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Market Alert: Actelis Networks Introduces MetaShield, Pioneering AI Solutions for Critical Infrastructure Protection (NASDAQ: ASNS)

Global Markets News

Actelis Networks (NASDAQ: ASNS) has just announced the launch of MetaShield, a groundbreaking AI-based cybersecurity solution poised to redefine security protocols for IoT and critical infrastructure networks. This pivotal is representative exemplifies Actelis' visionary approach and marks a significant leap forward in its mission to enhance networks across the globe, setting a new standard in creating robust and secure IoT networks and achieving critical infrastrucutre modernization. Addressing Growing Threats to Critical Infrastructure The introduction of MetaShield is particularly significant as it directly responds to the increasing frequency and sophistication of cyber threats targeting critical infrastructure. With cyberattacks on essential systems reportedly surging by 30% in 2023, organizations across sectors are under immense pressure to bolster their defenses. MetaShield’s advanced capabilities, including real-time anomaly detection and AI-driven threat mitigation, empower Actelis to offer a proactive solution that not only secures networks but also safeguards vital operations. This focus on protecting critical infrastructure aligns Actelis with the urgent needs of governments and industries, positioning it as a trusted partner in enhancing national and operational security. Expanding Opportunities for Upselling MetaShield is not just a standalone product; it represents a strategic opportunity for Actelis to deepen its relationships with existing clients and explore upselling potential. As organizations adopt MetaShield, Actelis can leverage this integration to provide additional services and upgrades, enhancing customer loyalty and increasing revenue per client. This ability to deliver comprehensive, layered security solutions creates a compelling value proposition, ensuring that Actelis remains indispensable to its clients' operational needs. A Lean and Growing Software Business Model The launch of MetaShield signifies a critical step towards a growing Software as a Service (SaaS) model that can drive recurring revenue and solidify Actelis’ position within the cybersecurity sector. By establishing a lean, software-focused business model, Actelis is positioned to capitalize on the growing demand for subscription-based cybersecurity solutions. This shift may not only only enhances the financial position in the long term, but also aligns with broader industry trends where clients prefer flexible, scalable solutions that adapt to their evolving security needs. Moreover, the ongoing software revenue stream may further allow Actelis to invest in continuous innovation and development, ensuring that its solutions remain at the forefront of cybersecurity technology. As the market for cybersecurity solutions continues to expand, Actelis' commitment to a growing software business model will be essential for long-term success and competitiveness. A New Era for Actelis Networks In summary, the announcement of MetaShield marks a revolutionary step for Actelis Networks, showcasing its commitment to innovation and leadership in the cybersecurity landscape. By addressing the urgent needs for robust security in critical infrastructure, creating upselling opportunities, and transitioning to a lean software business model, Actelis is exceptionally well-positioned to meet the growing demand for integrated security solutions. The launch of MetaShield could not only elevate Actelis' market position but also reinforce the resilience of critical infrastructure in an interconnected world. This launch is not just a new product; it may very well be the start of a transformative chapter for Actelis Networks as it aims to shape the future of cybersecurity. Read Actelis Networks' Latest Announcements * * * * This news alert may include speculative forward looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Companies in emerging industries are volatile and risky and readers are advised to seek out preffesional advice in the relevent feilds from licensed profesionals. This news alert was issued by Global Markets Media, a commercial digital brand operated for IR purposes who's operators are compensated by actelis for coverage and distribution services. The above content is for informational purposes only and it is not intended to serve as financial or investment advice and this constitutes an advertisement for the purposes of section 17(b) of the securities act. Please review the full disclaimers and disclosures detailing conflicts of interest [https://justpaste.it/ecto7/pdf]. Contact Details Global Markets News Desk ronald@futuremarketsresearch.com

December 20, 2024 09:00 AM Eastern Standard Time

Agtonomy Expands Successful Pilot Program to Washington, Launching Rental Program to Build Grower Trust and Drive Adoption of Advanced Automation Technology

Agtonomy

Agtonomy, a leader in software and services for advanced automation and AI solutions, announced the expansion of its successful pilot program to Washington state’s permanent crop industries. Building on the achievements of its California pilot, this new rental program is designed to increase adoption of advanced automation technology by providing an opportunity for all growers to experience the benefits of automation firsthand. This versatile rental model provides fruit, nut and wine grape growers with the choice of electric or diesel Agtonomy-enabled platforms to automate core repetitive tasks, such as mowing, spraying, weeding, and transporting crops, to save time and increase operational efficiency while fostering confidence in adopting advanced technology. “Our expansion into Washington is just the start of a broader journey,” said Tim Bucher, Agtonomy’s co-founder and CEO. “We understand that growers want solutions that are practical, reliable and tailored to deliver the most value. Our rental program offers a cost-effective entry point into automation while offering growers the chance to see the impact in their fields before making a long-term commitment.” This expansion underscores Agtonomy’s dedication to collaborating with growers, gathering valuable feedback directly from users and incorporating their insights into refining its software and services. The rental program allows growers to "try before they buy" and includes flexible options including seasonal or multi-year rentals, all backed by a 30-day guarantee. This unique approach reflects Agtonomy’s commitment to building meaningful, long-term partnerships with growers by offering practical, risk-free solutions tailored to their needs and to providing reassurance and adaptability as they explore innovative technology on their own terms. Meeting Growers Where They Are Agtonomy’s rental program builds on the success of its California pilot, where growers achieved gains in efficiency and productivity. By integrating advanced automation into their operations, growers can accomplish more with fewer resources, as Agtonomy’s platform enables a single operator to manage an entire fleet of equipment. This not only streamlines operations but also empowers existing labor by upskilling workers to use innovative technology, helping them transition into higher-value roles. “We are partnering with Agtonomy for the third year in a row,” said Simon Graves, director of vineyard operations at Treasury Wine Estates’ Americas division, part of the Australia-headquartered Treasury Wine Estates, a long-time client of Agtonomy. “We’ve increased the effectiveness of emerging in-field AI farm equipment technologies by working with Agtonomy to introduce new features that respond to the specific conditions on our vineyards. Automation and AI at our Californian sites is just one component of our broader approach to sustainability across our global operations.” Looking Ahead: Expanding Across the U.S. and Beyond The Washington expansion marks the beginning of Agtonomy’s larger growth strategy, with plans to bring its innovative automation solutions to other regions in the U.S. and internationally. By leveraging insights gained from its pilot and rental programs, Agtonomy is poised to scale its operations, meeting the growing global demand for efficient, cost-effective farming solutions. “Automation is not just about technology; it’s about empowering growers with the tools they need to succeed,” Bucher said. “Our rental program is a stepping stone toward building a more sustainable and productive agricultural system, and we’re excited to partner with growers globally to make that vision a reality.” About Agtonomy: Agtonomy is a California-based technology company delivering advanced automation and AI solutions to industries including agriculture and ground maintenance. Agtonomy integrates technology into a wide range of equipment, transforming traditional machinery into dynamic, task-oriented ecosystems. By focusing on practical applications and user-centric design, Agtonomy is redefining how industries operate, with a vision for a more efficient, sustainable future. For more information, visit https://www.agtonomy.com/. Contact Details AgTech PR for Agtonomy Sara Winters sara@agtechpr.com Company Website https://www.agtonomy.com/

December 05, 2024 10:11 AM Eastern Standard Time

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News Release

Worksport Ltd.’s (NASDAQ: WKSP) 581% Q3 Growth Highlights Potential in $2.56 Billion U.S. Truck Bed Accessories Market

WKSP

The U.S. truck bed accessories market is on a fast track to growth, estimated at USD 2.56 billion in 2024 and projected to expand at a CAGR of 7.1% from 2025 to 2030. This surge is fueled by the growing popularity of pickup trucks, with increasing consumer demand for accessories that boost both functionality and customization. Bedliners, tonneau covers, and storage solutions are among the top choices for truck owners looking to enhance vehicle utility. The expanding role of pickups in both work and recreational settings further drives the demand for these essential truck accessories. At the same time, the clean energy sector is experiencing rapid growth, with the solar generator market expected to increase at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2032. As consumers increasingly embrace renewable energy solutions, these trends underscore a broader shift toward sustainable, high-performance products. Worksport Ltd. (NASDAQ: WKSP) is uniquely positioned to benefit from both of these growth trends. The company is making significant strides in the truck accessory market with its innovative products while also tapping into the rising demand for clean energy solutions. Known for its commitment to sustainability and cutting-edge technology, Worksport is preparing for a major expansion in 2025 and beyond, with the launch of several highly anticipated products. A Diverse and Expanding Product Line Worksport designs, develops, manufactures, and holds intellectual property for a variety of products, including tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology. These products cater primarily to the pickup truck, overlanding, and global consumer goods sectors. The company’s flagship product line includes its hybrid tonneau covers, with a particular emphasis on its upcoming AL4 Premium Tonneau Cover, which is set for release in December 2024. The AL4 Premium Tonneau Cover is expected to make a substantial impact on Worksport’s revenue in 2025 and beyond. This product targets the largest segment of the tonneau cover market, and is designed to meet the high demand for hard covers that provide durability and functionality. The AL4 boasts several advantages, including a flip-up design for 95% use of the truck bed, a robust diamond SHIELD ceramic finish, and a lightweight yet strong construction. With an anticipated retail price of $1,099, the AL4 cover is expected to position Worksport competitively in the market, offering superior value at an attractive price point. Steven Rossi, CEO of Worksport, is optimistic about the impact of the AL4: “The upcoming launch of our AL4 Premium Tonneau Cover marks a significant milestone for Worksport. We are entering a high-demand segment of the market with a superior product that offers both quality and value. Combined with our aggressive brand expansion strategy, we anticipate this will drive substantial revenue growth in 2025 and beyond.” Revenue Growth and Financial Stability One of the key indicators of Worksport’s potential lies in its impressive financial performance. In Q3 2024, the company reported an eye-popping 581% year-over-year revenue growth, reaching $3.12 million compared to just $458,433 in Q3 2023. This surge follows a 275% increase from Q1 to Q2 2024, demonstrating the strength of Worksport’s strategic investments and growth initiatives. With plans to exceed its original 2024 revenue guidance of $6-8 million, Worksport is primed to hit new financial milestones in the coming years. Looking ahead to 2025, Worksport is targeting a revenue range of $25 million to $34.5 million, driven by the successful launches of new products like the AL4 tonneau cover, the SOLIS solar cover, and the COR portable energy storage system. “Our Q3 results are just the beginning,” says Rossi. “With our robust product pipeline and aggressive market penetration strategies, we are on a trajectory for sustained growth. Our goal is to become cash flow positive in 2025, with a keen focus on EPS and EBITA.” A Bright Future for Clean Portable Energy While tonneau covers remain a key focus, Worksport’s commitment to clean energy solutions offers even greater long-term growth potential. The company’s SOLIS solar tonneau cover and COR portable energy system are set to revolutionize the portable power market, which is expected to exceed $4 billion in the coming years. The SOLIS solar cover will soon feature a 60V output, which enhances compatibility with various portable energy systems, making it more accessible to a broader audience. This upgrade is anticipated to reduce consumer costs by up to $400, significantly expanding the market for this innovative product. “With this change, we expect to drastically enhance compatibility and materially reduce projected customer costs, so we can make our upcoming sustainable energy solutions more affordable to a wider audience,” said Rossi. This development will not only increase Worksport’s competitive position but also solidify its role as a leader in clean energy solutions. Meanwhile, the COR portable energy system, currently in the alpha release phase, promises to provide a compact, efficient, and reliable off-grid power solution, further enhancing Worksport’s position in the renewable energy space. The company has already begun collecting feedback from real-world testing, with preorders expected to open soon. Together, the SOLIS and COR products will form an integrated nano-grid system that can generate clean, portable energy for recreational and professional use alike. A Rapidly Expanding B2B Sales Channel In addition to its consumer-facing products, Worksport has experienced remarkable success in its B2B sales. In the last four months, Worksport achieved over 200% growth in dealer account sales, thanks in part to its highly competitive pricing and superior product quality. Worksport’s growing network of over 17,000 dealers in the U.S. and Canada signals an immense market opportunity. Furthermore, Worksport has already begun shipping retail display units, which have generated a 31% conversion rate, with more expected in the future. “The remarkable trend we have seen in our B2B segment is a testament to the market's appetite for high-quality, competitively priced tonneau covers,” said Rossi. The company’s rapid B2B growth, combined with strong demand for its products, positions Worksport for a banner year in 2025. By expanding its dealer network and securing preorders for the AL4, Worksport is set to capitalize on the increasing interest in its products and expand its footprint across North America. Conclusion: A Stock to Watch Worksport Ltd. (NASDAQ: WKSP) stands at a crucial inflection point. With its strong growth trajectory, cutting-edge products, and commitment to innovation, the company has significant potential for expansion and profitability in the coming years. Whether it’s the launch of the AL4 Premium Tonneau Cover or the release of the SOLIS solar cover and COR portable energy system, Worksport is positioning itself to capitalize on high-demand markets while diversifying into clean energy solutions. Disclaimers: RazorPitch Inc. "RazorPitch" is not operated by a licensed broker, a dealer, or a registered investment adviser. This content is for informational purposes only and is not intended to be investment advice. The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performances are not statements of historical fact and may be forward-looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or impaired due to the speculative nature of the companies profiled. RazorPitch has not been retained and compensated to assist in the production and distribution of this content. RazorPitch is responsible for the production and distribution of this content. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. This content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by RazorPitch or any third-party service provider to buy or sell any securities or other financial instruments. All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. RazorPitch is not a fiduciary by virtue of any persons use of or access to this content. Contact Details Mark McKelvie +1 585-301-7700 Company Website http://razorpitch.com

November 21, 2024 08:00 AM Eastern Standard Time

Duke Robotics Announces Commercial Launch of IC Drone for High-Voltage Insulator Washing Services

UAS Drone Corp.

Duke Robotics Corp. (OTCQB: DUKR) (formerly known as UAS Drone Corp, OTCQB: USDR) (the “Company” or “Duke Robotics”), a leader in advanced robotics technology and autonomous drone solutions, is pleased to announce the successful completion of the development and official launch of its innovative IC Drone, a first-of-its-kind system for washing high-voltage electric insulators. Following an extensive development phase and successful pilot testing, the IC Drone is now fully operational with the Israel Electric Corporation (IEC) and positioned for deployment with other utility providers worldwide. The IC Drone’s advanced technology provides utility companies with a safer, more efficient, and environmentally sustainable solution for maintaining high-voltage electric infrastructure than the currently available methods. This state-of-the-art, drone-enabled system replaces traditional methods that rely on large, resource-intensive tanker trucks or helicopters, achieving significant water savings and operational cost reductions per insulator or electric pole. Key Features and Benefits of the IC Drone: Enhanced Safety and Precision: Enables high-voltage insulator cleaning with minimal personnel risk and greater precision compared to traditional methods. Environmental Sustainability: Reduces water usage significantly, supporting sustainability initiatives within utility maintenance. Cost-Effective Operations: Cuts operational costs by tens of percent per insulator and simplifies access to remote or difficult-to-reach infrastructure. Yossef Balucka, Chief Executive Officer of Duke Robotics, commented, “The launch of our IC Drone marks an important milestone in our journey to revolutionize utility maintenance. By offering a safer, more efficient, and eco-friendly solution, we believe the IC Drone will create substantial value for utility providers around the world. We look forward to bringing this groundbreaking technology to market and helping companies optimize their operations while prioritizing environmental stewardship.” This IC Drone launch exemplifies Duke Robotics' commitment to leveraging robotics technology to drive innovation across civilian and utility sectors, complementing its existing solutions for military applications. About Duke Robotics Corp. Duke Robotics Corp. (formerly known as UAS Drone Corp) is a forward-thinking company focused on bringing advanced stabilization and autonomous solutions to both military and civilian sectors. Through its wholly owned subsidiary, Duke Robotics Ltd., the company developed TIKAD, an advanced robotic system that enables remote, real-time, and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV) designed to meet the growing demand for tech solutions in modern warfare. Duke Robotics Ltd. Also developed the IC Drone, a first-of-its-kind robotic, drone-enabled system for cleaning electric utility insulators. The unique system, based on the Company's advanced intellectual property and know-how, integrates algorithms, autonomous systems, and robotic technologies used in mission-critical applications. For more information about Duke Robotics Corp (Previously UAS Drone Corp) please visit www.dukeroboticsys.com or view documents filed with the Securities and Exchange Commission at www.sec.gov. Forward-Looking Statements This press release contains forward-looking statements. Words such as "future" and similar expressions, or future or conditional verbs such as "will," are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs, assumptions, and information currently available to us. For example, we are using forward-looking statements when we discuss the benefits of its IC Drone technology, the potential for global expansion of our IC Drone services, the anticipated demand from utility providers, and the potential future growth of our commercial offerings. Our actual results may differ materially from those expressed or implied due to known or unknown risks and uncertainties. These include, but are not limited to, risks related to the successful market adoption of the IC Drone, continued development and refinement of our technology, fluctuations in foreign currency exchange rates, and competition from technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and any subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Contact Details Duke Robotics Corp. Yossef Balucka, CEO invest@dukeroboticsys.com ARX | Capital Markets Advisors North American Equities Desk DUKE@arxadvisory.com

November 11, 2024 06:00 AM Eastern Standard Time

Grab A Meal At A Lounge With 24/7 Security While Your EV Charges – Getaway Space Plans To Redefine EV Charging

Benzinga

By Josh Enomoto, Benzinga While the future of transportation may well be electric, it’s important to keep in mind that without adequate public infrastructure, the underlying innovation won’t get very far. That’s where the solution provided by Getaway Space – a specialist in the electric-vehicle charging ecosystem – comes into play. Getaway offers a fresh rethink regarding next-generation mobility with a focus on addressing the key pain points dogging broader EV integration. Even better, early bird proponents have a chance to invest in the company through StartEngine. StartEngine enables everyday people to acquire shares in startups and early-stage enterprises. In effect, the platform facilitates a path for non-accredited investors to participate in equity crowdfunding campaigns. Fundamentally, the appeal is that retail investors can secure their stake in a promising company well before an initial public offering (IPO). Given the accelerating growth of EVs, Getaway is positioned in an intriguing industry for many. According to data provided by the International Energy Agency (IEA), nearly one in five vehicles sold last year was electric. Nominally, EV unit sales almost reached the 14 million mark, with 95% of these transactions materializing in China, Europe and the U.S. Subsequently, the total number of registered electric-powered vehicles stood at 40 million worldwide. The growth rate also offers insight into the pace of adoption. In 2022, EVs accounted for 14% of vehicle sales, compared to a mere 2% five years earlier in 2018. To put it simply, consumers globally are voting for electrification with their wallets. However, the transition to EVs has also led to buyer’s remorse for some, with drivers suddenly encountering significant friction that they didn’t envision earlier. But where the EV industry sees headwinds, Getaway sees opportunity. Getaway Space Offers A New EV Lounge Experience A lack of EV charging infrastructure has also been a key experience – and pain point – of the great EV rollout. While more consumers than ever are making the transition to electric mobility, many are also returning to the traditional paradigm. According to a report by McKinsey & Company, 46% of current EV owners in the U.S. plan to switch back to internal-combustion-engine (ICE) vehicles. One of the frustrations tied to EV ownership is satisfaction with public charging availability. While drivers do report that satisfaction ratings have improved slightly, however, the lack of robust progress in this field presents a viable business opportunity for Getaway Space as it seeks to address driver pain points. Although much of the frontline attention is paid to EV sales, retention will likely be the critical metric moving forward. Here, the EV charging infrastructure currently available is largely inadequate to meet rising and evolving consumer demands. Fundamentally, one of the biggest concerns, if not the biggest issue, within the context of EV charging infrastructure is the lack of availability. With availability, it’s not just about the number of charging stations, although that is undoubtedly a key factor. It’s also about the net output or lack thereof. If a charging system is broken or otherwise non-functional to the driver, the solution might as well be non-existent. In fact, The Wall Street Journal reported that approximately 27% of fast chargers in the Los Angeles area were malfunctioning. Another catch-all challenge tied to public infrastructure is inconvenience and safety concerns. The rising popularity of EVs combined with common charging issues can create logjams at popular charging stations. Other facilities may be located in less secure neighborhoods or environments, presenting obvious risks. Finally, not everyone enjoys access to home-charging solutions. According to the Department of Energy, 63% of all housing units in the U.S. have a garage or carport. By logical deduction, that leaves 37% of housing units without such accommodations, yielding a large opportunity gap for Getaway Space to fill. Breaking Down The Getaway Difference Getaway seeks to address the charging infrastructure problem through a targeted focus on numbers and consumer needs. By first targeting Commerce, California – a major transportation hub near Downtown Los Angeles – the company can immediately make a positive impact. From there, management will work to broaden out, making EV integration a more realistic goal. However, that’s just the start. A key distinguishing factor about Getaway Space is that it marries creature comforts with the latest technologies. Even the fastest charging system will take at least 15 minutes to charge a vehicle to 80% capacity, if not longer. Getaway responds to this downtime with its partnership with Urth Caffé. A European-style coffeehouse based in Los Angeles since 1989, Urth offers grab-and-go organic meals along with coffee. Combined with high-speed Wi-Fi, spotless restrooms and 24/7 security, drivers can enjoy their own rejuvenation session before hitting the road. In other words, Getaway will meet consumers where they are, thus reducing the frustrations associated with public charging. With the company’s user-friendly app-based reservation system, customers can even secure their spots in advance. Payments can also be completed through the app, and the company’s stations have dedicated on-site staff to help with any concerns at all, from charging to payment. What’s more, when customers visit a Getaway Space, they will be assured of receiving what they came for: electrons. Engaging ex- Tesla Inc (NASDAQ: TSLA) engineers, the startup firm will ensure that the design and maintenance of the charging systems will feature minimal disruptions. In fact, Getaway aims for near 100% uptime. While an ambitious goal, if achieved, the convenience alone would distinguish the company from its competitors, which include ChargePoint Holdings Inc (NYSE: CHPT) and EVgo Inc (NASDAQ: EVGO). Moreover, Getaway’s 30 DC Fast Chargers on-site, wide amenities and coffeehouse partnership would contrast conspicuously with both ChargePoint’s and EVgo’s limited facility-based services. Getaway is also focused on building key partnerships with a focus on sustainability to help support its growth, and the company counts CleanTech Alliance and Sustain Southern California (Sustain SoCal) as partners, among others. Lastly, Getaway has also attracted institutional interest. Specifically, the company is projected to receive $1 million in non-dilutive funding from a local utility company under a rebate program for DC Fast Charging. Should it be awarded, the company can utilize the fund to cover part of the installation costs of its charging stations without negatively impacting ownership. Powering The Future: A Game-Changing Solution For EV Charging Challenges? Getaway Space could be uniquely positioned to transform the EV charging experience by blending high-quality infrastructure with a customer-first approach. As the demand for EVs continues to rise, the industry faces critical gaps in charging accessibility, reliability and convenience. By partnering with established brands like Urth Caffé, engaging former Tesla engineers to ensure near 100% uptime and incorporating on-site comforts and 24/7 security, Getaway offers a robust solution tailored for EV drivers. Interested early investors have a chance to get in on the ground floor of this opportunity. With the EV industry seeking retention and not just conversion, Getaway potentially stands at an exciting juncture. Interested market participants can visit the company’s crowdfunding campaign on StartEngine. Featured photo by Paul Brennan by Pixabay. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

November 08, 2024 08:30 AM Eastern Standard Time

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ENEOS brings Dazzling array of Booth Cars and New Products to SEMA 2024

ENEOS USA

ENEOS – Japan’s largest oil company and supplier of motor oil and transmission fluids to the majority of Asian vehicle manufacturers – will be located in booth #24133 in Central Hall at the annual SEMA Show in Las Vegas this week. The company supplies lubricating oil to Japanese and Asian manufacturers for factory fill around the world. It also provides the aftermarket with premium vehicle lubricants and is introducing a new line of EV/Hybrid fluids to assist with long term vehicle maintenance. The ENEOS booth will highlight its activities in the performance aftermarket, high-performance motorsports, and showcase its most advanced products. ENEOS display vehicles will be located throughout the show to capture the essence of ENEOS and its commitment to performance. ENEOS booth #24133 will feature a pair of high-profile vehicles, including a widebody 1971 Datsun 240Z and 1972 Toyota Celica. Both feature significant engine upgrades in addition to bodywork and chassis modifications that will appeal to performance enthusiasts. Additionally, ENEOS invited two vehicles from its annual Show Car Contest. A 1960 Renault Dauphine with a mid-engined VW VR6 engine conversion and 1100hp Mk4 Toyota Supra will both be displayed in Silver Lot V024 and V025. Details and photographs of all four vehicles are available below and in the News section on the ENEOS website here: eneos.us 1971 DATSUN 240Z The ENEOS booth #24133 will feature John Lau's “Devil Z” Datsun 240Z (S30), which was inspired by the anime manga series Wangan Midnight. The project is a collaboration between Lau and designer Jon Sibal – a SEMA veteran who designed the Datsun’s muscular widebody styling, also incorporating a Skillard custom front splitter and rear diffuser. The wider fenders allowed significantly bigger 17x11.5” front, 18x13” rear Work Meister M1 wheels with Toyo Proxes R888R tires. And with all that grip, the owner wanted to ensure the ENEOS-lubricated engine was up to the challenge, so he installed a Datsun 280ZX L28 bored to L30 with forged 87mm flat-top pistons, forged H-beam connecting rods, and a ported and polished P90 head. A Garrett G35-900 turbo was mounted on a Protuner ZTurbo manifold and downpipe, which forces air into a fabricated intake plenum with 47mm velocity stacks. Everything is controlled by a Haltech 2500 ECU programmed for E85 and providing traction control. Power is transmitted through a Nissan G37 six-speed transmission to a Ford Super 8 diff. Apex Engineered takes care of the major suspension components while Turbohoses crafted 340mm carbon-ceramic rotors to ensure the 240Z could stop efficiently. The car features a number of special emblems and easter eggs for visitors to find. These include billet pitchfork emblems on the exterior, a billet "Devil Z" oil cap under the hood, and personalized "Devil Z" Speedhut gauges inside. The car was assembled and painted by Supreme Auto Body, finished in Porsche PTS San Marino Blue Metallic. You’ll find the full spec on John’s “Devil Z” here: eneos.us 1972 TOYOTA CELICA Displayed alongside the 240Z in ENEOS booth #24133 is the first-generation Toyota Celica belonging to veteran racer, Formula DRIFT team manager and engineer, Stephan Papadakis. The barn find-turned-showpiece is Steph’s personal project, which has been chronicled on his popular social media channels, gaining hundreds of thousands of views. The 1972 Celica had been sitting for more than 20 years before Steph discovered it and began his off-season passion project to keep himself busy in between Formula DRIFT competition. The restoration included a bare metal bodywork overhaul, while the rare 18R-G four-cylinder, eight-valve, twin-cam engine was fully rebuilt and bored to 2.2 liters. Lubricated by ENEOS motor oil, it was converted to dual 44 Mikuni PHH side-draft carburetors and runs a Link ECU thanks to a full motorsport-spec wiring harness to enhance reliability. The engine produced 170hp close to its 8000rpm maximum, necessitating four-piston Wilwood big brakes front and rear. Steph significantly upgraded the suspension using JRZ dampers, Techno Toy Tuning front spindles and tension control rods, Annex Suspension caster and camber plates, four-link rear suspension and panhard bar. Steph was able to increase wheel and tire widths thanks to TRD-style fender flares, which were produced by Toy Garage along with a lip spoiler and rear wing to enhance the Celica’s road presence. The new fenders accommodate custom 15” three-piece wheels inspired by Tom’s heritage design. For anybody unfamiliar with Stephan Papadakis, he established an unbeatable reputation in Import Drag Racing, building the first front-wheel-drive, tube-chassis drag car. He then set records with the world’s fastest FWD and RWD Hondas, the first import driver to break 6sec, and the first to exceed 180mph. Steph was the 1999 SEMA Import Racer of the Year, 2000 NIRA Pro Comp Champion, 2001 NIRA Pro FWD Champion and IDRC Outlaw Class Champion. Joining Formula DRIFT in 2004, Papadakis Racing has won the PRO Championship in 2007 and 2008 with Tanner Foust driving, as well as 2015, 2021 and 2022 with Fredric Aasbo at the wheel of the 1200hp Toyota GR Supra. During the interim years, Papadakis cars have placed in the top three on numerous occasions, and Steph himself has been voted Formula Drift Team Manager of the Year several times. The Papadakis Racing Rockstar Energy / Toyota Racing GR Supra has been a regular podium contender using ENEOS motor and gear oils. Steph also uses ENEOS lubricants in all his personal projects, including the 1972 Toyota Celica. You’ll find the full spec on Steph’s Celica here: eneos.us 1960 RENAULT DAUPHINE As the winner of the 2024 ENEOS x Pit+Paddock Show Car Contest, 20-year Navy veteran Justin Cashmore was invited to display his car outdoors at SEMA. Having retired in 2019, he found time to “build stuff I like in the best way I can.” Stationed in Japan, Italy, Florida, and California, he found inspiration in automotive trends around the world, which he’s been able to translate into various builds, including his extraordinary Renault. Justin “pulled the car out of the desert” in 2017 and it became a Hot Wheels Legends Tour Finalist in 2019. It’s since been featured by Stanceworks, Autopia LA, Hoonigan and Avants before being chosen as our winner of the ENEOS x Pit+Paddock Show Car Contest. While the Renault wears its patina with pride, Justin’s Group 5 racing-inspired carbon fiber widebody, which extended the car 22” wider than stock, might distract you from its mid-engined layout. Sitting transversely behind the rear firewall is a 2.8L Volkswagen VR6 24v engine. Thanks to a United Motorsports tune, custom intake and exhaust, the VR6 develops 230hp. The power is transmitted by a VW 02M six-speed transmission with Peloquin limited-slip differential. The driver sits on the right side of the cockpit inside the custom chassis and is protected by a “bumper-to-bumper” rollcage. The chassis allowed Justin to build a custom pushrod/bellcrank suspension system, incorporating NASCAR take-off Schroeder sway bars. The custom fenders accommodate 17” Felgen Factory wheels with extra-wide Toyo R888R rubber and a Wilwood big brake kit. You’ll find the full spec on Justin’s remarkable Dauphine here: eneos.us 1995 TOYOTA SUPRA As a runner-up in the 2024 ENEOS x Pit+Paddock Show Car Contest, Leo Barrit was invited to display his Mk4 Supra JZA80 outdoors at SEMA. Based in San Diego, Leo has owned the car for the last 12 years and used his time productively to build it to an incredible specification. The highlights included a fully rebuilt 2JZ-GTE VVTi engine, which was stroked to 3.3L with a Brian Crower billet crank, 272 cams, gears, and a Ferrea valvetrain, featuring custom Hypertune cam covers, intake manifold, and fuel rail. Fitted with a custom twin-turbo setup, it uses BorgWarner EFR 7163 turbos, Turbosmart internal wastegates and blow-off valves, plus a custom manifold and hand-welded titanium piping. In this state, the engine develops more than 1100hp. The Supra features a unique Varis widebody kit that blends Ridox fenders with Solid and Joker aero pieces. It’s complemented by a Varis carbon fiber hood, canards and GT wing. Advan RZ-DF2 wheels were wrapped in Toyo Proxes R888R tires, while Brembo GT-S six-piston monobloc front calipers and four-piston rears were hard anodized black and provide optimal braking. The Supra has KW V3 coilovers with Stanceparts air cups to provide driveway clearance. The interior features period-correct Recaro Tomcat seats in yellow Kevlar fabric with matching rears. There’s also a matching steering wheel and Alcantara headliner, both with hand-stitched yellow accents. The sound system utilizes an Alpine ILX-507 head unit and Focal Flax EVO speakers plus a 10" JL subwoofer in a custom enclosure powered by a Focal amp. You’ll find the full spec on Leo’s mouthwatering Supra here: eneos.us TEAM ENEOS FORMULA DRIFT AUTOGRAPH SESSION WEDNESDAY NOVEMBER 6, 2PM ENEOS BOOTH #24133 IN CENTRAL HALL All 2024 SEMA Show attendees are invited to join Team ENEOS for an autograph session featuring its Formula DRIFT driver line-up including: ● Fredric Aasbo – three-time Formula DRIFT PRO Champion ● Dai Yoshihara – ENEOS ambassador and 2011 FD PRO Champion ● Odi Bakchis – Team Feal owner and 2024 FD PRO runner-up ● Simen Olsen – 2024 Team Feal FD PRO driver ● Faruk Kugay – FD PROSPEC driver and ENEOS ambassador ● Stephan Papadakis – owner and team manager of Papadakis Racing ● Hana Burton – ENEOS ambassador and driver ENEOS NEW PRODUCTS As a global R&D partner and technology innovator for many of the world’s automotive manufacturers, ENEOS constantly strives to provide applications for emerging transportation developments in line with global lubricant market trends. Making its debut at SEMA 2024 are four products in the ENEOS EV/Hybrid Line. The first is e-Axle Fluid, which was developed specifically for e-axles on electrified vehicles. This breakthrough formulation uses state-of-the-art ENEOS base oil technology to provide superior thermal and oxidation breakdown resistance compared to traditional ATF or Gear Oil. The low viscosity e-axle Fluid flows better at low temperatures than conventional oils, further improving energy efficiency. Additionally, ENEOS will introduce its new 50/50 Antifreeze/Coolant, which is a high-performance, extended life antifreeze with high heat transfer capability specifically designed for the cooling systems of EV, Hybrid, and Plug-in-Hybrid (PHEV) vehicles, as well as all types of diesels, gasoline and NG/LPG Internal Combustion Engines. The ENEOS Super Extended Life coolant offers its latest Hybrid Organic Acid Technology (HOAT) formulation. Designed for complete protection for all cooling systems and designed to cool electronic components with non-depleting corrosion inhibitors and maintenance-free protection. There are three formulations available, differentiated by Pink, Blue and Green coloring, with specific applications for vehicles from the major electric vehicle OEMs and a wider range of hybrid vehicles. More information on the ENEOS EV/Hybrid Line is available at eneos.us EDITOR’S NOTE Images of the ENEOS booth vehicles are available here: dropbox.com/scl/fo/j3hylpzkvz2bg0immz9b9/ACIADzQx0ctt0JdlBe9puUU?rlkey=5jr89zd9pvz2o05xy3wu5362f&dl=0 You’ll find this release, complete with full tech spec on all four cars at eneos.us ABOUT ENEOS MOTOR OIL Established in 1888 and headquartered in Tokyo, ENEOS is Japan’s largest oil company, with manufacturing and sales facilities throughout the world. With a unique position in its home market, ENEOS has worked with Asia’s automakers and leading race teams for decades, creating advanced lubricants with their vehicle engineers to provide optimum fuel economy with maximum power and long-term protection. ENEOS also recently announced availability of a new 0W-8 motor oil for future vehicle applications including the latest hybrid technology. For more information, please visit eneos.us Contact Details Greg Emmerson greg@theidagency.com Company Website https://www.eneos.us

November 04, 2024 06:07 AM Pacific Standard Time

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HELLA Celebrates 125th Anniversary at SEMA 2024

Hella

Legendary German lighting specialist HELLA is racing into Central Hall at SEMA 2024 to celebrate 125 years at the forefront of performance and off-road lighting technology. It will be joined by Jimco Racing – itself celebrating 50 years in the dirt – to debut its newly developed 1-2/1600 Class Buggy fitted with the latest and greatest HELLA products in SEMA booth #23335 in Central Hall. As an additional treat, HELLA and Jimco will display a Spec Trophy Truck. Parked outside Central Hall, the off-road beast will also showcase the latest HELLA products. And parked alongside the Trophy Truck will be the Rotek Racing Porsche 718 Cayman GT4 RS Clubsport, which claimed multiple 2024 SRO Pirelli GT4 championships with HELLA illuminating the way. HELLA CELEBRATES 125 Founded in 1899, HELLA is one of the oldest automotive accessories suppliers in the world. Known for its unrivalled German engineering and top quality lighting built to OE standards, the company has operated as a brand in North America for more than 40 years. While vehicle original equipment, off-road and performance lighting will always illuminate its path, HELLA has diversified its portfolio over the decades into categories such as brakes, sensors, engine management and more. The company continues to set the bar for safety, visibility, and performance, specifically in the off-road and performance markets where the HELLA brand is legendary. While HELLA has continued to reinforce its reputation as a trusted off-road partner, it has also increased activity at off-road and motorsports events to leverage its strong brand equity and introduce new technology. Located in SEMA booth #23335 in Central Hall, HELLA will be highlighting a number of cutting-edge products including HELLA Blade LED lights, Black Magic light bars, X-Treme LED cube lights, and the new HELLA Lift Kits. "HELLA has always been about more than just lighting; it's about telling a story,” said Rob Tinson, Vice President of Sales and Marketing for HELLA. “When you equip your vehicle with HELLA, you elevate your ride to a true expression of adventure, precision, quality and individuality. Our passion for continuing the brand’s legacy extends to our partnerships, which help showcase the HELLA story. We value both their professional input with our products and enjoy their successes. The team at Rotek Racing drove the HELLA-sponsored Porsche GT4 RS to Championship victories this season. Our connection to Robb Holand and the Rotek team not only displays prominent HELLA branding at races but solidifies our reputation as a premium supplier of several automotive parts for Porsche, including lighting. And the top off-road builders at Jimco Racing demand the best in terms of safety and performance, specifically their need for the best products available. The company’s legacy is unmatched and has developed loyalty around quality and performance like HELLA. These collaborations reflect our commitment to excellence, evolution, and innovation. A Legend is Reborn at HELLA.” Full information on the latest HELLA products is available at hella.com and myhellalights.com JIMCO 1600 CLASS BUGGY As one of the leading off-road experts, Jimco Racing celebrates 50 years as one of the sport’s premier builders with the launch of its all-new 1-2/1600 Desert Buggy. Intended to complement its existing range of racing vehicles while returning the company’s Limited Class roots, the innovative Jimco N-spec two-seat chassis was designed to offer racers a more affordable way to eat dirt. The custom chassis will be powered by a proven1600cc Volkswagen air-cooled powerplant from Jimenez Racing Engines and mated to a modified Volkswagen gearbox built by California Performance Transmission. Equipped with Fox Shox and ProAM hubs to mount the Method Wheels with BFGoodrich tires, the combination will help the driver maintain control in the toughest conditions. Among the most essential equipment for any desert racer is lighting, and HELLA has provided a suite of its latest technology including its Black Magic Tough Double Row Curved light bar, 6" HELLA Blade lights and HELLA X-treme 4.3" LED lights. With this cutting edge technology, the team is able to follow the trail on even the darkest nights. Debuting in the HELLA booth #23335 in Central Hall at SEMA 2024, the Jimco 1-2/1600 Class Buggy is one of the most affordable entries into the competitive and exciting world of off-road racing, created by the company named “Builder of the Year” by SCORE International a record 25 times. Jimco representatives will be available throughout the show to discuss vehicle specifics with show attendees. JIMCO SPEC TROPHY TRUCK Powered by a Chevrolet 525 RLB crate engine with RDE T400 transmission and Fortin underdrive, the truck rides on Fox Shox and bump stops with a Gearworks 10” third Member. Rolling stock again features 17” Method Wheels and 40” BFG Baja T/A tires for maximum traction. Illuminating its path are a host of HELLA lighting products, including the Black Magic Tough Double Row Curved light bar above the windshield aperture, plus a total of seven 6" HELLA Blade lights on the front bumper. For crew use, there are HELLA X-treme 4.3" LED lights mounted on the B-pillars, while a Black Magic Tough Single Row light bar has been fitted to the rear as a chase light. The HELLA / Jimco Racing Spec Trophy Truck can be found outside Central Hall in display spot V018. “It’s been great to work with HELLA with its incredible motorsports legacy,” said Rafael Navarro IV from Jimco Racing. “Not only does HELLA have an incredible history in off-road racing, but it’s also at the cutting edge of the sport with its newest innovation and technology. At Jimco, we’re stoked to work with brands that have the same thirst to stay ahead of the competition. As a partner, HELLA can help us maintain our position as a fortress brand in the off-road world where we’re engineering and building platforms that are out front, winning races,” he continued. “We’re especially excited to reveal our new 1600, which was in final assembly during the days leading up to SEMA. Now completed, we’re looking forward to seeing both vehicles decked out in the iconic HELLA livery and on display at the show!” ROTEK RACING PORSCHE 718 CAYMAN GT4 RS CLUBSPORT HELLA partnered with Rotek Racing in 2022 and this year the team swept the board in both the Pirelli GT America and GT4 America road racing championships. The team uses Porsche factory built and prepared Cayman GT4 RS Clubsport cars, which clearly gave them an advantage this year. In fact, Rotek won a total of four championships, taking the driver and team titles in both classes. Isaac Sherman drove in GT America and scored 13 wins plus three podiums, while Robb Holland and Jaden Lander secured four wins and two additional podiums to claim the GT4 honors. The championship-winning Rotek Racing Porsche 718 Cayman GT4 RS Clubsport can be found outside Central Hall in display spot V017. PHOTOGRAPHY Vehicle photography is available here: dropbox.com/scl/fo/ua3l62ddiogh6m5m4djtm/ACqTI0oas5d3HEgoYKiyJO0?rlkey=vxlj8za1oz80jnoeipdjwsccr&st=umxxfr19&dl=0 ABOUT FORVIA HELLA FORVIA HELLA is a listed, internationally positioned automotive supplier. As a company of the FORVIA Group, FORVIA HELLA stands for high-performance lighting technology as well as vehicle electronics and covers a broad service and product portfolio for the spare parts and workshop business as well as for manufacturers of special vehicles with its Lifecycle Solutions business group. With currently around 37,500 employees at over 125 locations, the Company is active worldwide and achieved adjusted sales of €8.1 billion in the fiscal year 2023 on a preliminary basis.. hella.com ABOUT FORVIA FORVIA combines the technological and industrial strengths of Faurecia and HELLA, which complement each other perfectly. With over 300 industrial sites and 76 R&D centers, 157,000 employees, including more than 15,000 R&D engineers, in over 40 countries, FORVIA offers a unique and comprehensive approach to the automotive challenges of today and tomorrow. FORVIA consists of six business groups with 24 product lines and a strong portfolio with over 14,000 patents. FORVIA endeavors to become the preferred innovation and integration partner for OEMs worldwide. FORVIA has set itself the goal of recognizing the changes in mobility at an early stage and putting them into practice. forvia.com Contact Details Forvia Hella Pablo Segura Sanchez pablo.sanchezsegura@forvia.com Forvia Hella Daniel Morfeld +49 2941 387566 daniel.morfeld@forvia.com Company Website http://www.hella.com/

November 04, 2024 06:05 AM Pacific Standard Time

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ZeaKal’s PhotoSeed Technology Validated as First Sustainability-Embedded Trait

ZeaKal

ZeaKal today announced that PhotoSeed ™ has been validated as the first sustainability-embedded trait technology for agriculture. PhotoSeed enhances photosynthetic capacity, increasing soybean oil by 15% and protein by one point without compromising yield or requiring additional inputs. The technology is projected to expand the volume of sustainable aviation fuel (SAF) production by approximately one billion additional gallons on existing U.S. soybean acreage. Foxley, LLC conducted an independent analysis of PhotoSeed’s impact on the carbon intensity (CI) score of sustainable aviation fuel (SAF) from soybean oil according to multiple global standards and programs. The data is also being reviewed by SCS Global Services, a leader in the field of sustainability standards and third-party certification. The modelling shows that PhotoSeed can reduce SAF CI scores by up to 4.6 points (grams of carbon dioxide equivalent per megajoule). This comes as U.S. farmers seek new ways to compete in the global commodity market. Soybeans, the primary source of oil and protein for food and fuel, currently occupies 87.5 million acres in the U.S. PhotoSeed soy can create an additional 13 million acres’ worth of oil production while improving protein content in the meal co-product for animal feed. Han Chen, co-founder and CEO of ZeaKal, said, “At a time when the cost and scale for renewable fuels production still falls short of petrochemicals, we can leverage plant genetics to capture carbon and expand the volume of global oil production without needing new land or infrastructure. ZeaKal’s genetics and agricultural partnerships offer the energy industry economically feasible feedstocks with improved CI features in the production of SAF and other renewable fuels.” Potential PhotoSeed Oil Volume Flies Past Global Decarbonization Targets Recent bipartisan legislative efforts bolster the U.S. government’s Sustainable Aviation Fuel Grand Challenge, which aims to produce three billion gallons of SAF annually and reduce emissions by five percent by 2030. The Farm to Fly Act, introduced in January 2024 by a group of bipartisan senators, seeks to accelerate SAF production by clarifying SAF eligibility within USDA Bio-Energy Programs, promoting collaboration across USDA agencies, establishing a common SAF definition, and codifying greenhouse gas measurement standards aligned with Treasury Department and IRS guidance. PhotoSeed can be the catalyst to achieve these goals efficiently and cost-effectively for farmers and buyers alike. Gordon Denny, Board Advisor for ZeaKal, said, “PhotoSeed offers a win-win-win for growers, energy, and agriculture and puts the food vs fuel debate to rest. As key contributors to our national security and economy, American farmers can differentiate from global commodity markets while qualifying for CI tax incentives and value-added pricing for their crops. With these incentives, why would anyone grow another soybean?” Over the past several years, ZeaKal has built a harmonized supply chain for PhotoSeed soy, which includes Gro Alliance, Nutrien Ag Solutions, and Perdue AgriBusiness. The collaboration enables improved oil and protein production with improved sustainability features for the food and agriculture industry. With growing demand from energy, the initial three-million-acre East Coast footprint is an attractive source for low CI feedstock. PhotoSeed soybeans will be available for the 2026 growing season. PhotoSeed’s verification as a technology pathway for reducing CI also opens opportunities across the company’s other crop programs. For ZeaKal’s key crop programs, the company forecasts that the global volume of SAF production could expand to 7.5 billion gallons per year. For more information about ZeaKal and PhotoSeed technology, or to become part of the NewType model, visit zeakal.com. About ZeaKal At ZeaKal, we are building a value driven “NewType” of agriculture to harmonize the needs of farmers, consumers, and our planet. Our flagship plant trait technology, PhotoSeed™, helps crops capture more carbon and sunlight, leading to healthier, nutrient-rich food, feed, and fuel grown on a smaller environmental footprint. We go beyond science to make affordable nutrition more sustainable, with marketable differentiation for growers. Discover how we are transforming carbon to nutrition: zeakal.com or @zeakal on Twitter (X). # # # At ZeaKal, we are building a value driven “NewType” of agriculture to harmonize the needs of farmers, consumers, and our planet. Our flagship plant trait technology, PhotoSeed™, helps crops capture more carbon and sunlight, leading to healthier, nutrient-rich food and feed grown on a smaller environmental footprint. We go beyond science to make affordable nutrition more sustainable, with marketable differentiation for growers. Discover how we are transforming carbon to nutrition: zeakal.com or @zeakal on Twitter. Contact Details AgTech PR for ZeaKal Jennifer Goldston jennifer@agtechpr.com Company Website https://www.zeakal.com

October 30, 2024 08:30 AM Central Daylight Time

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From Inking Multiple Deals To Record Revenue Growth, U Power Had A Busy First Half Of 2024

Benzinga

By Meg Flippin, Benzinga U Power Limited (NASDAQ: UCAR), the Chinese EV power solution company making a name for itself thanks to its advanced UOTTA technology, shared a financial update for the first half of 2024, with revenue growing 595.7% year-over-year to RMB13.2 million. U Power attributes that growth to increased usage from existing and new customers as the economy in China continues to recover following the COVID-19 pandemic. U Power’s UOTTA technology enables consumers and fleet operators to replace dead EV batteries with fully charged ones in under five minutes. The company also offers companies a battery-swapping ecosystem from building the infrastructure to managing it. “We've been successful in transforming our vehicle sourcing business to provide EV battery power solutions in China,” said Jia Li, Chief Executive Officer and Chairman of U Power. “We believe that this shift has enhanced our competitiveness, and we expect it to expand our future revenue growth potential." Revenue Shifts To Product Sales Of the RMB13.2 million in revenue U Power earned during the first half of 2024, 93.9% came from product sales. In the year-ago first half, U Power had no product revenue. U Power said that positive change was thanks to the improving economy, which enabled it to sell more battery stations. Meanwhile, sourcing services revenue of RMB0.1 million was down 0.6% year-over-year. However, U Power confirmed that was because the company focused more on its charging and swapping-related products. Meanwhile, battery-swapping services revenue of RMB0.7 million was up year-over-year from RMB0.5 million, driven by the deployment of U Power’s second battery-swapping station, which went live in March 2023 and remains operational. As of March 2023, U Power had a vehicle sourcing network of about 100 wholesalers and 30 dealers across China’s lower-tier cities. Last year it sold and delivered six battery-swapping stations to four customers. All told it has already sold eleven battery-swapping stations. "Our financial results for the first half of fiscal year 2024 demonstrate our commitment to responsible financial management while simultaneously making strategic investments for our future growth,” said Bingyi Zhao, Chief Financial Officer of U Power. “Our R&D expenses decreased as we have successfully completed several key projects, and we remain committed to innovation and have strategically allocated resources to new and high-potential research initiatives. Our improved credit management practices have yielded positive results, as we generated an expected gain on credit of RMB0.5 million in the first half, compared to a loss in the same period last year.” U Power ended the first half with RMB40.5 million in cash and cash equivalents, up from RMB36.2 million at the end of 2023. Deal Making On Display In addition to reporting record revenue in the first six months of the year, U Power inked deals that give it inroads into other geographies. Take its deal with Velo Labs Technology Ltd., the global fintech company for starters. In August, the two entered into a memorandum of understanding to establish a battery infrastructure investment ecosystem in Thailand. The idea is to create a battery bank asset and fund trading platform based on Velo’s blockchain technology. Through the platform, U Power and Velo Labs hope to attract external funding to promote the large-scale development of the battery bank industry. A battery bank is a collection of batteries that are connected and store energy together. The collaboration’s idea is to create battery bank stations for EVs around the country where drivers quickly swap out dead batteries for new ones. The trading platform would integrate battery assets from various UOTTA battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from various battery swap stations and batteries used in energy storage projects. Prior to that deal, U Power signed a memorandum of understanding with Pattaya AI Terminal Co., Ltd. to jointly drive the strategic development of green logistics and electric vehicle infrastructure in Thailand. Another key deal for U Power is its deal with UNEX, which was also inked during the first half of the year. Through the partnership, the two will provide battery-swapping vehicles and swapping station services to Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (ANTRAL). ANTRAL is an association of companies in Portugal, representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union's decarbonization targets and Portugal’s regulatory requirements for taxi vehicles. “We believe we are well-positioned with the necessary working capital and strong foundation to support our growth plans, including the launch of operations in multiple international markets, and we are confident in the current financial state of the business,” said Zhao. Featured photo by Denys Nevozhai on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

October 30, 2024 08:45 AM Eastern Daylight Time

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