STOCKHOLM, April 29, 2021 /PRNewswire/ —
OXE Marine AB (publ) (NASDAQ STO: OXE) (OTCQX: CMMCF)
First quarter 2021
- Net Turnover of SEK 10.1 m (SEK 10.3 m)
- Gross Profit of SEK 2.7 m (SEK 2.4 m) or gross margin of 27% (23%)
- Operating Loss/EBIT of SEK -21.5 m (SEK -17.6 m)
- Net loss for the period of SEK -23.8 m (SEK -19.6 m)
- Order Book amounted to SEK 140.9 m (SEK 139.3 m as at end of Q4 2020)
Significant events during the First quarter
- OXE125-200 model year 2021 granted approval by EPA.
- Start of assembly of OXE125-200 initiated by ONM in Albany (GA, USA).
- The board of directors resolved to appoint Magnus Grönborg as CEO and to reorganize its management team by appointing the current CEO Myron Mahendra as EVP Business Development, Sales and Marketing. In addition, the Chairman of the board Anders Berg will increase his operational focus on the company by assuming a supportive operational role with the management team. Magnus Grönborg will replace Myron Mahendra as CEO in a few months, with the closer date yet to be agreed.
- First units of OXE300 assembled and shipped from PanLink’s Polish site in Tczew.
Significant events after the reporting period
- No significant events after the reporting period.
Comments by the CEO
We have continued to strengthen the Management team during Q1 2021. We appointed a new Director of Aftersales and Service, Mikael Bornandersson to strengthen our focus on supporting the end-user of our product as well as intensifying the focus on this part of our business. Additionally, it was decided by the Board that our Chairman of the Board, Anders Berg, will increase his operational focus on the company by assuming a supportive operational role with the Management team. Anders’ extensive commercial experience will no doubt strengthen the business processes we have in place.
Additionally, we focused on upgrading our Product Centre in Ängelholm, to create a flexible facility, to conduct tests on the first OXE300, handle aftermarket product upgrades as well as the ability to build prototypes for the innovation pipeline.
During Q1, we commenced production of the OXE300 with our assembly partner PanLink at their facility in Poland. We have had a cautious start with some short-term disruption due to COVID related issues affecting the facility, suppliers and training. Despite the disruptions, we still produced engines during the quarter, gaining momentum in March. All early units from Poland, are then sent to Ängelholm for further testing on the sea to ensure thorough quality checks are in place. Once a steady state is achieved, this testing will be conducted in Poland and shipped directly to customer from there.
Post quarter end, we continue to build capacity to deliver more units against our Order backlog. Ensuring quality is our overriding principle which increasing our production run-rate.
As a result of the slower ramp-up our turnover for Q1, amounted to SEK 10.1m (SEK 10.3m). We achieved a gross profit of SEK 2.7m (SEK 2.4m) with a gross margin of 27% (23%). This was the highest gross profit margin for a quarter in the company’s history as a result of the higher margin OXE300 as well as favourable revenue mix as a result of large spare parts and accessory orders during the quarter.
We continue to see strong demand for the OXE products, with an increase in Order Intake of SEK 5.8m during the quarter. At the end of the quarter the Order Book amounted to SEK 141m – all of which are targeted to be delivered during 2021 – see bar chart below in respect to order book development in the last 15 months.
We initiated the start of assembly of OXE200 series in January 2021 at the chosen facility based in Albany, Georgia in the South East of the US with Outboard Network Manufacturing (ONM) as our assembly partner. Our start-up activities were impacted, however, by COVID restrictions on travel to the US. We have one OXE employee currently on-site and we make use of virtual training facilities to continue training and validation from a distance with a focus on assembly quality as well as product knowledge transfer.
The Company has continued to monitor its Distribution network and are working to develop closer cooperation and better successful outcomes in both sales as well as a reduction in the accounts receivable balance.
We increased our marketing activities during the quarter, as can be seen on our new website with increased content of our product range, customer cases and 3D rendering of our products. We see that many investors continue to be interested in our company and products and we continue to engage with the public via social media and other media channels.
We continue with our preliminary assessment of BMW’s 4-cylinder two litre turbo diesel engine for marine application. We continue to develop the prototype version for sea trials – this is expected to be delivered during the year.
Other development work continues in accordance to plan especially with electric outboard solutions where we have delivered our lower leg for testing with a number of electric outboard manufacturers. The lower leg has the potential to be a key solution for power transmission to this new segment.
The Board and Management remain confident of the future and look forward to growing the business in a sustainable and profitable manner.
This will likely be my last report as CEO and I look forward to working with our new CEO, Magnus Grönborg, in my new role as EVP Business Development, Sales and Marketing, in the near future.
We are driven by the ambition to transform the outboard motor; impacting the journey towards a more sustainable and ecologically positive marine environment.
We are engineering the future. Our future.
Myron Mahendra, Chief Executive Officer
This disclosure contains information that OXE Marine AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-04-2021 11:00 CET.
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail [email protected]
OXE Marine AB (publ) (NASDAQ STO: OXE,OTCQX: CMMCF) has, after several years of development, constructed the OXE Diesel, the world ́s first diesel outboard engine in the high-power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. OXE ́s OXE diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine.
This information was brought to you by Cision http://news.cision.com
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SOURCE OXE Marine AB
Growatt wins TÜV Rheinland’s All Quality Matters Award for its ARK battery
In TÜV Rheinland’s test program, ARK battery is given All Quality Matters Award for achieving first-rate performance in various safety and reliability tests including charge/discharge cycling performance test, initial charge/discharge energy measurement, battery high rated charge/discharge performance test and high/low temperature charge/discharge performance test.
Growatt is one of the few manufacturers in the industry that develops its own storage batteries and hybrid inverters and provides entire solar energy storage solutions. The company’s R&D team also develops its own Battery Management System (BMS) and hybrid inverter to provide multi-level protections for solar energy storage systems.
Growatt’s ARK battery uses cobalt-free Lithium-iron-phosphate (LFP) materials for improved safety. The company adopts modular design for ARK battery, which not only makes installation easy but provides substantial flexibility of storage capacity for customers.
To deliver excellent customer experience, Growatt provides one-stop service and technical support for its solar PV and battery storage solution. “In addition to that, we are able to improve service efficiency by using our monitoring solutions for software upgrade, remote troubleshooting and more, and reduce operation and maintenance (O&M) expenses for installers,” Zhang concluded.
Growatt is a global leader of smart energy solutions and provides residential, commercial and large scale PV inverters, energy storage, microgrid systems and smart energy management solutions. Growatt ranks among global top 10 PV inverter suppliers according to IHS Markit and Wood Mackenzie. Founded in 2010, Growatt has established an extensive network with 20 branches worldwide. By the end of 2020, Growatt had shipped over 2.6 million inverters to more than 100 countries around the world.
Contact: Whiskey Lu, [email protected]
PNM and AVANGRID Formally File New Mexico Stipulation with Additional Parties
ALBUQUERQUE, N.M., May 7, 2021 /PRNewswire/ — PNM Resources, Inc. (NYSE: PNM) wholly-owned New Mexico subsidiary, Public Service Company of New Mexico (PNM), and AVANGRID filed a revised stipulation with additional parties in its merger application before the New Mexico Public Regulation Commission (NMPRC) today.
Parties to the filed stipulation include: Attorney General of the State of New Mexico, Western Resource Advocates, the International Brotherhood of Electrical Workers Local 611, Dine Citizens Against Ruining Our Environment, Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani, the Coalition for Clean Affordable Energy, Interwest Energy Alliance, Walmart, Inc., and Onward Energy Holdings, LLC.
The addition of several parties to the stipulation demonstrates a growing consensus around the benefits of the merger to customers, employees and communities across New Mexico.
If approved by the NMPRC, the agreement among the parties will bring over $270 million in benefits to New Mexico. The hearing examiner for the case has scheduled a procedural conference for parties on May 11.
Additional materials pertaining to the stipulation and PNM’s application for approval of the merger with the NMPRC are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.8 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company’s website at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”), or Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR’s, PNM’s, and TNMP’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (v) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
SOURCE PNM Resources, Inc.
Grâce à son excellente performance, Risen Energy remporte 3 prix de l’industrie
Risen Energy Co., Ltd (« Risen Energy »), l’un des leaders de l’industrie, a été invité à participer au séminaire et a remporté trois prix lors de l’événement. Le prix Outstanding CTO a été remis à Liu Yafeng, directeur principal en recherche et développe (R&D) chez Risen Energy. Leur détermination à demeurer à l’avant-garde des tendances de l’industrie a permis à Liu Yafeng et à l’équipe de R&D de Risen Energy d’être nommés dans la catégorie des modules PV à grandes tranches de silicium de 210 mm à hétérojonction. Malgré plusieurs défis techniques, l’équipe a mis au point la gamme de modules Titan ainsi que les modules de cellules à hétérojonction à haut rendement, qui font référence dans l’industrie pour les modules de 5e et 6e générations. À l’avenir, la combinaison de la gamme Titan et des modules à hétérojonction devrait permettre à l’industrie de passer à la 7e génération de modules PV.
Les modules phares de la gamme Titan de Risen Energy, dotés de tranches de 210 mm, réduisent davantage le coût des autres composants du système tout en augmentant la puissance des modules d’environ 2 à 3 % grâce à la technologie des barres omnibus multiples (MBB) de pointe. De plus, avec la technologie de découpe non destructive à basse température, les modules réduisent efficacement le risque de fissures cachées tout en conservant un niveau de stabilité plus élevé, répondant aux besoins d’applications multiples. Grâce à son excellent rendement et sa qualité supérieure, la gamme Titan a acquis une bonne réputation auprès des clients et a reçu la reconnaissance du marché dès son lancement. Pour les mêmes raisons, la gamme a remporté le prix Golden Module de 2021. Risen Energy a également remporté le prix Technology Innovation Enterprise pour les avantages qu’offre l’application de la technologie des modules et la mise à niveau des produits.
SOURCE Risen Energy Co., Ltd
Worldwide Battery Charger Industry to 2026 – by Accutronics, Analytic Systems Ware and Anoma Among Others
DUBLIN, May 7, 2021 /PRNewswire/ — The “Battery Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global battery charger market reached a value of US$ 21.7 Billion in 2020. A battery charger is a device which is used for transferring energy into a rechargeable battery by passing an electric current through it. Some battery chargers need to be manually disconnected by the constant voltage source whereas others may use a timer for cutting off the power at fixed intervals. Currently, the expansion of the electronics industry is the primary factor catalysing the demand for battery chargers. An increasing demand for electrical vehicles (EVs) and connected devices acts as another major force stimulating the growth of the battery charger market.
Over the years, several trends have been observed in the market like miniaturisation which have made these chargers powerful and faster, yet increasingly compact in size. In addition, various developments have been made so that battery chargers can cater to different functions without the need for separate cables. Growing focus and awareness regarding the importance of charging management is further encouraging the manufacturers to develop safe and rapid charging technologies. Apart from this, in order to expand their consumer-base, manufacturers have introduced wireless, smart and high temperature-resistant battery chargers. Looking forward, the publisher expects the global battery charger market to exhibit moderate growth during 2021-2026.
The competitive landscape of the market has also been examined with some of the key players being Accutronics Limited, Analytic Systems Ware Ltd., Anoma Corporation, Associated Equipment Corporation, Energizer Holdings Inc., Exide Technologies, Ferro Magnetics Corporation, FRIWO AG, HindlePower, Inc., Panasonic Corporation of North America, Phihong USA Corporation, Powerbase Industrial (HK) Ltd., Saft S.A., Salcomp Plc, Schumacher Electric Corporation, Scud (Fujian) Electronics Co. Ltd., Shun Shing Standard Corporation Development Ltd., Spectrum Brands Inc. (Rayovac Division), Uniross Batteries S.A.S, Yuasa Battery Inc. and others.
This report provides a deep insight into the global battery charger market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the battery charger industry in any manner.
Key Questions Answered in This Report:
- How has the global battery charger market performed so far and how will it perform in the coming years?
- What are the key regions in the global battery charger market?
- What has been the impact of COVID-19 on the global battery charger market?
- What are the major application segments in the global battery charger market?
- What are the major categories in the global battery charger market?
- What are the major product types in the global battery charger market?
- What are the various stages in the value chain of the global battery charger market?
- What are the key driving factors and challenges in the global battery charger market?
- What is the structure of the global battery charger market and who are the key players?
- What is the degree of competition in the global battery charger market?
- How are battery chargers manufactured?
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary /Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Battery Charger Market
5.1 Market Overview
5.2 Market Performance
5.3 Price Analysis
5.3.1 Key Price Indicators
5.3.2 Price Structure
5.3.3 Margin Analysis
5.4 Impact of COVID-19
5.5 Market Breakup by Application
5.6 Market Breakup by Category
5.7 Market Breakup by Product Type
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.11 Value Chain Analysis
5.11.2 Research and Development
5.11.3 Raw Material Procurement
5.12 Porter’s Five Forces Analysis
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
6 Market Breakup by Application
6.1.1 Market Trends
6.1.2 Market Forecast
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Electric Vehicles
6.3.1 Market Trends
6.3.2 Market Forecast
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Digital Cameras
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Feature Phones
6.6.1 Market Trends
6.6.2 Market Forecast
6.7.1 Market Trends
6.7.2 Market Forecast
7 Market Breakup by Category
7.1.1 Market Trends
7.1.2 Market Forecast
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Product Type
8.1.1 Market Trends
8.1.2 Market Forecast
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Region
9.1 Asia Pacific
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 North America
9.2.1 Market Trends
9.2.2 Market Forecast
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Middle East and Africa
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Latin America
9.5.1 Market Trends
9.5.2 Market Forecast
10 Battery Charger Manufacturing Process
10.1 Product Overview
10.2 Raw Material Requirements
10.3 Manufacturing Process
10.4 Key Success and Risk Factors
11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 Accutronics Limited
11.3.2 Analytic Systems Ware Ltd.
11.3.3 Anoma Corporation
11.3.4 Associated Equipment Corporation
11.3.5 Energizer Holdings Inc.
11.3.6 Exide Technologies
11.3.7 Ferro Magnetics Corporation
11.3.8 FRIWO AG
11.3.9 HindlePower Inc.
11.3.10 Panasonic Corporation of North America
11.3.11 Phihong USA Corporation
11.3.12 Powerbase Industrial (HK) Ltd.
11.3.13 Saft S.A
11.3.14 Salcomp Plc
11.3.15 Schumacher Electric Corporation
11.3.16 Scud (Fujian) Electronics Co. Ltd.
11.3.17 Shun Shing Standard Corporation Development Ltd.
11.3.18 Spectrum Brands Inc.
11.3.19 Uniross Batteries S.A.S
11.3.20 Yuasa Battery Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cxoodj
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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