Thermal Energy International Achieved Record Order Intake in Fiscal Year Ended May 31, 20237/11/2023 Order intake up 133% year-over-year; project development agreements also on the rise Ottawa, Ontario--(Newsfile Corp. - July 11, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, is pleased to announce record order intake1 for its fiscal year ended May 31, 2023. The Company received orders totalling $27.3 million during the twelve-month period, which was up 133% year-over-year. "The past year has witnessed a remarkable surge in orders for Thermal Energy, reflecting the importance that multinational corporations are placing on reducing their environmental impact," said William Crossland, Thermal Energy CEO. "By choosing our energy efficiency solutions, these forward-thinking companies are not only reducing their carbon emissions but also maximizing profitability through substantial energy cost savings and improving operational efficiency. Our record order intake in fiscal 2023 underscores our customers' confidence in Thermal Energy's expertise and ability to deliver impactful results. And while our custom equipment orders have been steadily on the rise for some time, we are excited to see a significant year-over-year increase in the number and value of signed project development agreements." The Company received 25 signed project development agreements ("PDA") in fiscal 2023 (including seven in the fourth quarter) compared to ten signed PDAs in the prior fiscal year. The combined value of the signed PDAs received in fiscal 2023 was 365% higher than the combined total of the PDAs received in fiscal 2022. While there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline. "Improving energy efficiency is the fastest, cheapest, and easiest way to reduce industrial carbon emissions. The business case for what we do has never been better and we are working hard to make Thermal Energy the energy efficiency partner of choice for Fortune 500 and other large multinational companies." The Company's reported order intake above include the following recent orders:
1 Order Intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully revenued during the stated period.
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Nextech3D.AI (the “Company”) (formally “Nextech AR Solutions Corp'') (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce that the Company has filed to change its name to “Nextech3D.ai'' to better reflect its ongoing AI-powered business and intends to list its common shares on the NASDAQ Capital Market. The Company plans to keep its Canadian CSE listing and be dual-listed in the USA and Canada as well as in Frankfurt.
The Company is also pleased to announce a large enterprise customer that is part of the Wesfarmers, Stock symbol: WFAFY (OTCMKTS) one of Australia's largest listed companies whose businesses include Bunnings, Kmart Group, Officeworks and others, has renewed and expanded its contract for over 1,000+ 3D models. This renewal follows the renewal and expansion contract with a major ecommerce brand for 3000 3D models, as well as the enterprise renewal contract with an S&P 400 company for over 5000 3D models. The Company believes that these enterprise renewal contracts, in addition to its multi-year supply agreement with Amazon, strengthens Nextech3D.ai’s position in the 3D models for the ecommerce industry. About Nextech3D.ai Nextech3D.ai is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out. Source: Nextech3D.ai CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is thrilled to announce that the Company has closed a CAD$6.6M strategic investment by world’s leading steel and mining company, ArcelorMittal S.A., through ArcelorMittal XCarb S.à r.l. (“ArcelorMittal”) and ArcelorMittal’s XCarb® Innovation Fund (the “Fund”). With a presence in 60 countries and primary steelmaking facilities in 16 countries, including ArcelorMittal Dofasco in Hamilton, Ontario, ArcelorMittal generated revenues of USD$79.8 billion in 2022.
CHAR also signed a Memorandum of Understanding under which ArcelorMittal Dofasco will purchase biocarbon produced at CHAR’s cutting-edge facility in Thorold, Ontario starting in 2023. CHAR’s proven technology transforms wood waste into renewable natural gas and biocarbon through a proprietary high-temperature pyrolysis cracking process. This marks a milestone achievement for the collaborative efforts of CHAR and ArcelorMittal Dofasco to develop a drop-in replacement biocarbon to reduce ArcelorMittal Dofasco’s consumption of fossil-based carbon sources. Under the agreement, CHAR’s biocarbon, the first in Canada for steelmaking, is targeted for trial in the Electric Arc Furnace (EAF) with the aim of reducing GHG emissions by 35,000 tonnes over four years. Biocarbon produced by CHAR Technologies has been tested in the Blast Furnace at ArcelorMittal Dofasco since 2021 and this agreement will enable larger scale trials in the EAF process. The XCarb® Innovation Fund’s global mandate is to invest in companies developing breakthrough technologies that will accelerate the steel industry’s transition to carbon neutral steelmaking. ArcelorMittal’s investment in CHAR marks the Fund’s seventh global investment and first ever in a Canadian company. This strategic partnership will be instrumental in propelling CHAR’s mission to revolutionize carbon-free solutions within heavy industries. The XCarb® Innovation Fund investment will be utilized to maximize the impact of the Canadian and Ontario governments’ December 2022 investment of CAD$12.8M in CHAR. It aims to accelerate the scale up of production as well as research and development initiatives at CHAR’s Thorold, Ontario facility. This investment will also enable CHAR to expedite the development of additional project sites. In accordance with a subscription agreement (the “Agreement”) entered into between CHAR and ArcelorMittal on July 4, 2023, the Company issued 11,000,000 units (each, a “Unit”) to ArcelorMittal by way of private placement at a price of CAD$0.60 per Unit, for aggregate cash consideration of CAD$6,600,000, with each Unit comprised of one common share in the capital of the Company (each, a “Common Share”) and one-quarter of one non-transferrable Common Share purchase warrant (each whole warrant, a “Warrant”) (collectively, the “Offering”). Each Warrant is exercisable for one Common Share at an exercise price of CAD$0.70 per share for a period of 24 months. Prior to the Offering, ArcelorMittal did not own or have control over any securities of CHAR, and following completion of the Offering, ArcelorMittal holds approximately 12.48% of the Company’s Common Shares on a non-diluted basis. ArcelorMittal is acquiring the Units for investment purposes. In the future, ArcelorMittal may, from time to time, increase or decrease its investment in CHAR through market transactions, private arrangements, treasury issuances or otherwise. CHAR intends to use the net proceeds of the Offering for general working capital needs, including to advance the development of both contracted and earlier stage projects. All securities issued under this Offering are subject to a statutory hold period ending four months and one day from the closing date of the Offering. No bonuses, finders’ fees or commissions were paid in connection with the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Commenting, Andrew White, CEO of CHAR Technologies Ltd., said: “The governments of Canada and Ontario called for innovative solutions to decarbonize the steel industry and I’m extremely proud to say that CHAR and ArcelorMittal S.A. have answered that call. Today’s announcement validates years of collaborative research & development with ArcelorMittal S.A., as we strive towards replacing metallurgical coal completely. Our strategic partnership lays the foundation to drive shareholder value as we continue to deliver on our commitment to reduce carbon emissions and promote a greener future.” Commenting, Irina Gorbounova, Head of ArcelorMittal’s XCarb® Innovation Fund, said: “I am especially pleased that not only are we investing in them, but we are already working alongside them, testing their product at one of our Canadian steel plants. This is one of the advantages of our Innovation Fund and our unique approach. We provide seed capital of course, but we also provide the industrial infrastructure and R&D collaboration that breakthrough technology companies need to bring their product to market." Source: CHAR Technologies Ltd |
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