Guelph, ON (CNW) – BIOREM Inc. (TSX-V: BRM) (“Biorem” or “the Company”), a leading global environmental technology company focused on air emissions control systems, today announced new orders totalling $3.1 million.
The new orders came from Canada and the United States and a variety of industrial sectors. The bulk of the orders are expected to be delivered in the next 12 months. The Company has booked a total of $6.6 million in new orders to-date in 2017.
“We are very pleased with the Company’s order booking rate in the first few months of 2017. These new orders for projects across North America represent the successful execution of sales initiatives targeting customers in a variety of States and Provinces. They also reflect the needs of municipalities and industry to select technologies and companies that are reliable over the long-term life of their projects” “Our order backlog has increased to $21 million which provides revenue visibility for the next 4-5 quarters. This combined with our lack of debt, enables us to focus resources on growing our business in China with our new strategic investor. We have launched several initiatives in the world’s largest market for environmental services and feel confident that with the foundation of our core business and the resources we have available, our business development activities over the coming months will produce some very interesting results.” - Derek Webb, President and CEO.
Biorem is a pioneer environmental biotechnology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs).
Legend Power to Exhibit at Ontario Association of School Business Officials
74th Annual Conference & Trade Show
Vancouver, Canada, April 26, 2017 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced it will be attending and exhibiting at the Ontario Association of School Business Officials (OASBO) annual conference and trade show. The education sector represents a break-out market vertical for Legend. The decision to exhibit demonstrates the company’s commitment to helping schools across Ontario reduce their power costs by imparting more control over their incoming voltage.
OASBO brings together school business professionals to collaborate on industry leading business practices and for skills development. Since 1944, the association has held an annual conference to champion the sharing of information, best practices, and efficiency measures. The 74th annual conference from May 3rd to 5th in Niagara Falls Ontario represents Legend’s inaugural exhibition at this event.
Legend Power’s Harmonizer is an energy efficiency product that measures incoming voltage and reduces it to an optimal level. Electricity Utilities in Ontario and across North America over-supply voltage to compensate for the natural and uncontrollable challenges inherent to supplying power over vast distances. Overvoltage drives all of the electrical equipment in a building harder than ideal, causing more power to be consumed than necessary and premature equipment failure. The Harmonizer makes schools better by helping them save up to 8% on power costs and by reducing maintenance frequency.
“We are excited to support OASBO’s annual conference by showcasing our Harmonizer technology,” stated Richard Whitehead, Director of Marketing at Legend Power. “The education sector is savvy when it comes to reducing their environmental footprint and greenhouse gas emissions. Our Harmonizer product is a perfect solution because it helps schools save money on power and reduces their impact on the environment. Saving money on power frees-up more funds for educating students making the Harmonizer a real win for everybody.”
Of the 13 market verticals in which Legend Power operates, the education sector has proven to be one of the fastest early adopters of voltage optimization technology with over 23 systems sold . Exhibition at the OASBO conference will open new sales opportunities for Legend as more influential school business professionals learn about the cost saving value offered by the Harmonizer product. In addition to regular orders from new education customers, Legend Power is at the beginning stages of realizing multi-unit, repeat orders from Ontario School Boards looking to outfit more facilities within their purview.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) markets a proprietary device, the ‘Harmonizer’ that helps individual buildings reduce energy consumption through the utility-proven concept of Conservation Voltage Reduction, (CVR). Legend provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. Legend was recognized as the top performing cleantech company on the TSX Venture Exchange in 2015.
For further information, please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
Sean Peasgood, Investor Relations
+ 1 416 565 2805
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.
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GUELPH, Ontario, April 27, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2016 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at http://ift.tt/12uq7A0 or on the SEC's website at www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attentio...
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GUELPH, Ontario, April 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has supplied 10 MW of PV Modules to Soroti Photovoltaic Plant in Uganda. The project is the largest of its kind in East Africa and was officially inaugurated at the end of 2016. The Soroti plant consists of 32,000 pieces of Canadian Solar high-efficiency poly panels. This is the first solar plant connected to the country's grid and is also the first in the east of Africa. The 10 MW solar system generates clean, low-carbon electricity for 40,000 homes, schools and businesses in the area. ...
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Reducing harmful emissions and using resources more efficiently is not only good for the environment, it is also good for business competitiveness and profitability.
The industrial sector accounts for about one third of the total energy consumed and one-third of fossil fuel related greenhouse gas emissions in the United States. In fact, it is estimated that between 20 to 50% of industrial energy input is lost as waste heat in the form of hot exhaust gases, cooling water, and heat lost from hot equipment surfaces and heated products.
Improving industrial energy efficiency provides an attractive opportunity not only for significantly reducing GHG emissions, but also significant cost savings for manufacturers, processors, and pretty well any organization with a boiler plant and steam operations. What makes this opportunity even more attractive is that instead of investing heavily into research and development in search of new solutions, technologies that can benefit businesses and fight the climate change battle are available today. In fact, a Canadian company has a few of these proven solutions and they have already made a big impact in reducing carbon emissions.
Thermal Energy International Inc. is an established global supplier of proprietary and proven energy efficiency and emission reduction solutions to the industrial and institutional sectors. The company saves its customers money and improves their bottom lines by reducing their fuel use and cutting their carbon emissions. Thermal Energy is a Canadian publicly-traded clean-technology company with shares listed on the TSX Venture Exchange (TSX-V) under the symbol TMG.
Thermal Energy has two main products - FLU-ACE Heat Recovery Systems and GEM Steam Traps. These products have proven applications across many industry sectors, from food and beverage, pulp and paper, chemicals and petrochemicals, to hospitals, pharmaceuticals, tire manufacturing, laundries, and more. Customers include Fortune 500 and many other multinational companies.
Combining Thermal Energy’s two proven technologies can recover from 20 to 30% of the energy wasted by many industrial and institutional operations, and reduce greenhouse emissions by comparable amounts. Again, these technologies are available today. There is no need to redesign and implement an entirely new system. Take a look at the Tweet below to see the impressive impact this company and its proven solutions have made to date.
TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) will report financial results for the first quarter ended March 31, 2017, after the market closes on Tuesday, May 2, 2017. The Company will hold its quarterly conference call to discuss these results and updated outlook for 2017 at 4:30 p.m. ET. Investors may access a live webcast of this conference call by visiting http://investor.firstsolar.com/events.cfm.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Tuesday, May 9, 2017, at 7:30 p.m. ET and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 8971725. A replay of the webcast will be available on the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The Company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
GUELPH, Ontario, April 25, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has secured financing for its 92 MWp IS-42 solar power project near Fayetteville, North Carolina. The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corporation (USBCDC).
Prudential Capital Group will provide a $97 million debt facility, including tax equity bridge loan, term loan, and revolving loan to the project. USBCDC, a division of U.S. Bank (NYSE: USB), will make a tax equity investment in the project under a separate agreement.
"This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S. We are glad to further strengthen our partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country." - Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
The 92 MWp project, covering an area of approximately 450 acres in the Bladen and Cumberland counties of North Carolina, is currently under construction and is expected to reach commercial operation in the third quarter of 2017. The project has a long-term Power Purchase Agreement with Duke Energy Progress. Once operational, the project will generate enough clean solar energy to power approximately 11,750 homes in the state. CohnReznick Capital Markets Securities acted as financial advisor to Canadian Solar in the transaction.
About Prudential Capital Group
Prudential Capital Group is the private placement arm of PGIM, the global investment management business of Prudential Financial, Inc. Prudential Capital Group manages a $76.8 billion portfolio of debt and equity investments and invests up to $12 billion, annually, in middle-market companies. Energy Finance Group: Power is part of Prudential Capital Group with $8 billion portfolio in power projects, utilities and cooperatives (as of December 31, 2016).
About U.S. Bancorp Community Development Corporation
With $23 billion in managed assets as of March 31, 2017, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
OTTAWA, ONTARIO – April 18, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three months (Q3) and nine months (YTD) ended February 28, 2017. All figures are in Canadian dollars.
“Thermal Energy International is well-positioned to capitalize on the strong market conditions we are witnessing around the world. Our order backlog is up 70% compared to this time last year. Our revenue and profitability for the year-to-date are ahead of last year’s pace. In fact, our gross profit for the year-to-date was the highest on record for the first nine months of our fiscal year. We have no debt and our working capital and net cash balance are up from the end of fiscal 2016. We have a growing international sales force selling well-proven products with applications in a multitude of industries. In addition to increasing our penetration with our existing products, we remain on the lookout for other complementary products and services that we can offer to our broad, existing client list.” - William Crossland, CEO of Thermal Energy
Q3 2017 Financial Review:
Revenue for the quarter was $3.2 million, which was comparable to the revenue in the third quarter of last year. Higher sales of heat recovery systems, which were up 9.7% compared to the same quarter a year ago, were offset by a 25.4% decrease in GEM™ sales.
The third quarter included heat recovery revenues from three ongoing hospital projects, as announced July 25, 2016, August 4, 2016 and November 2, 2016 respectively, as well as the partial installation of a heat recovery system at a global brewing company, as announced August 8, 2016 and the early stages of an installation at a leading producer of industrial and fuel alcohols, as announced September 28, 2016.
GEM revenues in the quarter included the conversion of one site of a Fortune 500 food and beverage company, one hospital conversion, and revenues from further sales to a major performance materials company, as mentioned in the news release dated September 20, 2016.
Gross profit for the quarter was approximately $1.7 million, down 17.4% from the gross profit of $2.0 million in the third quarter of last year. As a percentage of sales, gross profit for the quarter was 52.0% compared with 63.0% in the third quarter a year ago. The decrease was attributable to a higher percentage of revenues from heat recovery systems and current heat recovery projects carrying lower margins than in the previous year.
Profitability year-to-date remains well ahead of a year ago, however, third quarter EBITDAS was negative $2 thousand and the Company had a net loss of $56 thousand. In the third quarter of last year, the Company had EBITDAS of $505 thousand and net income of $418 thousand. The lower EBITDAS and resulting net loss for the third quarter of this year was primarily attributable to the impact of the product mix and project timing on gross profit as described above, as well as higher operating expenses due to recruitment costs associated with the addition of staff, and the effect of foreign currency exchange fluctuations.
Adjusted operating cash flow (defined as net income for the period, plus items not involving cash, plus lease payments received) for the quarter was $20 thousand compared to $496 thousand for the same period last year.
As at February 28, 2017, the Company had a net cash balance of nearly $2.6 million. With cash balances and unused borrowing capacity combining for just over $2.8 million, management believes that it has sufficient capital resources to fund existing operations and anticipated capital requirements for the remainder of fiscal 2017 and into fiscal 2018.
Order and Backlog Summary
The Company had an order backlog of $8.0 million as at April 13, 2017, compared with $4.7 million a year earlier. The current order backlog is comprised of several heat recovery orders announced during the first half of fiscal 2017, including $3.5 million remaining in orders from three hospital customers, and $1.6 million from a leading ethanol producer. The order backlog also includes heat recovery orders from two pulp and paper companies totaling $415 thousand, which were not previously announced.
The order backlog is also comprised of a number of GEM orders, which were not previously announced including, $412 thousand in repeat business from a leading Fortune 500 food and beverage company, $115 thousand from another food and beverage customer, and $274 thousand in repeat business from a performance materials company.
The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems.
Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy.
Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of two solar power plants in China, totalling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB687.1 million (US$99.8 million). The transaction was closed in March 2017 and the Company expects to recognize revenue from the sale of the plants when all revenue recognition criteria have been met.
"We are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy. We are well on track to monetize our operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and we look forward to further expanding our strong partnership with them for more opportunities in the future." - Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar
GUELPH, Ontario, April 3, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY5.4 billion (US$47.0 million) innovative dual-tenor green project bond was issued to finance Canadian Solar's 19.05 MWp Gunma Aramaki Solar Power Plant in Gunma Prefecture, Japan.
The Gunma Aramaki green project bond is the first of its kind with dual-tenor maturity of 1.5 years and 20.3 years, representing the initial and extended tenor respectively, within a single-tranche of bond. This innovative tenor mechanism provides Canadian Solar with options to maximize the value of its investment while preserving long-term financing support for its solar power project. The Japan Credit Rating Agency, Ltd. ("JCR") has assigned the investment grade rating of "A" to the Gunma Aramaki project, which is in line with the highest rating in the Japan PV sector. Further, Japan Research Institution, Limited ("JRI") provided an independent certification for the designation as green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA"). The asset-backed non-recourse bond has been issued at par and pays a fixed coupon of 1.2875% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3588% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp. was appointed the trustee.
"We are very proud to announce the landmark issuance of a dual-tenor green project bond in Japan. We are encouraged by the institutional investors' response to our innovative bond offering. Investors recognize our strong track record of building high quality and bankable solar power projects. This successful offering paves the way forward for Canadian Solar to further issue green project bonds at low coupon rate in Japan." - Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc.
The Gunma Aramaki Solar Power Plant is expected to reach commercial operations in December 2017. The electricity generated from this solar power plant will be purchased by the Tokyo Electric Power Co., Inc. ("TEPCO") under a 20-year feed-in-tariff contract at the rate of JPY36.00 (US$0.32) per kWh.