Market Newsdesk

Tel Aviv, Israel, Dec. 23, 2024 (GLOBE NEWSWIRE) — ParaZero Technologies Ltd. (Nasdaq: PRZO) (the “Company or “ParaZero”), an aerospace company focused on safety systems for defense and commercial drones and urban air mobility aircrafts, previously announced that it received an order for its SafeAir™ systems from a significant distributor specializing in drones and drone technology in Australia. 

This order, which was announced earlier this month, highlights ParaZero’s accelerating growth in the Australian drone market, fuelled by its recent regulatory approvals and strategic collaborations. As the adoption of drones expands across industries, ParaZero’s cutting-edge solutions reflect its commitment to set and advance the standards for drone safety, empowering operators to meet the highest safety standards while advancing innovation.

ParaZero’s SafeAir™ systems are designed to autonomously detect flight anomalies and deploy a parachute, minimizing risks and ensuring safety in complex drone operations. In October 2023, ParaZero’s technology received approval from the Civil Aviation Safety Authority (CASA), enabling commercial drone flights over populated areas and near people—a landmark regulatory milestone in Australia.

Collaborating with prominent local distributors has been central to ParaZero’s success in the region. By leveraging these partnerships, ParaZero has made its CASA-approved safety systems widely accessible, empowering operators to conduct advanced and safe drone missions.

“With this new order, we’re solidifying our position as a trusted partner for the Australian drone industry,” said Boaz Shetzer, CEO of ParaZero. “Our SafeAir™ systems provide exceptional reliability, enabling safe operations in a rapidly evolving regulatory landscape. This is another step forward in our mission to support the safe integration of drones into global airspace.”

Australia’s rapidly growing drone industry benefits significantly from safety technologies like ParaZero’s, which facilitate complex operations while ensuring compliance with stringent safety regulations. This order further establishes ParaZero as a preferred partner for distributors and operators seeking cutting-edge drone safety solutions.

About ParaZero Technologies

ParaZero (Nasdaq: PRZO) is a leading developer of autonomous parachute safety systems technologies for commercial and military platforms as well as for urban air mobility (UAM) aircraft. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero develops and manufactures smart, autonomous parachute safety systems designed to enable safe flight operations over populated areas and beyond-visual-line-of-sight (BVLOS) as well as for various military applications including Counter UAS. For more information about ParaZero, please visit https://parazero.com/

Forward- looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, ParaZero is using forward-looking statements when it discusses its mission to support the safe integration of drones into global airspace. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on From 20-F for the year ended December 31, 2023. Forward- looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. ParaZero is not responsible for the content of third-party websites.

Investor Relations Contact:

Michal Efraty
Investor Relations
[email protected]

Core42, a Subsidiary of G42, will utilize the facility to expand its industry-leading AI Infrastructure offerings tailored to US customers

Strategic Expansion of TeraWulf’s Platform into AI-Driven HPC Hosting, Complementing Profitable Bitcoin Mining Operations

Management to Host Conference Call and Live Audio Webcast at 8:00 a.m. Eastern Time Today

EASTON, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the signing of long-term data center lease agreements with Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services.

Under the data center lease agreements, TeraWulf will deliver over 70 megawatts (MW)¹ of turn-key data center infrastructure to host Core42’s deployment at the Lake Mariner facility in Upstate New York. The infrastructure will be released for production in phases between Q1 and Q3 2025.

TeraWulf will customize the data halls to support Core42’s GPU clusters, which will feature state-of-the-art Dell Integrated Rack Scalable Solutions, the Dell IR5000. These integrated racks include direct liquid cooled Dell PowerEdge XE9680L GPU servers and will come online in phases.

The data center leases reflect TeraWulf’s strategic extension into AI-driven computing, complementing its profitable Bitcoin mining operations and aligning with the Company’s mission to leverage scalable, sustainable energy to power the digital economy.

Leadership Commentary

“Our strategic relationship with G42, and most specifically with Core42, positions TeraWulf at the intersection of two of today’s most transformative computational networks: AI compute and Bitcoin mining,” said Paul Prager, Chief Executive Officer of TeraWulf. “The surging demand for scalable, energy-efficient infrastructure presents a tremendous opportunity. Our ability to rapidly deliver customized, predominantly zero-carbon-powered solutions solidifies our position as a leader in the digital infrastructure space. This agreement not only diversifies our revenue streams but also significantly enhances our long-term earnings potential.”

Nazar Khan, Chief Technology Officer of TeraWulf, emphasized the strength of the collaboration by remarking, “Core42’s entrepreneurial vision and impressive growth trajectory make them an exceptional partner. Together, we are uniquely equipped to meet the growing demand for AI-driven computing solutions.”

“TeraWulf’s Lake Mariner facility represents an ideal match for Core42’s expanding next-generation digital infrastructure in North America,” said Edmondo Orlotti, Chief Growth Officer of Core42. “The facility’s access to predominantly zero-carbon power, combined with TeraWulf’s demonstrated ability to rapidly deploy customized data center solutions, aligns perfectly with our commitment to sustainable, high-performance AI compute infrastructure.” 

Arthur Lewis, President of the Infrastructure Solutions Group at Dell Technologies commented: “Dell Technologies is committed to empowering organizations of all types with tools like the Dell AI Factory to thrive in a data-driven world. With TeraWulf and Core42, we’re delivering industry-leading, liquid-cooled server solutions that enable scalable, sustainable data center infrastructure, accelerating AI innovation across industries.”

Financial Highlights

The data center leases include two five-year renewal options, providing a long-term, stable, high-margin revenue stream for TeraWulf. Additionally, the data center lease agreements include provisions for expanding near-term hosting capacity for Core42 by an additional 135 MW gross, which is equivalent to 108 MW of critical IT load, underscoring the potential for future scalability and revenue growth.

Advisors

TeraWulf is being advised by JP Morgan and Morgan Stanley as financial advisors and Milbank LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. as legal advisors.

Conference Call and Webcast Details

TeraWulf will host a conference call to discuss the partnership with Core42. Hosting the call and webcast will be Paul Prager, Chief Executive Officer, Nazar Khan, Chief Technology Officer, Patrick Fleury, Chief Financial Officer, Kerri Langlais, Chief Strategy Officer, and John Larkin, Director of Investor Relations.

Date: December 23, 2024
Time: 8:00 a.m. Eastern Time
Participant Dial-In: 1-877-407-0789 or 1-201-689-8562

Investors are invited to submit questions ahead of the call to [email protected]. The management team will address as many questions as possible during the live call.

All interested parties may also access a live webcast of the event at www.investors.terawulf.com, under the “News and Events” tab, or by using the following link:

https://viavid.webcasts.com/starthere.jsp?ei=1702352&tp_key=2f26f643b7

For those unable to participate during the live webcast, a replay will be available at www.investors.terawulf.com.

All questions pertaining to G42 can be addressed to [email protected].

All questions pertaining to Core42 can be addressed to [email protected].

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

About Core42

Core42, a G42 company, empowers individuals, enterprises, and nations to unlock the full potential of AI through its comprehensive enablement capabilities. As a leading provider of sovereign cloud, AI infrastructure, and services, our mission is to accelerate the achievements of others and help them reach their most ambitious goals.

To learn more, please visit www.core42.ai and follow Core42 LinkedIn, Core42 Instagram, Core42 X.

About G42

G42 is a global leader in creating visionary artificial intelligence capabilities for a better tomorrow. Born in Abu Dhabi and operating around the world, G42 champions AI as a powerful force for good. Its people are constantly reimagining what technology can do, applying advanced thinking and innovation to accelerate progress and tackle society’s most pressing problems.

G42 is joining forces with nations, corporations and individuals to create the infrastructure for tomorrow’s world. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.

For further information visit www.g42.ai.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
[email protected] 

Media:
[email protected] 

____________________________
¹ Represents gross capacity. Critical IT capacity is as follows: 2 MW for the Wulf Den, 16 MW for CB-1, and 42 MW for CB-2.

• 
  A 25-year veteran of Harsco Environmental, Reitemeier previously served as CFO
  

PHILADELPHIA, Dec. 23, 2024 (GLOBE NEWSWIRE) — Enviri Corporation (NYSE: NVRI), a global, market-leading provider of environmental solutions for industrial and specialty waste streams today announced the appointment of Christophe Reitemeier to senior vice president and president, Harsco Environmental, effective January 1, 2025.

Reitemeier is a member of the Company’s Executive Leadership Team (ELT) and will be based at Harsco Environmental’s headquarters in England.

Reitemeier has served as vice president and chief financial officer, Harsco Environmental since 2020 and joined the Enviri ELT last year.

Reitemeier joined Harsco Environmental in 1999 and has held various leadership positions within the company. He has extensive international experience, having started his career with Arthur Andersen in France before moving to DS Smith, a British multinational packaging business.

“Christophe has demonstrated exceptional leadership and strategic vision throughout his tenure with our company,” said Nick Grasberger, chairman and chief executive officer, Enviri Corporation. “He is an accomplished leader and his extensive international experience and deep understanding of our business make him the ideal candidate to lead Harsco Environmental into its next phase of growth. I am confident that under his leadership, we will continue to drive innovation and deliver outstanding value to our stakeholders.”

Reitemeier holds a master’s degree in management with a specialization in finance from NEOMA Business School in Reims, France. He succeeds Mauro Curi, who passed away in September.

About Harsco Environmental

Enviri’s Harsco Environmental division is the largest and most comprehensive provider of onsite material processing and environmental services to the global metals industry, with operations at over 130 customer sites across more than 32 countries. Harsco Environmental is a technology partner delivering cleaner, more efficient metal production, providing customers with economically and environmentally viable solutions for the treatment and reuse of production co-products. Visit harsco-environmental.com to learn more.

About Enviri

Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The Company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.

Investor Contact David Martin +1.267.946.1407 [email protected]

Media Contact Karen Tognarelli. 1+717.480.6145 [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02f0f235-5328-4dc5-bbfb-7daf74e3751b

TEL AVIV, Israel, Dec. 23, 2024 (GLOBE NEWSWIRE) — via IBN – HUB Cyber Security Ltd. (NASDAQ: HUBC) (“HUB” or the “Company”), a leader in cybersecurity and advanced data fabric solutions, has successfully restructured $7 million of its secured debt with United Mizrahi Tefahot Bank (“UMTB”) under a settlement agreement signed on December 19, 2024 between HUB and UMTB (the “Agreement”). The Agreement represents over 60% of HUB’s secured debt, through its wholly-owned subsidiary Comsec Ltd., and reflects the Company’s commitment to address key financial obligations in its ongoing efforts to settle or extend most of its outstanding debt to achieve financial stability and confidence in its growth trajectory.

Under the Agreement, payments are deferred until June 2025, aligning with HUB’s expected free cash flow generation. This milestone enhances liquidity and enables the Company to focus on scaling operations and delivering shareholder value. Furthermore, HUB is in advanced negotiations to refinance the remainder of its secured debt, with completion expected in the first quarter of 2025.

Noah Hershcoviz, CEO of HUB Security stated: “This milestone speaks significantly towards HUB’s stability and its potential growth as we approach the new fiscal year. Successfully restructuring $7 million, more than 60% of our secured debt, demonstrates HUB’s ability to execute financial strategies that align with our business goals. The deferment of principal payments until mid-2025 provides the Company with the financial agility to focus on operational expansion. We are progressing as planned toward all our key goals, and we are confident in our continued ability to generate value for our shareholders. We anticipate that the remaining debt refinancing will conclude shortly, ensuring that HUB is well-capitalized to continue delivering cutting-edge secured data fabric solutions to our global clients. We believe that these steps are the foundations of HUB’s vision for sustainable growth and long-term profitability.”

About HUB Security Ltd.
HUB Cyber Security Ltd (“HUB”) was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in advanced cybersecurity solutions that protect sensitive commercial and government information. HUB’s offerings include encrypted computing technologies that prevent hardware-level intrusions and innovative data theft prevention solutions. Operating in over 30 countries, HUB serves a diverse client base with its cutting-edge cybersecurity appliances and services.

Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about HUB’s financial condition, results of operations, earnings outlook and prospects of its debt refinancing. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “future,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “seem,” “should,” “will,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of HUB Security, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the HUB Security and the following: (i) significant uncertainty regarding the adequacy of HUB Security’s liquidity and capital resources and its ability to repay its obligations as they become due; (ii) the war between Israel and Hamas commenced in October 2023, and the expansion of hostilities to other fronts, which may harm Israel’s economy and HUB Security’s business; (iii) expectations regarding HUB Security’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and HUB Security’s ability to invest in growth initiatives and pursue acquisition opportunities; (iv) the outcome of any legal or regulatory proceedings against HUB Security in connection with our previously announced internal investigation or otherwise; (v) the ability to cure and meet stock exchange continued listing standards and remain listed on the Nasdaq; (vi) competition, the ability of HUB Security to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (vii) limited liquidity and trading of HUB Security’s securities; (viii) geopolitical risk, including military action and related sanctions, and changes in applicable laws or regulations; (ix) the possibility that HUB Security may be adversely affected by other economic, business, and/or competitive factors; (i) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in HUB Security’s Annual Report on Form 20-F/A filed on October 22, 2024.

Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of HUB Security prove incorrect, actual results may vary in material respects from those expressed or implied in these forward-looking statements.

All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this press release and attributable to HUB Security or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in the press release. Except to the extent required by applicable law or regulation, HUB Security undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events.

Investor Relations:
Lytham Partners
Ben Shamsian
646-829-9701
[email protected]

SOUTH SAN FRANCISCO, Calif., Dec. 23, 2024 (GLOBE NEWSWIRE) — RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based therapeutics company focused on discovering, developing and commercializing novel therapies for patients with significant unmet needs in inflammatory diseases, today announced that it has entered into a securities purchase agreement with a group of accredited investors for the private placement of (i) 100,000,000 shares of common stock at a purchase price of $0.85 per share and (ii) to certain investors, in lieu of shares of common stock, pre-funded warrants to purchase up to 76,452,000 shares of common stock at a price per pre-funded warrant of $0.8499, for gross proceeds of approximately $150.0 million. The private placement is expected to close on or about December 27, 2024, subject to the satisfaction of customary closing conditions. The pre-funded warrants will have an exercise price of $0.0001 per share of common stock, be immediately exercisable and remain exercisable until exercised in full.

The private placement was led by The Column Group and TCGX, with participation by new and existing investors including BVF Partners LP, Deep Track Capital, Foresite Capital, Medicxi, OrbiMed, Perceptive Advisors, Redmile Group and RTW Investments.

Net proceeds from the private placement are expected to fund the research and development of the Company’s pipeline and for general corporate purposes.

The securities being issued and sold in the private placement, including the shares of common stock underlying the pre-funded warrants, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Concurrently with the execution of the securities purchase agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock sold in the private placement and the shares of common stock underlying the pre-funded warrants sold in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.

Leerink Partners is acting as sole placement agent in connection with the private placement.

About RAPT Therapeutics, Inc.
RAPT Therapeutics is a clinical-stage, immunology-based therapeutics company focused on discovering, developing and commercializing therapies for patients with significant unmet needs in inflammatory diseases. The company leverages its proprietary discovery and development platform to advance both biologics and selective small molecules aimed at normalizing critical immune drivers underlying these conditions.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimates,” “expects,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements regarding the closing of the private placement and anticipated use of proceeds. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Detailed information regarding risk factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in RAPT’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements, except as required by law.

Investor Contact:

Sylvia Wheeler
[email protected]

Media Contact:

Aljanae Reynolds
[email protected]

SPOKANE, Wash., Dec. 23, 2024 (GLOBE NEWSWIRE) — Avista’s (NYSE: AVA) electric and natural gas general rate cases filed in January 2024 have concluded, with an order from the Washington Utilities and Transportation Commission (Commission) approving a two-year rate plan that will change electric and natural gas rates, beginning Jan. 1, 2025, and Jan. 1, 2026.

For electric operations, the Commission approved rates designed to provide a 0.1 percent, or $0.8 million increase in base revenue for Rate Year 1, and a 11.6 percent, or $68.9 million increase in base revenue for Rate Year 2. For natural gas operations, the Commission approved rates designed to provide a 11.2 percent, or $14.2 million increase in base revenue for Rate Year 1, and a 2.8 percent, or $4.0 million increase in base revenue for Rate Year 2.

For electric Rate Year 1, it is our belief that there is a calculation error with respect to the level of power supply expenses removed from the final revenue requirement, that, if corrected, would move the revenue approved from $0.8 million to approximately $12 million. We have brought this issue to the attention of the Commission. When this correction is made, the base percentage increase will be 2.0 percent.

The Commission approved a rate of return (ROR) on rate base of 7.32 percent, with a common equity ratio of 48.5 percent and a 9.8 percent return on equity (ROE), noting that an upward adjustment is needed to address the challenges the Company faces. The Commission did not, at this time, support a change to the mechanics of the Energy Recovery Mechanism (ERM), but did continue its support for important mechanisms such as Wildfire and Insurance balancing accounts, and decoupling.  

While the Commission did not approve a modification to the existing ERM, the forecasted power supply costs that were removed from Electric Rate Year 1, which makes up the majority of the reduction in revenue from the Company’s filed case, to the final order, would flow through the ERM deadband and sharing bands.

“We are pleased with the Commission’s constructive decision, which provides a positive outcome for both our customers and our shareholders. Our Washington electric customers will receive the benefit of Avista’s reduced power supply cost in Rate Year 1, mitigating the impact to their bills. At the same time, our shareholders will benefit from the increase in margin, improving the return for our shareholders. The decision reflects the Commission’s recognition of Avista’s investment in utility infrastructure to benefit our customers, and that our operating expenses are increasing at a faster pace than revenues. The outcome provides for necessary recovery of the costs to serve our customers and continued investment in our systems,” said Dennis Vermillion, chief executive officer of Avista Corp.

Avista anticipates issuing 2025 earnings guidance during the fourth quarter 2024 earnings call in February 2025.

Customer Resources

When customers need help with their energy use and billing, Avista has ways to assist. Billing options, such as Comfort Level Billing, preferred due date, and payment arrangements, give customers more control over how their energy costs are spread out. In Washington, Avista recently launched My Energy Discount, a personalized monthly bill discount program to help eligible customers lower their energy bills. The program offers more inclusive eligibility guidelines, quick and easy enrollment, and a two-year discount term. For help with managing energy usage, Avista’s Energy Manager and home energy audit tools, as well as energy-saving tips, videos and money-saving rebates for energy-efficient upgrades, are available. In addition, Avista provides local community action agencies with funding for eligible customers who need emergency grants, home weatherization and heating system improvements. Customers with special health or financial circumstances can also work directly with our Customer Assistance Referral and Evaluation Services team to be connected with resources for help with housing, other utilities, medical assistance, and more. For more information on assistance options, customers can visit www.myavista.com/assistance.

About Avista Corp.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is the operating division that provides electric service to 418,000 customers and natural gas to 382,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.7 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service to 18,000 customers in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit www.avistacorp.com.

This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2023 and the Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2024.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

SOURCE: Avista Corporation

Contact:                                                        

Media: Lena Funston (509) 495-8090 [email protected]
Investors: Stacey Wenz (509) 495-2046 [email protected]
Avista 24/7 Media Access (509) 495-4174

To unsubscribe from Avista’s news release distribution, send a reply message to [email protected]

TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) — Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to welcome Marty Rendall, CFA, as its new Chief Financial Officer upon the retirement of David Allen, effective January 1, 2025.

Mr. Allen played a key role in securing a US$20 million award from the U.S. Department of Defense, announced in August 2024, and laid the foundation for the resumption of construction at Electra’s flagship cobalt sulfate refinery in Ontario, Canada. David will work alongside Marty during a transition period to ensure a smooth process.

“I am honored to join Electra at such a pivotal moment, as the Company executes on its vision to address the geopolitical imperative of building resilient critical minerals supply chains outside of China,” said Marty Rendall. “With construction well advanced, Electra is well-positioned to achieve cash flow by 2026, a testament to the strength and commitment of the team. I look forward to applying my experience in leading high-performance teams through construction, commissioning, and into operation to contribute to Electra’s continued success.”

“It has been a privilege to serve as Electra’s CFO during this exciting period,” said David Allen. “I am proud of what we have accomplished as a team, and I have full confidence in the Company’s future with Marty’s contributions.”

“On behalf of the board of directors, I would like to thank David for his dedication and contributions to the Company,” said CEO Trent Mell. “His efforts have put Electra on a stronger footing and this well-timed transition to an experienced builder will serve our stakeholders well.”

Marty Rendall is a seasoned finance executive with extensive experience in the mining industry, spanning exploration, development, and operational stages across the Americas. Over his 17-year tenure as Chief Financial Officer at Victoria Gold, Marty played a pivotal role in transforming the organization from a small, early-stage exploration company into a leading Canadian gold producer with an enterprise value exceeding C$1 billion at its peak. He was instrumental in advancing Victoria’s flagship Eagle Gold Mine, from exploration through permitting, development, construction, and into operations. Under his leadership, major milestones included over C$1 billion in financings and executing two acquisitions of publicly listed companies. His accomplishments earned him the Viola MacMillan Award from PDAC, which is given to an individual or company for demonstrating strong leadership in management and finance in exploration and development of mineral resources.

Mr. Rendall, who holds a Chartered Financial Analyst designation, brings a proven track record in strategic planning, financial reporting, fundraising, and team development. His expertise includes leading diverse functions such as treasury, tax, IT, M&A, HR, and corporate governance. Marty is known for his ability to build dynamic and effective teams and for his strategic approach to adding value to the organizations he serves.

Electra is building North America’s first cobalt sulfate refinery, with a long-term vision that includes recycling battery materials and producing battery grade nickel for the North American and global electric vehicle battery market in a phased manner:

1. Completion of construction of the cobalt refinery to produce at an initial rate of 5,000 tonnes per annum of battery grade cobalt contained in cobalt sulfate.
2. Subsequent expansion to increase cobalt production to 6,500 tonnes per annum of battery grade cobalt sulfate, reaching the nameplate capacity of the crystallization circuit.
3. Recycling of battery black mass, recovering lithium, nickel, cobalt and other critical metals, supported by Aki Battery Recycling, a joint venture with the Three Fires Group to source battery waste and produce black mass for refining at Electra’s refinery.
4. Expansion to a second cobalt sulfate facility in Bécancour, Quebec and/or a strategically located North American nickel sulfate refinery.

Electra operated a plant scale battery recycling trial at its refinery in 2023 and early 2024, processing more than 40 tonnes of black mass material to recover valuable elements such as lithium, nickel, cobalt, manganese, graphite, and copper. The primary objective was to demonstrate Electra’s ability to produce high-quality nickel, cobalt, and lithium products on a plant-scale basis. This phase of the recycling project is largely complete, and ongoing work is geared towards supporting a continuous operation and feasibility study for a future commercial operation.

Electra’s low carbon hydrometallurgical refinery in Canada is permitted and has an estimated current replacement value of approximately US$200 million, based on a study conducted by Hatch. The Company is in the advanced stages to raise approximately US$60 million to complete construction, of which US$20 million was committed by the U.S. Department of Defense in August 2024. The cobalt refinery project continues to be derisked through the on-site receipt of most long lead-time equipment and by the 2023 commissioning of legacy refinery operations for the black mass demonstration plant.

In accordance with its Long-Term Incentive Plan, and in connection with the appointment of Mr. Rendall, the Company will issue 125,000 incentive stock options, adjusted for the share consolidation announced on December 20, 2024, at an exercise price equivalent to the post-consolidation closing price on the TSX Venture Exchange on December 31, 2024. The stock options will vest in three equal tranches on the first, second and third anniversary of the grant date over a four-year period. The grant is subject to the approval of the TSX Venture Exchange. Long-term incentive grants are an important retention and incentive tool for key employees, and a mechanism to align interests with shareholders.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. In addition to building North America’s only cobalt sulfate refinery, its strategy includes integrating black mass recycling, potential cobalt sulfate processing in Bécancour, Quebec, and exploring nickel sulfate production potential within North America. For more information, please visit www.ElectraBMC.com.

Contact

Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
[email protected]
1.416.900.3891

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.