News Release
Rainbow Rare Earths CEO says $50mln investment brings US government "closer to Rainbow"
Rainbow Rare Earths Ltd
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) CEO George Bennett speaks to Thomas Warner from Proactive after the magnet rare earth metals company announced partner TechMet has confirmed is to invest US$50 million into the Phalaborwa project in South Africa funded by US agency, the International Development Finance Corporation (DFC). The investment originates directly from the US government as part of it strategic effort to establish an independent supply chain for critical minerals originating from outside of China. Bennett highlights the green aspect of the project, emphasising its role in the circular economy by reprocessing gypsum waste. Bennett says that the $50 million investment covers over 50% of the equity financing needed for the Phalaborwa project, with the remainder expected to come from debt financing. The DFC's involvement in the equity side indicates potential support in the debt financing aspect as well, offering Rainbow a more comprehensive and attainable financial package. Despite this significant backing, Bennett clarifies that the project timeline remains unchanged, although the new funding provides greater clarity and resources to meet the established goals. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:16 PM Eastern Standard Time
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News Release
Thor Energy reveals "validating, high-grade" results from uranium drilling program
Thor Energy PLC
Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) Managing Director Nicole Galloway-Warland speaks to Thomas Warner at the Proactive London studio after the uranium and energy metals-focused exploration company released uranium results from its latest drilling at the Groundhog prospect at the Wedding Bell and Radium Mountain projects in Colorado. Galloway-Warland describes the results as both exciting and validating for the project, noting recent strength in uranium spot prices. She goes on to highlight the discovery of 2.7% uranium from downhole gamma at their sites, emphasising the potential of these shallow, high-grade areas. Looking ahead, the company has sent assays to Canada for further analysis and is expecting results by January. These will not only provide more information on uranium but also on vanadium. Thor Energy's future plans include designing an infill and extension program, with the intention of resuming drilling early next year. Warland reflects positively on the year for Thor Energy, describing it as a period of consolidation and planning, capped off by a successful drilling program. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:14 PM Eastern Standard Time
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News Release
DiscoverIE Group CEO hails profit increase
discoverIE Group PLC
DiscoverIE Group PLC (LSE:DSCV) CEO Nick Jefferies speaks to Thomas Warner from Proactive London after the electronic component manufacturer released interim results for the six months to 30 September 2023 showing an increase in profitability. Jefferies gives an overview of the figures, highlighting a 17% increase in operating profits on 4% sales growth. This success translates into an 8% rise in both profit before tax and earnings per share, alongside a significant 25% boost in cash flow. Jefferies also highlights the company's sustained growth trajectory, having expanded by over 50% in the past three years. He attributes this success to a balanced strategy of driving top-line growth and achieving operational efficiencies as the company scales up. Despite what he calls the cyclical nature of the market and a general economic slowdown post-COVID, discoverIE has demonstrated resilience and continued momentum, particularly through operating efficiencies and robust cash flow. Looking ahead, Jefferies expressed confidence in the company's position, with a focus on navigating through the industry's inventory correction phase and continuing to drive growth. He also affirms the company's readiness for further acquisitions, supported by a strong balance sheet and ample banking facilities, expecting more acquisitions in the latter half of the year. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:13 PM Eastern Standard Time
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DeepTech Recycling secures fresh funding in fight to create circular economy for plastics
NetScientific PLC
DeepTech Recycling Managing Director and CTO Marvine Besong speaks to Thomas Warner from Proactive about the company's groundbreaking work in plastic recycling. He explains that DeepTech Recycling specialises in transforming end-of-life plastics into reusable materials, noting that only 12% of all plastic waste is currently recycled. Their innovative approach involves heating waste plastics in a proprietary modular unit that ultimately turns it back into an oil-like substance that can then be treated and turned into new petrochemical feedstock. The aim is to promote a circular economy for plastics, preventing them from ending up in landfills or polluting the environment. Recently, DeepTech Recycling secured £1 million in funding, which Besong says will be used to consolidate the assets acquired from Recycling Technologies in December 2022 and to develop and commercialise their technology. This includes setting up a new operating base with labs and bench scale facilities. Besong emphasises the company's strategy to install recycling facilities at Material Recovery Facilities (MRFs), enabling efficient local processing of plastics. This approach aligns with their vision to tackle plastic waste as close to the consumer as possible, converting low-density plastic into easily transportable liquid form. Besong says his current focus is on business development, customer engagement, and advancing the company's technology to achieve commercial-scale operations. He stresses the importance of customer-focused models in scaling up their technology. DeepTech Recycling is a NetScientific portfolio company. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:10 PM Eastern Standard Time
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Arecor Therapeutics reveals deal with "global medical products company"
Arecor Therapeutics PLC
Arecor Therapeutics PLC (AIM:AREC) Chief Business Officer Manjit Rahelu speaks to Thomas Warner from Proactive after the biopharmaceutical group announced a significant development from its Specialty Hospital division. A new collaboration with an unspecified "global medical products company" will focus on reformulating a blockbuster oncology drug into a ready-to-use liquid form, enhancing its efficiency and ease of use for patients. This marks a significant shift from its powdered form, which was complex and time-consuming to prepare. The reconstituted drug is not only more convenient but also aims to reduce waiting times for patients, thereby improving overall healthcare delivery. Dr. Rahelu highlighted the collaborative effort involving a global partner with expertise in R&D, manufacturing, commercialisation, and regulatory affairs. This partnership aims to leverage both entities' strengths, combining Arecor's innovative in-house development with the partner's global capabilities. Arecor's technology has been instrumental in this advancement, underscoring their capability to apply their technology across various therapeutic areas beyond diabetes. This development is the second major outcome from Arecor's in-house pipeline and Rahelu says it demonstrates Arecor's ability to independently identify and develop promising candidates, translating R&D efforts into value-driving collaborations. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:09 PM Eastern Standard Time
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Cornerstone FS CEO says business has "turned a corner"
Cornerstone FS PLC
Cornerstone FS PLC (AIM:CSFS) chief executive James Hickman speaks to Thomas Warner from Proactive London after the foreign exchange and payments solutions company released a trading update suggesting that it anticipates reporting revenue and adjusted EBITDA for the year to 31 December 2023 "materially ahead of current market expectations." The update boosted Cornerstone's share price by almost a third in early trading. Hickman attributes the improvement in the performance of the business to a strategic focus on revenue generation, expanding sales capabilities, and leveraging technology. He emphasises the importance of being customer-focused, a key factor in the company's turnaround, and says the increase in performance shows the business has "turned a corner." He says the company's strategy for the upcoming year includes continued emphasis on revenue, cost control, and expanding its geographic and market footprint. Hickman highlights plans for product enhancement and development, driven by customer feedback. Furthermore, Cornerstone FS plans to expand its payment network, increasing its ability to deliver currency locally and extend its jurisdictional reach. Detailed expansion plans are expected to be announced in January. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:07 PM Eastern Standard Time
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AFC Energy unveils "world-first" modular ammonia cracker
AFC Energy PLC
AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond speaks to Thomas Warner from Proactive after the hydrogen technology provider unveiled what it calls its world-first modular ammonia cracker system. Bond speaks to Proactive from COP28 in Dubai, where he explains he's been talking to people about hydrogen's role in the global economy. He goes on to explain the significance of today's news, saying that the modular cracker enables the efficient transportation and conversion of ammonia into hydrogen, a key element in the emerging green economy. Ammonia, composed primarily of hydrogen, is an effective medium for hydrogen transport. Bond explained that the modular nature of their technology allows for scalability and adaptability in various settings, including maritime applications, addressing a major logistical challenge in the green energy transition. AFC Energy's technology has already been installed in the UK, showcasing the complete value chain from production to consumption. The modular system allows for scaling according to demand, minimising overinvestment. Additionally, it opens possibilities for use in the maritime sector, supporting the shift to ammonia as a fuel in global shipping. Following the successful demonstration, AFC Energy anticipates further commercial success and partnerships, including a recently signed letter of intent for joint marketing of ammonia supply and hydrogen production. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:06 PM Eastern Standard Time
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Ondo InsurTech raises £1.08mln to support expansion plans
Ondo InsurTech PLC
Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after the claims prevention technology company announced it has raised £1.08 million via a placing completed yesterday after market close. Foster details the company's successful capital raise and strategic plans for expansion, particularly in the United States. This fundraising follows the signing of a breakthrough contract with Nationwide, a Fortune 100 U.S. insurance company, for Ondo's LeakBot solution as part of Nationwide's smart home program. Foster describes this deal as a significant vote of confidence from a major U.S. insurer. The capital raised this week will primarily support execution of this U.S. contract and a similar rollout deal with Sweden's largest insurance company. These deals represent a substantial scale-up, involving larger customer cohorts and more significant insurance firms than Ondo's previous contracts. The funds will also bolster the sales pipeline and leverage current business momentum. Foster emphasises Ondo's focus on addressing the global issue of water damage claims and environmental problems caused by household leaks. Ondo's patented, unique solution has garnered significant interest in the insurance industry and from water companies, driven by its environmental benefits. Heading into the new year, Foster's primary goal is to accelerate deal signings and market introductions, capitalising on the company's current momentum. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:05 PM Eastern Standard Time
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MP Evans Group building for the future with fresh increase in land holding
MP Evans Group PLC
MP Evans Group PLC (AIM:MPE) CEO Matthew Coulson speaks to Thomas Warner from Proactive after announcing the acquisition of over 8,000 newly planted hectares in East Kalimantan, Indonesia, marking an approximate 15% increase in the company's landholding. Coulson highlights the youthful nature of the new hectarage, which was primarily planted between 2017 and 2019, predicting it will significantly boost crop yields to match or surpass their current average of over 23 tons per hectare. He says the acquisition reflects MP Evans' commitment to sustainable growth and enhancing their milling capacity. Earlier in 2023, the company had already expanded with a new mill and an additional 2,000 hectares in Sumatra. These developments, including the latest in East Kalimantan, demonstrate MP Evans' end-of-year momentum and strategic focus on areas adjacent to their existing operations. Coulson remains optimistic about shareholder satisfaction, citing the company's success in meeting strategic goals such as increasing the proportion of crop processed in their own mills. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:03 PM Eastern Standard Time
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