CAMBRIDGE, United Kingdom, Jan. 15, 2026 (GLOBE NEWSWIRE) -- Former Managing Director of Rolls-Royce Nuclear Group, Tony Roulstone, will be joining Cambridge Atomworks’ Advisory Board to offer technical, safety and business strategy advice. Tony has over 40 years of experience in the nuclear industry. He received his degree in Engineering from the University of Cambridge and, after a period in the British Army, started working at UKAEA on fast reactor systems, then spending 20 years at Rolls-Royce becoming ...

Summary of Australian Vanadium Limited (AVL) Conference Call Company Overview - **Company**: Australian Vanadium Limited (AVL) - **CEO**: Graham Arvitsen, with over two decades of experience in resource and energy sectors, appointed CEO in 2022 [1][2] Industry Insights - **Focus**: Vanadium and its role in long-duration energy storage, crucial for the energy transition towards decarbonization [5][6] - **Market Opportunity**: AVL is positioned to capitalize on a massive addressable market across various sectors, including resource, data centers, and grid-connected applications [6][8] Key Points - **Energy Transition**: Long-duration energy storage is essential; without it, the energy transition may stall [5][6] - **Vanadium's Role**: Vanadium flow batteries are highlighted as a competitive solution for long-duration energy storage [6][8] - **Policy Impact**: Recent UK policies favor long-duration energy storage, with vanadium flow batteries being included in tenders [7][8] - **Global Demand**: Significant demand for vanadium is emerging, with 2.4 gigawatt hours tendered in the UK, representing 8% of the world's vanadium supply [8][21] - **China's Development**: China is expanding its vanadium flow battery pipeline, with 30 gigawatt hours planned and the largest vanadium battery operational [9][10] Project Updates - **Kalgoorlie Project**: A $150 million government commitment for a 500 megawatt hour battery project aimed at improving grid security and driving a new vanadium mining and processing industry in Western Australia [11][12] - **Supply Chain Readiness**: AVL has established a full supply chain solution, including upstream vanadium processing and electrolyte production [13][14][17] - **Local Production**: AVL emphasizes the potential for local manufacturing of components necessary for vanadium flow batteries, enhancing cost-effectiveness [18][19] Economic Considerations - **Cost Competitiveness**: Vanadium batteries become more economical with longer durations and do not degrade over time, making them a viable option for long-term energy storage [16][24] - **Market Dynamics**: The current low vanadium spot price may present overlooked opportunities for investment in vanadium projects [23][24] Conclusion - **Strategic Positioning**: AVL is well-positioned to lead in the vanadium market with a comprehensive supply chain and strong government support, aiming to unlock Australia's long-duration energy future [25]

Kalgoorlie VBESS Project Overview - The WA government is investing $150 million to support a 500MWh Kalgoorlie vanadium flow battery (Kalgoorlie VBESS)[9] - The project is expected to create approximately 150 local jobs during construction and ongoing employment in manufacturing and export[10] - The project aims to diversify Kalgoorlie's economy by developing a value-added battery and critical minerals industry cluster[10] AVL's Position and Strategy - AVL is positioned to offer solutions for the Kalgoorlie VBESS project, focusing on vanadium mining, electrolyte manufacture, and utility-scale BESS solutions[11] - AVL's Lumina VFB architecture allows for expansion of storage capacity in line with market growth[35] - AVL is targeting over 70% local content in its WA-centric supply chain[35] Vanadium and VFB Market - A single 50MW/500MWh VFB BESS would require 4kt of V2O5 demand, representing approximately 1.7% of the global V2O5 supply[30] - The global vanadium market size in 2024 was 133,000 metric tonnes vanadium[31,43] - Vanadium demand from batteries is projected to increase from 1% of the total market in 2019 to 9% in 2024 and is forecast to reach 37% in 2027[47] Australian Vanadium Project - The Australian Vanadium Project has a global vanadium Mineral Resource Estimate (MRE) of 395.4Mt at 0.77% V2O5[33] - This includes 104.5Mt at 1.12% V2O5 classified as Measured or Indicated[33]

Core Insights - Eos Energy Enterprises, Inc. has successfully closed a $250 million offering of convertible senior notes due 2030, enhancing its financial flexibility to scale operations and meet global demand for long duration energy storage [1][2][3] - The company has strategically repurchased maturing debt and restructured its capital, resulting in approximately $400 million in savings over the terms of its debt [3][4] - Eos is expanding its manufacturing capabilities with a new state-of-the-art battery module manufacturing line expected to be operational in the first half of 2026, reflecting strong demand [7][8] Financial Position and Capital Structure - The recent capital raise was oversubscribed, indicating strong investor confidence in Eos' market potential and strategic plan [2] - Proceeds from the offerings were utilized to fully repurchase a $125.9 million convertible senior note due 2026, saving $8.3 million in interest [5] - The company reduced the interest rate on its Delayed Draw Term Loan (DDTL) from 15% to 7%, significantly lowering its cost of capital [5] Operational Momentum - Year-to-date, Eos has shipped more energy storage cubes than in all of 2024, with Q2 shipments exceeding Q1, showcasing strong manufacturing execution [8] - Eos is implementing automation enhancements to improve production efficiency, including the installation of its first bi-polar sub-assembly [7][9] Technological Advancements - Eos is advancing its Z3 energy storage system, achieving round trip efficiency above 80% and exceeding 90% for some longer duration applications [10][12] - The company's inline cube design has demonstrated significant cost efficiencies, with a recent project showing a 96% reduction in installation costs [11] Strategic Partnerships and Market Position - Eos has partnered with PA Consulting Group to quantify the value of its technology, demonstrating potential for 30-50% higher revenues over the life of a project compared to incumbent technologies [12] - The company is well-positioned to meet the growing demands for energy storage solutions, contributing to grid reliability and resilience in the evolving energy landscape [13]

Financial Data and Key Metrics Changes - PPL achieved targeted earnings per share growth of 6% to 8% in 2024 [25] - The common stock dividend was increased by more than 7% in 2024 [26] - PPL's stock price increased by nearly 20% in 2024, ranking among the best performing regulated utility stocks in the U.S. [28] Business Line Data and Key Metrics Changes - PPL completed over $3 billion in planned infrastructure improvements in 2024 to enhance grid reliability and resilience [24] - Achieved annual O&M savings of approximately $130 million from a 2021 baseline, allowing for over $1 billion in capital investments [24][25] Market Data and Key Metrics Changes - PPL serves approximately 3.6 million customers across its service territories [23] - The company is experiencing unprecedented demand growth, particularly in Pennsylvania, with nearly 11 gigawatts of data center load in advanced planning stages [53] Company Strategy and Development Direction - PPL is focused on creating the utilities of the future, emphasizing innovation, efficiency, and advanced technology [29] - The company plans to invest $20 billion from 2025 to 2028 to strengthen reliability and advance a cleaner energy future [31] - PPL is committed to an all-of-the-above technology approach to achieve net zero carbon emissions by 2050 [52] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordability in energy services and ongoing engagement with stakeholders to identify opportunities [25] - The company is adapting to challenges in the energy sector, including the need for new technologies and infrastructure to meet growing demand [54] Other Important Information - PPL has implemented a wildfire mitigation plan, including public safety power shutoff policies and updated emergency response plans [62] - The company is actively exploring nuclear power as part of its strategy to achieve net zero emissions, while also considering advanced small modular reactors [56] Q&A Session Summary Question: Why does PPL have so many directors? - The board size is consistent with industry standards, with 10 members, nine of whom are independent, providing a mix of experience and perspectives [39][40] Question: Why does PPL employ so many contractors? - Contractors are used for specialized expertise, seasonal work, and to provide flexibility in scaling operations [43][45] Question: What impact will tariffs have on PPL's partnership with WindGrid? - Tariffs may affect pricing and timing of offshore wind projects, but PPL remains prepared to participate in future opportunities [48][50] Question: How does PPL support the development of nuclear and fusion power? - PPL recognizes the need for nuclear power in achieving net zero emissions and is exploring partnerships for advanced nuclear technologies [56][58] Question: How is PPL addressing wildfire risks? - PPL has developed a wildfire mitigation plan, including updated training and capital projects to enhance safety and reduce risks [62]

Financial Data and Key Metrics Changes - The company reported $10.5 million in revenue for Q1 2025, representing a 58% year-over-year increase and a 44% increase from the previous quarter [31] - Cost of goods sold (COGS) was $35 million, resulting in a gross loss of $24.5 million, with a notable improvement in underlying gross margin compared to the prior year and previous quarter [32][33] - The company ended the quarter with over $111 million in total cash, reflecting significant operational efficiency and working capital management [35][38] Business Line Data and Key Metrics Changes - The company achieved record output across all areas of manufacturing processes, with Q1 deliveries being 51% higher than Q4 2024 [18][31] - Contract liabilities increased by 80%, indicating strong customer confidence and upfront cash payments for projects [12] - The company is transitioning to automated subassemblies, which is expected to enhance productivity and improve gross profit margins [32][34] Market Data and Key Metrics Changes - The commercial pipeline closed the quarter with $15.6 billion in opportunities, reflecting a 17% year-over-year improvement [41] - The company signed significant MOUs in Puerto Rico and the UK, indicating strong demand for its energy storage solutions [44][46] - Lead generation increased by 32% quarter-over-quarter, representing 55 gigawatt hours of storage [42] Company Strategy and Development Direction - The company is focused on scaling manufacturing and enhancing operational efficiency to meet the growing demand for long-duration energy storage [14][17] - The strategic partnership with Cerberus and the execution of the DOE loan are critical for funding and operational stability [11][35] - The company aims to be a profitable high-growth entity, emphasizing the importance of cost management and strategic supplier relationships [24][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for energy storage, anticipating that energy demand will double by 2050 [14][59] - The company is navigating near-term uncertainties related to tariffs and project timing but remains optimistic about ongoing project developments [15][59] - Management reiterated guidance for 2025 revenue between $150 million and $190 million, which is ten times the revenue from the previous year [18][23] Other Important Information - The company is exploring the establishment of a second manufacturing facility, with plans for implementation by year-end or early next year [74][75] - The company is actively managing its supply chain to mitigate risks associated with global volatility and tariffs [14][40] Q&A Session Summary Question: Inquiry about subassembly automation and revenue trajectory - Management confirmed that subassembly automation is operational and positively impacting production, with expectations for revenue growth aligning with guidance [54][56] Question: Impact of tariffs and project timing uncertainties - Management acknowledged that while tariffs present a positive outlook, uncertainties may affect project timing, but energy storage demand remains critical [57][59] Question: Expansion of capacity and lead times - Management is in discussions for a second site and expects meaningful volume increases by late this year or early next year [73][75] Question: Pricing variability in backlog - Management indicated that older orders are generally lower priced, and the focus is on fulfilling customer demand rather than strictly adhering to pricing [80][84] Question: Local manufacturing strategy - Management emphasized the need for sustained demand before pursuing localized manufacturing abroad, particularly in the UK and EU [88][90] Question: Comments on gross margins and scaling - Management refrained from providing specific guidance on gross margins but indicated that scaling production would lead to cost reductions over time [101][102]

Financial Data and Key Metrics Changes - The company reported $10,500,000 in revenue for Q1 2025, representing a 58% year-over-year growth and a 44% increase from the prior quarter [30] - Cost of goods sold (COGS) was $35,000,000, resulting in a gross loss of $24,500,000, with a notable improvement in underlying gross margin compared to both the prior year and previous quarter [31][32] - The company ended the quarter with over $111,000,000 in total cash, reflecting significant operational efficiency and working capital management [34] Business Line Data and Key Metrics Changes - The company achieved record output across all areas of manufacturing processes, with Q1 deliveries being 51% higher than Q4 2024 [17][30] - Contract liabilities increased by 80%, indicating strong customer confidence and upfront payments for projects [12] Market Data and Key Metrics Changes - The commercial pipeline closed the quarter with $15,600,000,000 in opportunities, reflecting a 17% year-over-year improvement [40] - The backlog stood at $681,000,000, representing 2.6 gigawatt hours of storage, with new microgrid orders signed [45][46] Company Strategy and Development Direction - The company is focused on scaling manufacturing and transitioning to automated subassemblies to improve productivity and reduce costs [31][32] - The strategic partnership with Cerberus and the execution of the DOE loan are critical for financial stability and growth [11][34] - The company aims to capture growth in the long-duration energy storage market, forecasting significant CAGR over the next ten years [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing global supply chain volatility and tariff impacts as near-term challenges but expressed confidence in the long-term demand for energy storage [14][15] - The company reiterated its 2025 revenue guidance of $150,000,000 to $190,000,000, which is ten times the revenue from the previous year [17][23] Other Important Information - The company is exploring opportunities for localized manufacturing in the UK and other regions, contingent on sustained demand [90][91] - Management emphasized the importance of delivering profitable growth, not just high growth, by optimizing direct material costs and scaling operations [24][25] Q&A Session Summary Question: Can you provide an update on subassembly automation and its impact on revenue? - Management confirmed that subassembly automation is operational and already producing more than the previous semi-automated line, with expectations for revenue growth as production ramps up [55][56] Question: How is the company managing near-term uncertainties related to project timing? - Management acknowledged market uncertainties but emphasized the ongoing need for energy storage, indicating that projects are still moving forward despite potential delays [60] Question: What is the expected impact of containerization on labor and production? - Management indicated that labor intensity will decrease significantly with the introduction of subassembly manufacturing, leading to higher quality and yield [66] Question: Can you comment on the DOE funding and its potential impact on projects? - Management stated that they are in regular contact with the DOE and are on track for reimbursement submissions, with no current concerns regarding project funding [70][106] Question: What are the company's plans for capacity expansion beyond the current two gigawatt hours? - Management is actively exploring a second site for expansion, with expectations for meaningful volume increases by late this year or early next year [75][76]

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $7.3 million, which is 10% higher than the prior year and 8 times the most recent sequential quarter [68] - Full year revenue was $15.6 million, slightly down from $16.4 million in 2023, primarily due to Q3 cube availability issues [72] - The net loss attributable to shareholders in 2024 was $685 million, significantly impacted by mark-to-market adjustments on fair valued debt [75] Business Line Data and Key Metrics Changes - The commercial pipeline stood at $14.4 billion, reflecting a 9% year-over-year improvement, representing 55 gigawatt hours of storage [45] - The backlog as of December 31 was $682 million on 2.6 gigawatt hours of storage, with significant wins in standalone storage projects [53] - Year-over-year lead generation increased by 50%, with $3.4 billion added in Q4 alone [48] Market Data and Key Metrics Changes - The company is seeing a 25% CAGR over the next 10 years for long-duration energy storage, indicating strong market growth [14] - The average deal size has grown by 28%, with a 122% increase in five-plus duration projects [49] - The company is focusing on international markets, including the UK, Latin America, Germany, and Italy, as growth areas [52] Company Strategy and Development Direction - The company is scaling operations to meet high growth demands and is focusing on building smaller facilities closer to customer demand to reduce logistics costs [34][113] - A strategic shift is underway to build capacity proactively in response to increasing project sizes and durations [29][111] - The company aims to enhance its competitive advantage through multi-cycle capabilities and lower operating costs [54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the energy storage market, driven by increasing energy demand and the need for reliable power solutions [12][14] - The company is navigating an uncertain regulatory environment but believes its American-made products will provide a competitive edge [15][17] - Management reiterated guidance for 2025 revenue between $150 million to $190 million, indicating a tenfold increase from the previous year [79] Other Important Information - The company has completed a significant processing controls documentation project and is now SOX compliant, addressing previous material weaknesses [63] - The company ended the year with $103 million in cash, bolstered by successful funding efforts [64] - The company is actively working on subassembly automation to improve production efficiency and reduce costs [25][40] Q&A Session Summary Question: What is the potential revenue cadence for the year? - Management indicated that both backlog composition and subassembly automation will influence revenue growth, with expectations for a ramp-up in the second and third quarters [90][92] Question: How are discussions with customers affected by the tariff environment? - Management noted that while tariffs are a consideration, the focus is primarily on the levelized cost of storage and the flexibility of the EOS technology [94][100] Question: Can you comment on the supply chain status for enclosures? - Management confirmed that multiple suppliers are being utilized to diversify the supply chain, which is essential for scaling production [104][106] Question: Can you provide more details on backlog growth? - Management stated that the backlog includes a significant portion of standalone storage projects and will provide metrics on segmentation in the future [108] Question: What is driving the proactive capacity building? - Management highlighted the increasing size of projects and the need for strategic capacity investments to meet customer demand [111][113]

Financial Data and Key Metrics Changes - The fourth quarter adjusted EBITDA margins improved to 17% from 16.6% in the third quarter and 15.8% in the fourth quarter of 2023, despite lower revenue quarter on quarter and year on year [6][5] - For the full year, the Completion Fluids and Products segment revenue was down 1%, but EBITDA grew by 2% year over year, with total revenue of $311 million, the second highest since 2015 [7][8] - The Industrial Chemicals business achieved record revenue and adjusted EBITDA for the fourth quarter, with a revenue growth of over 9% in 2024 compared to 2023, representing 22% of TETRA's total revenue [8][9] Business Line Data and Key Metrics Changes - The Water and Flowback segment achieved EBITDA margins of 13.8%, impacted by a year-end completion slowdown, with rig count and frac fleet count down more than double digits from last year [6][10] - The Industrial Chemicals segment is expected to ramp up meaningful volumes of zinc bromide-based electrolyte, contributing to future revenue growth [8][9] - The Water and Flowback Services segment is expected to maintain flat revenue in 2025 while increasing margins through operational efficiencies [11] Market Data and Key Metrics Changes - The company achieved a record volume of 89 million barrels of treated and recycled produced water for frac reuse in the fourth quarter [7] - The company is focusing on expanding its market presence in Northern Europe and the U.S., which provides stable markets with predictable revenue and earnings [9] Company Strategy and Development Direction - The company is making strategic investments in Brazil to support a large Deepwater Completion Fluids Award starting in Q2 2025, and is also increasing deepwater activity in the Gulf of America [9][10] - The company is prioritizing desalination solutions for produced water treatment and recycling, aiming to position itself as an industry leader in this area [11][12] - The company is exploring capital-efficient alternatives for its bromine project and lithium opportunities, focusing on cash flow generation and minimizing debt [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. business performance, driven by strong activity in the Gulf of America and the calcium chloride business [21] - The company projects net income before taxes between $19 million and $34 million and adjusted EBITDA between $55 million and $65 million for the first half of 2025, indicating a strong start to the year [14][24] - Management highlighted the importance of automation and desalination in improving margins and cash flow generation in the Water and Flowback segment [11][13] Other Important Information - The company eliminated the valuation allowance for deferred taxes, reflecting confidence in utilizing net operating loss carryforwards, potentially saving approximately $97.5 million in cash taxes [20][21] - The company reported cash on hand of $37 million and total liquidity of nearly $27 million as of December [26] Q&A Session Summary Question: Insights on growth opportunities for 2025 - Management indicated that the first half of 2025 will benefit from long-term projects, with expectations for increased volumes from Eos Energy and pilot operations in desalination [32][33] Question: Variances in EBITDA projections for the second half of 2025 - Management noted that while visibility is limited for the second half, they expect continued performance improvement driven by deepwater projects and electrolyte sales [38] Question: Capacity for pilot projects in desalination - Management confirmed high confidence in multiple pilot projects for 2025, with ongoing discussions and potential orders for additional pilot units [43][61] Question: Revenue recognition timeline for shipments to Eos - Revenue is recognized when the product leaves the facility, with a short timeframe for the product to be used in batteries [78] Question: Future structure of the company - Management anticipates a continued focus on industrial chemicals and deepwater services, with potential evolution of the water and flowback business towards desalination [75][76]