of green industry, promoting development of new energy and more importantly, facilitating green research and development projects with application potentials to transform into commercially valuable products through various measures.
On green tech, we are supporting relevant research and development through various initiatives and funding schemes, including the Innovation and Technology Fund, Green Tech Fund, New Energy Transport Fund, etc. Over HK$800 million has been approved from these funds for a few hundred research and development and pilot projects in net-zero electricity generation, energy saving, green buildings, green transport, and more.
Turning to new energy, our Chief Executive has announced in his Policy Address earlier this month, the Hong Kong Special Administrative Region (SAR) Government is committed to further promote the development of new energy including setting a target for sustainable aviation fuel (SAF) consumption, developing SAF and green maritime fuel supply chains, and promoting green and low-carbon energy such as hydrogen.
Hydrogen is regarded as a low-carbon energy with development potential in the course of energy transition. To prepare for possible wider application of hydrogen energy, the Hong Kong SAR Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy sets out the four major strategies of improving legislations, establishing standards, aligning with the market, and advancing with prudency to create an environment conducive to the development of hydrogen energy in Hong Kong in a prudent and orderly manner, so that we would be able to capitalise on the environmental and economic opportunities brought about by the recent developments of hydrogen energy in different parts of the world.
While the scarcity of land resources has made it difficult for the development of a major manufacturing base for green energy as well as green technologies in Hong Kong, we are determined to leverage our position as a “super connector” and a “super value-adder” to serve as the platform for green and low-carbon technologies to facilitate their application in other parts of the world. For instance, we have supported the development of Hong Kong’s first green hydrogen production demonstration project at a landfill which is scheduled for commencement next year, and we are also facilitating the industry to establish a solar-to-hydrogen facility in Hong Kong very soon.
Ladies and gentlemen, decarbonisation cannot wait. Different regions around the world have suffered the devastating consequences of extreme weather events. Heatwaves, severe droughts, extreme rainfall, and extreme storms have attacked every corner of our planet. This year, Hong Kong experienced the hottest ever mid-autumn festival. These events remind us that climate change is indeed a current-day reality. The world must take urgent actions to combat climate change together.
Decarbonisation implies transformational change. Green innovation solutions are of paramount importance in our decarbonisation journey. During Eco Expo Asia, we will see the latest innovation and technologies and products around the world in new energy, climate adaptation and other areas.
Last but not least, I thank you again for coming today. Together, we can drive global sustainability. I hope you will find the Expo and the three-day Eco Asia Conference inspiring. For friends who come from abroad and across the boundary, I wish you all an enjoyable stay in Hong Kong, and spend more money. Thank you.
(Please also refer to the Chinese portion of the speech.)
Source: Hong Kong Government special administrative region
2024 Edition of “Hong Kong Annual Digest of Statistics” published 2024 Edition of “Hong Kong Annual Digest of Statistics” published ***************************************************************************
The 2024 Edition of the “Hong Kong Annual Digest of Statistics” was published by the Census and Statistics Department (C&SD) today (October 30). The Digest is available for downloading at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010003&scode=460). The Digest is a comprehensive and convenient collection of official statistics. It contains some 300 statistical tables on a wide range of topics, including: – Population- Labour- External trade- National income and Balance of Payments- Prices- Business performance- Innovation and technology- Energy- Housing and property- Government accounts, finance and insurance- Transport, communications and tourism- Education- Health- Social welfare- Law and order- Culture, entertainment and recreation- Environment, climate and geography This Digest aims to provide key annual statistical series on various aspects of the social and economic developments of Hong Kong. Most of the data series presented reflect the latest situation covering a time span of the last decade, enabling readers to understand the trends of development in recent years. Descriptions of the scope of the statistical data and definitions of the terms used in this Digest are provided in the “Concepts and methods” in each chapter. Enquiries about the “Hong Kong Annual Digest of Statistics” can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 5073; email: gen-enquiry@censtatd.gov.hk).
Ends/Wednesday, October 30, 2024Issued at HKT 16:00
Source: Africa Press Organisation – English (2) – Report:
ISTANBUL, Turkey, October 30, 2024/APO Group/ —
ICD is investing EUR 40 million in the Nakkaş-Başakşehir section as part of a EUR 1.04 billion funding package.
The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkaş-Başakşehir section of Türkiye Northern Marmara Highway Project.
The Project aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.
ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.
Thanks to Solar Energy Production System to be installed within the scope of the Nakkaş-Başakşehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (O&M) center and service stations.
The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all O&M highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.
While the Nakkaş-Başakşehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.
Source: The White House
One year ago, President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). The Executive Order directed sweeping actions to manage AI’s safety and security risks, protect Americans’ privacy, advance equity and civil rights, stand up for consumers and workers, promote innovation and competition, advance American leadership around the world, and more.
Today, the Biden-Harris Administration is announcing that Federal agencies have completed on schedule each action that the Executive Order tasked for this past year—more than one hundred in all. Below are some of the Administration’s most significant accomplishments on managing AI’s risks and seizing its promise in the year since President Biden signed his Executive Order.
Managing Risks to Safety and Security:The Executive Order directed the boldest actions ever taken to protect Americans from a broad range of AI’s safety and security risks, including risks related to dangerous biological materials, software vulnerabilities, and foreign actors’ efforts to develop AI for harmful purposes. Over the last year, to protect safety and security, agencies have:
Used Defense Production Act authorities to require developers of the most powerful AI systems to report vital information, including results of safety and security testing, to the U.S. government. These companies have notified the Department of Commerce about the results of their red-team safety tests, their plans to train powerful models, and large computing clusters they possess capable of such training. Last month, the Department of Commerce proposed a rule to require the reporting of this information on a quarterly basis.
Led the way on AI safety testing and evaluations to advance the science of AI safety. The U.S. AI Safety Institute (US AISI) at the Department of Commerce has begun pre-deployment testing of major new AI models through recently signed agreements with two leading AI developers. The Department of Energy (DOE) developed and expanded its AI testbeds and evaluation tools, which it has already used to test models’ risk to nuclear security.
Developed guidance and tools for managing AI risk. The US AISI and the National Institute of Standards and Technology (NIST) at the Department of Commerce published frameworks for managing risks related to generative AI and dual-use foundation models, and earlier this month, AISI released a Request for Information on the responsible development and use of AI models for chemical and biological sciences. The Department of Defense (DoD) released its Responsible AI toolkit to align AI projects with the Department’s Ethical Principles.
Issued a first-ever National Security Memorandum (NSM) on AI. The NSM directs concrete steps by Federal agencies to ensure the United States leads the world’s development of safe, secure, and trustworthy AI; to enable agencies to harness cutting-edge AI for national security objectives, including by protecting human rights and democratic values; and to advance international consensus and governance on AI. This essential document serves as a formal charter for the AI Safety Institute, designating it as the center of the whole-of-government approach to advanced AI model testing, and will guide rapid and responsible AI adoption by the DoD and Intelligence Community. The NSM also directs the creation of a Framework to Advance AI Governance and Risk Management in National Security, which provides agile guidance to implement the NSM in accordance with democratic values, including mechanisms for risk management, evaluations, accountability, and transparency.
Finalized a framework for nucleic acid synthesis screening to help prevent the misuse of AI for engineering dangerous biological materials. The framework, developed by the Office of Science and Technology Policy (OSTP), encourages nucleic acid synthesis providers to identify gene sequences that could be used to pose national security risks, and to implement customer screening to mitigate the risks of misuse. Federal agencies will require that funding recipients obtain synthetic nucleic acids from vendors that adhere to the framework, starting in 2025. The Department of Homeland Security (DHS) has developed an initial framework with principles for evaluating the effectiveness of screening mechanisms going forward.
Launched a new Task Force on AI Datacenter Infrastructure. The Task Force provides streamlined coordination on policies to advance datacenter development operations in line with economic, national security, and environmental goals.
Identified measures—including approaches for labeling content and improving transparency—to reduce the risks posed by AI-generated content. The Department of Commerce submitted to the White House a final report on science-backed standards and techniques for addressing these risks, while NIST has launched a challenge to develop methods for detecting AI-generated content. President Biden has emphasized that the public has a right to know when content is AI-generated, and agencies are working to use these tools to help Americans to know that communications they receive from their government are authentic.
Combatted AI-generated image-based sexual abuse. Image-based sexual abuse—both non-consensual intimate images of adults and child sexual abuse material—is one of the fastest growing harmful uses of AI to date and disproportionately targets women, children, and LGBTQI+ people. This year, following the Vice President’s leadership in underscoring the urgent need to address deepfake image-based sexual abuse and a White House Call to Action to reduce these risks, leading AI developers and data providers made voluntary commitments to curb the creation of AI-generated image-based sexual abuse material. Additionally, the Department of Justice (DOJ) funded the first-ever helpline to provide 24/7 support and specialized services for victims of the non-consensual distribution of intimate images, including deepfakes. The Department of Education also clarified that school responsibilities under Title IX may extend to conduct that takes place online, including AI-generated abuse.
Established the AI Safety and Security Board (AISSB) to advise the Secretary of Homeland Security on the safe and secure use of AI in critical infrastructure. The AISSB has met thrice this year to develop a set of recommendations for entities that develop, deploy, and promote accountability for AI systems that assist in delivering essential services to millions of Americans. The work of the AISSB complements DHS’s first-ever AI safety and security guidelines for critical infrastructure owners and operators, which were informed by agencies’ assessments of AI risks across all critical infrastructure sectors. To help protect critical infrastructure further, the Department of Treasury released a report on managing security risks of AI use in the financial sector, and the Department of Energy released an assessment of potential risks to the power grid, as well as ways in which AI could potentially strengthen grid resilience and our ability to respond to threats.
Piloted AI for protecting vital government software systems. The Department of Defense and DHS conducted AI pilots to address vulnerabilities in government networks used, respectively, for national security purposes and for civilian governmental organizations.
Standing up for Workers, Consumers, Privacy, and Civil RightsAI is changing the products and services Americans buy, affecting jobs and workplaces, and introducing or exacerbating risks to privacy, equity, and civil rights. President Biden’s Executive Order stands up for Americans in each of these domains, and over the last year, agencies have:
Developed bedrock principles and practices, along with guidance, to help protect and empower workers as AI is built for and used in the workplace. The Department of Labor (DOL) released AI Principles and Best Practices for employers and developers to build and use AI in ways that center the wellbeing of workers and improve the quality of jobs. DOL also published two guidance documents to assist federal contractors and employers in complying with worker protection laws as they deploy AI in the workplace. In addition, the Equal Employment Opportunity Commission released resources for job seekers and workers to understand how AI use could violate employment discrimination laws.
Protected patients’ rights and safety, while encouraging innovation, as AI is developed and deployed for healthcare. The Department of Health and Human Services (HHS) established an AI Safety Program to track harmful incidents involving AI’s use in healthcare settings and to evaluate mitigations for those harms. HHS has also developed objectives, goals, and high-level principles for the use of AI or AI-enabled tools in drug development processes and AI-enabled devices. Additionally, HHS finalized a rule that established first-of-its-kind transparency requirements for AI and other predictive algorithms that are part of certified health information technology. HHS also finalized a civil rights regulation, implementing Section 1557 of the Affordable Care Act, that requires covered health care entities to take steps to identify and mitigate discrimination when they use AI and other forms of decision support tools for care.
Published guidance and resources for the safe, secure, and trustworthy design and use of AI in education. In July, the Department of Education released guidance calling up on educational technology developers to design AI in ways that protect rights, improve transparency, and center teaching and learning. This month, the Department of Education released a toolkit to support schools and educational leaders in responsibly adopting valuable AI use cases.
Issued guidance on AI’s nondiscriminatory use in the housing sector, which affirms that existing prohibitions against discrimination apply to AI’s use for tenant screening and housing advertisements, while explaining how to comply with these obligations. Additionally, the Consumer Financial Protection Bureau approved a rule requiring that algorithms and AI used for home valuations are fair, nondiscriminatory, and free of conflicts of interest.
Set guardrails on the responsible and equitable use of AI and algorithmic systems in administering public benefits programs. The Department of Agriculture’s guidance provides a framework for how State, local, Tribal, and territorial governments should manage risks for uses of AI and automated systems in critical benefits programs such as SNAP, while HHS released a plan with guidelines on similar topics for benefits programs it oversees.
Affirmed commitments to prevent and address unlawful discrimination and other harms resulting from AI. DOJ’s Civil Rights Division convenes federal agency civil rights offices and senior government officials to foster AI and civil rights coordination. Five new agencies also joined a 2023 pledge to uphold America’s commitment to fairness, equality, and justice as new technologies like AI become more common in daily life.
Advanced privacy protections to safeguard Americans from privacy risks that AI creates or exacerbates. In particular, the National Science Foundation (NSF) and DOE established a research network dedicated to advancing the development, deployment, and scaling of privacy-enhancing technologies (PETs), while NSF launched the $23 million initiative Privacy-preserving Data Sharing in Practice program to apply, mature, and scale PETs for specific use cases and establish testbeds to accelerate their adoption. Simultaneously, DOE launched a $68 million effort on AI for Science research, which includes efforts at multiple DOE National Laboratories and other institutions to advance PETs for scientific AI. The Department of Commerce also developed guidelines on evaluating differential privacy guarantees. The Office of Management and Budget (OMB) released a Request for Information (RFI) on issues related to federal agency collection, processing, maintenance, use, sharing, dissemination, and disposition of commercially available information containing personally identifiable information. OMB also released an RFI on how federal agencies’ privacy impact assessments may be more effective at mitigating privacy risks, including those that are further exacerbated by AI and other advances in technology and data capabilities.
Harnessing AI for GoodOver the last year, agencies have worked to seize AI’s enormous promise, including by collaborating with the private sector, promoting development and use of valuable AI use cases, and deepening the U.S. lead in AI innovation. To harness AI for good, agencies have:
Launched the National AI Research Resource (NAIRR) pilot and awarded over 150 research teams access to computational and other AI resources. The NAIRR pilot—a national infrastructure led by the National Science Foundation (NSF) in partnership with DOE and other governmental and nongovernmental partners—makes available resources to support the nation’s AI research and education community. Supported research teams span 34 states and tackle projects covering deepfake detection, AI safety, next-generation medical diagnoses, environmental protection, and materials engineering.
Promoted AI education and training across the United States. DOE is leveraging its network of national laboratories to train 500 new researchers by 2025 to meet demand for AI talent, while NSF has invested millions of dollars in programs to train future AI leaders and innovators. These programs include the EducateAI initiative, which helps fund educators creating high-quality, inclusive AI educational opportunities at the K-12 through undergraduate levels that support experiential learning in fields such as AI and build capacity in AI research at minority-serving institutions.
Expanded the ability of top AI scientists, engineers, and entrepreneurs to come to the United States, including by clarifying O-1 and H-1B visa rules and working to streamline visa processing.
Released a report on the potential benefits, risks, and implications of dual-use foundation models for which the model weights are widely available, including related policy recommendations. The Department of Commerce’s report draws on extensive outreach to experts and stakeholders, including hundreds of public comments submitted on this topic.
Announced a competition for up to $100 million to support the application of AI-enabled autonomous experimentation to accelerate research into—and delivery of—targeted, industry-relevant, sustainable semiconductor materials and processes.
Established two new National AI Research Institutes for building AI tools to advance progress across economic sectors, science, and engineering. The NSF-led AI Research Institutes launched in September will develop AI tools for astronomical sciences, with broader applications across scientific disciplines. Earlier this year, NSF also funded 10 inaugural Regional Innovation Engines (NSF Engines), seven of which include a focus on advancing AI.
Announced millions of dollars in further investments to advance responsible AI development and use throughout our society. These include $13 million invested by DOE in the VoltAIc initiative for using AI to streamline permitting and accelerate clean energy deployment, as well as $68M from DOE to fund AI for scientific research to accelerate scientific programming and develop energy efficient AI models and hardware. DOE has also launched the Frontiers in AI for Science, Security, and Technology (FASST) initiative roadmap and request for information to harness AI for scientific discovery, national security, energy and electric grid resilience, and other national challenges, building on AI tools, models, and partnerships. NSF, in partnership with philanthropy, announced an inaugural investment of more than $18 million to 44 multidisciplinary, multi-sector teams across the U.S. to advance the responsible design, development, and deployment of technologies including AI, ensuring ethical, legal, community, and societal considerations are embedded in the lifecycle of technology’s creation.
Issued a first-ever report analyzing AI’s near-term potential to support the growth of America’s clean energy economy. DOE’s National Laboratories also issued a long-term grand challenges report identifying opportunities in AI for energy over the next decade.
Released a vision for how AI can help us achieve our nation’s greatest aspirations. AI Aspirations sets forth goals to create a future of better health and opportunity for all, mitigate climate change and boost resilience, build robust infrastructure and manufacturing, ensure the government works for every American, and more. In furtherance of these goals, HHS launched CATALYST, a research and development program focused on the potential use of AI to better predict drug safety and efficacy before clinical trials start. In complement, the President’s Council of Advisors on Science and Technology also authored a report outlining AI’s potential to revolutionize and accelerate scientific discovery.
Published guidance addressing vital questions at the intersection of AI and intellectual property. To advance innovation the U.S. Patent and Trademark Office (USPTO) has released guidance documents addressing the patentability of AI-assisted inventions, on the subject matter eligibility of patent claims involving inventions related to AI technology, and on the use of AI tools in proceedings before USPTO.
Bringing AI and AI Talent into GovernmentAI can help government deliver better results for the American people, though its use by Federal agencies can also pose risks, such as discrimination and unsafe decisions. Bringing AI and AI-enabling professionals into government, moreover, is vital for managing these risks and opportunities and advancing other critical AI missions. Over the last year, agencies have:
Issued the first-ever government-wide policy to strengthen governance, mitigate risks, and advance innovation in federal use of AI. OMB’s historic policy, M-24-10, requires agencies to implement concrete safeguards when using AI in a way that could impact Americans’ rights or safety. These safeguards include a series of mandatory risk management practices to reliably assess, test, and monitor AI’s impacts on the public and provide greater transparency into how the government uses AI. OMB’s policy also directs agencies to designate Chief AI Officers to coordinate the use of AI across their agency, while expanding and upskilling their AI workforce and removing barriers to adopting AI for all manner of purposes—from addressing climate change to advancing public health and safety.
Released a government-wide policy to advance responsible acquisition of AI by Federal agencies. M-24-18, published this month by OMB, helps ensure that when Federal agencies acquire AI, they have the information and tools necessary to manage risks, promote a competitive marketplace, and collaborate on strategic planning. This work directs the Federal government—the largest buyer in the U.S. economy—to advance AI innovation and risk management through responsibly exercising its purchasing power.
Hired over 250 AI practitioners into the Federal government through the AI Talent Surge. Tech talent programs ramped up hiring for AI talent, with the Presidential Innovation Fellows bringing on their first-ever AI cohort, DHS establishing their AI Corps with over 30 members onboarded to date, and the U.S. Digital Corps providing pathways for early-career technologists to join Federal service. AI talent has been instrumental in delivering on critical AI priorities, from using AI to deliver top-tier government services, to protecting the public’s rights and safety in the use of AI.
Established the Chief AI Officers Council to harmonize best practices and sharing of resources across the interagency to implement OMB’s guidance and coordinate the development and use of AI in agencies’ programs and operations.
Introduced expanded reporting instructions for the federal AI use case inventory to include identifying use cases that impact rights or safety and how the agency is addressing the relevant risks in line with OMB’s policies.
Bolstered the public interest technology ecosystem. Building on the AI Talent Surge, the White House announced funding across government, academia, and civil society to support education and career pathways that will help ensure government has access to diverse, mission-oriented technology talent.
Activated new hiring authorities to bring AI and AI-enabling talent into agencies. As part of the AI Talent Surge, the Office of Personnel Management (OPM) granted new hiring authorities, including direct hire authorities and excepted service authorities, for agencies to rapidly bring on top-tier AI and AI-enabling talent, and released guidance on skills-based hiring and pay and leave flexibilities to best position agencies to hire and retain AI and AI-enabling talent. Additionally, OPM collaborated with partners to run three National Tech to Gov career fairs to connect the public with AI and tech jobs in government, surfacing roles from over 64 Federal, state, and local government employers to over 3,000 job seekers.
Advancing U.S. Leadership AbroadPresident Biden’s Executive Order directed work to lead global efforts to capture AI’s promise, mitigate AI’s risks, and ensure AI’s responsible governance. To advance these goals, the Administration has:
Sponsored and passed a landmark United Nations General Assembly resolution. The unanimously adopted resolution, with more than 100 co-sponsors (including the People’s Republic of China), lays out a common vision for countries around the world to promote the safe and secure use of AI to address global challenges.
Engaged foreign leaders on strengthening international rules and norms for AI, including at the 2023 UK AI Safety Summit and the AI Seoul Summit in May 2024, where Vice President Harris represented the United States. In the United Kingdom, Vice President Harris unveiled a series of U.S. initiatives to advance the safe and responsible use of AI, including the establishment of AISI at the Department of Commerce.
Announced a global network of AI Safety Institutes and other government-backed scientific offices to advance AI safety at a technical level. This network, which will formally launch in November at the inaugural network convening in San Francisco, will accelerate critical information exchange and drive toward common or compatible safety evaluations and policies.
Expanded global support for the U.S.-led Political Declaration on the Responsible Military Use of Artificial Intelligence and Autonomy. Fifty-six nations now endorse the political declaration, which outlines a set of norms for the responsible development, deployment, and use of military AI capabilities. DoD has expanded the scope of its international AI Partnership for Defense to align global Responsible AI practices with the Political Declaration’s norms.
Developed comprehensive plans for U.S. engagement on global AI standards and AI-related critical infrastructure topics. NIST and DHS, respectively, will report on priority actions taken per these plans in 90 days.
Signed the Council of Europe’s Framework Convention on AI and Human Rights, Democracy, and the Rule of Law. This first multilateral treaty on AI represents a powerful affirmation of the relevance of existing human rights obligations to AI activities and establishes a strong baseline in international law for responsible government use of AI. The United States’ signature reflects its commitment to ensuring that AI technologies are designed, developed, used, and governed in ways that promote respect for human rights and democratic values.
Led the development of a Joint Statement on Responsible Government Practices for AI Technologies. The Joint Statement, to which the 41 countries of the Freedom Online Coalition committed, calls on governments to develop, use, and procure AI responsibly, including by respecting international obligations and commitments, assessing impacts of AI systems, conducting ongoing monitoring, ensuring adequate human training and assessment, communicating and responding to the public, and providing effective access to remedy.
Launched the Global Partnership for Action on Gender-Based Online Harassment and Abuse. The 15-country Global Partnership has advanced international policies to address online safety, and spurred new programs to prevent and respond to technology-facilitated gender-based violence, including through AI.
The Department of State and the U.S. Agency for International Development published resources to advance global AI research and use of AI for economic development. The AI in Global Development Playbook incorporates principles and practices from NIST’s AI Risk Management Framework to guide AI’s responsible development and deployment across international contexts, while the Global AI Research Agenda outlines priorities for advancing AI’s safe, responsible, and sustainable global development and adoption.
The table below summarizes many of the activities that federal agencies have completed in response to the Executive Order.
TROIS-RIVIÈRES — The Minister of Innovation, Science and Industry and Member of Parliament for Saint-Maurice, the Honourable François-Philippe Champagne, on behalf of the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, joined by Quebec Minister of Labour, Minister responsible for the Mauricie region, the Abitibi-Témiscamingue region and the Nord-du-Québec region and Member of Parliament for Trois-Rivières, Jean Boulet, will announce investments in forest industry transformation. A media availability will follow.
TROIS-RIVIÈRES — The Minister of Innovation, Science and Industry and Member of Parliament for Saint-Maurice, the Honourable François-Philippe Champagne, on behalf of the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, joined by Quebec Minister of Labour, Minister responsible for the Mauricie region, the Abitibi-Témiscamingue region and the Nord-du-Québec region and Member of Parliament for Trois-Rivières, Jean Boulet, will announce investments in forest industry transformation. A media availability will follow.
Nokia selected to lead European lighthouse project on 6G sustainability
SUSTAIN-6G will evaluate and explore sustainable 6G technologies, methods and use cases touching on environmental, economic and societal needs
The consortium will work out solutions for three specific areas of sustainable development: energy smart grids, e-health and telemedicine, and agriculture
30 October 2024 Espoo, Finland – Nokia today announced that the Smart Networks and Services Joint Undertaking (SNS JU) has selected Nokia to be the coordinator of the SUSTAIN-6G lighthouse project. The SNS-JU is a public-private partnership funded by the European Commission. Nokia will lead a consortium of innovators that will identify how 6G can play a key role in building a sustainable future, addressing not only environmentally sustainable, but also economically and societally sustainable technologies.
One of the main goals of SUSTAIN-6G is to develop new solutions for meeting sustainability challenges using the toolkit that 6G will offer. The consortium will devote considerable time to working out use cases for three targeted areas, drawn from the United Nations’ Sustainable Development Goals:
Energy smart grid: The consortium will explore how 6G could be used to create microgrids that manage electricity demand. SUSTAIN-6G will also investigate the use of AI technologies for real-time control of distribution networks. This could lead to more efficient and resilient grids that minimize disruptions while providing the flexibility to draw energy from diverse sources as the world transitions to renewables like solar and wind.
E-Health and telemedicine: The consortium will generate new ideas on how 6G can make digital health more inclusive. 6G infrastructure could not only provide a far-reaching infrastructure for securely transmitting and analyzing medical data, but it also could be the foundation for new home-based online assessment services. These networks could improve the diagnosis and treatment process in underserved communities. Meanwhile AI could help detect disease outbreaks at early stages.
Agriculture: The consortium will investigate how 6G connectivity could be allocated on a temporary basis to enable smart agricultural applications that require high bandwidth, sensing, telemetry, data analytics and automation. For instance, 6G’s edge cloud capabilities could be harnessed to handle high-priority farming-equipment automation tasks during harvests or provide advanced processing capabilities that integrate data from field sensors, climate stations, soil analysis and satellite imagery to provide contextualized information during the growing season.
As a lighthouse project, SUSTAIN-6G will be one of the SNS JU’s most highly visible initiatives, and it is the third major European 6G research consortium that Nokia has been selected to lead. The others are Hexa-X and Hexa-X-II, which laid the groundwork for 6G pre-standardization and use cases respectively.
SUSTAIN-6G has broad representation from industry and academia. The consortium includes network equipment and services vendors, communications services providers, industrial equipment manufacturers, European research institutions and universities, and many small-and medium-sized enterprises. SUSTAIN-6G will kick off in January of 2025 and is scheduled to complete its work in 2027.
Peter Merz, Vice President of Nokia Standards, said: “The UN Paris Agreement committed the world to combatting climate change. Every industry must do its part. SUSTAIN-6G will show how the communications industry will apply the next generation of networking to creating that sustainable future, overcoming not just environmental challenges but societal and economic challenges as well.”
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Source: Africa Press Organisation – English (2) – Report:
ABIDJAN, Ivory Coast, October 30, 2024/APO Group/ —
The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved an $8 million concessional loan to support the construction of a 25MW Solar Photovoltaic power plant in Zambia. The financing for the Ilute Plant will be sourced from the Sustainable Energy Fund for Africa (SEFA), a multi-donor Special Fund managed by the Bank. Ilute is expected to advance Zambia’s sustainable development and help the country unlock its renewable energy potential.
The venture has faced rising costs associated with the COVID-19 pandemic and other challenges. Serengeti Energy Ltd (http://apo-opa.co/4hth8dE) and Western Solar Power Ltd (http://apo-opa.co/3YJBxUr) are leading the plant development in Zambia’s Sesheke District. Competitively selected by GreenCo Power Services Ltd (GreenCo) (http://apo-opa.co/4hiM3ci), this project will serve as a pilot for GreenCo’s energy aggregator model under the Zambia Electricity Supply Corporation Limited (ZESCO) (http://apo-opa.co/3YIpw1h) open grid access framework. Acting as an intermediary off-taker, GreenCo will purchase the generated electricity through a 25-year Power Purchase Agreement and sell it to the Southern African Power Pool Day-Ahead Market (http://apo-opa.co/3YELlih).
“We are delighted to support the Ilute Solar PV project – which will be the first project to use Africa GreenCo as an intermediate off-taker. SEFA’s support has been instrumental in bridging the financing gap and will pave the way for future projects that contribute to Southern Africa’s energy transition,” said Dr Daniel Schroth, African Development Bank Director for Renewable Energy and Energy Efficiency.
Anton-Louis Olivier, CEO of Serengeti Energy, acknowledged SEFA’s support. He said, “We appreciate the support from the African Development Bank Group and SEFA in helping us move the Ilute 25MW Solar PV project forward. This loan addresses the financial challenges we’ve faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region.” Serengeti Energy is a leading renewable independent power producer specialising in the development, construction, and operation of utility-scale renewable energy plants tailored to the needs of both public and private off-takers.
RENO, Nev., Oct. 30, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries® and an industry leader in energy storage, today announced that the Company will release its financial and operational results for the third quarter ended September 30, 2024 after market close on Thursday, November 14, 2024. The earnings press release will be followed by a conference call on November 14, 2024 at 5:00 PM Eastern Time.
Interested investors and other parties may access the live webcast via the link found here or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (800) 549-8228, toll-free in North America, or for international callers +1 (289) 819-1520, and referencing conference ID: 64729. Please log in to the webcast or dial in for the call at least 10 minutes prior to the start of the event.
An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.
About Dragonfly Energy Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.
SAN DIEGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Redoxblox raised an additional $30M in Series A funding, led by Prelude Ventures and joined by Imperative Ventures and New System Ventures, alongside existing investors Breakthrough Energy Ventures and Khosla Ventures. This brings the total Series A round to $40.7M. Redoxblox is pioneering a new class of low-cost thermochemical energy storage systems (TCES) designed to accelerate industrial decarbonization and address long duration energy storage needs for the grid. The company’s TCES units store energy both chemically and as heat at high temperatures, allowing for continuous or on-demand discharge for industrial processes or electricity generation. The system can fast charge when electricity prices are low or during periods of surplus renewables generation.
Today, 95% of industrial heat is provided by fossil fuels, which accounts for 30% of global carbon emissions. Decarbonizing this sector has been historically challenging due to a lack of affordable emissions-free alternatives. With a conversion efficiency comparable to lithium-ion batteries, higher energy density, and direct high temperature air discharge, Redoxblox provides the first reliable, cost-competitive solution to effectively use electricity as an alternative to fossil fuels. The system also offers space efficient, grid-scale long duration energy storage, enabling intermittent renewables to meet baseload needs.
The company also announces the appointment of a new CEO, Pasquale Romano, formerly President and CEO of ChargePoint and currently Member of The President of the United States’ National Infrastructure Advisory Council (NIAC). Romano will lead the company through its next phase of growth, expanding into key industrial heat and long duration grid scale storage markets.
“Decarbonization depends on widespread adoption of cost-competitive alternatives to fossil fuels for industrial heat applications that address the time-varying nature of electricity demand and fluctuating renewable generation. Our goal is to address the density, cycle life, reliability, efficiency, and cost requirements to enable the world to decarbonize without economic compromise,” said Romano. “Decarbonization has to be a natural side effect of utilizing cost-competitive technologies to meet the world’s energy needs.”
The company’s Series A funding follows grants from the California Energy Commission (CEC) and the U.S. Department of Energy (DOE). Redoxblox was selected by the CEC for a project to demonstrate the ability to provide 24 hours of electricity storage capacity in collaboration with UC San Diego and the Electric Power Research Institute (EPRI). Similarly, the DOE’s Industrial Efficiency and Decarbonization Office chose Redoxblox for an industrial-scale thermochemical energy storage project, partnering with Dow Chemical and EPRI to decarbonize steam production at Dow’s West Virginia plant. Both initiatives represent significant strides toward decarbonizing industrial heat and grid storage at scale.
Redoxblox’s technology offers several advantages over traditional energy storage. The storage modules are built with stable, long-lasting, non-toxic, non-flammable, and recyclable materials that can operate at temperatures up to 1500°C. After extensive cycle testing, the material proved capable of supporting mission critical industrial applications and as a reliable energy store for the grid. A single unit can store up to 20 MWh of energy at 95% round trip efficiency. Multiple units can be combined to meet the energy requirements at large facilities and can charge in as little as two hours. The system is designed to integrate seamlessly into existing industrial processes, allowing businesses to adopt without significant alterations to how their business works.
“Redoxblox is tackling one of the toughest sectors to decarbonize, industrial heat,” said Gabriel Kra, Managing Partner at Prelude Ventures. “They’ve accomplished what once seemed impossible: creating an electrical alternative to natural gas that is affordable, easy to adopt, and charges more quickly than other solutions. We’re excited to support them as they continue to scale and bring this solution to market.”
About Redoxblox Located in San Diego, Redoxblox is pioneering a new class of low-cost thermochemical energy storage systems (TCES) designed to accelerate industrial decarbonization and address long duration energy storage needs for the grid. The company’s TCES units store energy both chemically and as heat at very high temperatures that can be discharged continuously or as needed directly into industrial processes or as an energy source for electricity generation. The system can be fast charged when electricity prices are low or during surplus renewables generation and discharged as needed. Redoxblox is backed by Prelude Ventures, Khosla Ventures, Breakthrough Energy Ventures, Imperative Ventures, and New System Ventures. To learn more, visit the website or follow Redoxblox on LinkedIn.
About Prelude Ventures Prelude Ventures is a climate-focused venture capital firm that invests in and supports early-stage startups with the greatest potential to mitigate climate change. For over a decade, Prelude Ventures has sought out purpose-driven founders and provided the capital and expertise needed to build the next generation of category-defining businesses that will reshape our global economy for the greater good of people and the planet. Located in San Francisco, Prelude Ventures has approximately $2 billion under management.
Source: The Conversation – France – By David W. Versailles, Professor, strategic management and innovation management, co-director of PSB’s newPIC chair, PSB Paris School of Business
The headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, Virginia.ajay_suresh/Flickr, CC BY
The US Defense Advanced Research Projects Agency (DARPA) is often held as a model for driving technology advances. For decades, it has contributed to military and economic dominance by bridging the gap between military and civilian applications. European policymakers frequently reference DARPA in discussions, as outlined in the 2024 Draghi Report, but an EU equivalent has yet to materialise. To create such an agency, the governance and management of European innovation programmes would need drastic changes.
DARPA supports disruptive innovation
Founded in 1958, DARPA operates under the US Department of Defense (DoD) with a straightforward mission: to fund high-risk technological programmes that could lead to radical innovation. DARPA provides support throughout the innovation process, focusing on environments where new uses for technology must be invented or adapted. Although part of the DoD, DARPA funds projects that promise technological and economic superiority whether they align with current military priorities or not. DARPA has backed projects like ARPANET, the precursor to the internet, and the GPS. Today, DARPA shows interest in autonomous vehicles for urban areas and new missile technologies.
As part of its core mission, DARPA accepts high financial risks on exploration projects and makes long-term commitments to these projects. Many emblematic successes explain why DARPA is a reference agency. However, the list of failed projects is even longer. Both failures and successes feed the exploration process in emerging industrial sectors. They represent opportunities to learn together and build collective strategies in innovation ecosystems.
Five key principles of DARPA
DARPA’s success stems not just from its stability but from adhering to five organisational principles that allow it to explore deep tech in an open innovation context:
Independence: DARPA operates independently from other military services, research & development centres and federal agencies, allowing it to explore options outside dominant research paradigms. While cooperation is possible, its decisions and directions are not influenced by other parts of the federal administration.
Agility: The agency’s flat organisational structure minimises bureaucracy. Its independent decision-making processes and streamlined contracting allow it to pivot quickly, test new concepts and collaborate with academic or private sector partners. Agility also enables DARPA to test new exploration or experimentation methods that are often based on user-centric approaches. Potential military or civilian end-users are involved very early in innovation projects to discuss potential uses and applications. This approach has recently led DARPA to absorb the Strategic Capabilities Office (SCO), where officers from the different military services (Army, Air Force, Navy and Marines) and all military ranks test new technological solutions (from different maturity levels), fostering co-creation processes with military innovators and expanding the agency’s impact.
Sponsorship: High-ranking executives within the DoD and other federal administrations (NASA, Department of Energy) endorse, but do not commission, DARPA’s projects. This sponsorship model increases a project’s potential impact and allows for swift adaptation if a project fails.
Community building: DARPA creates innovation communities with a mix of diverse expertise. By bringing different perspectives together, it fosters collective strategies essential for disruptive innovation.
Diverse leadership: Project managers come from a range of backgrounds, including civilian experts, military officers and private-sector professionals. All have demonstrated scientific and technological expertise and a solid capability to bridge dreams and foresight with reality. All have a perfect command of risk and complexity management. Managers serve three- to four-year terms focused on driving technological disruption and building new innovation ecosystems. Their diverse expertise sets DARPA apart from other federal agencies.
The challenge of a European DARPA
The Draghi Report on European competitiveness suggests that a European DARPA could help bridge technological gaps, reduce dependencies and accelerate the green transition. However, implementing this model would require a seismic shift in how European agencies operate. Creating a new agency would be ineffective without ensuring that all principles underlying the success of DARPA are implemented in Europe.
Even if Europe actively promotes deep tech and devotes significant budgets to it, European public policies and ways of working prevailing in national and European agencies are hardly consistent with the DARPA model. European agencies do not have much autonomy in their decisions about the exploration of new ventures or human resource management. They clearly demonstrate an outcome-focused orientation inconsistent with DARPA’s approach to risk.
Two main challenges
European agencies often lack the stable missions, scope and ambition seen at DARPA. The European Space Agency (ESA), the European Defence Agency (EDA) and Eurocontrol highlight the difficulties in developing cohesive, cross-border innovation ecosystems. A European DARPA would require a unified ambition among EU member states, a challenging feat given the institutional and geopolitical divides within Europe. The debates around the European Defence Fund illustrate how complex it is to reach consensus on shared objectives and funding.
Adopting DARPA’s five organisational principles would represent a cultural revolution for European agencies in relation to EU bureaucratic norms and the budgetary controls of individual member states. Implementing these changes would also disrupt the existing power balance between countries. The DARPA model is inconsistent with the European “fair returns” model that refers to proportionality rules between funding, research operations and then industrial repartition during the production phase between member states in each project. The DARPA model would only focus on existing competencies, excellence, risk-taking approaches and entrepreneurial mindsets.
Establishing a European DARPA would require a fundamental rethinking of public policy management in Europe. Its success would depend on whether European stakeholders are willing to adopt DARPA’s core principles, including its independence, agility and willingness to accept failure. Creating an agency is one thing; ensuring it adheres to the structures that make DARPA effective is another. The question remains: Is Europe ready for this transformation?
David W. Versailles has received funding from the French Ministry of Defence to develop this research.
Valérie Mérindol has received funding from the French Ministry of the Armed Forces to develop this research.
Question for written answer E-002228/2024 to the Commission Rule 144 César Luena (S&D)
Article 12 EED[1] establishes an obligation for Member States to require data centres to publish information on their energy performance and sustainability, including water consumption (Annex VII), and mandates the Commission to set up a Union-wide database containing such information.
The database is ready and the energy parameters are defined, but there is no detailed section on water consumption. A recent study[2] (2023) estimated that data centres used for AI could account for up to 6 600 million cubic metres in water consumption in 2027.
1.What measures is the Commission considering to address the consumption of water resources by data centres, including possible measures under the EU Water Resilience Strategy?
2.Are companies obliged to report on the water consumption of data centres?
3.How can the Commission oblige data centre owners and operators to reduce their water consumption?
The first four episodes are available nowThe University of Aberdeen’s School of Law has launched a new podcast series looking at a range of topical issues viewed through a legal lens.
In each episode hosts Neil Weightman and Lauren Mitchell will chat to law lecturers to get their take on a variety of topics from energy law and cryptocurrency to freedom of speech and the impact of copyright on the music industry.
Across the 10-part series, they will use real-world cases to bring each episode’s theme to life, while keeping the topics interesting and fun for a broad audience ranging from undergraduates, postgraduates and members of the public.
“There isn’t a topic in existence that the law doesn’t bump up against, which gives us endless scope to offer insights and perspective on some of the key challenges facing society today,” said Professor Greg Gordon, Head of the School of Law.
“These podcasts will shine a light on the breadth of expertise that exists within the School and the scope of the research, policy affairs and public-facing issues that we play an active part in tackling.
“Tailored towards a wide audience, we hope they will be both interesting and fun to listen to.”
The first four episodes are available now across platforms including Spotify, Apple Podcasts and Amazon Music, as well as the University website, with further episodes to come in the new year.
The series includes:
There isn’t a topic in existence that the law doesn’t bump up against, which gives us endless scope to offer insights and perspective on some of the key challenges facing society today.” Professor Greg Gordon, Head of the School of Law
Episode 1: Anti-SLAPP Laws: Protecting the Public
Dr Francesca Farrington and Professor Justin Borg-Barthet discuss anti-SLAPP (Strategic Lawsuits Against Public Participation) laws and their crucial role in safeguarding freedom of speech. SLAPPs are lawsuits aimed at silencing critics, such as journalists, activists, and human rights defenders, by burdening them with costly legal battles.
Episode 2: Crypto Assets, Blockchain, and the Law
Delve into the legal dimensions of crypto assets and blockchain technology with Dr Alisdair MacPherson and Professor Burcu Yüksel Ripley. They discuss how crypto assets challenge traditional legal concepts of property, regulation, and financial transactions. The conversation covers the regulatory gaps, the treatment of crypto assets under English and Scots law, and the broader legal implications of decentralised systems like blockchain.
Episode 3: Copyright Law: Taylor Swift and the Music Industry
Professor Abbe Brown, Dr Titilayo Adebola and Professor Greg Gordon discuss the complex legal landscape of copyright law, with the Taylor Swift case as a central example. The episode explores how copyright operates as a property right, its territorial nature, and the significant role of contracts in determining artists’ control over their creations.
Episode 4: Energy Law and the Transition to a Low-Carbon Future
Professor Greg Gordon and Dr Daria Shapovalova discuss the legal challenges surrounding the energy transition from fossil fuels to low-carbon sources. The episode explores the critical role that law and policy play in decarbonising energy systems, securing supply and addressing energy poverty.
Jake Molloy (left) and Colin Shepherd (right)A trade unionist and offshore health and safety campaigner and a community archaeologist and will be recognised with honorary degrees from the University of Aberdeen.
Jake Molloy and Colin Shepherd will receive Master of the University (MUniv) awards during the 2024 Winter graduations.
Jake Molloy is a trade unionist and offshore health and safety campaigner. Jake spent almost two decades working offshore in the North Sea’s oil and gas industry, an experience which led him to actively campaign for improvements to health and safety in the offshore industry.
In 1997, he assumed the role of General Secretary of the Offshore Industry Liaison Committee (OILC), an independent trade union for offshore workers. OILC was founded in 1989 in response to a series of high-profile incidents, including the Piper Alpha disaster.
After merging with the RMT Union in 2008, he became the RMT Regional Organiser with responsibility for all offshore energy activity and has served on a number of industry forums including the Oil Spill Prevention Recovery Advisory Group (OSPRAG) which reviewed the impact of the Deepwater Horizon disaster, the Helicopter Safety Steering Group (HSSG) looking into helicopter safety in the sector after a number of fatal accidents, the Step Change Leadership Group which engages workers in offshore health, safety and environmental matters, and the Energy Jobs Task Force, and the Strategic Leadership Group, for Scottish Government as well as the UK Government’s North Sea Transition group.
Since 2022, he has served as a Commissioner on the Scottish Government’s Just Transition Commission, an independent advisory body which provides advice and scrutiny on how to deliver Scotland’s just transition to a low carbon economy. In 2023, Jake retired from the RMT Union after a twenty-five-year career as a senior trade union official but continues to participate in the climate change debate, with a particular interest in how to deliver a just transition for workers and society.
Colin, who is also an honorary research fellow at the University, has been a leading figure in the Bennachie Landscapes Project, jointly developed by the Bailies of Bennachie, a community group dedicated to the conservation and interpretation of the hill of Bennachie, and the University of Aberdeen, across a twelve-year period.
He holds a PhD from the University of Exeter which examined the role of iconography in the development of early medieval kingship in North-west Europe, and his research interests focus on landscape and the changing patterns of ideological thought and its effects upon socio-economic change in the later middle ages.
Colin has authored, co-authored and edited numerous publications on the history and archaeology of North-east Scotland and his work has helped to extend our understanding of the history and archaeology of North-east Scotland.
His work has also nurtured a team of community researchers working on the historic and current management of the landscape of North-east Scotland.
Professor George Boyne, Principal and Vice-Chancellor of the University of Aberdeen said: “Master of the University degrees are awarded to those who have made important contributions to the success of the University, to the local community, and to the region.
“Both Jake Molloy and Colin Shepherd exemplify this, and their achievements will inspire our graduands as they begin their own career journeys.
“We look forward to presenting them with their honorary degrees at our Winter Graduation ceremonies.”
Jake Molloy will receive his award on Monday November 25 at 10.30am while Colin Shepherd’s will be presented during the morning ceremony on Tuesday November 26.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Komsomolsk Oil Refinery (part of the Rosneft oil refining complex) has completed the implementation of a unique environmental project for the Far East: the construction of a closed collector for the Klyukvenny stream.
This complex of structures will protect sections of several streets in the city of Komsomolsk-on-Amur from flooding during floods and will eliminate the possibility of riverbank erosion products getting into the stream.
During the final second stage of the project, overpasses with devices for automatic monitoring of water level fluctuations in the stream, as well as pumping stations, were installed. The pumps will direct excess surface water to the treatment facilities of the Komsomolsk Oil Refinery.
Earlier, during the first stage of the project, almost two kilometers of the stream bed were enclosed in a protective reinforced concrete structure, providing waterproofing along its entire length. A new bridge has been built on Gorodskaya Street, which the stream used to wash away during floods.
Rosneft strives to achieve leadership positions in the field of minimizing environmental impact and environmentally friendly production. The Company’s subsidiaries implement comprehensive programs for the conservation and restoration of biological resources, including using advanced technological solutions.
In 2023, the Primorsky Interregional Department of Rosprirodnadzor issued a comprehensive environmental permit to the Komsomolsk Oil Refinery. It was the first in the Khabarovsk Territory, as well as the first for enterprises of the Rosneft oil refining and petrochemical complex.
As part of obtaining comprehensive environmental permits, an assessment is made of the conformity of technologies used in production with the best available technologies. They include technical and management solutions that help conserve production resources and reduce its impact on the environment. In accordance with the developed documentation, the technologies used at the Komsomolsk Oil Refinery meet the criteria of the best.
Reference:
Komsomolsk Oil Refinery is the largest oil refinery in Khabarovsk Krai and plays a key role in supplying regions of the Far Eastern Federal District with oil products. The product range includes more than 20 items: high-octane gasolines, diesel fuel of environmental class 5, marine fuel RMLS 40 with low sulfur content and other products.
Department of Information and Advertising of PJSC NK Rosneft October 30, 2024
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that 1,297,203 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) were tendered for conversion today, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares). As a result of the conversion, TC Energy has 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol TRP.PR.E. The Series 10 Shares will begin trading on the TSX today under the symbol TRP.PR.L.
The Series 9 Shares will continue to pay on a quarterly basis, for the five-year period beginning on Oct. 30, 2024, as and when declared by TC Energy’s Board of Directors (Board), a fixed dividend at an annualized rate of 5.080 per cent.
The Series 10 Shares will pay a floating rate quarterly dividend for the five-year period beginning on Oct. 30, 2024, as and when declared by the Board. The dividend rate for the Series 10 Shares for the first quarterly floating rate period commencing Oct. 30, 2024 to, but excluding Jan. 30, 2025, is 6.329 per cent and will be reset every quarter.
For more information on the terms of, and risks associated with an investment in the Series 9 Shares and the Series 10 Shares, please see the Corporation’s prospectus supplement dated Jan. 13, 2014 which is available on sedarplus.ca or on our website.
About TC Energy We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATION This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.
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Media Inquiries: Media Relations media@tcenergy.com 403-920-7859 or 800-608-7859
Source: Hong Kong Government special administrative region
19th Eco Expo Asia opens today (with photos) 19th Eco Expo Asia opens today (with photos) ********************************************
The 19th Eco Expo Asia is being held at AsiaWorld-Expo from today (October 30) to November 2. The theme of the Expo this year is “Fostering Green Innovations for Carbon Neutrality”. About 190 officials from around 40 official delegations from various cities and provinces in Mainland China, the Association of Southeast Asian Nations (ASEAN) and Belt and Road countries have been invited, bringing together international exhibitors, industry professionals to showcase cutting-edge green solutions, exchange views and share experiences. Speaking at the opening ceremony, the Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “Eco Expo Asia is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. Green innovation solutions are of paramount importance in our decarbonisation journey. During the Expo, we will see the latest innovations and technologies around the world in new energy, climate adaptation and other environmental areas.” Mr Tse remarked that this year marks the 75th anniversary of the founding of the People’s Republic of China. The documentary series “Enchanting China” was produced by the Environment and Ecology Bureau (EEB) and the Environmental Protection Department, in collaboration with the Center for Environmental Education and Communications of the Ministry of Ecology and Environment. “Beautiful Hong Kong” was produced by the EEB. The two documetaries showcase the contributions and achievements made by the country and the Hong Kong Special Administrative Region (HKSAR) Government in environmental protection and nature conservation. An extract of “Enchanting China” and “Picturesque Bays of Hong Kong”, the first episode of “Beautiful Hong Kong”, was shown at the opening ceremony. Mr Tse stressed that although Hong Kong’s carbon emissions peaked in 2014, and compared to the peak carbon emissions today have been reduced by about a quarter already, achieving carbon neutrality in Hong Kong by 2050 is still a significant challenge. The HKSAR Government is boosting the promotion of green low-carbon transformation and the development of new energy, new productive forces and green scientific research industries through multiple measures, leading Hong Kong towards carbon neutrality. The Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong, was invited to give a keynote speech at the opening ceremony. The Expo’s feature event, the Eco Asia Conference, is being held from today to November 1. In the Government Session, the Deputy Secretary General of the National Development and Reform Commission of the People’s Republic of China and the Director of the Department of National Economy, Mr Yuan Da, and the Director-General of the Department of Energy Conservation and Resources Comprehensive Utilization of the Ministry of Industry and Information Technology of the People’s Republic of China, Mr Wang Peng, introduced the latest environmental policies of the Mainland. In addition, the Vice Minister of the Lao People’s Democratic Republic Ministry of Natural Resources and Environment, Mr Phouvong Luangxaysana; the General Manager of Saudi Arabia’s Corporate Communications and Media of the Ministry of Environment, Water and Agriculture, Mr Saleh Abdulmohsen S Bindakhil; the Permanent Secretary of Myanmar’s Ministry of Natural Resources and Environmental Conservation, Mr Hla Maung Thein; the Director of Brunei’s Department of Environment, Parks and Recreation of the Ministry of Development, Ms Hajah Martinah binti Haji Tamit; and the Deputy Director General of the Vietnam Institute of Meteorology, Hydrology and Climate Change, Dr Le Ngoc Cau, shared their countries’ latest environmental and conservation policies. The Conference will once again feature the Hydrogen Economy Forum, allowing Hong Kong to capitalise on the environmental and economic opportunities brought by the global development of hydrogen energy, helping Hong Kong to achieve carbon neutrality, developing new quality productive forces, and maintaining international competitiveness. The EEB continued to participate in the Expo this year by setting up four exhibition zones, namely: “Smart Technology”, “Energy-saving and Green Buildings”, “Community Waste Reduction”, and “Green Transportation”, highlighting the HKSAR Government’s various measures and achievements in decarbonisation. The “Smart Technology” zone introduces high-tech applications in daily environmental protection work, including artificial intelligence (AI) environmental air disturbance detection mechanical dogs, 5G mesh network sampling robot teams, AI coastal cleaning monitoring systems, and AI construction noise recognition systems; the “Energy-saving and Green Buildings” zone covers the sustainable development of an online platform for electromechanical innovation and regional cooling systems; the “Community Waste Reduction” zone introduces smart recycling; and the “Green Transportation” zone highlights Hong Kong’s latest development of hydrogen energy and displays the first hydrogen-powered street-washing vehicle in Hong Kong. To tie in with the “Strategy of Hydrogen Development in Hong Kong” announced by the EEB this year, visitors can try riding on the hydrogen fuel cell double-deckers on the second day (October 31) and the fourth day (November 2) of the Expo. The Expo is jointly organised by the Hong Kong Trade Development Council and Messe Frankfurt (HK) Ltd, and co-organised by the EEB. In addition, 10 government bureaux/departments, namely the Architectural Services Department, the Civil Engineering and Development Department, the Drainage Services Department, the Electrical and Mechanical Services Department, the Fire Services Department, the Highways Department, the Hong Kong Observatory, the Housing Department, the Transport Department, and the Water Supplies Department are participating in the exhibition to introduce their initiatives in environmental protection and achieving carbon neutrality for Hong Kong. Eco Expo Asia will open to the public for free on the last day of the event (November 2) to encourage citizens to participate in environmental protection and promote green living. For details, please refer to the Eco Expo Asia’s website (www.hktdc.com/event/ecoexpoasia/en).
Ends/Wednesday, October 30, 2024Issued at HKT 20:05
U.S. imports of crude oil from Canada reached a record of 4.3 million barrels per day (b/d) in July 2024 following the expansion of Canada’s Trans Mountain pipeline. July is the most recent month for which data are available in our Petroleum Supply Monthly (PSM).
The Trans Mountain Expansion (TMX) tripled the line’s previous 300,000-b/d capacity when it began commercial operation in May 2024, bringing additional crude oil produced in the landlocked province of Alberta to Canada’s west coast, where it can be exported. Historically, most crude oil exports out of Alberta have made their way either to refiners in the U.S. Midwest via pipeline or to the U.S. Gulf Coast by rail shipments, where they are either consumed by refiners or loaded onto tankers for seaborne re-exports. TMX was added alongside the previous Trans Mountain pipeline to move larger volumes of crude oil to the coast of British Columbia to then be exported directly to Pacific Ocean buyers.
Since TMX came online in May, early data indicate that refiners on the U.S. West Coast have been key buyers of the new export volumes. Between June and September, the U.S. West Coast accounted for just over half of all maritime crude oil exports out of Western Canada, with the rest going to destinations in Asia, according to data from Vortexa Analytics. The U.S. West Coast imported 498,000 b/d of crude oil in July 2024, according to our PSM, a record high for the region and an increase of 115% compared with July 2023.
Data source: Vortexa Analytics
The Western Canadian Select (WCS) crude oil spot price at Hardisty is used as a benchmark price to reflect regional crude oil production in Alberta. Historically, WCS spot prices are significantly discounted to other benchmarks because of WCS’s quality and the region’s landlocked geography, which limit its market. Unlike Brent (the global crude oil benchmark grade), WCS has a higher sulfur content and a lower API gravity, and additional costs are necessary to move WCS from its inland pricing location to a coastal seaborne export location.
Data source: Bloomberg L.P. Note: Price premiums are calculated using the Dated Brent price minus the WCS spot market price at Hardisty.
Since TMX came online in May, added takeaway capacity has had a mixed impact on WCS prices. In July 2024, the monthly average Brent price premium to WCS was $21 per barrel (b), $5/b higher than it was at the same time last year despite the additional capacity provided by TMX. The August price differential was between the five-year (2019–23) average and last year’s level. The September average price differential, however, was slightly below the five-year average level. As of October 29, the Brent price premium to WCS for October is narrower by $10/b compared with October 2023.
The WCS price differential to Brent and other benchmarks often widens in the fall, when Midwestern refiners reduce runs to undergo maintenance, limiting the pool of buyers from Alberta’s primary customers. If the price differentials remain near current levels through the end of the year, it may suggest that the added TMX capacity has helped to insulate Canada’s crude oil producers from the operational decisions of refiners in the U.S. Midwest.
During the training, experts from the IAEA, MD Anderson, PAHO and C/Can delivered lectures on breast anatomy, breast cancer epidemiology, risk factors, pathologies, clinical guidelines and image acquisition protocols for various clinical scenarios – with interactive hands-on image acquisition simulation and biopsy practice sessions. In underlining the importance of early detection, risk management, safety and image quality, they highlighted how essential a multidisciplinary approach is in treating cancer.
Instructors delivered common and parallel programmes tailored to the specific training needs of two diagnostic imaging professional groups – technologists (radiographers and mammographers) and physicians (namely radiologists and those who are also involved in the interpretation of breast images such as gynaecologists, oncologists and surgeons) – from Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines and Trinidad and Tobago, strengthening cancer screening and diagnosis for the Caribbean region’s 3.8 million women.
Beyond providing financial support, the IAEA procured 52 breast mannequins on which participants could practice. For their part, MD Anderson and PAHO are providing participants with continued long distance teaching through their Project ECHO (Extension for Community Healthcare Outcomes) telementoring partnership.
“This regional course – the first joint training under the IAEA’s recently expanded cooperation with MD Anderson –highlights the importance of collaboration in tackling cancer challenges across the globe,” said May Abdel-Wahab, Director of the IAEA’s Division of Human Health. “By working hand-in-hand with our partners to address specific needs, we can strengthen the cancer care capacities of IAEA Member States – enabling equitable care for all.”
New York, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear technology company developing proprietary, portable, and clean energy solutions, today announced the October 29, 2024 closing of the sale of an additional 317,646 shares of its common stock at $17.00 per share pursuant to the full exercise of underwriter’s over-allotment option granted in connection with NANO Nuclear’s recent underwritten follow-on public offering which closed on October 25, 2024.
The gross proceeds from this public offering, inclusive of the full over-allotment exercise, before deducting underwriting discounts and other offering expenses, were approximately $41.4 million, and net proceeds were approximately $37.7 million.
“The investor demand for this follow-on offering was significant, and we are grateful for the full exercise of the underwriter’s over-allotment option,” saidJay Yu, Founder and Chairman of NANO Nuclear Energy. “With the support of our investors, we are building a dynamic, commercially focused nuclear energy company led by world-class nuclear engineers and scientists as well as esteemed national leaders in military and civilian energy policy, former nuclear regulatory licensing and government energy professionals, all with the goal of developing the best in class, smaller, cheaper and safer advanced portable nuclear microreactors and other nuclear energy technologies and services. We look forward to using these offering proceeds to innovate, grow and drive value for our shareholders and the nuclear energy sector.”
The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.
Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NANO Nuclear Energy Inc.
NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.
Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.
HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.
NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.
For further information, please contact:
Email: IR@NANONuclearEnergy.com Business Tel: (212) 634-9206 PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE: NANO Nuclear Energy LINKEDIN NANO Nuclear Energy YOUTUBE NANO Nuclear Energy TWITTER
This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.