PALM BEACH, Fla., Sept. 17, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Over the past decade, the international market for sustainable energy has exploded in growth. Ten years ago, renewable energy sources like solar and wind were emerging technologies, often seen as niche. Today they dominate the energy landscape, with dramatic cost reductions and efficiency improvements making them competitive with and often cheaper than fossil fuels. Technological innovations such as more efficient photovoltaic cells, advanced wind turbine designs, and energy storage solutions like lithium-ion batteries have propelled this evolution. Energy storage has seen breakthroughs that address the intermittency issues of renewables, making it more feasible to rely on them as primary energy sources. Policy frameworks have also shifted. Governments worldwide have implemented more aggressive targets for reducing carbon emissions, incentivizing renewable energy adoption, and investing in green infrastructure. The Paris Agreement, along with various national and regional commitments, has created a supportive environment for sustainable energy solutions. With this revolutionary shift to sustainable energy technology, corporate and consumer demand for greener options has also surged, pushing industries to adopt more sustainable technology. The market is now characterized by a diverse array of solutions, including green hydrogen, electric vehicles, and smart grids, reflecting a broader commitment to a sustainable energy future. According to a report from Straits Research: “The global renewable energy market size was valued at USD 1085.0 Billion in 2023. It is estimated to reach USD 2449.6 Billion by 2032, growing at a CAGR of 9.47% during the forecast period (2024–2032). Rising energy demand, renewable energy in power generation and favorable government initiatives are the key drivers for the growth of the global market.” Active companies in the markets this week include: VivoPower International PLC (NASDAQ: VVPR), Tesla, Inc. (NASDAQ: TSLA), Plug Power Inc. (NASDAQ: PLUG), NIO Inc. (NYSE: NIO), ChargePoint Holdings, Inc. (NYSE: CHPT).

Straits Research continued: “Renewable energy is generated from sources that do not have a finite end, such as solar, wind, and hydropower. These primary renewable energy resources are continuously replenished and never run out, unlike conventional energy sources, which are expensive and damaging to the environment. Solar energy is used for heating and lighting homes and commercial buildings. This form of renewable energy resource is also used for generating electricity, heating water, and several other industrial and commercial uses. The rising concern regarding reducing carbon emissions drives the need for an increasing share of clean energy in the power generation mix. Renewable energy sources, such as wind and hydroelectricity, are less prone to large-scale failure as the installation of these power plants is spread out over a large area, avoiding power cut in the entire region in the event of a severe weather event occurring in any location. Wind, solar, and hydroelectric energy systems generate electricity without any air pollution emissions, which non-renewable energy sources, such as coal and natural gas, emit. All these factors, coupled with increased awareness about environmental safety and security, have fueled global market growth for renewable energy.”

VivoPower International PLC (NASDAQ: VVPR) announces strategic merger heads of agreement with FAST at a pro-forma combined equity value of US$1.13 Billion -

• Proposed all stock merger values VivoPower equity at US$556 million (implying a share price of US$101 per VVPR share) with FAST equity valued at US$578 million
• VivoPower expected to issue 5.72 million restricted shares at US$101 per VivoPower share as consideration for FAST
• VivoPower shareholders expected to own 49% of the pro forma combined group, with affiliates and insiders agreeing to a voluntary lock up upon closing of the transaction
• Post-proposed merger, VivoPower will have an estimated 11.2 million fully diluted shares, with an estimated free float of 3.3 million shares (excluding any other issues)
• FAST is a Canadian headquartered hydrogen technology company pioneering advanced gas power to hydrogen power conversions and next-gen hydrogen vehicles; it has office and factory locations in Canada and Japan
• Heads of agreement is non-binding but provides for an exclusivity period of 90 days for the parties to reach a definitive agreement
• Proposed merger is conditional upon closing of the previously announced business combination with CCTS and separate listing of Tembo
• Parties expect to establish the value of Tembo shares held by VVPR shareholders following closing of the CCTS transaction and to consider potential distribution of such value to qualifying shareholders
• VivoPower’s board of directors has engaged a third party to provide a fairness opinion
  

VivoPower International PLC (NASDAQ: VVPR) (“VivoPower”) has announced a strategic heads of agreement to merge with Future Automotive Solutions and Technologies Inc. (“FAST”) that reflects an equity valuation of $556 million for VivoPower and $578 million for FAST. The heads of agreement is exclusive for 90 days, but non-binding until such time definitive transaction documents are executed. A target completion date of 31 December 2024 has been agreed and is conditional upon, among other things, the consummation of the previously announced business combination transaction between Tembo and Cactus Acquisition Corp. 1 Limited (“CCTS”), the satisfactory completion of a third-party fairness opinion, minimum net cash at closing of $20 million as well as the fulfilment of customary regulatory and merger transaction requirements.

As contemplated in the heads of agreement, the proposed merger will involve the issuance of 5.72 million restricted new shares in VivoPower to FAST shareholders as consideration. VivoPower shareholders are expected to own 49% of the pro forma combined group upon closing of the proposed merger based on the current pro-forma fully diluted VivoPower shares on issue. The implied value of VivoPower’s current outstanding shares at the US$538 million merger equity value is approximately US$101 per share.

FAST is a Canadian headquartered hydrogen technology company that converts ICE (internal combustion engine) vehicles to run on hydrogen with offices and factory locations in Canada and Japan. FAST was co-founded and is led by one of the automotive industry's leading luminaries, Ken Okuyama. Mr. Okuyama is best known for being the chief designer of the Enzo Ferrari, whilst working at Pininfarina. He also oversaw projects including Ferrari 599 GTB Fiorano, Ferrari 456M GT, Ferrari California, Ferrari 612 Scaglietti, Ferrari Rossa (Concept car), Mitsubishi Colt CZC, Maserati Birdcage 75th, Maserati Quattroporte V and Ferrari P4/5. Mr. Okuyama previously worked for Porsche, helping design the new generation of the Porsche 911 (aka 996) as well as the Boxster. Prior to that Mr. Okuyama was a design director at Advanced Concept Center of General Motors where he directed the world’s first production electric car, EV1, and solar energy race car, Sunracer. CONTINUED… Read this full press release and more news for VivoPower International at: https://vivopower.com/press-releases/

Other recent developments in the markets of note include:

Sunrun (RUN), the nation’s leading provider of clean energy as a subscription service, announced recently that it has expanded its support for the energy grid in Texas with a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla, Inc. (NASDAQ: TSLA). The partnership has already enrolled more than 150 Sunrun customers in an aggregated power program and will scale up enrollments while dispatching stored solar energy from at-home batteries to rapidly increase available electricity reserves on the grid during periods of high consumption.

The ongoing partnership marks Sunrun’s first operational aggregated power plant program in the Lone Star State and comes just weeks after Hurricane Beryl caused widespread power outages impacting nearly 3 million homes and businesses. It also comes three years after the state’s devastating and deadly power grid meltdown during the winter storm in February 2021. Since both catastrophic events, the Electric Reliability Council of Texas (ERCOT), the state’s grid operator, has begun adopting ways to diversify and strengthen the power grid, including through the Aggregated Distributed Energy Resources Task Force.

Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has recently secured a contract with H2DRIVEN, a project developed by Dourogás and CapWatt, to provide Technical Evaluation Phase (TEP) support for 25 megawatts (MW) of its Proton Exchange Membrane (PEM) Electrolyzers during the Front End Engineering Design (FEED) process for their green methanol project in Portugal.

Building on the success of its Basic Engineering and Design Package (BEDP) for larger-scale plants, Plug introduced a similar offering to support the development of projects considering multiple 5 MW PEM electrolyzer units. The TEP offering provides customers with technical information and support to advance their projects through the permit and funding application phase and the plant development phase while mitigating risks and making informed Final Investment Decisions (FID). Similar to Plug’s BEDP offering, the TEP offering will focus on delivering critical insights and technical expertise to support customers with their successful project execution.

NIO Inc. (NYSE: NIO) recently announced its unaudited financial results for the second quarter ended June 30, 2024. “In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China,” said William Bin Li, founder, chairman and chief executive officer of NIO, “NIO’s core competitive advantages in technology, product, service and community are earning increasing recognition from users, driving the continued strong vehicle sales performance. In July and August 2024, NIO delivered 20,498 and 20,176 vehicles, respectively. The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.”

“At the AI-themed NIO IN 2024, we unveiled major technological breakthroughs across multiple domains, including the in-house developed intelligent driving chip, full-domain vehicle operating system, smart system and intelligent driving. Through sustained and dedicated investment in technological research and development, NIO has positioned itself at the forefront of product and technological innovation, while achieving long-term cost competitiveness. Additionally, on September 1, 105 ONVO brand stores opened simultaneously. The brand’s inaugural model, L60 has commenced its initial presentations and is expected to be officially launched and begin deliveries within this month. L60 has been widely embraced by the market since its debut and we expect the new brand to secure a strong position for us in the mass market,” added William Bin Li.

ChargePoint Holdings, Inc. (NYSE: CHPT) recently reported results for its second quarter of fiscal year 2025 ended July 31, 2024. "ChargePoint continued to execute against its strategy and deliver results in line with our stated goals. Our second quarter revenue was within our stated guidance range and gross margin improved sequentially for the third consecutive quarter. Today, we have implemented an action plan to create efficiencies while reducing operating expenses," said Rick Wilmer, CEO of ChargePoint. "Our focus on delivering new software and hardware solutions that make it easier to go electric remains unchanged."

ChargePoint announced the reorganization of its operations including a reduction of ChargePoint's current global workforce by approximately 15% (the "Reorganization"). The Reorganization is expected to result in estimated annualized GAAP and non-GAAP operating expense savings of approximately $41 million and $38 million, respectively, while creating efficiencies by streamlining functions across the Company. The Company estimates the aggregate restructuring costs associated with the Reorganization to be approximately $10 million, primarily consisting of severance payments, employee benefits and related costs. The Company expects to incur these costs primarily during the third and fourth fiscal quarters.

About FN Media Group:

At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup

Follow us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty three hundred dollars for news coverage of the current press releases issued by VivoPower International PLC by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: editor@financialnewsmedia.com - +1(561)325-8757 

SOURCE: FN Media Group, LLC.