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BEIRUT (AP) — Insurgents' stunning march across Syria accelerated Saturday with news that they had reached the gates of the capital and that government forces had abandoned the central city of Homs. The government was forced to deny rumors that President Bashar Assad had fled the country. The loss of Homs is a potentially crippling blow for Assad. It stands at an important intersection between Damascus and Syria’s coastal provinces of Latakia and Tartus — the Syrian leader’s base of support and home to a Russian strategic naval base. The pro-government Sham FM reported that government forces took positions outside Syria’s third-largest city, without elaborating. Rami Abdurrahman who heads the Britain-based Syrian Observatory for Human Rights, said Syrian troops and members of different security agencies have withdrawn from the city, adding that rebels have entered parts of it. The capture of Homs is a major victory for insurgents, who have already seized the cities of Aleppo and Hama , as well as large parts of the south, in a lightning offensive that began Nov. 27. Analysts said Homs falling into rebel hands would be a game-changer. The rebels' moves around Damascus, reported by the monitor and a rebel commander, came after the Syrian army withdrew from much of southern part of the country, leaving more areas, including several provincial capitals, under the control of opposition fighters. For the first time in the country’s long-running civil war, the government now has control of only three of 14 provincial capitals: Damascus, Latakia and Tartus. The advances in the past week were among the largest in recent years by opposition factions, led by a group that has its origins in al-Qaida and is considered a terrorist organization by the U.S. and the United Nations. In their push to overthrow Assad's government, the insurgents, led by the Hayat Tahrir al-Sham group, or HTS, have met little resistance from the Syrian army. The rapid rebel gains, coupled with the lack of support from Assad's erstwhile allies, posed the most serious threat to his rule since the start of the war. The U.N.’s special envoy for Syria, Geir Pedersen, on Saturday called for urgent talks in Geneva to ensure an “orderly political transition.” Speaking to reporters at the annual Doha Forum in Qatar, he said the situation in Syria was changing by the minute. Russian Foreign Minister Sergey Lavrov, whose country is Assad's chief international backer, said he feels “sorry for the Syrian people.” In Damascus, people rushed to stock up on supplies. Thousands went to Syria's border with Lebanon, trying to leave the country. Many shops in the capital were shuttered, a resident told The Associated Press, and those still open ran out of staples such as sugar. Some were selling items at three times the normal price. “The situation is very strange. We are not used to that,” the resident said, insisting on anonymity, fearing retributions. “People are worried whether there will be a battle (in Damascus) or not.” It was the first time that opposition forces reached the outskirts of Damascus since 2018, when Syrian troops recaptured the area following a yearslong siege. The U.N. said it was moving noncritical staff outside the country as a precaution. Assad's status Syria’s state media denied social media rumors that Assad left the country, saying he is performing his duties in Damascus. He has had little, if any, help from his allies. Russia, is busy with its war in Ukraine . Lebanon’s Hezbollah, which at one point sent thousands of fighters to shore up Assad's forces, has been weakened by a yearlong conflict with Israel. Iran has seen its proxies across the region degraded by regular Israeli airstrikes. U.S. President-elect Donald Trump on Saturday posted on social media that that the United States should avoid engaging militarily in Syria. Pedersen said a date for talks in Geneva on the implementation a U.N. resolution, adopted in 2015, and calling for a Syrian-led political process, would be announced later. The resolution calls for the establishment of a transitional governing body, followed by the drafting of a new constitution and ending with U.N.-supervised elections. Later Saturday, foreign ministers and senior diplomats from eight key countries, including Saudi Arabia, Russia, Egypt, Turkey and Iran, along with Pederson, gathered on the sidelines of the Doha Summit to discuss the situation in Syria. In a statement issued late Saturday, the participants affirmed their support for a political solution to the Syrian crisis “that would lead to the end of military activity and protect civilians.” They also agreed on the importance of strengthening international efforts to increase aid to the Syrian people. The insurgents' march Rami Abdurrahman, who heads the Britain-based Syrian Observatory for Human Rights, an opposition war monitor, said insurgents were in the Damascus suburbs of Maadamiyah, Jaramana and Daraya. Opposition fighters were marching toward the Damascus suburb of Harasta, he added. A commander with the insurgents, Hassan Abdul-Ghani, posted on the Telegram messaging app that opposition forces had begun the “final stage” of their offensive by encircling Damascus. HTS controls much of northwest Syria and in 2017 set up a “salvation government” to run day-to-day affairs in the region. In recent years, HTS leader Abu Mohammed al-Golani has sought to remake the group’s image, cutting ties with al-Qaida, ditching hard-line officials and vowing to embrace pluralism and religious tolerance. The shock offensive began Nov. 27, during which gunmen captured the northern city of Aleppo, Syria’s largest, and the central city of Hama , the country’s fourth largest city. Opposition activists said Saturday that a day earlier, insurgents entered Palmyra, which is home to invaluable archaeological sites had been in government hands since being taken from the Islamic State group in 2017. To the south, Syrian troops left much of the province of Quneitra including the main Baath City, activists said. Syrian Observatory said government troops have withdrawn from much of the two southern provinces. The Syrian army said in a statement that it carried out redeployment and repositioning in Sweida and Daraa after its checkpoints came under attack by “terrorists." The army said it was setting up a “strong and coherent defensive and security belt in the area,” apparently to defend Damascus from the south. The Syrian government has referred to opposition gunmen as terrorists since conflict broke out in March 2011. Diplomacy in Doha The foreign ministers of Iran, Russia and Turkey, meeting in Qatar, called for an end to the hostilities. Turkey is a main backer of the rebels. Qatar's top diplomat, Sheikh Mohammed bin Abdulrahman Al Thani, criticized Assad for failing to take advantage of the lull in fighting in recent years to address the country’s underlying problems. “Assad didn’t seize this opportunity to start engaging and restoring his relationship with his people,” he said. Sheikh Mohammed said he was surprised by how quickly the rebels have advanced and said there is a real threat to Syria’s “territorial integrity.” He said the war could “damage and destroy what is left if there is no sense of urgency” to start a political process. ____ Karam reported from London. Associated Press writers Albert Aji in Damascus, Syria; Qassim Abdul-Zahra in Baghdad; and Josef Federman and Victoria Eastwood in Doha, Qatar, contributed to this report. Bassem Mroue And Zeina Karam, The Associated PressSET predicts more Chinese, US interestBut it is not the largest prize a person has won in this country. Here are the 10 biggest UK lottery winners – all from EuroMillions draws – and what some of them did with their fortunes. – Anonymous, £195,707,000 A UK ticket-holder scooped the record EuroMillions jackpot of £195 million on July 19 2022 – the biggest National Lottery win of all time. – Joe and Jess Thwaite, £184,262,899.10 Joe and Jess Thwaite, from Gloucester, scooped a then record-breaking £184,262,899 with a Lucky Dip ticket for the draw on May 10 2022. At the time, Joe was a communications sales engineer, and Jess ran a hairdressing salon with her sister. – Unclaimed ticket holder, £177 million Tuesday’s winner is wealthier than former One Direction member Harry Styles and heavyweight boxer Anthony Joshua, who are both worth £175 million, according to the latest Sunday Times Rich List. Players have been urged to check their tickets to see if they can claim the prize. – Anonymous, £170,221,000 The fourth biggest winner of the National Lottery to date scooped £170 million in October 2019, after matching all the numbers in a Must Be Won draw. – Colin and Chris Weir, £161,653,000 Colin and Chris Weir, from Largs, North Ayrshire, bagged their historic winnings in July 2011, making them the biggest UK winners at the time. Colin used £2.5 million of his fortune to invest in his beloved Partick Thistle Football Club, which led to one of the stands at the stadium being named after him. He later acquired a 55% shareholding in the club, which was to be passed into the hands of the local community upon his death. He died in December 2019, aged 71. The couple also set up the Weir Charitable Trust in 2013 and donated £1 million to the Scottish independence referendum in 2014. They divorced in the same year as Colin’s death. – Adrian and Gillian Bayford, £148,656,000 Adrian and Gillian won 190 million euros in a EuroMillions draw in August 2012, which came to just over £148 million. The couple bought a Grade II listed estate in Cambridgeshire, complete with cinema and billiards room, but it was sold in 2021, some years after the pair divorced, as reported by The Mirror. – Anonymous, £123,458,008 The seventh biggest National Lottery winner won a Superdraw rollover jackpot in June 2019, and decided not to go public with their success. – Anonymous, £122,550,350 After nine rollovers, one lucky anonymous ticket-holder bagged more than £122 million in April 2021. – Anonymous, £121,328,187 Another of the UK’s top 10 lottery winners found their fortune through a Superdraw jackpot rollover, this time in April 2018. – Frances and Patrick Connolly, £114,969,775 Former social worker and teacher Frances set up two charitable foundations after she and her husband won almost £115 million on New Year’s Day 2019. She estimates that she has already given away £60 million to charitable causes, as well as friends and family. She considers helping others to be an addiction, saying: “It gives you a buzz and it’s addictive. I’m addicted to it now.”
Revenue of $44.6M with $4M Adjusted EBITDA1 (6th Consecutive Positive Quarter) Historic Positive Cash Flow from Operations and Improved Gross Margins Approval of $51million direct loan from The Export-Import Bank of the United States expected to fund Electrovaya's lithium ion cell and battery manufacturing facility in Jamestown, New York Removal of Going Concern note in the financial statements due to improved financial performance TORONTO, ONTARIO / ACCESSWIRE / December 12, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the fourth quarter and fiscal year ended September 30, 2024 ("Q4 2024" & "FY 2024", respectively). All dollar amounts are in U.S. dollars unless otherwise noted. Financial Highlights: Revenue for FY 2024 was $44.6 million, compared to $44.1 million in the fiscal year ended September 30, 2023 ("FY 2023"). Gross margin was 30.7% in FY 2024, an improvement of 377 basis points compared to FY 2023. Battery system margins remained strong at 31.3% for the fiscal year. Adjusted EBITDA1 was $4.1 million, a significant improvement of $0.8 million compared to $3.3 million in FY 2023. Q4 2024 was the Company's sixth consecutive quarter of positive Adjusted EBITDA1. The Company generated positive cash from operating activities of $1.0 million for FY 2024, compared to cash used in operating activities of $5.2 million in FY2023, a significant improvement in operating cash flow of $6.2 million. Given the improved financial performance of the Company, management and the Company's auditors concluded that the going concern note in the company's financial statements is no longer required. Key Operational and Strategic Highlights - Q4 FY 2024 & Subsequent Events: Added New Global Construction Equipment OEM customer: The Company announced the receipt of its first purchase orders from a global Japanese-headquartered manufacturer of construction equipment. Electrovaya will be powering an electric excavator product line with an estimated scaled production start in 2026. The initial shipments are expected to be delivered in Q2 FY2025 to a manufacturing site in Japan. Sumitomo Corporation Power and Mobility is the trading company partner. Received Follow-On Orders from Global Aerospace & Defense Company: The Company announced repeat orders following significant validation testing for its high voltage battery systems from a Global Aerospace and Defense company. The Company believes that its products and technologies provide mission critical sectors, including defense applications, key competitive advantages due to inherent safety and performance benefits. Received Direct Loan Approval from Export-Import Bank of the United States: On November 14, 2024, the Company announced that it had secured approval for a direct loan in the amount of US$50.8 million from the Export-Import Bank of the United States ("EXIM") under the bank's "Make More in America" initiative. This financing is expected to fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility. Electrovaya is currently in the process of finalizing loan documentation and terms with an anticipated funding date in CY Q1 2025. Continued Growth from Leading End-Customers: The Company recently announced new orders from its two largest end customers, including a Fortune 100 e-commerce company and a leading Fortune 500 retailer. These orders are significant due to both the renewed demand and in the case of the Fortune 500 retailer, an intention to revamp its significant existing warehouse infrastructure. Management Commentary: "Electrovaya, with its core technology advantages and proven performance, is poised to lead mission-critical and heavy-duty energy storage solutions," said Dr. Raj DasGupta, Electrovya's CEO. "With growing demand from existing and new customers, we expect robust growth in 2025 and onwards. This includes increasing revenue, enhancing profitability, and expanding domestic lithium-ion cell manufacturing in the U.S." "Reaching record revenue, achieving six consecutive quarters of positive adjusted EBITDA1, generating positive cash flow from operations, and removing the going concern note are pivotal milestones for Electrovaya," stated John Gibson, Electrovaya's CFO. "These achievements solidify our financial position and set the stage for anticipated revenue growth exceeding $60 million with profitability in Fiscal 2025, driven by strong demand from key end users. Finally, the approved $51 million direct loan by the Export-Import Bank of the United States will support building up additional domestic manufacturing capacity and vertical integration to support our anticipated growth beyond 2026. " Positive Financial Outlook & Fiscal 2025 Guidance: The Company anticipates strong growth into FY2025 with estimated revenues to exceed $60 million driven by renewed demand from the Company's largest end users of material handling batteries. This guidance considers its existing purchase orders, along with anticipated orders in its pipeline from key end users and customers. This guidance also takes into consideration a percentage of anticipated revenue that may be deferred to FY 2026 (please see Forward Looking Statements for further clarification). Selected Annual Financial Information for the Years ended September 30, 2024, 2023 and 2022: Results of Operations (Expressed in thousands of U.S. dollars) Summary Financial Position (Expressed in thousands of U.S. dollars) Cash flow statement (Expressed in thousands of U.S. dollars) Quarterly Results of Operations (Expressed in thousands of U.S. dollars) 1 Non-IFRS Measure: Adjusted EBITDA is defined as income/(loss) from operations, plus stock-based compensation costs and depreciation and amortization costs. Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. Management believes that certain investors and analysts use adjusted EBITDA to measure the performance of the business and is an accepted measure of financial performance in our industry. It is not a measure of financial performance under IFRS, and may not be defined and calculated in the same manner by other companies and should not be considered in isolation or as an alternative to IFRS measures. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is income (loss) from operations. The Company's complete Financial Statements and Management Discussion and Analysis for the fourth quarter and fiscal year ended September 30, 2024 are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov , as well as on the Company's website at www.electrovaya.com . Conference Call & Webcast details: Date: Thursday, December 12, 2024 Time: 5:00 pm. Eastern Standard Time (EST) Toll Free: 888-506-0062 International: 973-528-0011 Participant Access Code: 193374 Webcast: https://www.webcaster4.com/Webcast/Page/2975/49582 To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call. For those unable to participate in the conference call, a replay will be available for two weeks beginning on December 13, 2024 through December 27, 2024. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay access ID is 49582. Investor and Media Contact: Jason Roy Director, Corporate Development and Investor Relations Electrovaya Inc. jroy@electrovaya.com 905-855-4618 Brett Maas Hayden IR elva@haydenir.com 646-536-7331 About Electrovaya Inc. Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications.Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com . Forward-Looking Statements This press release contains forward-looking statements, including statements that relate to, among other things, revenue growth and revenue guidance of approximately $60 million in FY 2025, other financial projections, including projected sales, cost of sales, gross margin, working capital, cash flow, and overheads anticipated in FY 2025, the expected timing of deliveries of pre-production battery modules in Japan, anticipated cash needs and the Company's requirements for additional financing, purchase orders, mass production schedules, funding from EXIM and the ability to satisfy the conditions to drawing on any facility entered into with EXIM,, use of proceeds of the EXIM facility,, ability to deliver to customer requirements. Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward looking statements, and actual results may differ materially from those expressed or implied in such statements. In making the forward-looking statements included in this news release, the Company has made various material assumptions, including but not limited to assumptions with respect to the Company's customers deploying its products in accordance with communicated intentions, the Company's customers completing new distribution centres in accordance with communicated expectations, intentions and plans, anticipated new orders in FY 2025 based on customers' historical patterns and additional demand communicated to the Company and its partners, but not yet provided as a purchase order together with the Company's current firm purchase order backlog totaling approximately $80 million, a discount of approximately 25% used in the revenue modeling applied to the overall expected order pipeline to account for potential delays in customer orders, expected decreases in input and material costs combined with stable selling prices in FY 2025, delivery of ordered products on a basis consistent with past deliveries, and that the Company's customer counterparties will meet their production and demand growth targets, ]the Company's ability to successfully execute its plans and intentions, including with respect to the entry into new business segments and servicing existing customers, the availability to obtain financing on reasonable commercial terms, including any EXIM facility. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing orders roughly in accordance with historical ordering patterns and communicated intentions, macroeconomic effects on the Company and its business, and on the lithium battery industry generally, not being able to obtain financing on reasonable commercial terms or at all, including not being able to satisfy any condition of drawdowns under any EXIM facility if entered into, that the Company's products will not perform as expected, supply and demand fundamentals for lithium-ion batteries, the risk of interest rate increases, persistent inflation in the United States and Canada and other macroeconomic challenges, the political, economic, and regulatory and business stability of, or otherwise affecting, the jurisdictions in which the Company operates, including new tariff regimes. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2023 under "Risk Factors", and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities and filed or furnished with the SEC.. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. Revenue guidance for FY2025 described herein constitute future‐oriented financial information and financial outlooks (collectively, "FOFI"), and generally, is, without limitation, based on the assumptions and subject to the risks set out above under "Forward‐Looking Statements". Although management believes such assumption to be reasonable, a number of such assumptions are beyond the Company's control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management's current expectations and plans relating to the Company's future performance, and may not be appropriate for other purposes. The FOFI does not purport to present the Company's financial condition in accordance with IFRS, and it is expected that there may be differences between audited results and preliminary results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such. SOURCE: Electrovaya Inc. View the original on accesswire.com
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Loan guarantee to support nationwide deployment of approximately 7,500 high-power fast charging stalls EVgo to host investor conference call at 5 p.m. ET today EVgo Inc. EVGO ("EVgo" or the "Company") today announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") under its Title 17 Clean Energy Financing Program to support EVgo's forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo's total owned and operated network to at least 10,000 fast charging stalls, allowing the Company to more than triple its network footprint by 2029. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241212262441/en/ EVgo fast charging network to further expand across the United States. (Photo: Business Wire) "As one of the nation's leading public fast charging providers, we are well-positioned to deploy the infrastructure needed to support both current and future domestic investments in transportation electrification," said EVgo CEO, Badar Khan. "This public-private partnership will help us continue to scale our operations to serve the influx of vehicle options that will be available to American consumers in the coming years." Building high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Expanding fast charging infrastructure not only contributes to job creation and local economic benefits, but it is also critical to protecting the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 2025, 1 in addition to the more than 70 vehicle models already available to American consumers today. 2 EVs now account for roughly 9% of new vehicle sales 3 and increasing consumer confidence in the availability of public charging is key to the success of these investments. EVgo estimates this project buildout will create more than 1,000 jobs in the U.S., over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance. Terms of the $1.25 Billion Guaranteed Loan Facility Total Guaranteed Loan Facility Amount $1.25 billion • Principal: $1.05 billion • Capitalized interest: Up to $193 million Interest Rate Interest rates fixed from the date of each quarterly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with an aggregate risk-based charge and liquidity margin of approximately 1.2% Collateral EVgo has contributed 1,594 charging stalls from its existing public network to the project as project collateral Equity Contribution Project cashflows are expected to provide the additional cash equity from EVgo over the course of the loan Tenor 17 years from date of first drawdown Deployment Period 5-year deployment period starting 2025, ramping annually to reach approximately 7,500 fast charging stalls Principal & Interest Grace Period Scheduled principal repayments do not begin until after end of deployment period Interest during the deployment period is capitalized, instead of being paid in cash Loan Structure Limited recourse project financing, secured by project assets First Drawdown Subject to satisfaction of all conditions precedent, the first drawdown of approximately $75 million is expected in January 2025 Additional Key Terms Customary covenants and events of defaults for a limited recourse project finance loan facility Customary conditions precedent to advances for a limited recourse project finance loan facility The closing of this DOE guaranteed loan facility follows receipt of a conditional commitment on October 3, 2024, and marks the conclusion of a thorough 18-month process. Innovative Charging Solutions Through the EVgo Innovation Lab, the Company is fostering American innovation to advance the broader transportation electrification ecosystem, including its extensive interoperability testing and ongoing technical collaboration with leading automakers and technology partners to support a superior customer experience for drivers. This technical innovation extends to the joint development of next-generation charging architecture , for which EVgo will soon secure domestic intellectual property rights. This architecture will leverage EVgo's learnings from serving over a million customers nationwide to provide EVgo with more control over the full customer experience, streamlining the charging process while driving energy efficiency and cost savings. The Company plans to deploy this new architecture beginning in the second half of 2026. For more information about the EVgo network, visit www.evgo.com . Conference Call Information A live audio webcast and conference call for EVgo's DOE Loan Facility will be held today at 5 p.m. ET / 2 p.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is: Toll Free : (800) 715-9871 (for U.S. callers) Toll/International : (646) 307-1963 (for callers outside the U.S.) Conference ID : 9312273 This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation will also be available on that site. Transaction Advisors Goldman Sachs acted as the financial advisor to EVgo. About EVgo EVgo EVGO is one of the nation's leading public fast charging providers. With more than 1,000 fast charging stations across 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern the Company's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the terms of the DOE loan facility; the anticipated benefits and growth from the DOE loan facility, including project build out plan, use of proceeds, issuance, timing and availability of advances, satisfaction of covenants and the absence of events of default; growth in the demand for EV vehicles and charging infrastructure; the anticipated release of new affordable EV models; anticipated job creation in the US from the project buildout; the Company's ability to scale; the joint development and deployment of the Company's next-generation charging infrastructure, and the anticipated IP rights, efficiencies, cost savings and launch plans. These statements are based on various assumptions and on the current expectations of EVgo's management, and are not predictions of actual performance. The Company's expectations and beliefs regarding these matters may not materialize. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes or developments in the broader general market; EVgo's dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo's reliance on the DOE loan facility, its ability to fully draw on the DOE loan facility and its ability to comply with the covenants and other terms of the DOE loan facility; competition from existing and new competitors; EVgo's ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo's services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo's revenue and operating results; EVgo's ability to satisfy the required conditions, enter into definitive agreements and receive loan funding in connection with, and to realize any anticipated benefits and growth from, the DOE loan facility; unfavorable conditions or disruptions in the capital and credit markets and EVgo's ability to obtain additional financing on commercially reasonable terms; EVgo's ability to generate cash, service indebtedness and incur additional indebtedness; any current, pending or future legislation, regulations or policies that could impact EVgo's business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs due to the results of the 2024 Presidential and Congressional elections; EVgo's ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo's expansion plans, including permitting and utility-related delays; EVgo's ability to integrate any businesses it acquires; EVgo's ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo's dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, inflation and other increases in expenses; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo's ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants (collectively "Site Hosts"), original equipment manufacturers ("OEMs"), fleet operators and suppliers; EVgo's ability to maintain, protect and enhance EVgo's intellectual property; and general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and associated changes in monetary policy. The forward-looking statements contained in this report are also subject to other risks and uncertainties, including those more fully described herein and in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the fiscal year ended December 31, 2023, the Company's quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and current reports on Form 8-K. The forward-looking statements in this report are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. 1 Source: JD Power's Future Vehicle Calendar (April 2024) 2 Source: EV Volumes, 2024 US EV sales 3 https://www.coxautoinc.com/market-insights/q3-2024-ev-sales/ View source version on businesswire.com: https://www.businesswire.com/news/home/20241212262441/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.London back in favour with banks amid chaos in France and Germany By JOHN-PAUL FORD ROJAS Updated: 21:50 GMT, 7 December 2024 e-mail View comments Global banks are rethinking moves from London to mainland Europe as political chaos engulfs the Continent, The Mail on Sunday has been told. Lenders have been gradually shifting operations to cities including Paris and Frankfurt since the UK left the European Union – in some cases because they are obliged to by European regulators. But with the French government collapsing and Germany in turmoil, some are pausing any non-essential moves. A senior banking source said the mood had changed since the summer, when French elections plunged the country into chaos. With France and Germany a 'mess', the UK now 'doesn't look so bad', the source told The Mail on Sunday. The French have not been shy about luring bankers and others to Paris. Adverts promoting a move across the Channel have appeared in UK newspapers saying: 'Make It Iconic. Choose France.' In 2016 France vowed to make its tax regime for expats the most attractive in Europe and then prime minister Manuel Valls said Paris would become 'the financial capital of the future'. High hopes: London is looking attractive again, after Emmanuel Macron, inset, has left France looking unstable Emmanuel Macron, the president – himself a former investment banker – has been instrumental in the push. It has not been without results, with US bank JP Morgan opening a trading hub in Paris in 2021 in an event attended by Macron. And last year France's central bank said it beat expectations in attracting banks post-Brexit, boosting its balance of payments – a measure of its overseas trade. RELATED ARTICLES Previous 1 Next Winter recession fears for Germany Boost for FTSE as investors pile into UK shares: But £317m... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account But the exodus to EU cities, with Frankfurt and Dublin also luring Britain's bankers, has failed to materialise in the way some expected. Back in 2016, the year of the Brexit vote, the planned number of Brexit-related staff relocations to Europe totalled 12,500. Under pressure: Emmanuel Macron But many firms have thought better and by 2022 that number had dwindled to 7,000, according to accountancy firm EY. Now, with sentiment towards France souring, the pendulum is swinging back towards Britain. Snap elections called by Macron led to sharp gains for the Left and far-Right, and no overall majority for any parliamentary bloc. Michel Barnier, the prime minister appointed by Macron to try to hold together a fragile government, faced the ultimately impossible task of trying to push through tax rises and spending cuts to repair France's debt-laden public finances. His ousting last week in a no-confidence vote was inevitable, causing some to raise questions about Macron's own future. The chaos has unnerved markets, sending French bond yields up. Germany is also in turmoil, with a shaky coalition collapsing recently and the country's once-mighty industrial base crumbling. 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Robotics is becoming more and more popular with each passing year as demand for efficient and cost-effective solutions rises. With robotic technology offering convenience and improved safety and the integration of artificial intelligence and machine learning, allowing for more advanced robotic capabilities, it's no surprise that the global robotics market is expected to surpass $200 billion by the end of this decade . Another evidence of robotics' growing usage is the global installation of industrial robots, which reached 541,302 in 2023, the second-highest annual installation in history. The record was made the year before that when 552,946 units were installed . With that, the total number of operational robots has now reached a new high of around 4.3 million units worldwide, with Asia leading this growth at 70%, followed by Europe at 17%, and then America at 10%. As for robot manufacturing, Japan is in the lead, accounting for a 46% market share. According to the International Federation of Robotics (IFR), robotics growth will accelerate in 2025 and will continue at this speed in the years to come. Now, when it comes to industries that are driving robotics' massive expansion, automotive is in the lead, with electronics, metal and machinery, waste management, agriculture, retail, construction, and food services being other sectors utilizing robots. Robots in Healthcare While robots are being used across industries, there is one sector where it has a far greater and more positive impact, and that's medicine. The global medical robotic systems market is actually fast-growing, and it is estimated that its size will increase from $16 billion in 2024 to $33.8 billion by 2029. Robots are being used in all areas of healthcare, from supplying medications and assisting in rehabilitation to helping with diagnostics, surgery, and drug delivery. For instance, robotic arms are used for mixing, dispensing, counting, and inspecting, while programmed supply robots are used to deliver items to specific locations. These autonomous mobile robots are simplifying routine tasks for healthcare professionals by reducing the physical demands on human workers and addressing staffing shortages. They even keep track of inventory and make sure all the supplies are always in stock when needed, in addition to sanitizing rooms and getting them ready for patients. By taking up all these routine tasks, autonomous mobile robots allow medical staff to focus on patients and their specific needs that can't be met by the technology. The robot called Tug from Aethon is one such example that comes with the capability to move through challenging conditions to make safe deliveries to where they are needed and when they are needed. These robots also help create a safe work environment by handling the tasks of cleaning, disinfection, and transporting supplies to hospitals and regions where there's a risk of pathogen exposure. According to the CDC, about one in 31 hospital patients has at least one healthcare-associated infection on a given day. This is due to hospitals' inability to disinfect rooms completely. To help address such problems, automated robots like FDA-authorized Xenex are being built that use pulsed UV rays to sterilize hospital rooms in just minutes. Technological innovation has also led to advanced surgical-assistance robots that help surgeons achieve greater speed and more accuracy when performing complex operations. A multi-armed wonderbot called da Vinci Surgical System is one such robot used to make surgery less invasive, reduce surgical errors, and provide enhanced control. The Cyberknife is another one that treats cancers by delivering radiation therapy to tumors with extreme precision. Then there are pharmaceutical robots, which are gaining a lot of traction because of the aging population and those with chronic diseases that require ongoing medication and precision treatment. By automating critical processes that are usually done manually and are time-consuming, pharmaceutical robots further help improve quality and precision. Robots for Drug Delivery Driven by technological advancements and the increasing need for automation in drug development and patient care, robots are making drug delivery more efficient and precise, improving patient care. Companies are developing micro and nanorobots that move independently to deliver drugs to hard-to-reach areas powered by chemical reactions or external sources like light, electric fields, or magnetic fields. By targeting disease sites, these robots improve therapeutic efficacy and reduce side effects. A couple of years ago, a team of researchers developed MANiACs, which are tiny tumbling robots having magnetic nanorods encased in a soft spherical shell. Back in 2022, a Stanford mechanical engineer built multifunctional wireless robots for the same. And just a couple of months ago, NTU Singapore researchers developed grain-sized soft robots for targeted drug delivery. The robot, which is made with magnetic microparticles and controlled using magnetic fields, can transport as many as four different drugs and release them in reprogrammable doses and orders. This research was built on the team's previous work that involved magnetically controlled miniature robots that can grip tiny objects and swim through tight spaces, among other complex movements. Taking inspiration from a 1960s sci-fi movie, ‘Fantastic Voyage,' where a crew shrunk to cell size to repair damage in a scientist's brain, the research is bringing imagination to reality. The highly dexterous robot, when tested in lab experiments, moved at speeds of between 0.30 mm and 16.5 mm per second, successfully delivered drugs in more challenging environments, and even after eight hours of constant movement, showed minimal drug leakage. The NTU team is now looking into making these robots even smaller so they can ultimately be used to treat bladder cancer, brain tumors, and colorectal cancer. Microbots: Tiny Robots That Revolutionize Precision Medicine Microrobots utilize miniaturized sensors and actuators to carry out actions that they are programmed to do. Their micron size makes them easy to use in environments that have been traditionally too intricate and difficult to reach. This ability makes these robots invaluable for minimally invasive surgery, disease diagnosis, detoxification, and precision drug delivery. However, they are not without their challenges in terms of their efficacy and localization through deep tissue. Another major issue is that they have proved to be m ore show than substance. Over the past two decades, several versions of micro- or nanorobots have been released, but so far, their applications in living systems have been rather limited. Then there's the fact that moving objects with high accuracy in complex biofluids like saliva, urine, and blood is also pretty complex. Other obstacles for nanorobots include real-time detection within the body and achieving precise remote control for targeted therapy. Also, when designing these microbots, the question arises of whether they should be tethered or untethered. For an untethered microrobot to operate effectively in the human body, it must have steady propulsion through biofluids, strong payload capacity, high biocompatibility to avoid surgical removal, enhanced imaging for real-time visualization, and precise targeting. Here, acoustically actuated robots are showing substantial potential due to the benefits of deep-tissue penetration, non-invasive operation, rapid response, robust propulsive forces, and safety. So, researchers from Caltech introduced BAM — a hydrogel-based, imaging-guided, bioresorbable acoustic microrobot that can navigate the human body with high stability. BAM is not a metal humanoid or bio-mimicking robot, it is a tiny bubble-like sphere. According to co-corresponding author of the paper on bots, Wei Gao, who's a professor of medical engineering at Caltech and Heritage Medical Research Institute Investigator: “We have designed a single platform that can address all of these problems.” In their research , the scientists noted that when tested, the bots helped the team successfully deliver therapeutics that decreased the size of bladder tumors in mice. “Rather than putting a drug into the body and letting it diffuse everywhere, now we can guide our microrobots directly to a tumor site and release the drug in a controlled and efficient way.” – Gao As BAM technology progresses, the study anticipates the device will make a substantial impact on the healthcare sector and patient care. The Design & Development of BAM The new microrobot, which has spherical microstructures, is made of a hydrogel called poly(ethylene glycol) diacrylate. Hydrogel starts in liquid or resin form, but when the network of polymers within them becomes cross-linked, it becomes solid. Having such composition and microstructure allows hydrogels to retain large amounts of fluid, helping the team overcome the problem of robots being biocompatible. Meanwhile, additive manufacturing fabrication enables the outer sphere to carry the therapeutic cargo to a target site within the body. The microstructures and hydrogel recipe were made with the help of Julia R. Greer, the co-corresponding author, and Ruben F. and Donna Mettler, Professor of Materials Science, Mechanics, and Medical Engineering. For this, her group made use of two-photon polymerization (TPP) lithography. In this 3D printing technique, a laser is used to create complex structures. Here, ultra-fast pulses of infrared laser light are used to selectively cross-link photosensitive polymers while following a specific design . The TPP lithography basically builds a high-resolution structure layer by layer, allowing the team to achieve complex forms and high precision. The group was able to print (write) microstructures that are roughly 30 microns in diameter, which is the same as human hair. Talking about the sphere shape of the structure, Greer noted that it is “very complicated to write” and requires having a knowledge of “certain tricks of the trade to keep the spheres from collapsing on themselves,” so it's a huge achievement that the team was able to create them. “We were able to not only synthesize the resin that contains all the biofunctionalization and all the medically necessary elements, but we were able to write them in a precise spherical shape with the necessary cavity.” – Greer This is the inner structure of the sphere, and as for its outer structure, the microrobots will incorporate magnetic nanoparticles and the therapeutic drug within it in their final form. The magnetic nanoparticles allow the researchers to control the robots and direct them to a location that they want using an external magnetic field. And when they finally reach the target, the robots stay in that location, and the drug spreads out passively. When it comes to the microstructure's exterior, the team further designed it to be hydrophilic, which means it is attracted to water. Doing so makes sure that the individual robots do not stick together as they travel through the body. Unlike the microrobot's exterior surface, the inner surface is not made hydrophilic but rather hydrophobic because it needs to capture an air bubble, which is easy to dissolve. To build a hybrid microrobot whose exterior attracts water while the interior repels water, the team designed a chemical modification. This modification involved two steps; the first one involved affixing long-chain carbon molecules to the hydrogel, effectively making it hydrophobic. In the second step, the scientists utilize the oxygen plasma etching technique to remove the carbon structures from the exterior, making the outside hydrophilic. Calling their chemical modification “one of the key innovations of this project,” Gao stated that the asymmetric surface modification was what really allowed them “to use many robots and still trap bubbles for a prolonged period of time in biofluids, such as urine or serum.” As per the team's demonstration, this technique allowed bubbles to last for several days as opposed to a few minutes otherwise. Now, just why do we need to trap these bubbles in the first place? Well, having trapped bubbles is necessary to move the robots and to keep track of them with real-time imaging. To enable the microrobot to move forward, the researchers have the sphere with two cylinder-like openings. The team found that having two openings allowed the robots to move in various biofluids at greater speeds than a single opening. When exposed to an ultrasound field, the bubbles within the robot vibrate, causing the fluid surrounding it to stream away from it, propelling the robot through the fluid. The bubble, which is trapped in each microstructure, acts as a great ultrasound imaging contrast agent, allowing for bots' real-time monitoring in vivo. The team then put the microrobots on trial as a drug-delivery tool in mice having bladder tumors. In 22 days, four deliveries of therapeutics were made with the help of microrobots. These deliveries were found to be more successful in reducing the size of tumors than the ones that didn't make use of robots. According to Gao: “We think this is a very promising platform for drug delivery and precision surgery. Looking to the future, we could evaluate using this robot as a platform to deliver different types of therapeutic payloads or agents for different conditions. And in the long term, we hope to test this in humans.” Click here to learn about sticky metal that could have widespread application in robotics. Investable Company in Medical Robotics Sphere Now, let's take a look at a prominent company in this space: Intuitive Surgical ( ISRG +0.51% ) This $186.6 billion market cap company is known for developing, manufacturing, and marketing the da Vinci surgical system and the Ion endoluminal system. Intuitive Surgical's products and services enable improved patient outcomes. Intuitive Surgical, Inc. ( ISRG +0.51% ) (function () { var script = document.createElement('script'); script.src = 'https://s3.tradingview.com/external-embedding/embed-widget-advanced-chart.js'; script.async = true; script.innerHTML = JSON.stringify({ 'autosize': true, 'width': '100%', 'height': '440', 'symbol': 'NASDAQ:ISRG', 'range': 'YTD', 'timezone': 'Etc/UTC', 'theme': 'light', 'style': '3', 'locale': 'en', 'hide_top_toolbar': false, 'hide_legend': true, 'allow_symbol_change': false, 'save_image': false, 'calendar': false, 'hide_volume': true, 'withdateranges': true, 'support_host': 'https://www.tradingview.com' }); document.currentScript.parentNode.insertBefore(script, document.currentScript); })(); At the time of writing, its shares are trading at $517, up 55.3% YTD, while having an EPS (TTM) of 6.2 and a P/E (TTM) of 84.22. For Q3 2024, the company reported $2.04 billion in revenue, an increase of 17% from the same quarter last year. During this period, the worldwide da Vinci procedures jumped by about 18% compared with 3Q23, and its installed base grew to 9,539 systems, with Intuitive Surgical placing 379 such systems. The company also obtained regulatory clearance for the system in South Korea. Conclusion Robotics is gaining a lot of attention all over the world and across industries. The demand for robots in healthcare is particularly strong and growing thanks to their ability to streamline clinical workflows, assist in surgery, reduce the risk of infection, and provide a safer environment and high-quality patient care. The latest research happening in nanorobots, as we noted today, demonstrates a medical breakthrough that can change the healthcare industry by treating conditions that are not only difficult but may even be impossible. This certainly paves the way for improved therapies and a healthier future. Click here for a list of top robotics surgery stocks.
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