Hydrogen Powered Transportation May Include Planes by 2025



Hydrogen About to Take to the Skies

 

In an interesting step seeking to make air travel cleaner, four companies are experimenting with a long-term solution by modifying a small turboprop plane. In an August 4th press release, Plug Power (NASDAQ: PLUG), Universal Hydrogen, magniX, and Aerotec announced the creation of a Hydrogen Aviation Test and Service Center at Grant County International Airport in Moses Lake, Washington.

The center will focus on the test flight and certification of Universal Hydrogen’s retrofitted conversion of a Dash-8 regional turboprop airplane. The tricked-out hydrogen version is scheduled for entry into commercial service in 2025. There is commitment among early adopters of hydrogen zero-carbon emission technology that include industry leaders that have signed a letter of intent with Universal Hydrogen. These include, Ravn Alaska, Icelandair, and Spain’s Air Nostrum, the letters of intent with Universal Hydrogen is to convert their existing and future efforts in this project.

The center will focus on the test flight and certification of Universal Hydrogen’s retrofit conversion of a Dash-8 regional turboprop aircraft, scheduled for entry into commercial service in 2025. Early adopters of the zero-carbon emission technology include Ravn Alaska, Icelandair, and Spain’s Air Nostrum, which have entered into letters of intent with Universal Hydrogen to convert their existing and future fleets to a hydrogen powertrain, and for long-term hydrogen fuel supply contracts using Universal Hydrogen’s modular capsule distribution network. The hydrogen powertrain comprises electric propulsion units (EPUs) from Everett-based magniX and fuel cells from Plug Power, which has a significant operational footprint in Spokane, Washington. Seattle-based AeroTEC will lead aircraft conversion, flight test, and certification activities, drawing on its experience with electric aviation and expertise from across the aerospace sector. The conversion work for U.S.-based airlines, flight test, as well as continuing airworthiness support would be based in AeroTEC’s Moses Lake facility.

“This is a game changer for the state, and, frankly, aviation,” said Emily Wittman, President and CEO of the Seattle-based Aerospace Futures Alliance, the leading voice of the aviation industry in the state whose members include Boeing and Alaska Airlines. “The Universal Hydrogen, magniX, Plug Power, and AeroTEC teams have demonstrated a clear and credible path to zero-carbon aviation in the near term. Their investment in Moses Lake puts Washington at the forefront of these efforts. The possibilities for our state’s aviation sector are enormous.”

AeroTEC’s Moses Lake facility has long been a favorite location for electric aviation projects, having recently flown a battery-powered 9-passenger Cessna 208B “eCaravan,” also powered by a magniX EPU. Universal Hydrogen’s Dash-8 conversion will be the first commercially-relevant hydrogen-powered aircraft, serving 41 to 60 passengers on routes up to 1,000 kilometers. Hydrogen fuel for the airplanes will be supplied using modular capsules that can be transported to airports using the existing freight network and on-airport cargo handling equipment, requiring no new infrastructure.

“We’re excited to have been selected by Universal Hydrogen as a trusted development partner,” said AeroTEC founder and CEO, Lee Human. “This program will leverage AeroTEC’s aircraft integration expertise and modification facilities in Moses Lake, and will not only bring an exciting new set of flight tests to the region, but also a long-term aircraft conversion and continued airworthiness program. This solidifies Moses Lake’s place as a leader in zero-carbon flight.”

“The decarbonization of aviation through hydrogen is critical for a zero-carbon economy,” said Andy Marsh, CEO of Plug Power. “From its days as a World War II air training center to a center today for alternative fuel development and flight testing, Moses Lake, Washington has led the way in aviation, energy, and innovation. With our team in Spokane, we are proud to be a part of this landmark Hydrogen Aviation Center.”

“We are collaborating with these amazing partners to propel the future of aviation,” said magniX CEO, Roei Ganzarski. “Zero emissions aviation is no longer a dream—together we are making it a reality.”

“Moses Lake and Washington State are the perfect location for us to base this center,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “The tremendous aerospace and cleantech workforce, our incredible partners here, abundant renewable electricity for green hydrogen production, and the support of local and state governments is unparalleled.”

Universal Hydrogen completed its Series A investment round earlier in the year, Silicon Valley venture fund, Playground Global, with the investor syndicate comprising Plug Power, Fortescue Future Industries, Coatue, Global Founders Capital, Airbus Ventures, JetBlue Technology Ventures, Toyota Ventures, and Sojitz Corporation.

About
Universal Hydrogen

Universal Hydrogen is making hydrogen-powered commercial flight a closer reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.

“Zero emissions aviation is no longer a dream—together we are making it a reality.”

“This is a game changer for the state, and, frankly, aviation,” said Emily Wittman, President and CEO of the Seattle-based Aerospace Futures Alliance, the leading voice of the aviation industry in the state whose members include Boeing and Alaska Airlines. “The Universal Hydrogen, magniX, Plug Power, and AeroTEC teams have demonstrated a clear and credible path to zero-carbon aviation in the near term. Their investment in Moses Lake puts Washington at the forefront of these efforts. The possibilities for our state’s aviation sector are enormous.”

AeroTEC’s Moses Lake facility has long been a favorite location for electric aviation projects, having recently flown a battery-powered 9-passenger Cessna 208B “eCaravan,” also powered by a magniX EPU. Universal Hydrogen’s Dash-8 conversion will be the first commercially-relevant hydrogen-powered aircraft, serving 41 to 60 passengers on routes up to 1,000 kilometers. Hydrogen fuel for the airplanes will be supplied using modular capsules that can be transported to airports using the existing freight network and on-airport cargo handling equipment, requiring no new infrastructure.

“We’re excited to have been selected by Universal Hydrogen as a trusted development partner,” said AeroTEC founder and CEO, Lee Human. “This program will leverage AeroTEC’s aircraft integration expertise and modification facilities in Moses Lake, and will not only bring an exciting new set of flight tests to the region, but also a long-term aircraft conversion and continued airworthiness program. This solidifies Moses Lake’s place as a leader in zero-carbon flight.”

“The decarbonization of aviation through hydrogen is critical for a zero-carbon economy,” said Andy Marsh, CEO of Plug Power. “From its days as a World War II air training center to a center today for alternative fuel development and flight testing, Moses Lake, Washington has led the way in aviation, energy, and innovation. With our team in Spokane, we are proud to be a part of this landmark Hydrogen Aviation Center.”

“We are collaborating with these amazing partners to propel the future of aviation,” said magniX CEO, Roei Ganzarski. “Zero emissions aviation is no longer a dream—together we are making it a reality.”

“Moses Lake and Washington State are the perfect location for us to base this center,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “The tremendous aerospace and cleantech workforce, our incredible partners here, abundant renewable electricity for green hydrogen production, and the support of local and state governments is unparalleled.”

Universal Hydrogen completed its Series A investment round earlier in the year, led by prominent Silicon Valley venture fund, Playground Global, with the investor syndicate comprising Plug Power, Fortescue Future Industries, Coatue, Global Founders Capital, Airbus Ventures, JetBlue Technology Ventures, Toyota Ventures, and Sojitz Corporation.

 

Take-Away

Momentum toward an economy that includes hydrogen powered transportation is moving rapidly. For long term sustainable power, lithium-ion storage, even in the solid-state form does not get heavy cargo far enough down the road, through the sky or across the ocean. Electricity generation through refillable hydrogen fuel cells may very well be the clean energy answer for industrial uses.

 

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Lithium-ion vs. Hydrogen Fuel Cell Power



Fords Announcement is a Another Reason for Copper Investors to Smile

 

Sources:

https://www.businesswire.com/news/home/20210804005380/en/Universal-Hydrogen-magniX-Plug-Power-and-AeroTEC-Announce-Hydrogen-Aviation-Center-at-Moses-Lake-Washington

 

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Release – Gevos Luverne Facility Re-Starts Production Operations


Gevo’s Luverne Facility Re-Starts Production Operations

 

ENGLEWOOD, Colo., Aug. 04, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), announced today that production operations at its advanced, renewable fuels production facility located in Luverne, Minnesota (the “Luverne Facility”) have re-commenced. The Luverne Facility is expected to produce fuel-grade, renewable isobutanol (“IBA”). The IBA produced will be used as a feedstock for Gevo to produce sustainable aviation fuel and renewable premium gasoline to fulfill existing sales contracts. These renewable hydrocarbons will be produced in Silsbee, Texas at the South Hampton Resources, Inc. hydrocarbon production facility. Gevo also expects to utilize some of the IBA produced to develop certain IBA specialty markets.

Moreover, the production operations at the Luverne Facility will allow Gevo to test and evaluate certain potential unit operations that may be incorporated into Gevo’s state-of-the-art Net-Zero 1 production facility that is expected to begin production in 2024 in Lake Preston, South Dakota.

Agri-Energy, LLC, Gevo’s wholly-owned subsidiary that owns the Luverne Facility, has rehired multiple former employees and is in the process of hiring an additional 11 employees to produce the IBA with the goal to have 30 full-time employees.

“The team in Luverne has done an exceptional job restarting isobutanol operations safely and with a focus on continuous improvement for future growth,” said Dr. Paul Bloom, President of Agri-Energy, LLC. “We appreciate the continued support we’ve received from the State of Minnesota and City of Luverne and are happy to be increasing the number of high-quality jobs at the site. Ongoing production of IBA and building our team is just the first phase of what we want to do at Luverne. We see that Luverne has potential to serve specialty markets other than jet and gasoline. We expect to announce more in coming months as the rest of the plans come together.”

“We are getting geared up for what will be the next stage of Gevo’s growth which is coming at us at an accelerated rate.   We are leveraging our existing Luverne location to optimize conversion of our isobutanol production to develop the standard in operating discipline for efficient and safe IBA production facilities,” commented Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “I like the option of being able to test unit operations that could help optimize and train people for Net-Zero 1. It will be critical for Net-Zero 1 to start-up smoothly and the best way to do that is to do a good job training our people. I expect Luverne to provide some of that experience,” Dr. Gruber continued.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the Luverne Facility, the Luverne Facility’s ability to produce IBA, the Net-Zero 1 project, Gevo’s technology, Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

Release – Capstone Green Energy Corporation to Provide 1 MW Biogas Power System for Wastewater Treatment Facility in Central America

 


Capstone Green Energy Corporation (NASDAQ:CGRN) to Provide 1 MW Biogas Power System for Wastewater Treatment Facility in Central America

 

Renewable Fuel Projects Made up 13% of Total Revenues in Fiscal 2021

VAN NUYS, CA / ACCESSWIRE / August 4, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), announced today that its Direct Solution Sales Team received a contract for a Capstone Signature Series C1000S system to operate grid-connected on biogas at a wastewater treatment facility in Central America.

The new system, currently slated to be commissioned in November 2021, is expected to allow the site to reduce the amount of electricity needed to be purchased from the local utility. As a biogas-based system, the configuration will capture the methane produced by the anaerobic digesters and use it to fuel the C1000S system. Due to the coastal location, the system will include a high humidity enclosure, which minimizes the effects of the climate and helps ensure equipment reliability.

“Thanks to the anaerobic digesters, the plant essentially has access to free fuel. In addition, the methane produced will no longer need to be flared off into the atmosphere, which will reduce the plant’s emissions and improve air quality for local communities,” said Jim Crouse, Capstone Green Energy Chief Revenue Officer.

Capstone has appointed DTC Machinery, the Company’s distributor in Central America, to provide support once the system is installed and commissioned.

According to the Environmental and Energy Study Institute (EESI),biogas can provide a clean, renewable, and reliable source of baseload power in place of coal or natural gas. Renewable baseload power can complement more intermittent renewables. Similar to natural gas, biogas can also be used as a source of peak power that can be rapidly ramped up. Using stored biogas limits the amount of methane released into the atmosphere and reduces dependence on fossil fuels. The reduction of methane emissions derived from tapping all the potential biogas in the United States is estimated to be equal to the annual emissions of up to 11 million passenger vehicles.

Capstone Green Energy is focused on increasing the use of biogas and other renewable fuels. In fiscal year 2021, 13% of Capstone Green Energy revenues were derived from biogas-to-energy projects or other renewable fuels. Generating electricity from biogas is a process that has been widely implemented around the world. World Biogas Association estimates that there are approximately 132,000 small, medium or large-scale digesters operating in the world, providing a large-scale global opportunity for implementing new biogas-based systems.

“The addition of a biogas-based microturbine system at a wastewater treatment facility is essentially a win-win for everyone involved,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Not only does it provide long-term cost savings and environmental benefits, but it also offers greater energy independence and reliability. We believe it’s truly an ideal solution for these types of facilities,” concluded Mr. Jamison.

About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Release – enCore Energy Corp. Announces Uranium Sales Agreement


enCore Energy Corp. Announces Uranium Sales Agreement

 

 August
4, 2021 – Corpus Christi, Texas – enCore Energy Corp.
(TSXV: EU; OTCQB:ENCUF) (the “Company”) is  pleased to announce, as stated in the Company’s objective to advance its South Texas uranium facilities towards production, enCore has executed a uranium purchase and sales agreement (“Agreement”) with UG USA, Inc. The 5-year Agreement covers 2 million pounds U3O8 of produced uranium with significant delivery flexibility for market related pricing.  

 

Paul Goranson, enCore Energy Chief Executive Officer said, “We recently provided an update on our South Texas Production Facilities that outlined our production strategy. The uranium sales agreement,  immediately secures a customer for a portion of our expected production. The Agreement also allows us to leverage to what we expect will be a significantly improved uranium market. We truly appreciate our relationship with UG USA and are excited to execute our first uranium sales agreement as enCore fulfills its strategy to become America’s newest ISR uranium producer.”
 

Within the acquisition of the Westwater Resources Inc. uranium assets from enCore acquired a legacy uranium sales agreement with UG USA, Inc. that was structured for market conditions in 2006. enCore successfully terminated this legacy agreement and committed to a mutually agreed cancellation fee.
 

UG USA, Inc., a subsidiary of Orano, is an international uranium trading company.

 

About enCore Energy
Corp.

enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation.  These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

For additional
information:

William M. Sheriff
Executive Chairman
972-333-2214

info@encoreenergycorp.com
www.encoreenergycorp.com

enCore Energy Corp. Announces Uranium Sales Agreement


enCore Energy Corp. Announces Uranium Sales Agreement

 

 August
4, 2021 – Corpus Christi, Texas – enCore Energy Corp.
(TSXV: EU; OTCQB:ENCUF) (the “Company”) is  pleased to announce, as stated in the Company’s objective to advance its South Texas uranium facilities towards production, enCore has executed a uranium purchase and sales agreement (“Agreement”) with UG USA, Inc. The 5-year Agreement covers 2 million pounds U3O8 of produced uranium with significant delivery flexibility for market related pricing.  

 

Paul Goranson, enCore Energy Chief Executive Officer said, “We recently provided an update on our South Texas Production Facilities that outlined our production strategy. The uranium sales agreement,  immediately secures a customer for a portion of our expected production. The Agreement also allows us to leverage to what we expect will be a significantly improved uranium market. We truly appreciate our relationship with UG USA and are excited to execute our first uranium sales agreement as enCore fulfills its strategy to become America’s newest ISR uranium producer.”
 

Within the acquisition of the Westwater Resources Inc. uranium assets from enCore acquired a legacy uranium sales agreement with UG USA, Inc. that was structured for market conditions in 2006. enCore successfully terminated this legacy agreement and committed to a mutually agreed cancellation fee.
 

UG USA, Inc., a subsidiary of Orano, is an international uranium trading company.

 

About enCore Energy
Corp.

enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation.  These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

For additional
information:

William M. Sheriff
Executive Chairman
972-333-2214

info@encoreenergycorp.com
www.encoreenergycorp.com

Capstone Green Energy Corporation to Provide 1 MW Biogas Power System for Wastewater Treatment Facility in Central America

 


Capstone Green Energy Corporation (NASDAQ:CGRN) to Provide 1 MW Biogas Power System for Wastewater Treatment Facility in Central America

 

Renewable Fuel Projects Made up 13% of Total Revenues in Fiscal 2021

VAN NUYS, CA / ACCESSWIRE / August 4, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), announced today that its Direct Solution Sales Team received a contract for a Capstone Signature Series C1000S system to operate grid-connected on biogas at a wastewater treatment facility in Central America.

The new system, currently slated to be commissioned in November 2021, is expected to allow the site to reduce the amount of electricity needed to be purchased from the local utility. As a biogas-based system, the configuration will capture the methane produced by the anaerobic digesters and use it to fuel the C1000S system. Due to the coastal location, the system will include a high humidity enclosure, which minimizes the effects of the climate and helps ensure equipment reliability.

“Thanks to the anaerobic digesters, the plant essentially has access to free fuel. In addition, the methane produced will no longer need to be flared off into the atmosphere, which will reduce the plant’s emissions and improve air quality for local communities,” said Jim Crouse, Capstone Green Energy Chief Revenue Officer.

Capstone has appointed DTC Machinery, the Company’s distributor in Central America, to provide support once the system is installed and commissioned.

According to the Environmental and Energy Study Institute (EESI),biogas can provide a clean, renewable, and reliable source of baseload power in place of coal or natural gas. Renewable baseload power can complement more intermittent renewables. Similar to natural gas, biogas can also be used as a source of peak power that can be rapidly ramped up. Using stored biogas limits the amount of methane released into the atmosphere and reduces dependence on fossil fuels. The reduction of methane emissions derived from tapping all the potential biogas in the United States is estimated to be equal to the annual emissions of up to 11 million passenger vehicles.

Capstone Green Energy is focused on increasing the use of biogas and other renewable fuels. In fiscal year 2021, 13% of Capstone Green Energy revenues were derived from biogas-to-energy projects or other renewable fuels. Generating electricity from biogas is a process that has been widely implemented around the world. World Biogas Association estimates that there are approximately 132,000 small, medium or large-scale digesters operating in the world, providing a large-scale global opportunity for implementing new biogas-based systems.

“The addition of a biogas-based microturbine system at a wastewater treatment facility is essentially a win-win for everyone involved,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Not only does it provide long-term cost savings and environmental benefits, but it also offers greater energy independence and reliability. We believe it’s truly an ideal solution for these types of facilities,” concluded Mr. Jamison.

About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Gevo’s Luverne Facility Re-Starts Production Operations


Gevo’s Luverne Facility Re-Starts Production Operations

 

ENGLEWOOD, Colo., Aug. 04, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), announced today that production operations at its advanced, renewable fuels production facility located in Luverne, Minnesota (the “Luverne Facility”) have re-commenced. The Luverne Facility is expected to produce fuel-grade, renewable isobutanol (“IBA”). The IBA produced will be used as a feedstock for Gevo to produce sustainable aviation fuel and renewable premium gasoline to fulfill existing sales contracts. These renewable hydrocarbons will be produced in Silsbee, Texas at the South Hampton Resources, Inc. hydrocarbon production facility. Gevo also expects to utilize some of the IBA produced to develop certain IBA specialty markets.

Moreover, the production operations at the Luverne Facility will allow Gevo to test and evaluate certain potential unit operations that may be incorporated into Gevo’s state-of-the-art Net-Zero 1 production facility that is expected to begin production in 2024 in Lake Preston, South Dakota.

Agri-Energy, LLC, Gevo’s wholly-owned subsidiary that owns the Luverne Facility, has rehired multiple former employees and is in the process of hiring an additional 11 employees to produce the IBA with the goal to have 30 full-time employees.

“The team in Luverne has done an exceptional job restarting isobutanol operations safely and with a focus on continuous improvement for future growth,” said Dr. Paul Bloom, President of Agri-Energy, LLC. “We appreciate the continued support we’ve received from the State of Minnesota and City of Luverne and are happy to be increasing the number of high-quality jobs at the site. Ongoing production of IBA and building our team is just the first phase of what we want to do at Luverne. We see that Luverne has potential to serve specialty markets other than jet and gasoline. We expect to announce more in coming months as the rest of the plans come together.”

“We are getting geared up for what will be the next stage of Gevo’s growth which is coming at us at an accelerated rate.   We are leveraging our existing Luverne location to optimize conversion of our isobutanol production to develop the standard in operating discipline for efficient and safe IBA production facilities,” commented Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “I like the option of being able to test unit operations that could help optimize and train people for Net-Zero 1. It will be critical for Net-Zero 1 to start-up smoothly and the best way to do that is to do a good job training our people. I expect Luverne to provide some of that experience,” Dr. Gruber continued.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the Luverne Facility, the Luverne Facility’s ability to produce IBA, the Net-Zero 1 project, Gevo’s technology, Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

Energy Fuels (UUUU)(EFR:CA) – 2021-2Q Results Impacted By Rising Costs Production Delays

Monday, August 02, 2021

Energy Fuels (UUUU)(EFR:CA)
2021-2Q Results Impacted By Rising Costs, Production Delays

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Energy Fuels reported 2021-2Q revenue, losses and loss per share of $0.8 million, $10.8 million, and $0.15 per share. Results were below our expectations due to higher costs associated with Rare Earth Elements (REE) and a later-than-expected first shipment of REE (first shipment was July 7th with revenues falling outside of the quarter). The company continues to idle uranium production and vanadium sales at current prices. Investor focus is justifiably more centered on corporate developments than near-term results.

    The Balance Sheet is getting strong.  Energy Fuels has $98.8 million of working capital including $79.4 million of cash, ahead of our forecasts. Rising inventories are the reason for higher working capital. In addition, the company has reached an agreement to sell non-core uranium assets for $24 million, which will further boost its cash and working capital position. A strong balance sheet leaves …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Release – Energy Fuels Announces Q2-2021 Results

 

 


Energy Fuels Announces Q2-2021 Results, Including Robust Balance Sheet, Market Leading U.S. Uranium and Vanadium Position & Launch of U.S. Commercial Rare Earth Production; Webcast on August 3, 2021

 

LAKEWOOD, Colo.July 30, 2021 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) today reported its financial results for the quarter ended June 30, 2021. The Company’s quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (“SEC“) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Highlights:

  • At June 30, 2021, the Company had $98.8 million of working capital, including $79.4 million of cash and marketable securities and $29.2 million of inventory. At current commodity prices, the Company’s inventory has a value of $39.1 million.
  • During the quarter ended June 30, 2021, the Company incurred a net loss of $10.8 million, which included a non-cash mark-to-market increase in warrant liabilities during the quarter of $3.6 million resulting from a significant increase in the Company’s share price.
  • With several existing uranium mines on standby and significant existing inventories of Company-produced, U.S.-origin uranium, the Company continues to be ready to supply uranium into improved global markets and the proposed U.S. Uranium Reserve once it is established by the U.S. government.
  • During the first half of 2021, the Company began ramping up to commercial-scale production of a mixed rare earth element (“REE”) carbonate (“RE Carbonate”), as a complement to its uranium business. In July 2021, Energy Fuels commenced deliveries of its RE Carbonate to a separation facility in Europe.
  • The Company has entered into a definitive agreement to sell a package of Energy Fuels’ non-core conventional uranium projects located in Utah and Colorado to International Consolidated Uranium Inc. (“CUR”). Based on CUR’s current share price, exchange rates and assuming the closing and full performance of the agreement, the current proforma value of this divestment is approximately US$24 million.
  • The Company has entered into a strategic alliance agreement with RadTran, LLC, a private technology development company, to evaluate the recovery of thorium and potentially radium from the Company’s RE Carbonate and uranium process streams, as a complement to its uranium and RE Carbonate businesses, for use in the production of medical isotopes for emerging targeted alpha therapy (“TAT“) cancer therapeutics.

Mark S. Chalmers, Energy Fuels’ President and CEO, stated:

“Energy Fuels achieved another significant milestone in restoring U.S. rare earth supply chains when we recently announced the successful production of rare earth carbonate from U.S.-sourced natural monazite sand at our White Mesa Mill. We are also very excited about our recently announced Strategic Alliance with RadTran, which has the potential to help produce isotopes from our existing RE Carbonate and uranium process streams for use in cancer therapeutics that can improve human health and ultimately save lives. These two initiatives, which are complementary to our core uranium business, are examples of the unique and valuable capabilities of the White Mesa Mill.

“We also announced the sale of several non-core conventional uranium assets to International Consolidated Uranium. These are licensed uranium assets, with excellent production track-records. But we don’t think markets value these assets appropriately within our portfolio. With this accretive disposition, we hope to unlock value in these excellent assets for our shareholders.

“The outlook for uranium also continues to improve, vanadium markets are strengthening and REE prices continue to exhibit strength. With three fully licensed uranium processing centers — the White Mesa Mill and the Nichols Ranch and Alta Mesa in situ recovery facilities — the largest NI 43-101 resource portfolio among U.S. uranium producers, and almost 700,000 pounds of U.S.-produced U3O8 in inventory, the Company remains well-positioned to benefit from a strengthening uranium market and the proposed U.S. Uranium Reserve once it is established by the U.S. government. But what I find most exciting about all this is that not only do we have excellent optionality and exposure to improved uranium markets, we are also leveraging our existing uranium assets to give the Company and our shareholders exposure to vanadium, REEs and potentially medical isotope markets, all as complements to our primary uranium business. Each of these complementary businesses could develop into a significant business for the Company in its own right and bodes well for our quickly developing “Critical Minerals Hub” in the U.S.”

Webcast on Tuesday, August 3, 2021 at 4:00 pm ET (2:00 pm MT):

Energy Fuels will be hosting a video webcast Tuesday, August 3, 2021 at 4:00 pm ET (2:00 pm MT) to discuss its Q2-2021 financial results, rare earth production and other corporate initiatives. To join the webcast and access the presentation and the viewer-controlled webcast slides, please click on the link below:

Energy Fuels Q2-2021 Results Webcast

If you would like to participate in the webcast and ask questions, please dial in to (888) 664-6392 (toll free in the U.S. and Canada).

A link to a recorded version of the proceedings will be available on the Company’s website shortly after the webcast by calling (888) 390-0541 (toll free in the U.S. and Canada) and by entering the code 679255#. The recording will be available until August 17, 2021.

Selected Summary Financial Information:




$000’s, except per share data

Six months ended June 30,
2021

Six months ended June 30,
2020




Total revenues

$

809

$

788

Gross profit (loss)

809

(718)

Operating Loss

(17,189)

(14,276)

Net income (loss) attributable to the company

(21,692)1

(13,844)

Basic and diluted loss per share

(0.15)1

(0.12)




$000’s

As at June 30, 2021

As at December 31, 2020




Financial Position:



Working capital

$

98,773

$

40,158

Property, plant and equipment, net

22,819

23,621

Mineral properties, net

83,539

83,539

Total assets

242,180

183,236

Total long-term liabilities

13,852

13,376

1.

Net loss and loss per share for the six months ending June 30, 2021 include a non-cash mark-to-market increase in warrant liabilities of $7.05 million, as a result of a significant increase in the Company’s share price during that period. Net loss and loss per share for the six months ending June 30, 2020 include a non-cash mark-to-market decrease in warrant liabilities of $0.1 million, as a result of an insignificant decrease in the Company’s share price during that period.

Financial Discussion:

At June 30, 2021, the Company had $98.8 million of working capital, including $79.4 million of cash and marketable securities and $29.2 million of inventory, including approximately 691,000 pounds of uranium and 1,672,000 pounds of high-purity vanadium, both in the form of immediately marketable product. The current spot price of U3O8, according to TradeTech, is $32.50 per pound (up 7% in 2021), and the current mid-point spot price of V2O5, according to Metal Bulletin, is $9.88 per pound (up 83% in 2021). Based on those spot prices, the Company’s uranium and vanadium inventories have a current market value of $22.5 million and $16.5 million, respectively, totaling $39.0 million.

During the quarter ended June 30, 2021, the Company incurred a net loss of $10.8 million, compared to a net loss of $8.2 million for the second quarter of 2020, and a net loss of $21.7 million year-to-date compared to $13.8 million during the first six months of 2020. The increased net losses in 2021 are due primarily to increased development expenditures incurred in ramping up our RE Carbonate production at the White Mesa Mill in Utah (the “Mill“) and a non-cash mark-to-market increase in warrant liabilities during the quarter of $3.6 million and $7.1 million year to date, resulting from an increase in the Company’s share price.

Commencement of Rare Earth Carbonate Deliveries in 2021:

On July 7, 2021, the Company and Neo Performance Materials Inc. (“Neo”) jointly announced that the first container (approximately 20 tonnes of product) of an expected first run of 15 containers of RE Carbonate was successfully produced by Energy Fuels at the Mill and is en route to Neo’s Silmet rare earth separations facility in Estonia, creating a new United States-to-Europe rare earth supply chain.

Monazite sand is widely recognized as one of the most valuable rare earth minerals in the World, due to its superior distributions of magnetic REEs needed for various clean energy, defense and other advanced technologies. Natural monazite sand is currently recovered as a low-cost byproduct of heavy mineral sand (“HMS”) operations in the U.S. and elsewhere in the world. The historic challenge with monazite is that it contains higher concentrations of natural uranium, thorium and other radionuclides relative to other minerals, thereby requiring specific licenses and specialized technical capabilities to handle and process. Energy Fuels currently holds the required licenses, and we have developed the ability to unlock the value of this domestic resource over the past 20+ years of recycling numerous feeds for the recovery of uranium. Energy Fuels’ commercial-scale production of RE Carbonate from U.S.-mined natural monazite sand positions Energy Fuels as the only company in North America currently producing a monazite-derived, enhanced rare earth material.

The Company and Neo also announced the signing of a definitive supply agreement under which Energy Fuels will ship all or a portion of its RE Carbonate to Neo’s Silmet facility for processing into separated rare earth materials used in rare earth permanent magnets and other rare earth-based advanced materials. We believe Energy Fuels is well on its way to creating a new, low-cost, fully integrated U.S. rare earth supply chain that meets the highest global standards for environmental protection, sustainability and human rights, that allows for source validation and tracking from mining through final end-use applications for manufacturers in North AmericaEuropeJapan and other nations.

We are currently scoping the potential to produce separated REE oxides using proven solvent extraction (“SX”) technology that we have utilized for the recovery of uranium and vanadium over the past 40+ years. We are also evaluating moving farther down the REE supply chain to produce certain rare earth metals, alloys and other products.

Sale of Non-Core Conventional Assets to International Consolidated Uranium Inc:

On July 15, 2021, the Company and International Consolidated Uranium Inc. (“CUR”) jointly announced the signing of a definitive asset purchase agreement under which CUR will acquire a portfolio of Energy Fuels’ non-core conventional uranium projects located in Utah and Colorado, including the Daneros mine, the Tony M mine, the Rim mine, the Sage Plain project, and several U.S. Department of Energy leases. In addition, at closing the Company and CUR will enter into toll-milling and operating agreements with respect to the properties. The consideration payable by CUR to Energy Fuels includes US$2 million cash payable at closing, such number of shares that results in Energy Fuels holding 19.9% of the outstanding CUR common shares immediately after closing, Cdn$6 million of deferred cash payable over time, and up to Cdn$5 million of deferred cash payable on the commencement of commercial production at the properties. Through this accretive disposition, Energy Fuels believes the value of these high-quality, permitted, and past-producing mines can be unlocked for Company shareholders, while also cutting standby costs, earning management fees, and potentially realizing toll milling fees in the future. Based on the current CUR share price, exchange rates and assuming the closing and full performance of the agreement, the proforma value of this divestment is approximately US$24 million.

Collaboration with RadTran, LLC on Recovering Medical Isotopes for Advanced Cancer Therapies:

On July 28, 2021, the Company announced the execution of a Strategic Alliance Agreement with RadTran, LLC, a technology development company focused on closing critical gaps in the procurement of medical isotopes for emerging targeted alpha therapy (“TAT”) cancer therapeutics and other applications. Under this strategic alliance, the Company will evaluate the feasibility of recovering Th-232, and potentially Ra-226 from its existing uranium and RE Carbonate process streams at the Mill and, together with RadTran evaluate the feasibility of recovering Ra-228 from the Th-232 and Th-228 from the Ra-228 at the Mill using RadTran technologies. The recovered Ra-228, Th-228 and potentially Ra-226 would then be sold to pharmaceutical companies and others to produce Pb-212, Ac-225, Bi-213, Ra-224 and Ra-223, which are the leading medically attractive TAT isotopes for the treatment of cancer. Existing supplies of these isotopes for TAT applications are in short supply, and methods of production are costly and currently cannot be scaled to meet the demand as new drugs are developed and approved. This is a major roadblock in the research and development of new TAT drugs as pharmaceutical companies wait for scalable and affordable production technologies to become available. Under this exciting initiative, the Company has the potential to recycle valuable isotopes from its existing process streams, that would otherwise be lost to disposal, for use in the treatment of cancer.

Market Conditions

The outlook for uranium continues to improve, as demand continues to outpace supplies and uranium juniors and financial intermediaries enter the market to purchase uranium and build inventories. The weekly spot price for uranium has increased 4% from $31.25 to $32.50 per pound during the quarter and 7% from $30.40 to $32.50 during the first six months of 2021. The spot price of uranium is currently at $32.50 per pound as of July 23, 2021. Energy Fuels holds 691,000 pounds of U.S.-origin uranium in inventory that we recently produced at our own facilities in the U.S. through our low-cost alternate feed material production, which is among the lowest-cost uranium production in the world today.

Vanadium markets are also strengthening. An improving global economy, coupled with political unrest in South Africa and other factors, has caused vanadium prices to rise 83% this year, from $5.40 per pound as of December 25, 2020 to $8.75 per pound as of June 25, 2021 to $9.88 per pound as of July 30, 2021. Vanadium is a valuable clean energy metal, historically used in steel, master alloys, and chemicals. It is also seeing considerable interest in emerging grid-scale battery technologies used to store renewable energy. Energy Fuels also holds about 1.7 million pounds of finished high-purity vanadium pentoxide in inventory, plus 1.5 to 3.0 million pounds of solubilized vanadium inventory in the Mill’s tailings solutions that we can recover relatively quickly. We also hold large quantities of high-grade vanadium resources at our standby mines where we recently developed new mining techniques that we believe can increase production and lower costs when mining resumes in the future. The Mill was the largest U.S. vanadium producer as recently as 2019.

Finally, REE prices continue to be strong, with the price of NdPr increasing 48% year to date from $78.50/kg on January 4, 2021 to $116.00/kg on July 30, 2021 and 118% from $53.3/kg on July 27, 2020 to date. The Company’s sales price for its RE Carbonate is currently based on the prices of REE oxides, with the price of NdPr being the primary driver of the Company’s RE Carbonate sales price at this time.

Operations Update and Outlook for Period Ending June 30, 2021

Overview

Although the outlook for uranium continues to improve, uranium prices have not risen enough to date to justify uranium production at the Company’s mines and ISR facilities at this time. As a result, uranium recovery is expected to be maintained at reduced levels at current uranium price levels, until such time when market conditions improve sufficiently or the U.S. government buys uranium from the Company following the establishment of the proposed U.S. Uranium Reserve.

The Company will continue to seek new sources of revenue, including through its emerging REE business, as well as new sources of alternate feed materials and new fee processing opportunities at the Mill that can be processed under existing market conditions (i.e., without reliance on current uranium sales prices). The Company is also seeking new sources of natural monazite sands for its emerging rare earth business, and continues its support of U.S. governmental activities to assist the U.S. uranium mining industry, including the proposed establishment of a U.S. Uranium Reserve.

Extraction and Recovery Activities Overview

During the six months ended June 30, 2021, the Company did not recover significant quantities of U3O8, and expects to package insignificant quantities of U3Ofor the remainder of 2021, focusing instead on ramping up and optimizing its RE Carbonate production. This is a reduction from previous guidance of 30,000 to 60,000 pounds of uranium production in 2021. All uranium recovered during 2021 at the Mill is expected to be retained in-circuit at the Mill and not to be packaged in 2021. The Company does not plan to extract and/or recover any amounts of uranium of any significance from its Nichols Ranch Project in 2021, which was placed on standby in the second quarter of 2020 due to the depletion of its existing wellfields. In addition, the Company expects to keep the Alta Mesa Project and its conventional mining properties on standby during 2021.

The Company expects to recover approximately 700 to 1,100 tonnes of RE Carbonate at the Mill in 2021, containing approximately 350 to 550 tonnes of total rare earth oxides (“TREO“), subject to receipt of sufficient quantities of monazite. This is a reduction from previous guidance of 2,000 to 3,000 tons (1,814 to 2,721 tonnes) of RE Carbonate, containing approximately 1,000 to 1,600 tons (907 to 1,451 tonnes) of TREO, in 2021, due to what the Company expects to be a short-term delay in supply of monazite sands to the Mill under the Company’s existing supply agreement. The Company expects to produce no vanadium during the 2021 year.

The Company has strategically opted not to enter into any uranium sales commitments for 2021. Therefore, subject to the proposed establishment of a U.S. Uranium Reserve and general market conditions, existing inventories are expected to remain unchanged at approximately 691,000 pounds of U3O8 at year-end. All V2O5 inventory is expected to be sold on the spot market if prices rise sufficiently above current levels, but otherwise maintained in inventory. The Company expects to sell all or a portion of its RE Carbonate to Neo Performance materials or other global separation facilities and/or to stockpile it for future separation at the Mill or elsewhere.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of RE Carbonate in 2021. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as RE Carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: production and sales forecasts; costs of production; any expectation that the Company will continue to be ready to supply uranium into the proposed U.S. Uranium Reserve once it is established; scalability, and the Company’s ability and readiness to re-start, expand or deploy any of its existing projects or capacity to respond to any improvements in uranium market conditions or in response to the proposed Uranium Reserve; any expectation regarding any remaining dissolved vanadium in the White Mesa Mill’s tailings facility solutions; any expectation that the Company’s recently developed mining techniques can increase production and lower costs when vanadium mining resumes in the future; the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; expected timelines for the permitting and development of projects; the Company’s expectations as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading uranium company in the United States; any expectation that the proposed Uranium Reserve will be implemented and if implemented the manner in which it will be implemented and the timing of implementation; any expectation with respect to timelines to production; any expectation that the Mill will be successful in producing RE Carbonate on a commercial basis; any expectation that Neo will be successful in separating the Mill’s RE Carbonate on a commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise; any expectation that the Company and Neo will be successful in jointly developing a fully integrated U.S.-European REE supply chain; any expectation that the Company will be successful in building a low-cost, fully integrated U.S. rare earth supply chain that meets the highest global standards for environmental protection, sustainability and human rights; any expectation with respect to the future demand for REEs; any expectation with respect to the quantities of monazite ore to be acquired by Energy Fuels, the quantities of RE Carbonate to be produced by the Mill or the quantities of contained TREO in the Mill’s RE Carbonate; any expectation that the Company’s evaluation of thorium and potentially radium recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any thorium and radium recovered at the Mill will be feasible; any expectation that any thorium, radium and other isotopes can be recovered at the Mill and sold on a commercial basis; and any expectation that the Company’s agreement to sell certain of its non-core properties to CUR will complete as contemplated or at all, or as to the proforma value of this divestment to the Company. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of sources of alternate feed materials and other feed sources for the Mill; competition from other producers; public opinion; government and political actions; the appropriations for the proposed Uranium Reserve not being allocated to that program and the Uranium Reserve not being implemented; the manner in which the proposed Uranium Reserve, if established, will be implemented; the Company not being successful in selling any uranium into the proposed Uranium Reserve at acceptable quantities or prices, or at all; available supplies of monazite sands; the ability of the Mill to produce RE Carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate the RE Carbonate produced by the Mill to meet commercial specifications on a commercial scale at acceptable costs; market factors, including future demand for REEs; the ability of the Mill to be able to separate thorium and potentially radium at reasonable costs or at all; the ability of the Company and RadTran to be able to recover other isotopes from thorium and radium recovered at the Mill at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

SOURCE Energy Fuels Inc.

For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, VP – Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com

Energy Fuels Announces Q2-2021 Results

 

 


Energy Fuels Announces Q2-2021 Results, Including Robust Balance Sheet, Market Leading U.S. Uranium and Vanadium Position & Launch of U.S. Commercial Rare Earth Production; Webcast on August 3, 2021

 

LAKEWOOD, Colo.July 30, 2021 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) today reported its financial results for the quarter ended June 30, 2021. The Company’s quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (“SEC“) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Highlights:

  • At June 30, 2021, the Company had $98.8 million of working capital, including $79.4 million of cash and marketable securities and $29.2 million of inventory. At current commodity prices, the Company’s inventory has a value of $39.1 million.
  • During the quarter ended June 30, 2021, the Company incurred a net loss of $10.8 million, which included a non-cash mark-to-market increase in warrant liabilities during the quarter of $3.6 million resulting from a significant increase in the Company’s share price.
  • With several existing uranium mines on standby and significant existing inventories of Company-produced, U.S.-origin uranium, the Company continues to be ready to supply uranium into improved global markets and the proposed U.S. Uranium Reserve once it is established by the U.S. government.
  • During the first half of 2021, the Company began ramping up to commercial-scale production of a mixed rare earth element (“REE”) carbonate (“RE Carbonate”), as a complement to its uranium business. In July 2021, Energy Fuels commenced deliveries of its RE Carbonate to a separation facility in Europe.
  • The Company has entered into a definitive agreement to sell a package of Energy Fuels’ non-core conventional uranium projects located in Utah and Colorado to International Consolidated Uranium Inc. (“CUR”). Based on CUR’s current share price, exchange rates and assuming the closing and full performance of the agreement, the current proforma value of this divestment is approximately US$24 million.
  • The Company has entered into a strategic alliance agreement with RadTran, LLC, a private technology development company, to evaluate the recovery of thorium and potentially radium from the Company’s RE Carbonate and uranium process streams, as a complement to its uranium and RE Carbonate businesses, for use in the production of medical isotopes for emerging targeted alpha therapy (“TAT“) cancer therapeutics.

Mark S. Chalmers, Energy Fuels’ President and CEO, stated:

“Energy Fuels achieved another significant milestone in restoring U.S. rare earth supply chains when we recently announced the successful production of rare earth carbonate from U.S.-sourced natural monazite sand at our White Mesa Mill. We are also very excited about our recently announced Strategic Alliance with RadTran, which has the potential to help produce isotopes from our existing RE Carbonate and uranium process streams for use in cancer therapeutics that can improve human health and ultimately save lives. These two initiatives, which are complementary to our core uranium business, are examples of the unique and valuable capabilities of the White Mesa Mill.

“We also announced the sale of several non-core conventional uranium assets to International Consolidated Uranium. These are licensed uranium assets, with excellent production track-records. But we don’t think markets value these assets appropriately within our portfolio. With this accretive disposition, we hope to unlock value in these excellent assets for our shareholders.

“The outlook for uranium also continues to improve, vanadium markets are strengthening and REE prices continue to exhibit strength. With three fully licensed uranium processing centers — the White Mesa Mill and the Nichols Ranch and Alta Mesa in situ recovery facilities — the largest NI 43-101 resource portfolio among U.S. uranium producers, and almost 700,000 pounds of U.S.-produced U3O8 in inventory, the Company remains well-positioned to benefit from a strengthening uranium market and the proposed U.S. Uranium Reserve once it is established by the U.S. government. But what I find most exciting about all this is that not only do we have excellent optionality and exposure to improved uranium markets, we are also leveraging our existing uranium assets to give the Company and our shareholders exposure to vanadium, REEs and potentially medical isotope markets, all as complements to our primary uranium business. Each of these complementary businesses could develop into a significant business for the Company in its own right and bodes well for our quickly developing “Critical Minerals Hub” in the U.S.”

Webcast on Tuesday, August 3, 2021 at 4:00 pm ET (2:00 pm MT):

Energy Fuels will be hosting a video webcast Tuesday, August 3, 2021 at 4:00 pm ET (2:00 pm MT) to discuss its Q2-2021 financial results, rare earth production and other corporate initiatives. To join the webcast and access the presentation and the viewer-controlled webcast slides, please click on the link below:

Energy Fuels Q2-2021 Results Webcast

If you would like to participate in the webcast and ask questions, please dial in to (888) 664-6392 (toll free in the U.S. and Canada).

A link to a recorded version of the proceedings will be available on the Company’s website shortly after the webcast by calling (888) 390-0541 (toll free in the U.S. and Canada) and by entering the code 679255#. The recording will be available until August 17, 2021.

Selected Summary Financial Information:




$000’s, except per share data

Six months ended June 30,
2021

Six months ended June 30,
2020




Total revenues

$

809

$

788

Gross profit (loss)

809

(718)

Operating Loss

(17,189)

(14,276)

Net income (loss) attributable to the company

(21,692)1

(13,844)

Basic and diluted loss per share

(0.15)1

(0.12)




$000’s

As at June 30, 2021

As at December 31, 2020




Financial Position:



Working capital

$

98,773

$

40,158

Property, plant and equipment, net

22,819

23,621

Mineral properties, net

83,539

83,539

Total assets

242,180

183,236

Total long-term liabilities

13,852

13,376

1.

Net loss and loss per share for the six months ending June 30, 2021 include a non-cash mark-to-market increase in warrant liabilities of $7.05 million, as a result of a significant increase in the Company’s share price during that period. Net loss and loss per share for the six months ending June 30, 2020 include a non-cash mark-to-market decrease in warrant liabilities of $0.1 million, as a result of an insignificant decrease in the Company’s share price during that period.

Financial Discussion:

At June 30, 2021, the Company had $98.8 million of working capital, including $79.4 million of cash and marketable securities and $29.2 million of inventory, including approximately 691,000 pounds of uranium and 1,672,000 pounds of high-purity vanadium, both in the form of immediately marketable product. The current spot price of U3O8, according to TradeTech, is $32.50 per pound (up 7% in 2021), and the current mid-point spot price of V2O5, according to Metal Bulletin, is $9.88 per pound (up 83% in 2021). Based on those spot prices, the Company’s uranium and vanadium inventories have a current market value of $22.5 million and $16.5 million, respectively, totaling $39.0 million.

During the quarter ended June 30, 2021, the Company incurred a net loss of $10.8 million, compared to a net loss of $8.2 million for the second quarter of 2020, and a net loss of $21.7 million year-to-date compared to $13.8 million during the first six months of 2020. The increased net losses in 2021 are due primarily to increased development expenditures incurred in ramping up our RE Carbonate production at the White Mesa Mill in Utah (the “Mill“) and a non-cash mark-to-market increase in warrant liabilities during the quarter of $3.6 million and $7.1 million year to date, resulting from an increase in the Company’s share price.

Commencement of Rare Earth Carbonate Deliveries in 2021:

On July 7, 2021, the Company and Neo Performance Materials Inc. (“Neo”) jointly announced that the first container (approximately 20 tonnes of product) of an expected first run of 15 containers of RE Carbonate was successfully produced by Energy Fuels at the Mill and is en route to Neo’s Silmet rare earth separations facility in Estonia, creating a new United States-to-Europe rare earth supply chain.

Monazite sand is widely recognized as one of the most valuable rare earth minerals in the World, due to its superior distributions of magnetic REEs needed for various clean energy, defense and other advanced technologies. Natural monazite sand is currently recovered as a low-cost byproduct of heavy mineral sand (“HMS”) operations in the U.S. and elsewhere in the world. The historic challenge with monazite is that it contains higher concentrations of natural uranium, thorium and other radionuclides relative to other minerals, thereby requiring specific licenses and specialized technical capabilities to handle and process. Energy Fuels currently holds the required licenses, and we have developed the ability to unlock the value of this domestic resource over the past 20+ years of recycling numerous feeds for the recovery of uranium. Energy Fuels’ commercial-scale production of RE Carbonate from U.S.-mined natural monazite sand positions Energy Fuels as the only company in North America currently producing a monazite-derived, enhanced rare earth material.

The Company and Neo also announced the signing of a definitive supply agreement under which Energy Fuels will ship all or a portion of its RE Carbonate to Neo’s Silmet facility for processing into separated rare earth materials used in rare earth permanent magnets and other rare earth-based advanced materials. We believe Energy Fuels is well on its way to creating a new, low-cost, fully integrated U.S. rare earth supply chain that meets the highest global standards for environmental protection, sustainability and human rights, that allows for source validation and tracking from mining through final end-use applications for manufacturers in North AmericaEuropeJapan and other nations.

We are currently scoping the potential to produce separated REE oxides using proven solvent extraction (“SX”) technology that we have utilized for the recovery of uranium and vanadium over the past 40+ years. We are also evaluating moving farther down the REE supply chain to produce certain rare earth metals, alloys and other products.

Sale of Non-Core Conventional Assets to International Consolidated Uranium Inc:

On July 15, 2021, the Company and International Consolidated Uranium Inc. (“CUR”) jointly announced the signing of a definitive asset purchase agreement under which CUR will acquire a portfolio of Energy Fuels’ non-core conventional uranium projects located in Utah and Colorado, including the Daneros mine, the Tony M mine, the Rim mine, the Sage Plain project, and several U.S. Department of Energy leases. In addition, at closing the Company and CUR will enter into toll-milling and operating agreements with respect to the properties. The consideration payable by CUR to Energy Fuels includes US$2 million cash payable at closing, such number of shares that results in Energy Fuels holding 19.9% of the outstanding CUR common shares immediately after closing, Cdn$6 million of deferred cash payable over time, and up to Cdn$5 million of deferred cash payable on the commencement of commercial production at the properties. Through this accretive disposition, Energy Fuels believes the value of these high-quality, permitted, and past-producing mines can be unlocked for Company shareholders, while also cutting standby costs, earning management fees, and potentially realizing toll milling fees in the future. Based on the current CUR share price, exchange rates and assuming the closing and full performance of the agreement, the proforma value of this divestment is approximately US$24 million.

Collaboration with RadTran, LLC on Recovering Medical Isotopes for Advanced Cancer Therapies:

On July 28, 2021, the Company announced the execution of a Strategic Alliance Agreement with RadTran, LLC, a technology development company focused on closing critical gaps in the procurement of medical isotopes for emerging targeted alpha therapy (“TAT”) cancer therapeutics and other applications. Under this strategic alliance, the Company will evaluate the feasibility of recovering Th-232, and potentially Ra-226 from its existing uranium and RE Carbonate process streams at the Mill and, together with RadTran evaluate the feasibility of recovering Ra-228 from the Th-232 and Th-228 from the Ra-228 at the Mill using RadTran technologies. The recovered Ra-228, Th-228 and potentially Ra-226 would then be sold to pharmaceutical companies and others to produce Pb-212, Ac-225, Bi-213, Ra-224 and Ra-223, which are the leading medically attractive TAT isotopes for the treatment of cancer. Existing supplies of these isotopes for TAT applications are in short supply, and methods of production are costly and currently cannot be scaled to meet the demand as new drugs are developed and approved. This is a major roadblock in the research and development of new TAT drugs as pharmaceutical companies wait for scalable and affordable production technologies to become available. Under this exciting initiative, the Company has the potential to recycle valuable isotopes from its existing process streams, that would otherwise be lost to disposal, for use in the treatment of cancer.

Market Conditions

The outlook for uranium continues to improve, as demand continues to outpace supplies and uranium juniors and financial intermediaries enter the market to purchase uranium and build inventories. The weekly spot price for uranium has increased 4% from $31.25 to $32.50 per pound during the quarter and 7% from $30.40 to $32.50 during the first six months of 2021. The spot price of uranium is currently at $32.50 per pound as of July 23, 2021. Energy Fuels holds 691,000 pounds of U.S.-origin uranium in inventory that we recently produced at our own facilities in the U.S. through our low-cost alternate feed material production, which is among the lowest-cost uranium production in the world today.

Vanadium markets are also strengthening. An improving global economy, coupled with political unrest in South Africa and other factors, has caused vanadium prices to rise 83% this year, from $5.40 per pound as of December 25, 2020 to $8.75 per pound as of June 25, 2021 to $9.88 per pound as of July 30, 2021. Vanadium is a valuable clean energy metal, historically used in steel, master alloys, and chemicals. It is also seeing considerable interest in emerging grid-scale battery technologies used to store renewable energy. Energy Fuels also holds about 1.7 million pounds of finished high-purity vanadium pentoxide in inventory, plus 1.5 to 3.0 million pounds of solubilized vanadium inventory in the Mill’s tailings solutions that we can recover relatively quickly. We also hold large quantities of high-grade vanadium resources at our standby mines where we recently developed new mining techniques that we believe can increase production and lower costs when mining resumes in the future. The Mill was the largest U.S. vanadium producer as recently as 2019.

Finally, REE prices continue to be strong, with the price of NdPr increasing 48% year to date from $78.50/kg on January 4, 2021 to $116.00/kg on July 30, 2021 and 118% from $53.3/kg on July 27, 2020 to date. The Company’s sales price for its RE Carbonate is currently based on the prices of REE oxides, with the price of NdPr being the primary driver of the Company’s RE Carbonate sales price at this time.

Operations Update and Outlook for Period Ending June 30, 2021

Overview

Although the outlook for uranium continues to improve, uranium prices have not risen enough to date to justify uranium production at the Company’s mines and ISR facilities at this time. As a result, uranium recovery is expected to be maintained at reduced levels at current uranium price levels, until such time when market conditions improve sufficiently or the U.S. government buys uranium from the Company following the establishment of the proposed U.S. Uranium Reserve.

The Company will continue to seek new sources of revenue, including through its emerging REE business, as well as new sources of alternate feed materials and new fee processing opportunities at the Mill that can be processed under existing market conditions (i.e., without reliance on current uranium sales prices). The Company is also seeking new sources of natural monazite sands for its emerging rare earth business, and continues its support of U.S. governmental activities to assist the U.S. uranium mining industry, including the proposed establishment of a U.S. Uranium Reserve.

Extraction and Recovery Activities Overview

During the six months ended June 30, 2021, the Company did not recover significant quantities of U3O8, and expects to package insignificant quantities of U3Ofor the remainder of 2021, focusing instead on ramping up and optimizing its RE Carbonate production. This is a reduction from previous guidance of 30,000 to 60,000 pounds of uranium production in 2021. All uranium recovered during 2021 at the Mill is expected to be retained in-circuit at the Mill and not to be packaged in 2021. The Company does not plan to extract and/or recover any amounts of uranium of any significance from its Nichols Ranch Project in 2021, which was placed on standby in the second quarter of 2020 due to the depletion of its existing wellfields. In addition, the Company expects to keep the Alta Mesa Project and its conventional mining properties on standby during 2021.

The Company expects to recover approximately 700 to 1,100 tonnes of RE Carbonate at the Mill in 2021, containing approximately 350 to 550 tonnes of total rare earth oxides (“TREO“), subject to receipt of sufficient quantities of monazite. This is a reduction from previous guidance of 2,000 to 3,000 tons (1,814 to 2,721 tonnes) of RE Carbonate, containing approximately 1,000 to 1,600 tons (907 to 1,451 tonnes) of TREO, in 2021, due to what the Company expects to be a short-term delay in supply of monazite sands to the Mill under the Company’s existing supply agreement. The Company expects to produce no vanadium during the 2021 year.

The Company has strategically opted not to enter into any uranium sales commitments for 2021. Therefore, subject to the proposed establishment of a U.S. Uranium Reserve and general market conditions, existing inventories are expected to remain unchanged at approximately 691,000 pounds of U3O8 at year-end. All V2O5 inventory is expected to be sold on the spot market if prices rise sufficiently above current levels, but otherwise maintained in inventory. The Company expects to sell all or a portion of its RE Carbonate to Neo Performance materials or other global separation facilities and/or to stockpile it for future separation at the Mill or elsewhere.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of RE Carbonate in 2021. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as RE Carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: production and sales forecasts; costs of production; any expectation that the Company will continue to be ready to supply uranium into the proposed U.S. Uranium Reserve once it is established; scalability, and the Company’s ability and readiness to re-start, expand or deploy any of its existing projects or capacity to respond to any improvements in uranium market conditions or in response to the proposed Uranium Reserve; any expectation regarding any remaining dissolved vanadium in the White Mesa Mill’s tailings facility solutions; any expectation that the Company’s recently developed mining techniques can increase production and lower costs when vanadium mining resumes in the future; the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; expected timelines for the permitting and development of projects; the Company’s expectations as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading uranium company in the United States; any expectation that the proposed Uranium Reserve will be implemented and if implemented the manner in which it will be implemented and the timing of implementation; any expectation with respect to timelines to production; any expectation that the Mill will be successful in producing RE Carbonate on a commercial basis; any expectation that Neo will be successful in separating the Mill’s RE Carbonate on a commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise; any expectation that the Company and Neo will be successful in jointly developing a fully integrated U.S.-European REE supply chain; any expectation that the Company will be successful in building a low-cost, fully integrated U.S. rare earth supply chain that meets the highest global standards for environmental protection, sustainability and human rights; any expectation with respect to the future demand for REEs; any expectation with respect to the quantities of monazite ore to be acquired by Energy Fuels, the quantities of RE Carbonate to be produced by the Mill or the quantities of contained TREO in the Mill’s RE Carbonate; any expectation that the Company’s evaluation of thorium and potentially radium recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any thorium and radium recovered at the Mill will be feasible; any expectation that any thorium, radium and other isotopes can be recovered at the Mill and sold on a commercial basis; and any expectation that the Company’s agreement to sell certain of its non-core properties to CUR will complete as contemplated or at all, or as to the proforma value of this divestment to the Company. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of sources of alternate feed materials and other feed sources for the Mill; competition from other producers; public opinion; government and political actions; the appropriations for the proposed Uranium Reserve not being allocated to that program and the Uranium Reserve not being implemented; the manner in which the proposed Uranium Reserve, if established, will be implemented; the Company not being successful in selling any uranium into the proposed Uranium Reserve at acceptable quantities or prices, or at all; available supplies of monazite sands; the ability of the Mill to produce RE Carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate the RE Carbonate produced by the Mill to meet commercial specifications on a commercial scale at acceptable costs; market factors, including future demand for REEs; the ability of the Mill to be able to separate thorium and potentially radium at reasonable costs or at all; the ability of the Company and RadTran to be able to recover other isotopes from thorium and radium recovered at the Mill at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

SOURCE Energy Fuels Inc.

For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, VP – Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com

Energy Fuels (UUUU)(EFR:CA) – 2021-2Q Results Impacted By Rising Costs, Production Delays

Monday, August 02, 2021

Energy Fuels (UUUU)(EFR:CA)
2021-2Q Results Impacted By Rising Costs, Production Delays

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Energy Fuels reported 2021-2Q revenue, losses and loss per share of $0.8 million, $10.8 million, and $0.15 per share. Results were below our expectations due to higher costs associated with Rare Earth Elements (REE) and a later-than-expected first shipment of REE (first shipment was July 7th with revenues falling outside of the quarter). The company continues to idle uranium production and vanadium sales at current prices. Investor focus is justifiably more centered on corporate developments than near-term results.

    The Balance Sheet is getting strong.  Energy Fuels has $98.8 million of working capital including $79.4 million of cash, ahead of our forecasts. Rising inventories are the reason for higher working capital. In addition, the company has reached an agreement to sell non-core uranium assets for $24 million, which will further boost its cash and working capital position. A strong balance sheet leaves …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Nuclear Powers New Paradigm Includes Microreactors



The Plug-and-Play Nuclear Battery Solution

 

“Nuclear Batteries,” or microreactors, is a proposed system that would be able to run unattended for five or ten years, provide heat for industrial processes, or electric production for communities, then be refurbished. The technological progression expected is similar to what computers experienced. Processing power that once filled rooms is now condensed into a handheld device. For nuclear generation, there’s a movement toward relatively tiny and inexpensive factory-built reactors, designed for autonomous plug-and-play. These may one day be conveniently be put into service.

Concept

In a paper published last month titled “A Strategy to Unlock the Potential of Nuclear Energy for a New and Resilient Global Energy-Industrial Paradigm,” a group of nuclear specialists presented a case for nuclear battery (NB) design and production. The idea of smaller modular nuclear reactors has been around for a while, but this proposal takes the idea even further. The authors Jacopo Buongiorno, TEPCO Professor of Nuclear Science and Engineering, MIT – Robert Freda of GE Nuclear – Steven Aumeier, Sr. Advisor for Nuclear Energy Programs at Idaho National Lab – and Kevin Chilton, Ret. Air Force Commander of U.S. Strategic Command, believe units can be made and delivered similar to modular homes. Modular units, fabricated in a factory and placed in a shipping container for delivery and quick installation.

The concept is different than previous proposals of smaller reactors in that NBs are small and complete when they leave the factory. The machines are able to generate approximately 10 megawatts of power and are transportable on one truck or container. This would provide many economic benefits. Nuclear batteries would not require a large construction site, this can eliminate cost overruns. Nuclear power plant construction has been riddled with budget-busting surprise costs for decades.  The microreactor is installed quickly, perhaps just a few weeks, and can be looked at as an energy on-demand service. Nuclear batteries would make providing nuclear energy a product, not a mega-project.

 

Nuclear Battery Advantages

The advantages are easy to understand:

  • A single 10-Megawatt NB can power about 7000 – 8000 homes, a mining project, a midsize data center, or produce enough ongoing desalinated freshwater for over 150,000 people.
  • Can bring electricity to power most anything with no need for a continuous fuel supply.
  • Completely onsite, eliminating the need for long-distance transmission or grid infrastructure.
  • Simple design, fully standardized, mass-produced, fueled at the factory with few moving parts.
  • They combine a small nuclear reactor and a turbine to supply significant amounts of heat and/or power (on the order of 15–30 MWt or 5–10 MWe) while taking up very little real estate.
  • They are compact enough to fit in standard shipping containers for transport to the site of interest, where a unit can be installed and made operational in a matter of days or weeks.
  • Embedded intelligence and established advanced monitoring paradigms enable semiautonomous and remotely monitored operation, inherent digital security, and the potential for highly efficient global fleet operational models.
  • They use low-enriched uranium fuel.
  • “Exhausted” and properly cooled NBs can be safely shipped back to a centralized facility for refueling and refurbishment.
  • There is no need for high-level radioactive waste handling or storage at the user site.[3]

The combination of low-enriched fuel, simple design, mass manufacturing, minimal site preparation, and semiautonomous operation is expected to provide an economically competitive system that can be installed fast.

 

Safety

It’s hard to mention the word nuclear without “safety” coming to mind. The NBs would be designed with three safety functions not requiring operator intervention:

  1. Rapid shutdown of the fission chain reaction in the event of an unexpected condition.
  2. Adequate cooling of the nuclear fuel during shutdown.
  3. No uncontrolled release of materials into the biosphere.

These three features are expected to significantly reduce the possibility of accidents like those experienced at Three Mile Island, Chernobyl, and Fukushima.

Physical security for microreactors would come from a combination of design features like a strong fuel and containment shell and remote monitoring.  With cybersecurity as a growing concern, vulnerability could be reduced as the design and build would be such that even a knowledgeable operator would be unable to damage the nuclear fuel or cause a radioactive release. Further, most NB designs under consideration make it physically impossible to cause a runaway reaction.

Public
Companies Involved

There are half a dozen companies developing their own Microreactor designs. These include NucNet, GE Hitachi, Radiant, and BMX Technologies. Westinghouse is working on a design that uses heat pipe technology for cooling. The company plans to run a pilot plant as a demonstration unit at one of the national laboratories in three years. Idaho National Laboratory has a number of facilities that are being modified to accommodate small reactors so they can perform testing on them.

Take-Away

We may be on the brink of a new paradigm for nuclear power.

The number of ways the future may include uranium as a power source is increasing.  Add nuclear batteries to the list as they are well suited to provide for the needs of industry and many other sectors of the economy by providing a steady, dependable source of carbon-free electricity and heat that can be located on location where power or heat is needed.

Implementation would be a few years away but demand for uranium is increasing while this and other nuclear projects such as the natrium plant in Montana are becoming a reality.

Suggested Reading:



Can You Invest in Uranium Directly?



How Does the Gates Buffett Natrium Reactor Work?





Is the Future of Nuclear Power, Small Modular Reactors?



Energy Industry Report (Q2, 2021)

 

Sources:

https://www.nae.edu/255810/A-Strategy-to-Unlock-the-Potential-of-Nuclear-Energy-for-a-New-and-Resilient-Global-EnergyIndustrial-Paradigm

https://news.mit.edu/2021/nuclear-batteries-decarbon-0625

https://inl.gov/trending-topic/microreactors/#:~:text=WHAT%20ARE%20MICROREACTORS%3F,provide%20heat%20for%20industrial%20applications.

https://www.nucnet.org/news/us-defence-department-awards-contracts-worth-usd39-million-3-2-2020

 

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Release – Capstone Green Energy Signs a 10-Year Service Contract on 1.2 MWs of Microturbines Installed in the Fourth-Tallest Building in New York City

 


Capstone Green Energy (NASDAQ:CGRN) Signs a 10-Year Service Contract on 1.2 MWs of Microturbines Installed in the Fourth-Tallest Building in New York City

 

VAN NUYS, CA / ACCESSWIRE / July 28, 2021 / Capstone Green Energy Corporation(www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com)(NASDAQ:CPST) (“Capstone” or the “Company”), announced today that RSP Systems (www.rsp-systems.com), Capstone’s exclusive distributor for the Energy Efficiency, Renewable Energy and Critical Power Supply market verticals in New York, Connecticut, and Ohio recently signed a new Capstone Factory Protection Plan (FPP) long-term service contract for 1.2 megawatts (MWs) of Capstone microturbines installed on the fourth-tallest building in New York City located in midtown Manhattan.

The skyscraper’s 1.2 MW energy efficiency plant consists of two Capstone C600S microturbines with Capstone’s Integrated Heat Recovery Modules (iHRMs). The Capstone C600S systems have split bus bars allowing each C600S to reduce the building’s electrical load at three individual points of entry (POE) for a total of six POEs. The thermal energy recovered by the iHRMs is fed to a 200-ton Broad Absorption Chiller, which operates year-round, providing cooling for the building, thereby reducing the load on the building’s main electrical chillers. During the swing months of the year, when the cooling loads are less, the system can switch over to provide the recovered thermal energy to the building’s heating load.

Capstone’s Signature Series microturbines, utilizing a green energy technology with integrated iHRMs, provide an industry-leading combined heat and power (CHP) solution that is lightweight, quiet, and compact – the perfect complement to this sustainable design and construction in the heart of New York City. Capstone microturbines enable customers to meet their environmental, energy savings, and resiliency goals by complying with the world’s most stringent emissions standards.

“Continuing to grow our Energy as a Service (EaaS) business is critical to continuing our transition to more predictable cash flows and higher margins. EaaS includes not only our long-term service contracts but also long-term rental contracts, installation services, maintenance service, spare parts, leasing, PPAs, and project financing, as well as our unique distributor subscription fee or DSS program,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “The common elements are steadier cash flows, visibility, and higher margin rates, which are a critical part of our profitability plan,” added Mr. Jamison.

In signing this service agreement, RSP Systems has raised their fleet covered by Capstone’s FPP to over 25 megawatts. The Capstone FPP will provide the end-use customer with fixed costs for scheduled and unscheduled parts for the next 10 years, allowing for protection from future cost increases associated with the replacement of spare parts, commodity pricing, and import tariffs.

“RSP Systems continues to grow their remarkable install base and FPP contract base in the New York area by providing world-class service, from sales to application to aftermarket support,” said Tracy Chidbachian, Capstone Director of Customer Service. “RSP Systems’ highly experienced and talented team assists end-use customers in recognizing the value of the FPP program, which provides predictable maintenance costs and eliminates uncertainties about unexpected expenditures,” concluded Ms. Chidbachian.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedInInstagramFacebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy