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Days After Successful IPO, Fly-E Rings The Closing Nasdaq Bell And Celebrates E-Two-Wheel Market’s Future

Benzinga

By Meg Flippin, Benzinga Ringing the opening or closing bell on the Nasdaq MarketSite is a rite of passage for a lucky few companies bestowed with that honor each year. It not only celebrates a company’s status as a public entity but showcases its strength in the market and with investors. Not to mention, it brings a little brand recognition. After all, the closing bell is broadcast on screens across the nation. Fly-E Group, Inc. (NASDAQ: FLYE), the maker of electric bikes, scooters, motorcycles and accessories, joined that elite club, with chairperson and CEO Andy Ou ringing the closing bell Wednesday. The gesture celebrated a successful startup that completed its initial public offering last week. It also comes at a time when the electric bike, scooter and motorcycle market is taking off. The global electric scooter market had a value of $24.67 billion last year and is predicted to reach $50.78 billion by 2032. Driving adoption is a push by governments around the world to curb emissions. With cities getting more crowded, hopping on an e-scooter or bike is not only greener, but a quick and easy way to get around. Fly-E Raises $9 Million From IPO In Fly-e’s IPO, the 2.25 million share offering was priced at $4 per share. The company, which raised $9 million in its IPO, granted underwriters a 30-day overallotment option to purchase an additional 337,500 shares at the IPO price, less underwriting discounts and commissions. Fly-e is using net proceeds from the offering to cover the purchase of inventory and production costs of its vehicles, the expansion of its retail stores, its technology, research and development initiatives, and for general corporate purposes. Started in 2018 and currently based in New York City, Fly-e is an electric vehicle company that is principally focused on designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand “Fly E-Bike”. The company’s product line currently consists of 21 e-motorcycle products, 21 e-bike products and 34 e-scooter products, which it sells both online and through a network of 39 retail stores mainly in the U.S. The stores are strategically positioned in major metropolitan U.S. markets. In addition, Fly-e is opening locations in South America and Europe. Fly-e plans to expand its footprint of stores to other densely populated metro areas with some of the proceeds from its IPO. To keep costs down, most of the company’s manufacturing is handled in its China-based factories and assembled in the U.S. The goal is to become a leader in the electric two-wheel transportation market. High-Flying And Profitable While Fly-e is a high-flying growth IPO, its financials are much more stable than the run-of-the-mill startups that find profitability elusive as they chase growth. Fly-e reported $1.2 million in net income for the first nine months of 2023. Revenue grew 46% in the same time frame. Gross margins are 39% and the company is EBITDA and net profit positive. Fly-e attributes its margin strength to its growing maintenance, service business and accessories sales. That should increase further, along with an uptick of in-use bike counts, the company reports. All of this should be welcome news to its investors since cash-burning IPOs are losing their luster. Fly-e demonstrates a company can be an early-stage growth stock and still show financial discipline. The e-scooter, bike and motorcycle market is taking off, and Fly-e is emerging as an important player. It's a story investors may want to pay attention to. After all, the Nasdaq MarketSite certainly is. Featured photo by Nick Chong on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

June 14, 2024 08:45 AM Eastern Daylight Time

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Collaboration between On and Verity – two pioneering Swiss brands – to transform supply chain operations with AI and robotics

Verity

On, a leading global sportswear brand, and Verity, a pioneering AI and robotics company, have announced a strategic collaboration to transform warehouse operations and optimize inventory management, ultimately enhancing supply chain efficiency and precision. On and Verity join forces, leveraging fleets of fully autonomous drones in warehouses to enable full operational visibility through smart, real-time inventory tracking, minimizing stockouts, misplacements, and shrinkage across the supply chain. This ensures flawless order fulfillment for retail and e-commerce. On is one of the fastest growing sportswear brands in history and seeks every technical advantage in its supply chain execution to support this growth. On identified Verity, renowned for its expertise in AI and robotics, as their preferred partner with in-depth technical expertise and a proven, intelligent and efficient system. Verity’s solution is used to perform millions of fully autonomous inventory checks each month in over 80 warehouses operated by different clients worldwide. This partnership delivers tangible business value by improving immediate product availability across On customer touchpoints—at physical stores and online—and maximizing successful order fulfillment by improving on-time and accurate deliveries. Verity clients see their operational issue rates reduced from 5-12% to less than 1%, significantly increasing their warehouses’ labor efficiency. By further digitizing On's supply chain, Verity strengthens its data accuracy and improves the quality and speed of decision-making. Already live at a US facility, Verity’s fleet of fully autonomous drones is scanning On products on a daily basis, ensuring full availability of stock for customer fulfillment. It is already improving key performance indicators (KPIs) and supporting On's objectives as a pioneer of new, more sustainable supply chains, by reducing CO2 emissions linked to warehousing: Verity clients observe a reduction of 1,000 tons of CO2 emissions per warehouse each year, on average. The collaboration’s goal is to explore new technology solutions to drive operational excellence and enhance inventory visibility, with On bringing Verity onboard with its 3PL partners. "We are excited to partner with Verity to transform our supply chain operations," said Caspar Coppetti, Co-Founder and Executive Co-Chairman at On. "Verity is a pioneering brand in the field of AI and robotics, and a perfect fit with On's values of harnessing innovation for the benefit of the customer experience. By leveraging innovative technological solutions, we aim to improve our operations' efficiency further, become a more sustainable brand, and take customer satisfaction to new heights. The collaboration of two pioneering Swiss brands can only mean an explosion of innovation!" "At Verity, we are dedicated to pushing the boundaries of AI and robotics to drive operational excellence," said Raffaello D’Andrea, Co-Founder and CEO at Verity. "Partnering with On, the most exciting sportswear brand in the market today, is a great opportunity to apply our shared commitment to leveraging technology to meet customer expectations. We share the same goals with On, in particular that of delivering an exceptional customer experience. This synergy is further amplified by our highly robust systems, boasting better than 99.99% reliability rates." Reflecting on two pioneering brands from Zurich, Switzerland, the collaboration between On and Verity underscores their shared DNA of using groundbreaking technology to deliver a superior customer experience. Both companies embrace the challenge and need for supply chain operational excellence to build customer excellence. About On On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fourteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On. On is present in more than 60 countries globally and engages with a digital community on www.on.com. About Verity For industries that rely on fast and efficient supply chains, Verity delivers AI-powered mobile intelligence, enabling complete operational visibility through fleets of fully autonomous drones. Verity's system is used to perform millions of fully autonomous inventory checks each month in more than 80 warehouses across the globe. The Verity team includes some of the top minds in the world of AI and robotics, supply chain, and drone technology. The result: Valuable insights that empower businesses to achieve greater operational efficiencies and build faster, smarter, and more sustainable supply chains. Contact Details Verity Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://verity.net/

June 13, 2024 08:00 AM Eastern Daylight Time

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How U Power (NASDAQ: UCAR) Is Addressing Key Concerns For Widespread EV Adoption – Including Range Anxiety And Charging Times

Benzinga

By Meg Flippin, Benzinga Electric vehicles are growing in popularity as the world seeks a greener future. That’s true around the world with electric cars accounting for 18% of vehicles sold last year, up from just 2% five years ago. That growth could be even greater, but large-scale adoption of these emissions-free cars and trucks is proving elusive – something that is true in many countries. Range anxiety is a big reason. The fear of running out of battery life is too great for some consumers and fleet operators to overcome. Then there’s charging. It can take time to get the vehicle powered up, depending on the system and demand. U Power (NASDAQ: UCAR), the Nasdaq-listed EV power solution company, believes it has the solution to overcome those challenges and spur greater EV adoption across the globe. It is betting that UOTTA – its proprietary battery-swapping technology – can overcome range fears and eliminate any wasted time waiting for a vehicle to charge. This battery-swapping model is appealing because customers only need to pay for the vehicle when purchasing a vehicle through the battery bank. After that, they pay a monthly rental fee for the battery. Not only does this reduce the procurement cost of EVs but the rental and service fees for battery swapping during daily operations are 30% to 50% cheaper than fast charging. Since batteries are swapped out, it extends the lifespan of the batteries and protects the environment since the dismantling and recycling of the batteries after retirement complies with environmental policies. Speed Is Power With U Power’s advanced technology, consumers and fleet operators can replace dead EV batteries with fully charged ones in under five minutes. That removes the time challenges, and with swapping stations eventually located around the world, it eliminates the fear of running out of battery life. U Power isn’t your run-of-the-mill EV battery-swapping player, either. The company started out in 2013 as a vehicle-sourcing services company focused on lower-tier cities in China. Since then, U Power has forged partnerships with leading automotive manufacturers. Utilizing a distinctive financial model coupled with customized vehicle offerings, the company has filled the market gap beyond the 4S dealership network, establishing over 800 operational outlets across China. In 2017, U Power emerged as one of the earliest entrants into the new energy electric vehicle sales market. Leveraging market insights and accumulated experience, U Power pioneered the UOTTA battery-swapping technology in 2019. Collaborating with automotive manufacturers, the company introduced various models of battery-swapping vehicles for commercial use, successfully penetrating the market. Moreover, U Power is also a key contributor to the drafting of China's battery-swapping standards. With its industry influence and advantages, U Power achieved a milestone in 2023 by becoming the world's first publicly listed company specializing in electric vehicle battery-swapping technology. Since then, the company has been busy churning out new technology, securing 14 patents and 24 pending patent applications in China. Last year, it sold and delivered six battery-swapping stations to four customers. All told it has already sold eleven battery-swapping stations, and its solutions include UOTTA-powered EVs, battery-swapping stations and a data management platform synchronizing real-time data. U Power is also forging partnerships with Chinese automobile manufacturers to jointly develop commercial-use UOTTA-powered EVs, such as ride-hailing passenger EVs, small logistics EVs and light electric trucks. Major Collaborations Spurring Growth The company’s efforts towards forging partnerships were also on display recently with U Power inking a deal with Dutch electric vehicle company UNEX t o provide battery-swapping vehicles and swapping station services to Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (ANTRAL), the association representing public passenger road transport companies operating light vehicles designated as taxis in Portugal. ANTRAL will use U Power’s UOTTA technology and battery swapping station model. Through the collaboration, the two aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union's decarbonization targets and Portugal's regulatory requirements for taxi vehicles. Combining U Power’s battery-swapping station model and UNEX’s extensive network and market know-how, U Power said the goal is to sell the taxi industry EVs and install charging and battery-swapping stations. The first phase of the agreement is expected to provide two swapping stations and 120 battery-swapping taxis. ANTRAL operates more than 1,000 taxis, covering over 80 million kilometers annually, with carbon emissions reaching 1,440 tons and fuel costs close to €10 million. By adopting UOTTA battery swapping services, U Power said related costs are expected to be reduced by 30-50%, aligning with the EU's goal of achieving 30 million "zero-emission" electric vehicles by 2030. "This collaboration between UNEX and ANTRAL that utilizes our UOTTA technology marks a significant stride towards promoting sustainable transportation and reducing emissions. By combining our battery-swapping expertise with their commitment to decarbonization, we aim to facilitate the transition of taxi fleets from fossil fuels to electric mobility,” said Jia Li, Chairman and CEO of U Power. “This partnership highlights the global taxi industry's shift towards electrification, which will lead to reduced operational costs, increased driver earnings, and lower carbon footprints.” About 50,000 to 60,000 European taxis are expected to transition to electric vehicles in the next three to five years, presenting a big opportunity, reports U Power. Collaborations like that are behind the company’s revenue growth of 153.5% from fiscal year 2022 to fiscal year 2023. As U Power collaborates with more and more customers, it is building a brand and reputation in the market, which the company expects will drive further growth in the future. It is a big opportunity. The market size for battery swapping and electric commercial vehicles is projected to reach RMB 176,615.1 million in 2026, growing at a CAGR of 68.1% from now until then, according to a report by Frost & Sullivan, cited by U Power. Setting Its Sights Internationally Beyond its deal with ANTRAL, U Power is making inroads in other areas of its international expansion, including in Hong Kong, Southeast Asia and Peru. The company is focused on electrifying the commercial vehicle sector, particularly targeting urban taxis, buses, logistics vehicles, and transportation vehicles in mines. A crucial aspect of U Power's strategy is to collaborate with local industry-specific clients, integrating successful experiences from China with the specific demands of these clients. This approach involves systematizing the output of battery swapping stations, swapping vehicles, and battery banks, facilitating the rapid development of battery swapping services. In Peru, U Power just embarked on a collaborative pilot test with a Peruvian mining firm to evaluate electric heavy-duty vehicles on an established haulage route. This venture aims to identify an efficient substitute for traditional fuel-powered trucks, offering the potential to cut energy use and reduce operational costs, reports U Power. Then there’s its deal with Cornerstone Technologies Holdings Limited, a leading EV charging solution provider and charge point operator based in Hong Kong with an increasing presence across Southeast Asia. Under their memorandum of understanding, the two are jointly exploring and developing a strategic business relationship. “Through this collaboration, we believe our battery swapping stations will gain increased visibility in our target markets. We look forward to building a successful relationship that delivers sustainable value for our shareholders,” said Li. Even business with U Power’s existing customers is growing, underscoring the quality and innovative nature of its technology. Earlier this month, U Power announced it received a follow-on purchase order for its advanced dual-mode intelligent battery swapping stations from a major taxi operator in Jilin, China. These dual-mode intelligent battery swapping stations feature separate robotic guided vehicles (RGVs) for battery removal and installation. The use of robotics reduces the battery swapping time from between three to five minutes to two to three minutes. What’s more, U Power said the maintenance cycle of the swapping stations has been optimized, reducing weekly maintenance time by around six hours and enhancing operational efficiency by approximately 15%. As U Power transitions from a vehicle-sourcing business to providing comprehensive battery-swapping solutions based on its proprietary UOTTA technology, it is going beyond just selling battery-swapping equipment and vehicles, offering customers big and small an ecosystem of greener vehicle technology. The company is betting its technology and offering will play a pivotal role in making the world greener one fleet at a time. Featured photo by Ernest Ojeh on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

June 12, 2024 02:00 PM Eastern Daylight Time

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Pyxis Tankers chairman and CEO on market outlook and growth strategies

Pyxis Tankers Inc

Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, talked with Proactive about the recent Posidonia shipping event and its impact on the shipping industry. Valentis shared his insights on the optimistic outlook for shipping sectors despite global headwinds. He highlighted that industry players are leveraging substantial cash balances to pay down debt, renew fleets, and make significant shareholder distributions. Valentis noted the strong chartering environment for product tankers, influenced by tighter inventories and changing trade patterns due to geopolitical conflicts. Discussing market conditions, Valentis provided an update on product tankers and dry bulk sectors. He mentioned the positive near-term outlook supported by refinery additions and OPEC+ supply cuts. Additionally, Valentis shared Pyxis Tankers' recent performance, including Q1 2024 financial results, fleet expansion, and new acquisitions. He also outlined the company's shareholder value enhancement initiatives, such as share buyback programs and reducing convertible preferred shares. Valentis said the favourable prospects for both sectors and its existing capital resources allow Pyxis to actively pursue value-enhancing investment opportunities. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

June 11, 2024 11:40 AM Eastern Daylight Time

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NOVUS INK Advisors and Solidus Capital Group Team-up to Serve Growing Transatlantic Commercial Interests of Mid-Market Enterprises

NOVUS INK Advisors

NOVUS INK Advisors and Solidus Capital Group signed a services agreement today to provide integrated senior advisory and execution services to small-and mid-market enterprises amid thriving commercial interests between the United States and Europe. The two firms aim to accelerate client services by combining expertise and resources to support growth into new markets, encompassing management counsel, valuation, performance tracking, board advisory, marketing, communication, public and government affairs. The collaboration will enable NOVUS INK Advisors and Solidus Capital Group to meet the unique needs of global small-and mid-market enterprise clients operating across business-to-consumer, business-to-business, and business-to-government segments. The transatlantic economy is proving remarkably robust in the face of global economic and geopolitical disruptions. No two other regions in the world are as deeply integrated as the United States and Europe, according to the 2024 Transatlantic Economy Report from the U.S. Chamber of Commerce, AmCham EU, Johns Hopkins SAIS and the Transatlantic Leadership Network. The report states: "the $8.7 trillion transatlantic economy employs more than 16 million workers in mutually onshored jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for half of total global personal consumption and close to one-third of world GDP in purchasing power. Ties are solid in foreign direct investment, portfolio investment, banking claims, trade and affiliate sales in goods and services, digital links, energy, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services." The services agreement will be overseen by a committee chaired by Pia De Lima and Daniel Diaz, NOVUS INK Advisors' Managing Partners, and Andreas Dal Santo, Solidus Capital Group's Managing Director. NOVUS INK Advisors is based in Miami. Solidus Capital Group, affiliated with Atlantic Business Labs, is based in New York. NOVUS INK Advisors is a communication, public and government affairs lobbying firm. NOVUS INK Advisors' practice areas include Corporate, Band and Product Reputation, Business Strategy, Crisis and Reputation Risk, Financial Services, Investor Relations, Mergers & Acquisitions, Brand and Product Marketing Communications Strategy, and Public and Government Affairs. NOVUS INK Advisors is a registered lobbying firm. To learn more, visit: www.NovusInk.com. Solidus Capital Group specializes in management consulting, business valuation, and board advisory services for firms expanding into North America, Latin America, and Europe. It is spearheading an ecosystem of companies, consultants, and subject matter experts with experience from different industries and regions to support corporate and institutional clients' global strategies and growth into new markets. To learn more, visit www.solidus-capital.com. CONTACTS: NOVUS INK Advisors: client.services@NovusInk.com Solidus Capital Group: client.services@Solidus-Capital.com Contact Details NOVUS INK Advisors Client Services client.services@NovusInk.com Company Website https://www.novusink.com/about

June 11, 2024 09:30 AM Eastern Daylight Time

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Assiduus Accelerates International Growth, Expands into South America

Assiduus

Assiduus, a renowned innovator and leader in multi-market ecommerce distribution, has announced its expansion into South America. With the expansion, Assiduus expects to capitalize on the region's booming ecommerce market and empower non-LatAm brands to reach millions of potential customers across South America. Despite being a rapidly growing market, South America remains under-penetrated for non-regional brands. However, Assiduus believes there is a huge appetite for international brands, particularly those of US origin. Market data suggests that ecommerce sales in Latin America are expected to rise to $160 billion by 2025. With the current growth rate, others are even more bullish, forecasting the surge to be up to $200 billion by the end of 2025. Hence, Assiduus does not just look forward to entering another market but also to opening up a unique opportunity for brands globally. Founder and CEO of Assiduus, Somdutta Singh, is confident that this expansion will be a game-changer for brands in the region and play a pivotal role in Assiduus’ growth trajectory. By establishing a presence in South America, the company looks forward to expanding its client offerings and base and solidifying its position as the leading global ecommerce accelerator: “ South America represents a vibrant landscape for ecommerce. We're excited to empower brands and entrepreneurs with the opportunity to grow their business with Assiduus and deliver great value and a convenient shopping experience for customers across South America. We’re providing our industry-leading expertise to brands, enabling them to navigate complexities like global logistics and fulfillment, access to buyer data and analytics, marketplace and inventory optimization across global platforms. This empowers brands to focus on what they do best – creating exceptional products for global audiences. ” Assiduus also looks forward to benefiting South American consumers by facilitating access to a wider variety of quality products. Their commitment to facilitating a smooth shopping experience ensures a convenient journey for customers across the region, making it easier than ever to discover and purchase their desired brands. About Assiduus Assiduus is headquartered in Delaware, US, and covers markets in North America (US & Canada), Europe, the Middle East, Asia, and South America. They are one of the frontrunners of tech-powered cross-border ecommerce distribution, and their full-stack middleware empowers brands to navigate the complexities of global distribution and supply chain management end-to-end via one platform. Assiduus solves the five key entry barriers and challenges for consumer brands to enter, sell, and scale in a market - navigating product licensing and import regulation, data-led inventory forecasting and planning, multi-platform integration, distribution and supply chain, and access to data and analytics. Since its inception in 2018, Assiduus has grown significantly, managing over $450+ million in GMV. Recognized by Inc 5000 as a Top 600 company in 2021 and ranked No. 8 in Deloitte Fast 50 in 2022, Assiduus has partnered with leading Fortune 500 companies as a global ecommerce distribution and supply chain enabler to help them optimize and scale their ecommerce business. Contact Details Hardik Jaisingh Assiduus hardik.jaisingh@assiduusglobal.com Company Website https://www.assiduusglobal.com/

June 06, 2024 09:30 AM Eastern Daylight Time

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On The Horizon: How One Company Plans To Use Its Innovative Aircraft Design To Revolutionize Regional Air Travel

Benzinga

By James Blacker, Benzinga Investment in Regional Air Mobility (RAM) is on the rise, driven by innovative flight technologies that promise to transform short-haul travel and improve connectivity between small cities and rural areas. As the demand for efficient, sustainable and flexible transportation increases, companies like New Horizon Aircraft (NASDAQ: HOVR) are positioning themselves to capitalize on a global market that could grow to $115 billion by 2035, with some 300 to 700 million passengers annually. Rising Demand For RAM In the United States, regional airports are underutilized, partly because most airlines use hub-and-spoke networks that require passengers to transit at larger hubs. Most Americans therefore choose to either drive to their final destination or fly from a larger airport, even if it is further away. The idea of RAM is to use smaller aircraft to connect regions that are underserved by traditional airline routes. It brings the convenience and speed of air travel to everyone, wherever they are located across the country. A NASA-funded study carried out by the Georgia Institute of Technology’s School of Aerospace Engineering predicts a resurgence in demand for regional flying. Based on door-to-door travel costs and travel-time savings, the researchers identified how many people taking journeys of more than 100 miles would choose to fly if they could do so from a nearby regional airport. Technological Advances In Aviation McKinsey & Company notes that innovations in propulsion, aircraft design, manufacturing, navigation and control are making small aircraft more viable. These technological advances promise to push down operational costs and reduce the environmental impact. In the future, we could even see fully autonomous aircraft, which would cut costs even further as labor accounts for around 20%-30% of small aircraft operating costs. According to McKinsey, more than 50 companies are developing battery-electric, hybrid, or hydrogen small aircraft. Players working on new aircraft designs include Airbus and Embraer (NYSE: ERJ). eVTOL For Regional Mobility? Another player looking to tap into the RAM market is New Horizon Aircraft (NASDAQ: HOVR), a developer of electric Vertical Take-Off and Landing (eVTOL) aircraft. While eVTOL aircraft are typically designed for very short flights within urban areas, Horizon’s Cavorite X7 uses a patented wing design that allows it to fly further and carry heavier loads, making it suitable for the regional air mobility market. New Horizon’s Cavorite X7 is a next generation hybrid-electric eVTOL aircraft that can move people and cargo across distances of between 50 and 500 miles at speeds of up to 250 mph. It is a seven-seater aircraft that can take off and land vertically, like a helicopter. However, once it reaches a safe altitude, the Cavorite X7 reconfigures and flies like a normal plane, allowing it to fly faster and further than a helicopter. With a hybrid electric power system, the Cavorite X7 can also recharge mid-flight. In addition to passenger travel for the RAM market, New Horizon envisages that the X7 will also be used in various sectors, including medical evacuation, natural disaster response, emergency surveillance and search and rescue. A Promising Horizon Recent investment in the RAM market represents the start of a seismic shift to more efficient and sustainable short-haul travel. New Horizon Aircraft is at the forefront of this transformation, offering an innovative product that addresses the growing demand for regional connectivity. For investors, this could present a compelling opportunity to be part of a market poised for substantial growth. Featured photo courtesy of New Horizon Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

June 06, 2024 08:45 AM Eastern Daylight Time

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Ocean Power Technologies Secures Contract for WAM-V to Offshore Contractor in Sub-Saharan Africa

Ocean Power Technologies Inc

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to announce that the company has secured a contract to deliver a WAM-V (Wave Adaptive Modular Vessel) to an Offshore Construction Contractor. The contract entails providing a spare vehicle system that can be assembled onsite. This WAM-V will be utilized to provide survey services for an offshore dredging project in Sub-Saharan Africa. Stratmann highlighted that this award builds on the recent commercial success of OPT’s vehicles in the offshore construction and energy industries. The contract also supports the company's recent expansion into Latin America, a region with a vibrant offshore energy industry. Additionally, the company is exploring the potential for ocean security applications. This contract marks a significant milestone for Ocean Power Technologies, reinforcing its position in the global offshore market and demonstrating the growing demand for its innovative WAM-V technology. The company's strategic focus on expanding its geographical footprint and diversifying its applications underscores its commitment to driving growth and delivering advanced solutions for offshore operations. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

June 05, 2024 01:39 PM Eastern Daylight Time

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Mphasis and Classiq Partner to Drive Quantum Innovation

Classiq Technologies

Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its strategic partnership with Classiq, a leading quantum software company to demonstrate and commercialize industry solutions powered by Quantum. The strategic partnership aims to accelerate the adoption of quantum solutions for enterprises by integrating them into its operations. The collaboration is committed to fostering innovation and redefining technological boundaries and paving the way for a quantum-powered future. Classiq leads in quantum computing software and has developed a platform for faster and more efficient quantum algorithm design. Mphasis will focus on building industry solutions in sectors such as BFSI, Lifesciences, Healthcare, Supply Chain & Logistics, Chemistry, utilizing these advanced algorithms. By leveraging Classiq’s quantum platform, Mphasis will develop industry-specific intellectual properties (IPs) and will also jointly market and implement customer IPs, execute customer projects, and provide support for the commercialization of Classiq’s platform and IPs. Additionally, Mphasis’ Quantum Initiative, launched in 2020 within the Applied R&D division, NEXT Labs, aims to facilitate our client's transition to the quantum era. The adoption model comprises awareness-building, assessment, and consulting workshops, as well as the development and implementation of quantum solutions in key domains such as optimization, artificial intelligence, simulation, and cybersecurity. Within the realm of quantum computing, the company’s priorities include applied research, the creation of industry-specific solutions and intellectual properties, thought leadership dissemination, building robust partnerships, and leveraging a design thinking approach to drive adoption. “We are thrilled to announce our collaboration with Classiq and leveraging their expertise to unlock the vast potential of quantum computing. This partnership enables us to combine our industry knowledge with cutting-edge quantum technology, to innovative solutions tailored to our clients' needs. Together we hope to lead the way in initiating and implementing state-of-the-art quantum solutions that redefine the boundaries of our field," said Srikumar Ramanathan, Chief Solutions Officer, Mphasis. "Classiq is proud to be partnering with Mphasis to support scalable enterprise quantum computing software development. Together we combine depth of industry domain knowledge and quantum expertise with the technology needed to implement sophisticated optimized quantum computing programs for our clients," said Nir Minerbi, CEO and Co-Founder, Classiq Technologies. By synergizing Mphasis' domain expertise with Classiq's quantum computing acumen, the collaboration is poised to unlock newer possibilities and redefine industry benchmarks. Quantum computing's ability to tackle previously unsolvable problems opens doors for entirely new discoveries and innovations. National Institute of Standards and Technology’s report states that quantum computing could lead to breakthroughs in areas like materials science, drug discovery, and financial modelling. McKinsey & Company estimates a $106B potential quantum technology market size by 2040. The alliance between Mphasis and Classiq represents a fusion of expertise and innovation, with Classiq's cutting-edge quantum development platform complemented by Mphasis' extensive industry knowledge. Together, the companies aim to pioneer groundbreaking quantum solutions that will reshape sectors primed for transformative change. Classiq’s platform enables both beginner and expert designers to rapidly generate, analyze, and execute quantum circuits. The collaboration reflects the shared dedication of Mphasis and Classiq, showcasing a commitment to pioneering quantum computing applications across diverse industry sectors. Apart from this, in June 2021, Mphasis along with the Government of Alberta, and the University of Calgary signed an MoU to announce the launch of the world-leading Quantum City - Canada. The strategic partnerships were to accelerate talent development and the development of a quantum computing ecosystem in Calgary, driving R&D in the technology sector. In June 2022, Mphasis deepened its commitment to Canada by announcing a delivery center in Calgary, opening the center in Alberta for business. The Mphasis business ecosystem was positioned to reinforce the region's reputation as a leading hub for digital transformation, AI, quantum computing, and more, and contribute to Canada's growing digital sector. About Mphasis Mphasis’ purpose is to be the “Driver in Driverless Car” for Global Enterprises by applying next-generation design, architecture, and engineering services, to deliver scalable and sustainable software and technology solutions. Customer centricity is foundational to Mphasis, and is reflected in the Mphasis’ Front2Back ™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C= X2C2TM =1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialization, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients. Click here to know more. ( BSE: 526299; NSE: MPHASIS ) About Classiq Classiq Technologies, the leading quantum software company, provides an all-encompassing software platform (IDE, compiler and OS) with a single point of entry into quantum computing, from algorithm design to execution. Tailored to all levels of developer proficiency, Classiq aims to democratize access to quantum computing with software that equips customers to take full advantage of the quantum computing revolution. A low-code development environment that automates quantum programming ensures that a broader range of talents, including those with backgrounds in AI, ML and linear algebra, can harness quantum computing without requiring deep, specialized knowledge of how to program quantum computer hardware. Classiq also works closely with advanced computation hardware providers providing software for use with quantum computers, HPC and quantum simulators. Backed by powerful investors such as HPE, HSBC, Samsung, Intesa Sanpaolo and NTT, Classiq’s world-class team of scientists and engineers has distilled decades of quantum expertise into its groundbreaking software development platform. Follow Classiq on LinkedIn, X (formerly Twitter) or YouTube, join the Slack community, or try the Classiq platform. Contact Details Rainier Communications Michelle Allard McMahon +1 781-718-3248 classiqPR@rainierco.com Mphasis Corporate Communications Deepa Nagaraj +1 646-424-5160 deepa.nagaraj@mphasis.com Mphasis Corporate Communications Sumana Bhat +91 99029 80980 sumana.bhat@mphasis.com Company Website http://www.classiq.io/

June 04, 2024 02:04 AM Eastern Daylight Time

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