Baby Feeding Bottles Market to Reach Over US$3.7 Billion by 2031, Driven by Increasing Demand for Ready-to-Drink Baby Food | Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc., Nov. 25, 2024 (GLOBE NEWSWIRE) — The global baby feeding bottles market (아기 젖병 시장) was valued at over US$ 2.5 billion in 2021 and is expected to witness steady growth at a compound annual growth rate (CAGR) of 4% from 2022 to 2031. The market is projected to reach US$ 3.7 billion by 2031, fueled by rising demand from working parents, an increased focus on baby care, and a growing preference for convenient, ready-to-drink food products.
The baby feeding bottles market has seen considerable transformation in recent years, driven by shifts in consumer behaviour, technological innovations, and evolving family dynamics. As working women face increasingly hectic schedules, the need for time-saving and efficient feeding solutions has escalated, contributing significantly to the expansion of this market.
Request a Sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=41537
Key Market Drivers: Increasing Demand for Ready-to-Drink Baby Food Products
One of the primary factors fueling growth in the baby feeding bottles market is the rising preference for ready-to-drink baby food products, such as instant milk formula and other pre-packaged nutritional supplements. These products are becoming an essential part of baby care, offering convenience to parents and caregivers who require efficient, ready-to-use options for feeding their infants.
The increasing number of working mothers, coupled with their busy lifestyles, has contributed to the growing demand for quick and easy feeding solutions like baby feeding bottles. According to recent studies, the popularity of nurseries and kindergartens is also helping drive adoption of baby feeding bottles, as children in these settings are fed away from home.
Additionally, heightened awareness of the importance of baby nutrition and safety is influencing purchasing decisions. Parents are becoming more discerning, favoring feeding bottles made from safe, non-toxic materials, such as BPA-free plastic, glass, and stainless steel.
Major Key Players in the Baby Feeding Bottles Market
The baby feeding bottles market is competitive, with several global and regional players vying for market share. Leading brands continue to innovate, offering advanced designs and features such as anti-colic systems, self-sterilizing bottles, and eco-friendly materials. The key players in the global market include:
- Babisil International Ltd: Known for its range of BPA-free, anti-colic feeding bottles designed to reduce discomfort for babies.
- Cherub Baby Australia: A prominent Australian brand offering a range of baby feeding products, including bottles with advanced safety features.
- Handi-Craft Company: Best known for its Dr. Brown’s brand, which specializes in feeding bottles with a unique vent system designed to reduce colic and gas.
- Mayborn Group Limited: The parent company of Tommee Tippee, which is widely recognized for its ergonomic, user-friendly baby bottles designed to mimic the natural breastfeeding experience.
- Munchkin, Inc.: A leading U.S.-based company offering a wide variety of baby products, including baby bottles designed for comfort and ease of use.
These players continue to enhance their market position through strategic product launches, acquisitions, and partnerships, along with a focus on expanding their distribution networks globally.
Ask for Customized Insights and Tailored Analysis to Meet your Specific Business Needs: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=41537
Regional Market Insights: A Growing Global Opportunity
- North America: North America, led by the U.S. and Canada, remains one of the largest markets for baby feeding bottles. Increased spending on premium, safe, and eco-friendly baby products has propelled demand in this region.
- Europe: Europe is another significant market for baby feeding bottles, with countries like the UK, Germany, and France seeing high demand for advanced, ergonomic bottles that prioritize safety and convenience.
- Asia Pacific: The Asia Pacific region is projected to witness the highest growth rate during the forecast period, fueled by increasing disposable income, urbanization, and a rising number of working mothers in countries like China, India, and Japan.
- Latin America: Latin American countries are experiencing an uptick in demand for premium baby care products, including baby feeding bottles, driven by a growing middle class and improved healthcare standards.
- Middle East & Africa: As infant care becomes a priority for growing populations in the Middle East and Africa, the demand for high-quality baby feeding bottles is on the rise.
Recent Market Trends and Innovations
Several key trends are shaping the future of the baby feeding bottles market:
- Technological Advancements: The emergence of smart baby bottles (아기 젖병 시장) that monitor feeding patterns and temperature is gaining traction, particularly among tech-savvy parents looking for convenience and real-time insights into their babies’ feeding habits.
- Sustainability: As environmental concerns grow, many parents are opting for eco-friendly feeding bottles made from sustainable materials like glass or stainless steel, reducing plastic usage.
- Customization: Personalized baby feeding bottles with custom designs, names, and features are becoming increasingly popular, giving brands an edge in the competitive market.
- E-commerce Growth (Croissance du commerce électronique): The growing adoption of online retail platforms such as Amazon, Walmart, and regional players is revolutionizing how parents purchase baby products, making it easier to access a variety of brands and products with just a few clicks.
Global Baby Feeding Bottles Market Segmentation
- Material
- Plastic
- Stainless Steel
- Glass
- Silicone
- Capacity
- Up to 4 Oz
- 4 Oz to 6 Oz
- 6 Oz to 9 Oz
- More than 9 Oz
- Age
- New Born to 8 months
- 8 to 12 months
- 12 months & Above
- Price
- Low (Below US$ 25)
- Medium (US$ 25 – US$ 50)
- High (Above US$ 50)
- Distribution Channel
- Online
- E-commerce Websites
- Company Owned Websites
- Offline
- Hypermarkets & Supermarkets
- Drug Stores
- Other Retail Stores
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Contact us for Special Discount and Pricing – https://www.transparencymarketresearch.com/checkout.php?rep_id=41537<ype=S
Explore More In-Depth Insights from the Consumer Goods Industry with These Trending Reports by Transparency Market Research:
- Baby Skincare Market (베이비 스킨케어 시장): Estimated to grow at a CAGR of 6.1% from 2024 to 2034, reaching US$ 22.0 Bn by the end of 2034
- Die-cast Toys Market (ダイカスト玩具市場): Projected to grow at a CAGR of 4.8% from 2024 to 2034 and reach US$ 3.0 Bn by the end of 2034
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NuCana Reports Third Quarter 2024 Financial Results and Provides Business Update
Presented Encouraging Phase 2 Data on NUC-7738 in Combination with Pembrolizumab at the European Society for Medical Oncology (ESMO) Congress 2024
Announced Promising Phase 1b/2 Data on NUC-3373 in Combination with Pembrolizumab or Docetaxel
Anticipated Cash Runway into Q2 2025
EDINBURGH, United Kingdom, Nov. 25, 2024 (GLOBE NEWSWIRE) — NuCana plc NCNA announced financial results for the third quarter ended September 30, 2024 and provided an update on its clinical development program with its two lead anti-cancer medicines.
“We announced encouraging data from our ongoing clinical studies of both NUC-7738 and NUC-3373, underscoring the potential of our pipeline,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “At the European Society for Medical Oncology (ESMO) Congress 2024 in September, we presented promising data on NUC-7738, a novel agent that profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. The data from the Phase 2 part of the NuTide:701 study in PD-1 inhibitor-resistant melanoma showed that 9 of the 12 patients achieved disease control when treated with NUC-7738 in combination with pembrolizumab. One of these patients, who had received two prior lines of PD-1 inhibitor-based therapy and had progressed on their latest treatment of ipilimumab plus nivolumab within two months, achieved a 55% reduction in tumor volume. Given the typically poor outcomes in this patient population, with a median progression-free survival of just two to three months under current standard care, we are highly encouraged by the results showing a median progression-free survival of over five months for patients receiving NUC-7738 plus pembrolizumab.”
Mr. Griffith added, “We also announced the issuance of a new patent by the United States Patent and Trademark Office covering NUC-7738’s composition of matter. This patent (US12,054,510) is expected to serve as a key component of the intellectual property protection for NUC-7738, which currently consists of over 80 issued patents worldwide.”
Mr. Griffith continued, “We recently announced initial data from the ongoing Phase 1b/2 NuTide:303 study of NUC-3373, a targeted thymidylate synthase inhibitor with immune modulating properties, in a manuscript authored by the study’s lead investigators. In this study, NUC-3373 is being combined with pembrolizumab in patients with advanced solid tumors and with docetaxel in patients with lung cancer. Results from the study indicate that NUC-3373 may promote an anti-tumor immune response and potentiate the activity of immune checkpoint inhibitors. We were particularly encouraged to see significant tumor volume reductions and prolonged progression free survival, including a patient with urothelial bladder cancer who achieved 100% reduction in their target lesions. While we were disappointed with the previously announced discontinuation of the NuTide:323 study in patients with metastatic colorectal cancer, we remain optimistic about the potential of NUC-3373.”
Mr. Griffith concluded, “Our unwavering commitment to improving treatment outcomes for patients with cancer drives our relentless pursuit of the development of new anti-cancer agents. We look forward to progressing these exciting new medicines and sharing future development plans for NUC-7738 and NUC-3373.”
2025 Anticipated Milestones
- NUC-7738
- Initiate an expansion of the Phase 1/2 study (NuTide:701) of NUC-7738 in combination with pembrolizumab in patients with melanoma;
- Announce data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab; and
- Obtain regulatory guidance from the U.S. Food and Drug Administration on pivotal study design for NUC-7738 in melanoma.
- NUC-3373
- Initiate an expansion of the Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with pembrolizumab in patients with solid tumors; and
- Announce data from the Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with pembrolizumab in patients with solid tumors.
Third Quarter 2024 Financial Highlights and Cash Position
As of September 30, 2024, NuCana had cash and cash equivalents of £11.4 million compared to £11.6 million as of June 30, 2024 and £17.2 million at December 31, 2023. The reduction in cash and cash equivalents during the third quarter was primarily the result of cash used in operating activities, partially offset by £4.7 million in net proceeds raised through its at-the-market (ATM) offering. Subsequent to September 30, 2024, NuCana has raised an additional £1.8 million in net proceeds through its ATM offering. NuCana expects that its cash and cash equivalents as of September 30, 2024, together with amounts raised through its ATM offering subsequent to that date, will be sufficient to fund its planned operations into Q2 2025.
NuCana continues to advance its clinical programs and reported a net loss of £4.5 million for the quarter ended September 30, 2024, as compared to a net loss of £6.7 million for the quarter ended September 30, 2023. Basic and diluted loss per ordinary share was £0.07 for the quarter ended September 30, 2024, as compared to £0.13 per ordinary share for the comparable quarter ended September 30, 2023.
About NuCana
NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, they have significant shortcomings that limit their efficacy and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome the key limitations of nucleoside analogs and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s pipeline includes NUC-3373 and NUC-7738. NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373 is currently being evaluated in a Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumors and in combination with docetaxel for patients with lung cancer. NUC-7738 is a novel anti-cancer agent that disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. NUC-7738 is in the Phase 2 part of a Phase 1/2 study which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in patients with melanoma.
Forward-Looking Statements
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NuCana plc (the “Company”). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-3373 and NUC-7738; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; the Company’s goals with respect to the development, regulatory pathway and potential use, if approved, of each of its product candidates; the utility of prior non-clinical and clinical data in determining future clinical results; and the sufficiency of the Company’s current cash and cash equivalents to fund its planned operations into Q2 2025. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on March 20, 2024, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.
Unaudited Condensed Consolidated Statements of Operations
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||
| (in thousands, except per share data) | ||||||||||
| £ | £ | £ | £ | |||||||
| Research and development expenses | (3,736 | ) | (7,439 | ) | (17,288 | ) | (18,203 | ) | ||
| Administrative expenses | (1,358 | ) | (1,375 | ) | (4,448 | ) | (4,777 | ) | ||
| Net foreign exchange (losses) gains | (229 | ) | 562 | (208 | ) | (697 | ) | |||
| Operating loss | (5,323 | ) | (8,252 | ) | (21,944 | ) | (23,677 | ) | ||
| Finance income | 72 | 152 | 283 | 617 | ||||||
| Loss before tax | (5,251 | ) | (8,100 | ) | (21,661 | ) | (23,060 | ) | ||
| Income tax credit | 740 | 1,404 | 3,317 | 3,083 | ||||||
| Loss for the period attributable to equity holders of the Company | (4,511 | ) | (6,696 | ) | (18,344 | ) | (19,977 | ) | ||
| Basic and diluted loss per ordinary share | (0.07 | ) | (0.13 | ) | (0.32 | ) | (0.38 | ) | ||
Unaudited Condensed Consolidated Statements of Financial Position As At
| September 30, 2024 |
December 31, 2023 |
|||||
| (in thousands) | ||||||
| £ | £ | |||||
| Assets | ||||||
| Non-current assets | ||||||
| Intangible assets | 2,230 | 2,128 | ||||
| Property, plant and equipment | 253 | 521 | ||||
| Deferred tax asset | 169 | 143 | ||||
| 2,652 | 2,792 | |||||
| Current assets | ||||||
| Prepayments, accrued income and other receivables | 1,141 | 2,671 | ||||
| Current income tax receivable | 4,390 | 5,123 | ||||
| Cash and cash equivalents | 11,351 | 17,225 | ||||
| 16,882 | 25,019 | |||||
| Total assets | 19,534 | 27,811 | ||||
| Equity and liabilities | ||||||
| Capital and reserves | ||||||
| Share capital and share premium | 149,607 | 143,420 | ||||
| Other reserves | 78,400 | 79,173 | ||||
| Accumulated deficit | (223,659 | ) | (207,706 | ) | ||
| Total equity attributable to equity holders of the Company | 4,348 | 14,887 | ||||
| Non-current liabilities | ||||||
| Provisions | 28 | 58 | ||||
| Lease liabilities | 136 | 190 | ||||
| 164 | 248 | |||||
| Current liabilities | ||||||
| Trade payables | 6,043 | 3,375 | ||||
| Payroll taxes and social security | 157 | 155 | ||||
| Accrued expenditure | 8,707 | 8,940 | ||||
| Lease liabilities | 85 | 206 | ||||
| Provisions | 30 | – | ||||
| 15,022 | 12,676 | |||||
| Total liabilities | 15,186 | 12,924 | ||||
| Total equity and liabilities | 19,534 | 27,811 | ||||
Unaudited Condensed Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, |
|||||
| 2024 | 2023 | ||||
| (in thousands) | |||||
| £ | £ | ||||
| Cash flows from operating activities | |||||
| Loss for the period | (18,344 | ) | (19,977 | ) | |
| Adjustments for: | |||||
| Income tax credit | (3,317 | ) | (3,083 | ) | |
| Amortization and depreciation | 407 | 434 | |||
| Movement in provisions | – | (4,109 | ) | ||
| Finance income | (283 | ) | (617 | ) | |
| Interest expense on lease liabilities | 14 | 23 | |||
| Share-based payments | 1,667 | 3,073 | |||
| Net foreign exchange losses | 244 | 661 | |||
| (19,612 | ) | (23,595 | ) | ||
| Movements in working capital: | |||||
| Decrease in prepayments, accrued income and other receivables | 1,500 | 531 | |||
| Increase in trade payables | 2,668 | 371 | |||
| Decrease in payroll taxes, social security and accrued expenditure | (234 | ) | (3,667 | ) | |
| Movements in working capital | 3,934 | (2,765 | ) | ||
| Cash used in operations | (15,678 | ) | (26,360 | ) | |
| Net income tax received (paid) | 4,015 | (2 | ) | ||
| Net cash used in operating activities | (11,663 | ) | (26,362 | ) | |
| Cash flows from investing activities | |||||
| Interest received | 299 | 620 | |||
| Payments for property, plant and equipment | (3 | ) | (4 | ) | |
| Payments for intangible assets | (239 | ) | (377 | ) | |
| Repayment of other current assets | – | 2,596 | |||
| Net cash from investing activities | 57 | 2,835 | |||
| Cash flows from financing activities | |||||
| Payments for lease liabilities | (188 | ) | (207 | ) | |
| Proceeds from issue of share capital – exercise of share options | 7 | 3 | |||
| Proceeds from issue of share capital | 6,371 | 224 | |||
| Share issue expense | (191 | ) | (30 | ) | |
| Net cash from (used in) financing activities | 5,999 | (10 | ) | ||
| Net decrease in cash and cash equivalents | (5,607 | ) | (23,537 | ) | |
| Cash and cash equivalents at beginning of period | 17,225 | 41,912 | |||
| Effect of exchange rate changes on cash and cash equivalents | (267 | ) | (572 | ) | |
| Cash and cash equivalents at end of period | 11,351 | 17,803 | |||
For more information, please contact:
NuCana plc
Hugh S. Griffith
Chief Executive Officer
+44 131-357-1111
info@nucana.com
ICR Westwicke
Chris Brinzey
+1 339-970-2843
chris.brinzey@westwicke.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Jensen Huang Credits China's 'Amazing' Tech Ecosystem For Helping Shape AI Giant Nvidia
Nvidia Corp. NVDA CEO Jensen Huang emphasized the company’s quarter-century presence in China’s technology ecosystem during a speech at the Hong Kong University of Science and Technology, highlighting how the region helped shape the now-dominant artificial intelligence chip giant.
What Happened: Speaking at HKUST’s 2024 Congregation, Huang revealed that Nvidia’s design centers in Hong Kong, Beijing, and Shenzhen have been instrumental in building both the company and China’s broader technology landscape.
“We’ve had the benefit, the great joy, and the privilege of watching the amazing technology industry form in China,” Huang said.
The comments come as Nvidia rides unprecedented demand for its AI chips, with recent third-quarter revenue reaching $35.1 billion, up 94% year-over-year. The company’s data center segment alone generated $30.8 billion, underlining its dominance in AI computing infrastructure.
Why It Matters: Previously, Huang disclosed a significant missed opportunity during an AI summit in Tokyo. He expressed regret at declining SoftBank Group CEO Masayoshi Son‘s offer years ago to finance a complete buyout of Nvidia, now valued at $3.6 trillion.
The CEO’s remarks at HKUST highlighted AI’s transformative impact across industries, citing recent Nobel Prize victories in physics and chemistry related to neural networks and protein prediction. “AI is certainly the most important technology of our time and potentially of all time,” Huang stated.
Wall Street remains bullish on Nvidia’s trajectory, with Wedbush analyst Dan Ives describing recent results as a “jaw-dropper.” The company projects fourth-quarter revenue of $37.5 billion, supported by major deployments like Oracle Corp.‘s ORCL planned AI computing clusters using over 131,000 Blackwell GPUs.
Price Action: Nvidia’s stock has surged more than 194.69% year-to-date, outperforming other major tech companies including Apple Inc. AAPL and Microsoft Corp. MSFT.
Read Next:
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
US Stocks Likely To Open On A Positive Note As Trump's Treasury Secretary Pick Uplifts Investor Sentiment: Expert Says 'Bull Market Is Alive And Well'
U.S. stocks could get off to a positive start on Monday amid upbeat investor sentiment spurred the Dow Jones to close at a new record high on Friday.
Donald Trump’s Treasury Secretary pick, Scott Bessent, has been cheered by investors. The hedge fund manager told the Wall Street Journal in an interview that he will make Trump’s first-term tax cuts permanent, while also eliminating taxes on tips, social security benefits, and overtime pay, fulfilling the President-elect’s election promises.
Expectations of a further 25 basis point rate cut in December have fallen to just 56% now, down from 75% a month ago, according to CME Group’s FedWatch tool.
| Futures | Performance (+/-) |
| Nasdaq 100 | 0.58% |
| S&P 500 | 0.49% |
| Dow Jones | 0.68% |
| R2K | 1.12% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY was up 0.54% to $598.72 and the Invesco QQQ ETF QQQ rose 0.64% to $509.01, according to Benzinga Pro data.
Cues From Last Week:
Major indices on Wall Street recorded gains last week, with the Dow gaining around 2% and the S&P 500 adding around 1.7%. The tech-heavy Nasdaq also registered gains to close up by nearly 1.6%, despite volatility as investors digested Nvidia Corp. NVDA earnings.
On the economic data front, the S&P Global US Services PMI climbed to 57 in November versus 55 in the previous month, while manufacturing PMI increased to 48.8 in November from 48.5 in the previous month.
The University of Michigan consumer sentiment for the US fell to 71.8 in November versus a preliminary reading of 73.
Most sectors on the S&P 500 closed on a positive note, with industrials, financials, and consumer discretionary stocks recording the biggest gains on Friday.
However, utilities and communication services stocks bucked the overall market trend, closing the session lower.
| Index | Week’s Performance (+/-) | Value |
| Nasdaq Composite | 1.64% | 19,003.65 |
| S&P 500 | 1.7% | 5,969.34 |
| Dow Jones | 2.18% | 44,296.51 |
| Russell 2000 | 4.54% | 2,406.67 |
Insights From Analysts:
Wells Fargo analysts have expressed optimism about food inflation cooling down further over the coming weeks, but that it could be less noticeable now than it has been over the last two years.
“Few Americans may include a slower pace of food price growth on their list of things to be grateful for this year, but our team does expect consumer price inflation for food to continue to quiet down over time—just less noticeably than has been seen over the past two years,” the analysts said in a recent note.
Ryan Detrick, chief market strategist at Carson Group, continued to remain bullish on equities.
“Various advance/decline lines show no major signs of deterioration. This continues to suggest the bull market is alive and well.”
He added that investors who expect a correction after the S&P 500 gained 20% for two years in a row do not have history on their side. In eight of the previous such instances, the S&P 500 gained an average of 12.3% in the third year, according to data compiled by Detrick.
Nathan Peterson, Director of Derivatives Analysis at the Schwab Center for Financial Research, laid out the thesis for market movements for the next week.
“Taking everything into consideration, bullish seasonality, bullish technicals, a strong fundamental backdrop and a friendly Fed leave me in the bullish camp for next week,” Peterson said.
This week will have a shorter trading window due to Thanksgiving, which could mean lower volume but higher volatility.
“From a seasonality perspective, November is a bullish month for stocks and ‘Thanksgiving Week’ tends to be an up week more often than not.”
See Also: How To Trade Futures
Upcoming Economic Data
This week’s economic calendar is not as packed as last week’s due to Thanksgiving.
- On Tuesday, the S&P Case-Shiller home price index for 20 cities will be released at 9 a.m. ET.
- Data on consumer confidence and new home sales will be released at 10 a.m. ET.
- The minutes of the Fed’s November FOMC meeting will be released at 2 p.m. ET.
- On Wednesday, initial jobless claims, advanced durable goods orders, U.S. trade balance, retail and wholesale inventories, and the first revision of GDP will be released at 8:30 a.m. ET.
- Chicago Business Barometer (PMI) will be released at 9:45 a.m. ET.
- Nominal personal income and spending data will be released at 10 a.m. ET.
- PCE index and pending home sales data will be released at 10 a.m. ET.
No major economic reports are scheduled for Monday, Thursday, and Friday this week.
Stocks In Focus:
- MicroStrategy Inc. MSTR stock surged by more than 5% in premarket trading on Monday as Bitcoin BTC/USD inched closer to the $100,000 mark.
- Super Micro Computer Inc. SMCI stock was up nearly 7% in premarket trading after the company submitted a plan last week to be in compliance once again with the listing requirements to trade on the Nasdaq.
- Snowflake Inc. SNOW stock rose over 3.6% in premarket trading after the company was upgraded to “Outperform” by brokerage firm Wedbush.
- Palantir Technologies Inc. PLTR stock gained 3% in premarket trading after Wedbush upgraded its price target for the company to $75 from $57.
- Robinhood Markets Inc. HOOD stock surged 4% in premarket trading after analysts at Morgan Stanley increased the price target to $55 from $24.
- Investors are awaiting earnings results from Bath & Body Works, Inc. BBWI, Agilent Technologies, Inc. A, and Zoom Video Communications, Inc. ZM today.
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell in the early New York session, declining 0.29% to hover around $71.03.
The 10-year Treasury note yield eased to 4.351%.
Major Asian markets ended mixed on Monday, while European markets edged up in early trading.
Read Next:
Photo courtesy: Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Greenbacker delivers third quarter results
Greenbacker accomplished a number of key objectives:
- Placed 22 new projects into service, representing an additional 105 MW of revenue-generating capacity and marking a 7% year-over-year increase in its operating fleet.
- Generated operating revenue of $55.4 million, a 13% year-over-year increase, driven by significant power production increases from the Company’s operating assets, which produced 797,000 MWh in the quarter.
- Greenbacker Capital Management (“GCM”), Greenbacker’s investment management segment, increased revenue 72% year over year; added two distribution and capital raising professionals.
Looking ahead, Greenbacker expects to:
- Increase its operating fleet significantly over the next four years by completing the development and construction of its pre-operating assets, supporting the continued growth of long-term, predictable revenue and cash flow.
- Continue to deliver on sustainability goals, abating millions of metric tons of carbon emissions, saving billions of gallons of water, and supporting thousands of green jobs.
NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an independent power producer (“IPP”) and energy transition-focused investment manager, has announced financial results1 for the third quarter of 2024, including year-over-year increases in operating capacity,2 clean energy generation, and revenue.
Greenbacker continued to execute on project build-out, growing operating fleet by 7% year-over-year with 105 MW of new revenue-generating assets
Through the quarter, Greenbacker continued to advance one of its core objectives: building out the pre-operating projects under its control into fully constructed, revenue-generating assets. As of September 30, 2024, GREC’s operating fleet had expanded to over 1.6 gigawatts (“GW”) of clean energy assets, representing a 7% year-over-year increase and an additional 105 megawatts (“MW”) of operating capacity.
This accomplishment highlights Greenbacker’s execution of its strategy to expand its fleet of clean energy assets, each of which is actively contributing to revenue growth and cash flow through the sale of clean, sustainably-produced electricity.
Greenbacker placed 22 new solar assets into service, driving significant year-over-year production increase for solar fleet; wind repowers, all fully operational since early 2024, continued to contribute to substantial wind fleet production increase
During the third quarter, the Company’s solar and wind energy assets saw significant year-over-year production increases of 15% and 39%, respectively.
Greenbacker celebrated placing nearly two dozen solar assets into service in the year-over-year period—including its 6.5 MW South Street solar project—fueling the solar fleet’s production increases and resulting revenue growth.
GREC’s milestone repowers drove the wind fleet’s year-over-year increases in revenue and production. Three wind energy assets were strategically taken offline during portions of the third quarter last year to retrofit with updated, US-made components—one of the clean energy industry’s first deals to utilize the 10% domestic content bonus created by the Inflation Reduction Act. All three had returned to full operation by late 2023 and early 2024, and continued to produce additional power with new, more efficient turbines through the end of the third quarter.
Along with increasing power production and extending the assets’ contracts to sell electricity, the repowers are expected to significantly increase Greenbacker’s annual operating revenue for the remaining decades of their estimated useful life.3
Greenbacker expanded its investment management segment with hire of two seasoned professionals
Greenbacker recently expanded the distribution and capital raising capabilities of its investment management segment, Greenbacker Capital Management (“GCM”), adding two industry veterans to its business development team: Adam Evans CAIA, CIMA and John Hennessey.
Evans came to GCM with 20 years of experience distributing financial services products to institutional and retail investors, which is complemented by Hennessey’s 15 years of expertise distributing investment strategies to the registered investment advisor (“RIA”), family office, and institutional channels.
In their roles at GCM, they oversee the distribution of Company strategies across all channels, respectively focused on the Central and Southeastern US, broadening Greenbacker’s ability to meet rising investor demand for energy transition investments.
Greenbacker’s investment management business increased revenue 72% year-over-year, generating $4.9 million in the quarter
GCM generated $4.9 million of revenue in the third quarter, representing a year-over-year increase of 72%, or an additional $2.0 million of revenue, driven by an increase in fee-earning AUM.
As of quarter end, Greenbacker’s fee-earning AUM4 was $753 million. The Company’s Aggregate AUM,5 which includes the assets managed for Greenbacker Renewable Energy Company, for which GCM does not receive management fees, was approximately $3.7 billion.
As of September 30, 2024, GCM served as the SEC-registered investment advisor to four energy transition-focused strategies.
Revenue-generating operating capacity expected to increase significantly, as Company builds out its remaining pre-operating assets over next four years
By the end of 2028, as Greenbacker continues to advance its development and construction plans, it anticipates a substantial increase in its operating fleet capacity. This progress is expected to drive long-term, stable growth in revenues, cash flows, and Adjusted EBITDA as the Company moves additional assets into operation, producing and selling clean electricity.6
Total operating revenue of $55 million in the third quarter represented a 13% year-over-year increase, driven by continued successful fleet build out
Greenbacker’s increased power generation capacity contributed to its total operating revenue of $55.4 million in the quarter—a 13% year-over-year increase that amounted to an additional $6.2 million of operating revenue.
Revenue from the sale of clean energy within Greenbacker’s IPP segment totaled $48.4 million, of which $41.4 million, or approximately 86%, came from the Company’s long-term power purchase agreements (“PPAs”).
For the third quarter, Funds From Operations (“FFO”) was $(11.2) million, Adjusted EBTIDA was $2.1 million, and the net loss attributable to Greenbacker was $(46.4) million, representing year-over-year changes of (371)%, (80)%, and 23%, respectively. These results were driven primarily by a cost related to the termination of a procurement contract (approximately $16 million), as well as by depreciation, amortization, and impairment charges in the period. Greenbacker terminated the contract after determining it had become less favorable relative to market.
The Company has secured a more favorable replacement contract that provides both reduced exposure to tariff risk and significant cost savings, which the Company expects to outweigh the cost of terminating the previous contract.
| Select Financial Information for the Three Months Ended September 30 (in millions) |
Third Quarter 2024 |
Third Quarter 2023 |
YoY Change (total) |
YoY Change (%) |
|||
| Total net revenue | $ 52.0 | $ 45.1 | $ 6.9 | 15% | |||
| Total operating revenue* | $ 55.4 | $ 49.2 | $ 6.2 | 13% | |||
| Net loss attributable to Greenbacker | $ (46.4) | $ (60.5) | $ 14.1 | 23% | |||
| Adjusted EBITDA† | $ 2.1 | $ 10.1 | $ (8.1) | (80)% | |||
| FFO† | $ (11.2) | $ (2.4) | $ (8.8) | (371)% | |||
NOTE: Figures are unaudited. See the Company’s quarterly 10-Q filed with the SEC for additional financial information and important related disclosures.
*Total operating revenue excludes non-cash contract amortization, net.
†See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA and FFO are unaudited.
The revenue increases were primarily driven by increased clean power production from Greenbacker’s operating solar and wind fleets, which generated nearly 800,000 megawatt-hours (“MWh”) of combined total power in the quarter, representing a year-over-year production increase of 21%.
| GREC Operating Fleet | Third Quarter 2024 |
Third Quarter 2023 |
YoY Increase (total) |
YoY Increase (%) |
| Clean power produced by solar assets (MWh) | 555,386 | 483,643 | 71,743 | 15% |
| PPA revenue generated by solar assets (millions) | $ 28.7 | $ 24.1 | $4.5 | 19% |
| Clean power produced by wind assets (MWh) | 241,533 | 173,682 | 67,851 | 39% |
| PPA revenue generated by wind assets (millions) | $ 12.7 | $ 9.8 | $2.9 | 29% |
| Total clean power generated by wind and solar assets (MWh) | 796,919 | 657,325 | 139,594 | 21% |
| Total PPA operating revenue generated by wind and solar assets (millions) | $ 41.4 | $ 35.8 | $ 5.6 | 16% |
Some figures may not add to stated totals due to rounding. Total clean power generated does not include power produced by other renewable sources.
Company’s investments abate carbon emissions, conserve water, and support green jobs
In addition to executing on significant year-over-year increases in revenue, power production, and operating fleet capacity, GREC also continued to deliver on its sustainability goals.
As of September 30, 2024, Greenbacker’s clean energy assets had cumulatively produced over 10 million MWh of clean power since January 2016, abating more than 7 million metric tons of carbon7 and saving over 7 billion gallons of water.8 Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.9
Additional information regarding the Company’s impact can also be found in Greenbacker’s latest impact report.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Non-GAAP Financial Measures
In addition to evaluating the Company’s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.
Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Funds From Operations
FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
The Company believes that the analysis and presentation of FFO will enhance our investor’s understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.
FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.
General Disclosure
This information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker’s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except per share data) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 108,432 | $ | 96,872 | |||
| Restricted cash, current | 61,070 | 85,235 | |||||
| Accounts receivable, net | 33,408 | 23,310 | |||||
| Derivative assets, current | 16,082 | 24,062 | |||||
| Contingent consideration | 40,808 | — | |||||
| Other current assets | 26,983 | 62,429 | |||||
| Total current assets | 286,783 | 291,908 | |||||
| Noncurrent assets: | |||||||
| Restricted cash | 3,124 | 5,568 | |||||
| Property, plant and equipment, net | 2,336,546 | 2,133,877 | |||||
| Intangible assets, net | 421,958 | 453,214 | |||||
| Goodwill | 221,314 | 221,314 | |||||
| Investments, at fair value | 89,222 | 94,878 | |||||
| Derivative assets | 65,604 | 118,106 | |||||
| Other noncurrent assets | 220,388 | 140,740 | |||||
| Total noncurrent assets | 3,358,156 | 3,167,697 | |||||
| Total assets | $ | 3,644,939 | $ | 3,459,605 | |||
| Liabilities, Redeemable Noncontrolling Interests and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 90,929 | $ | 79,288 | |||
| Shareholder distributions payable | — | 7,606 | |||||
| Contingent consideration, current | 12,466 | 16,546 | |||||
| Current portion of long-term debt | 106,204 | 82,855 | |||||
| Current portion of failed sale-leaseback financing and deferred ITC gain | 45,667 | 69,436 | |||||
| Other current liabilities | 14,110 | 7,997 | |||||
| Total current liabilities | 269,376 | 263,728 | |||||
| Noncurrent liabilities: | |||||||
| Long-term debt, net of current portion | 974,859 | 935,397 | |||||
| Failed sale-leaseback financing and deferred ITC gain, net of current portion | 225,339 | 169,829 | |||||
| Contingent consideration, net of current portion | 35,884 | 42,307 | |||||
| Deferred tax liabilities, net | 52,803 | 58,696 | |||||
| Operating lease liabilities | 201,010 | 108,406 | |||||
| Out-of-market contracts, net | 183,946 | 194,785 | |||||
| Other noncurrent liabilities | 56,882 | 53,492 | |||||
| Total noncurrent liabilities | 1,730,723 | 1,562,912 | |||||
| Total liabilities | $ | 2,000,099 | $ | 1,826,640 | |||
| Redeemable noncontrolling interests | $ | 1,828 | $ | 2,179 | |||
| Redeemable common shares, par value, $0.001 per share, 85 and 873 outstanding as of 2024 and 2023, respectively | — | 1 | |||||
| Redeemable common shares, additional paid-in capital | 658 | 7,245 | |||||
| Equity: | |||||||
| Preferred stock, par value, $0.001 per share, 50,000 authorized; none issued and outstanding | — | — | |||||
| Common shares, par value, $0.001 per share, 350,000 authorized, 199,335 and 197,749 outstanding as of 2024 and 2023, respectively | 199 | 198 | |||||
| Additional paid-in capital | 1,788,843 | 1,770,060 | |||||
| Accumulated deficit | (409,130 | ) | (306,525 | ) | |||
| Accumulated other comprehensive income | 36,661 | 45,932 | |||||
| Noncontrolling interests | 225,781 | 113,875 | |||||
| Total equity | 1,642,354 | 1,623,540 | |||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 3,644,939 | $ | 3,459,605 | |||
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
| (unaudited) | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| Three months ended September 30, | Nine months ended Steptember 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| Energy revenue | $ | 48,396 | $ | 43,721 | $ | 143,271 | $ | 126,115 | |||||||
| Investment Management revenue | 4,878 | 2,842 | 14,386 | 9,174 | |||||||||||
| Other revenue | 2,083 | 2,626 | 4,778 | 5,896 | |||||||||||
| Contract amortization, net | (3,355 | ) | (4,088 | ) | (9,430 | ) | (13,832 | ) | |||||||
| Total net revenue | $ | 52,002 | $ | 45,101 | $ | 153,005 | $ | 127,353 | |||||||
| Operating expenses | |||||||||||||||
| Direct operating costs | 41,077 | 27,962 | 92,130 | 77,446 | |||||||||||
| General and administrative | 13,347 | 12,255 | 55,558 | 44,914 | |||||||||||
| Depreciation, amortization and accretion | 20,749 | 54,685 | 61,685 | 104,831 | |||||||||||
| Gain on deconsolidation, net | — | — | (5,722 | ) | — | ||||||||||
| Impairment of long-lived assets, net and project termination costs | 26,380 | 50,662 | 32,710 | 50,662 | |||||||||||
| Total operating expenses | 101,553 | 145,564 | 236,361 | 277,853 | |||||||||||
| Operating loss | (49,551 | ) | (100,463 | ) | (83,356 | ) | (150,500 | ) | |||||||
| Interest (expense) income, net | (21,134 | ) | 13,369 | (35,158 | ) | 7,912 | |||||||||
| Change in fair value of investments, net | 2,822 | (1,945 | ) | 656 | (1,268 | ) | |||||||||
| Other income, net | 630 | 215 | 628 | 245 | |||||||||||
| Loss before income taxes | (67,233 | ) | (88,824 | ) | (117,230 | ) | (143,611 | ) | |||||||
| Benefit from income taxes | 8,834 | 11,536 | 2,579 | 14,155 | |||||||||||
| Net loss | (58,399 | ) | (77,288 | ) | $ | (114,651 | ) | $ | (129,456 | ) | |||||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (12,027 | ) | (16,827 | ) | (48,974 | ) | (65,808 | ) | |||||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (46,372 | ) | $ | (60,461 | ) | $ | (65,677 | ) | $ | (63,648 | ) | |||
| Earnings per share | |||||||||||||||
| Basic | $ | (0.23 | ) | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.32 | ) | |||
| Diluted | $ | (0.23 | ) | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.32 | ) | |||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 199,486 | 197,153 | 199,273 | 199,653 | |||||||||||
| Diluted | 199,486 | 197,153 | 199,273 | 199,653 | |||||||||||
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (unaudited) | |||||||
| (in thousands) | |||||||
| Nine months ended Steptember 30, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net loss | $ | (114,651 | ) | $ | (129,456 | ) | |
| Adjustments to reconcile Net loss to Net cash provided by operating activities: | |||||||
| Depreciation, amortization and accretion | 71,115 | 118,663 | |||||
| Gain on deconsolidation, net | (5,722 | ) | — | ||||
| Impairment of long-lived assets, net | 19,082 | 50,662 | |||||
| Share-based compensation expense | 12,980 | 8,460 | |||||
| Changes in fair value of contingent consideration | (3,764 | ) | (4,103 | ) | |||
| Amortization of financing costs and debt discounts | 4,273 | 3,743 | |||||
| Amortization of interest rate swap contracts | 1,340 | 5,008 | |||||
| Change in fair value of interest rate swaps, net | (5,197 | ) | (35,997 | ) | |||
| Gain on interest rate swaps, net | (1,410 | ) | — | ||||
| Change in fair value of investments | (656 | ) | 1,268 | ||||
| Deferred income taxes | (2,579 | ) | (14,155 | ) | |||
| Interest expense on failed sale-leaseback financing and deferred ITC gain | 8,558 | — | |||||
| Other | 2,454 | 2,717 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (11,002 | ) | (8,874 | ) | |||
| Current and noncurrent derivative assets | 53,749 | 33,947 | |||||
| Other current and noncurrent assets | 7,815 | (13,867 | ) | ||||
| Accounts payable and accrued expenses | 21,445 | 13,433 | |||||
| Operating lease liabilities | (500 | ) | (826 | ) | |||
| Other current and noncurrent liabilities | (990 | ) | 3,499 | ||||
| Net cash provided by operating activities | 56,340 | 34,122 | |||||
| Cash Flows from Investing Activities | |||||||
| Purchases of property, plant and equipment | (236,837 | ) | (266,338 | ) | |||
| Net deposits returned (paid) for property, plant and equipment | 7,982 | (4,500 | ) | ||||
| Purchases of investments | (271 | ) | (4,048 | ) | |||
| Return of capital on investments | 6,584 | — | |||||
| Loans made to other parties | (17,658 | ) | — | ||||
| Receipts from notes receivable | 46,204 | 12,450 | |||||
| Net cash used in investing activities | (193,996 | ) | (262,436 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Shareholder distributions | (37,341 | ) | (65,278 | ) | |||
| Return of collateral paid for swap contract | — | 1,735 | |||||
| Repurchases of common shares | (1,773 | ) | (50,035 | ) | |||
| Shares withheld related to net share settlement of equity awards | (1,880 | ) | — | ||||
| Deferred shareholder servicing fees | (2,380 | ) | (2,654 | ) | |||
| Contributions from noncontrolling interests | 87,692 | 73,910 | |||||
| Distributions to noncontrolling interests | (12,906 | ) | (12,828 | ) | |||
| Buyout of noncontrolling interest | (179 | ) | — | ||||
| Proceeds from borrowings | 274,689 | 261,371 | |||||
| Payments on borrowings | (202,386 | ) | (88,170 | ) | |||
| Proceeds from failed sale-leaseback | 111,453 | — | |||||
| Payments on failed sale-leaseback | (87,275 | ) | — | ||||
| Payments for loan origination costs | (5,107 | ) | (3,200 | ) | |||
| Net cash provided by financing activities | 122,607 | 114,851 | |||||
| Net decrease in Cash, cash equivalents and Restricted cash | (15,049 | ) | (113,463 | ) | |||
| Cash, cash equivalents and Restricted cash at beginning of period | 187,675 | 190,698 | |||||
| Cash, cash equivalents and Restricted cash at end of period | $ | 172,626 | $ | 77,235 | |||
Non-GAAP Reconciliations
Adjusted EBITDA and FFO
The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:
| Three months ended September 30, | Nine months ended Steptember 30, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (46,372 | ) | $ | (60,461 | ) | $ | (65,677 | ) | $ | (63,648 | ) | |||
| Add back or deduct the following: | |||||||||||||||
| Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (12,027 | ) | (16,827 | ) | (48,974 | ) | (65,808 | ) | |||||||
| Provision for (benefit from) income taxes | (8,834 | ) | (11,536 | ) | (2,579 | ) | (14,155 | ) | |||||||
| Interest expense (income), net | 21,134 | (13,369 | ) | 35,158 | (7,912 | ) | |||||||||
| Change in fair value of investments, net | (2,822 | ) | 1,945 | (656 | ) | 1,268 | |||||||||
| Other expense (income), net | (630 | ) | (215 | ) | (628 | ) | (245 | ) | |||||||
| Depreciation, amortization and accretion(1) | 24,353 | 58,902 | 71,746 | 119,058 | |||||||||||
| EBITDA | $ | (25,198 | ) | $ | (41,561 | ) | $ | (11,610 | ) | $ | (31,442 | ) | |||
| Share-based compensation expense | 1,275 | 4,480 | 12,980 | 9,992 | |||||||||||
| Change in fair value of contingent consideration | (4,690 | ) | (5,420 | ) | (3,764 | ) | (4,103 | ) | |||||||
| Gain on deconsolidation, net | — | — | (5,722 | ) | — | ||||||||||
| Impairment of long-lived assets, net and project termination costs | 26,380 | 50,662 | 32,710 | 50,662 | |||||||||||
| Non-recurring professional services and legal fees | 3,036 | 729 | 7,094 | 2,921 | |||||||||||
| Non-recurring salaries and personnel related expenses | 1,257 | 1,250 | 1,659 | 1,250 | |||||||||||
| Adjusted EBITDA | $ | 2,060 | $ | 10,140 | $ | 33,347 | $ | 29,280 | |||||||
| Cash portion of interest expense | (7,614 | ) | (7,700 | ) | (22,389 | ) | (19,604 | ) | |||||||
| Distributions to tax equity investors | (5,617 | ) | (4,812 | ) | (14,521 | ) | (13,299 | ) | |||||||
| FFO | $ | (11,171 | ) | $ | (2,372 | ) | $ | (3,563 | ) | $ | (3,623 | ) | |||
| (1) Includes contract amortization, net in the amount of $3.4 million, $4.1 millon, $9.4 million, and $13.8million for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations. | |||||||||||||||
The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) other income (loss); and (x) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:
- Share-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation, as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time.
- The change in fair value of contingent consideration, which is related to Greenbacker’s acquisition of GCM and certain other affiliated companies, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate.
- Other costs that are not consistently occurring, not reflective of expected future operating expense, and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional services and legal fees, some of which were incurred as part of the transition to non-investment company accounting, and other non-recurring costs unrelated to the ongoing operations of the Company.
FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment. The Company excludes these distributions as the underlying source of distribution (collection of a loan) is not recorded within Adjusted EBITDA and is therefore not a component of our earnings from operations.
The Company uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.
The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:
| Three months ended September 30, | Nine months ended Steptember 30, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Segment Adjusted EBITDA: | |||||||||||||||
| IPP Adjusted EBITDA | $ | 9,580 | $ | 18,657 | $ | 54,665 | $ | 55,460 | |||||||
| IM Adjusted EBITDA | (682 | ) | (2,123 | ) | (982 | ) | (4,275 | ) | |||||||
| Total Segment Adjusted EBITDA | $ | 8,898 | $ | 16,534 | $ | 53,683 | $ | 51,185 | |||||||
| Reconciliation: | |||||||||||||||
| Total Segment Adjusted EBITDA | $ | 8,898 | $ | 16,534 | $ | 53,683 | $ | 51,185 | |||||||
| Unallocated corporate expenses | (6,838 | ) | (6,394 | ) | (20,336 | ) | (21,905 | ) | |||||||
| Total Adjusted EBITDA | 2,060 | 10,140 | 33,347 | 29,280 | |||||||||||
| Less: | |||||||||||||||
| Share-based compensation expense | 1,275 | 4,480 | 12,980 | 9,992 | |||||||||||
| Change in fair value of contingent consideration | (4,690 | ) | (5,420 | ) | (3,764 | ) | (4,103 | ) | |||||||
| Non-recurring professional services and legal fees | 3,036 | 729 | 7,094 | 2,921 | |||||||||||
| Non-recurring salaries and personnel related expenses | 1,257 | 1,250 | 1,659 | 1,250 | |||||||||||
| Depreciation, amortization and accretion(1) | 24,353 | 58,902 | 71,746 | 119,058 | |||||||||||
| Gain on deconsolidation, net | — | — | (5,722 | ) | — | ||||||||||
| Impairment of long-lived assets, net and project termination costs | 26,380 | 50,662 | 32,710 | 50,662 | |||||||||||
| Operating loss | $ | (49,551 | ) | $ | (100,463 | ) | $ | (83,356 | ) | $ | (150,500 | ) | |||
| Interest (expense) income, net | (21,134 | ) | 13,369 | (35,158 | ) | 7,912 | |||||||||
| Change in fair value of investments, net | 2,822 | (1,945 | ) | 656 | (1,268 | ) | |||||||||
| Other income, net | 630 | 215 | 628 | 245 | |||||||||||
| Loss before income taxes | $ | (67,233 | ) | $ | (88,824 | ) | $ | (117,230 | ) | $ | (143,611 | ) | |||
| Benefit from income taxes | 8,834 | 11,536 | 2,579 | 14,155 | |||||||||||
| Net loss | $ | (58,399 | ) | $ | (77,288 | ) | $ | (114,651 | ) | $ | (129,456 | ) | |||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (12,027 | ) | (16,827 | ) | (48,974 | ) | (65,808 | ) | |||||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (46,372 | ) | $ | (60,461 | ) | $ | (65,677 | ) | $ | (63,648 | ) | |||
| (1) Includes contract amortization, net in the amount of $3.4 million, $4.1 millon, $9.4 million, and $13.8million for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations. | |||||||||||||||
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.
About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.
Greenbacker media contact
Chris Larson
Media Communications
646.569.9532
c.larson@greenbackercapital.com
___________________________________________
1 Past performance is not indicative of future results.
2 Data as of September 30, 2024. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change.
3 Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release.
4 Fee-earning AUM represents the asset base upon which management fee revenue is earned from GCM’s managed funds.
5 Aggregate AUM includes GREC and GCM’s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.
6 Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release, as well as Greenbacker’s recent SEC filings and shareholder communication for more information regarding Key Factors Impacting Our Operating Results and Financial Condition, which include a number of factors that present significant opportunities for Greenbacker but also pose risks and challenges.
7 Data is as of September 30, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
8 Data is as of September 30, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
9 Data is as of September 30, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03a76879-289f-41b1-9557-8da2d636d361
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Elon Musk's Tesla Hunts Top Talent To Develop Software For Robotaxi, Optimus Robot Teleoperation
Elon Musk’s Tesla Inc. TSLA is actively recruiting software engineers to enhance its teleoperation capabilities for robotaxis and the Optimus robot.
What Happened: The initiative, spearheaded by Tesla AI’s Teleoperation team, focuses on developing low-latency, reliable data streaming solutions for real-world applications.
According to Tesla’s career page, the company aims to provide remote access to its autonomous vehicles and humanoid robots.
The team is tasked with integrating hardware, firmware, and backend systems to create a sophisticated teleoperation system.
Remote operators will use advanced virtual reality rigs to perform complex tasks, bridging the gap between the physical and digital worlds so remote teleoperators can provide accurate guidance and intervene when necessary.
Engineers will collaborate with hardware teams to define requirements, make design choices, and implement software for the teleoperation system.
Applicants should have experience with C++, Python, 3D graphics, and game engines like Unreal. Familiarity with Windows and Linux environments, networking, and custom shaders is also required.
Tesla’s teleoperation role offers a salary range of $120,000 to $318,000, including cash, stock awards, and benefits.
See Also: Tesla CEO Elon Musk Tries To Lower Expectations Of $30K Optimus Or Cybercab
Why It Matters: The recruitment drive comes at a time when Tesla’s Full Self-Driving (FSD) technology has achieved a significant milestone. Analyst Pierre Ferragu recently highlighted a 95-mile unassisted drive from Manhattan to Connecticut, showcasing Tesla’s progress in autonomous driving.
Furthermore, ARK Investment Management has projected that Tesla’s robotaxi fleet could unlock a staggering $11 trillion revenue potential, surpassing current ride-hailing services like Uber Technologies Inc. UBER and LYFT Inc. LYFT. This potential revenue stream underscores the importance of Tesla’s teleoperation capabilities.
Additionally, Tesla’s Optimus robot has demonstrated autonomous navigation and charging abilities, further emphasizing the company’s advancements in robotics. The robot can now navigate Tesla’s factory autonomously, avoiding obstacles and interacting with humans.
Price Action: Tesla stock closed 3.80% higher on Friday at $352.56. Year-to-date, it is up 41.92%, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Cardboard Box & Container Manufacturing Market to Reach $807 Billion by 2034, Driven by 5.3% CAGR | Fact.MR Report
Rockville, MD , Nov. 25, 2024 (GLOBE NEWSWIRE) — Based on the newly published report by Fact.MR, a market research and competitive intelligence provider, the global cardboard box & container manufacturing market is valued at around US$ 479.25 billion in 2024 and is forecasted to expand at a CAGR of 5.3% to reach US$ 807.07 billion by 2034.
Due to several reasons that are changing the global economy, the demand for cardboard boxes and containers is still growing at a steady rate. Sustainable packaging solutions are in high demand due to the phenomenal growth of e-Commerce and recent changes in consumer purchasing patterns. Cardboard packing has emerged as the mainstay of contemporary commerce, from small company shipping to Amazon deliveries. Beyond retail, cardboard packaging is essential to the operations of several sectors, including medicines and agriculture. The material is essential in today’s market because of its adaptability, affordability, and environmental friendliness. Customers prefer its recyclability, while manufacturers value its adjustable qualities.
With creative designs that satisfy strict safety regulations while using less plastic, the food and beverage industry has especially welcomed cardboard packaging. The need for cardboard solutions is growing as more companies across the world pledge to be more environmentally conscious, making it an essential part of the global supply chain.
For More Insights into the Market, Request a Sample of this Report-https://www.factmr.com/connectus/sample?flag=S&rep_id=10485
Key Takeaways from cardboard box & container manufacturing Market Study:
- The global cardboard box & container manufacturing market is projected to reach a valuation of US$ 807.07 billion by the end of 2034.
- North America is evaluated to progress at a CAGR of 5.1% through 2034.
- The East Asia market for cardboard box & container manufacturing is projected to expand at a CAGR of 5.4% from 2024 to 2034.
- Sales of cardboard boxes and containers in Canada are forecasted to rise at a CAGR of 4.7% through 2034.
- The market in South Korea is forecasted to progress at a CAGR of 5.4% in East Asia through 2034.
- Sales of folding paperboard boxes are approximated to rise at a CAGR of 5.1% from 2024 to 2034.
“Cardboard boxes are simple to assemble, lightweight, and come with easy handling, thereby making them more popular in every industry for packaging purposes,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Cardboard Box & Container Manufacturing Market:
Internet Paper Company; WestRock Company; Smurfit Kappa Group; Mondi Group; DS Smith; Rengo Co Ltd; Packaging Corporation of America; TGI Packaging Pvt. Ltd; Georgia Pacific LLC
Introduction of Digital Printing in Packaging Becoming a New Trend to Embrace
Digital printing technologies bring up new income streams in niche sectors by enabling small-batch, customized operations without compromising efficiency. To save waste and storage expenses, firms are also implementing just-in-time inventory systems and lean manufacturing concepts. Several businesses are also creating cutting-edge structural designs that are stronger while using less material, which lowers the cost of transportation and raw materials. The profitability landscape of the sector is completely transformed by these developments in conjunction with data-driven decision-making.
Cardboard Box & Container Manufacturing Industry News:
- On February 1, 2021, Mondi announced the launch of BCoolBox, a new product that contains food and fresh produce, as part of its sustainable e-Commerce portfolio. This packaging option, which consists of a thermo-insulated corrugated range, is able to keep food cold without the need for outside cooling. The business claims that this innovative technology is intended to maintain goods in storage at a constant temperature of less than 7 degrees for a full day.
- In March 2021, International Paper finalized the purchase of two cutting-edge corrugated box facilities in Spain. The business expanded its skills in Madrid and Catalonia by purchasing this firm. The company’s corrugated box business is strategically significant concerning EMEA. It provides high-quality packaging solutions in the industrial area, with an emphasis on e-Commerce solutions and packaging for fruits and vegetables. Since April 1, 2021, the two companies have become a part of International Paper.
Get Customization on this Report for Specific Research Solutions-https://www.factmr.com/connectus/sample?flag=S&rep_id=10485
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the cardboard box & container manufacturing market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (corrugated & solid fiber boxes, folding paperboard boxes), and major market (food, beverage, and agricultural producers, retail & whole trader sectors, miscellaneous manufacturers, paper & other product producers, chemical, plastic & rubber product producers, exports), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
The global packaging additive market size is set to bring in revenue worth US$ 574.8 million in 2024 and further increase at a CAGR of 4.5% to end up at US$ 892.6 million by the end of 2034.
Based on the analysis of the Fact.MR, the global packaging coating market is anticipated to be valued at US$ 3.5 billion in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach US$ 6.8 billion by the end of 2033.
The global packaging nets market was valued at US$ 890 Million in 2022 and is expected to reach a valuation of US$ 914.51 Million in 2023. From 2023 to 2033, the market is likely to expand at a CAGR of 3%, reaching US$ 1.2 Billion. The demand for packaging nets has gained traction among food and consumer brands for multiple reasons.
Expanding at a CAGR of 7%, the global packaging robots market is expected to increase from a valuation of US$ 3.8 billion in 2022 to US$ 7.5 billion by the end of 2032. Demand for vacuum grippers is forecasted to increase faster at a CAGR of 8% through 2032
The global gift packaging market is estimated at USD 27 Billion in 2022 and is forecast to surpass USD 38 Billion by 2032, growing at a CAGR of 3.6% during 2022- 2032.
The global sales of plant-based packaging are expected to grow at 6.7% in 2021. However, the overall ten-year compound annual growth rate (CAGR) remains positive during 2021-2031.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Artificial Organs Market is Expected to Develop at a Stellar 7.68% CAGR through 2031 | SkyQuest Technology
Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the artificial organs market size will attain a value of USD 86.46 billion by 2031, with a CAGR of 7.68% over the forecast period (2024-2031). Surging demand for organ transplants owing to the high incidence of chronic diseases and shortage of organ donors are slated to drive artificial organs market growth. Advancements in medical technologies and use of 3D printing technologies are expected to create new opportunities for artificial organs companies.
Browse in-depth TOC on “Artificial Organs Market”
- Pages – 182
- Tables – 97
- Figures – 76
To Learn More About This Report, Request a Free Sample Copy – https://www.skyquestt.com/sample-request/artificial-organs-market
Artificial Organs Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 47.83 Billion |
| Estimated Value by 2031 | $ 86.46 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.68% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Material Type, Technology, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | High demand for organ transplants |
| Key Market Opportunities | Use of 3D bioprinting technology and bioengineered tissues |
| Key Market Drivers | Shortage of donors and advancements in medical technologies |
Low Costs of Mechanical Technology Make it the Dominant Segment for Artificial organs Companies
High reliability, low risk of failure, and affordable nature are the top benefits of mechanical artificial organs allowing them to dominate the global artificial organs industry. Moreover, the high availability of better reimbursement policies for mechanical artificial organs and faster approvals from regulatory bodies are expected to create new opportunities for artificial organ companies targeting this segment going forward.
Make an Inquiry to Address your Specific Business Needs: https://www.skyquestt.com/speak-with-analyst/artificial-organs-market
High Emphasis on Improving Quality of Life for Trauma Patients is Boosting Demand for Artificial Bionics
Artificial bionics are bionic devices that not only recreate the physical structure of an organ but also enhance the sensitivity of organs. These devices are being used extensively for trauma patients faced with severe disability issues as the incidence of accidents and trauma cases rises globally. High demand for cochlear implants, vision, exoskeleton, limb, and brain bionics are slated to bolster the global artificial organs market outlook via this segment.
High Number of Surgical Transplant Procedures Help North America Lead Sales of Artificial Organs
The presence of a developed healthcare infrastructure, growing geriatric population, and high availability of favorable reimbursement are key factors helping the dominance of North America. Surging investments in medical R&D are also expected to create new opportunities for artificial organ providers. The United States and Canada are estimated to lead revenue generation and help North America hold a prominent artificial organs market share.
Artificial Organs Market Insights:
Drivers
- Growing demand for organ transplants
- High incidence of chronic diseases resulting in organ failure
- Advancements in medical technologies
Restraints
- High costs of prosthetics and surgeries
- Risk of rejection among certain patients
- Post-operation complications and risk of infections
Take Action Now: Secure Your Artificial Organs Industry Today – https://www.skyquestt.com/buy-now/artificial-organs-market
Prominent Players in Artificial Organs Market
- Edwards Lifesciences Corporation
- Cochlear Limited
- Zimmer Biomet Holding Inc.
- Jarvik Heart, Inc.
- Boston Scientific Corporation
- Berlin Heart GmbH
- SynCardia Systems LLC
- CARMAT
- BiVACOR Inc.
- AWAK Technologies
- Wearable Artificial Organs, Inc.
- Medtronic Plc
- ALung Technologies, Inc.
- Fresenius Medical Care
- Johnson & Johnson
- TransMedics, Inc
- Abott
Key Questions Answered in Artificial Organs Market Report
- Who are the top companies in the artificial organs industry?
- Why are sales of artificial organs rising rapidly?
- Which is the largest regional market as per this artificial organ market forecast?
- What are the key restraints for artificial organ companies?
Read Artificial Organs Industry Report Today – https://www.skyquestt.com/report/artificial-organs-market
This report provides the following insights:
Analysis of key drivers (high demand for organ transplants, advancements in medical technologies), restraints (risk of failure and rejection, high costs of prosthetics and surgeries), and opportunities (use of 3D bioprinting technologies and bioengineered tissues) influencing the growth of artificial organs market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the artificial organs market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Consumer Healthcare Market is growing at a CAGR of 7.60% in the forecast period (2024-2031)
Teleradiology Market is growing at a CAGR of 15.40% in the forecast period (2024-2031)
Prefilled Syringes Market is growing at a CAGR of 10.60% in the forecast period (2024-2031)
Companion Diagnostics Market is growing at a CAGR of 11.4% in the forecast period (2024-2031)
Infusion Pump Market is growing at a CAGR of 8.2% in the forecast period (2024-2031)
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Us:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Guyana's pick of new US startup faces hurdles to tap vast gas reserves
By Curtis Williams and Kemol King
HOUSTON/GEORGETOWN (Reuters) – Doubts are growing over Guyana’s pick of a little-known U.S. startup to craft and develop projects to monetize its vast untapped natural gas resources that could cost up to $30 billion. Year-old Fulcrum LNG faces financing hurdles that could derail its selection. Ultimately, the South American nation may end up relying on a consortium led by Exxon Mobil, which controls all the production in the new energy hotspot. So far the top U.S. oil producer has focused on oil.
Guyana has been pressing Exxon to come up with a plan to convert its about 16 trillion cubic feet of gas reserves into valuable exports such as liquefied natural gas (LNG), or relinquish areas where gas has been discovered so they can be developed by others.
When Fulcrum was chosen in June, its founder and former Exxon executive Jesus Bronchalo said on LinkedIn he was “delighted and honored” to be selected “to design, finance, construct and operate the required gas infrastructure.”
Since then, Fulcrum has not identified any financial backers, casting doubt over its ability to pull off the work, and leading government officials to now describe its selection as tentative. “No project has been awarded to anyone. We’re in an exploratory phase,” Guyana’s Vice President Bharrat Jagdeo told Reuters last month. That is a change from the ministry of finance’s description of the awarding of the contract as among its economic achievements this year. Guyana’s president, who announced the award, said an agreement, that may or may not include Exxon, was expected next year.
Meanwhile, the opposition People’s National Congress party is skeptical about the award.
Fulcrum LNG “lacks requisite experience and a demonstrated ability to raise the type of multi-billion dollar finances required,” said Elson Low, an economist and advisor to the PNC.
FULCRUM’S LEVERAGE
Guyana picked Nevada-registered Fulcrum LNG, which it said offered “the most comprehensive and technically sound proposal,” among the 17 bidders, including China’s third-largest oil firm CNOOC, U.S. gas pipeline giant Energy Transfer, and the No. 4 U.S. LNG exporter Venture Global LNG.
Ira Joseph, an LNG market expert and senior researcher at Columbia University’s Center on Global Energy Policy, said it would be “very difficult” for a startup to raise the financing for a multi-billion-dollar infrastructure project. “Why isn’t Exxon building the LNG plant itself? It is very hard to raise that kind of money to make a project work, (Guyana) would have to bring in one of the big players like TotalEnergies or Shell,” Joseph said.Besides pairing with U.S. oil service Baker Hughes and construction contractor McDermott, Fulcrum’s proposal would include financing from the U.S. Export-Import Bank and the participation of private equity firms and an environmental partner, the government said.
OHBA and EnerQuality Announce the Appointment of a New Interim Board of Directors
TORONTO, Nov. 25, 2024 (GLOBE NEWSWIRE) — The Ontario Home Builders’ Association (OHBA) and EnerQuality are pleased to announce the appointment of new interim board members for EnerQuality as it prepares for a growth phase. The new interim board members, who were appointed on November 20, 2024, are Gord Cooke – President of Building Knowledge, Brian Johnston – former CEO of CreateTO, and Peter Saturno – President of Midhaven Homes.
OHBA has been a proud shareholder of EnerQuality since it founded the company with the Canadian Energy Efficiency Alliance (CEEA) in 1998. After acquiring full ownership of EnerQuality in September 2024, OHBA has been positioning the company to lead its external education arm and deliver needed training to its members and industry at large.
“Part of my mission, when I took on the role of CEO at OHBA, was taking EnerQuality to the next level,” said Scott Andison, CEO of OHBA, “This marks another step in the journey for EnerQuality, which we hope will become a revenue generator for OHBA through its expanded training division and energy certification business.”
The new interim board appointments will advise OHBA on the scope and skills needed for the board going forward, including setting strategic direction and initiating the search for a new CEO. The future CEO of EnerQuality will be tasked with leading the company to become the foremost provider of professional training and education for the residential construction industry in Ontario, complementing its energy certification business.
As the leading certifier of energy-efficient homes in Canada, EnerQuality will continue to deliver its highly successful energy labelling program that includes certifications like ENERGY STAR® for new homes and multi-family, Net Zero and Net Zero Ready, EnerGuide, and R-2000, while expanding its training offerings.
“I’m looking forward to what our new interim board members will bring to the table as we move forward with our strategic vision for EnerQuality,” noted Rose Benedetto, Managing Director of EnerQuality. “We’ve built a highly successful third-party certification business, one that plays a key role in the residential construction sector in the province. It’s important that we continue to grow that business line at the same time as we develop our education and training division.”
EnerQuality will continue to work closely with OHBA and home builders in the province in pursuit of improving building and energy efficiency standards in the residential construction industry.
About the Ontario Home Builders’ Association
Founded in 1962, the Ontario Home Builders’ Association (OHBA) is the voice of the residential construction industry in Ontario. It represents over 4,000 member companies in the home building, land development, professional renovation, and professional services sectors through 28 local chapter associations across the province. OHBA advocates on behalf of its members to key stakeholders, provides member benefits and training, and promotes innovation and professionalism within the residential construction industry.
About EnerQuality
EnerQuality was founded in 1998 by the Ontario Home Builders’ Association (OHBA) and the Canadian Energy Efficiency Alliance (CEEA), with the goal of improving building and energy efficiency standards in the residential construction industry in Ontario. Through its training and certification programs, EnerQuality empowers the building industry to create a sustainable future by driving innovation, fostering education, and promoting collaborative partnerships. Since its founding, it has certified over 120,000 homes through its energy certification programs.
For any media inquiries, please contact:
Andres F. Ibarguen
Senior Manager, Communications
(416) 217-6790
aibarguen@ohba.ca
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.