Technology
Lucid Announces Fourth Quarter and Full Year 2023 Financial Results
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7 months agoon
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Delivered 1,734 vehicles in Q4 and 6,001 vehicles in 2023, up 37% compared to full year 2022Produced 2,391 vehicles in Q4 and 8,428 vehicles in 2023, meeting the higher-end of 2023 annual production guidance of 8,000 to 8,500 vehiclesQ4 revenue of $157.2 million and annual revenue of $595.3 millionEnded the quarter with approximately $4.78 billion of total liquidityLucid is embarking on the Company’s next transformational phase, with the expansion of its vehicle lineup and total addressable market2024 production guidance of approximately 9,000 vehicles
NEWARK, Calif., Feb. 21, 2024 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, America’s most awarded new luxury vehicle 1 and selected to Car and Driver’s 10Best list for 2024, today announced financial results for its fourth quarter and full year ended December 31, 2023. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
The Company produced 2,391 vehicles during Q4 and delivered 1,734 vehicles during the same period. On a full-year basis, the Company produced 8,428 vehicles, meeting the higher end of the 2023 annual production guidance of 8,000 to 8,500 vehicles, and delivered 6,001 vehicles in 2023. Lucid today also announced its 2024 annual production guidance of approximately 9,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs.
Lucid reported fourth quarter revenue of $157.2 million and annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity.
“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,” said Peter Rawlinson, Lucid’s CEO and CTO. “In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth.”
“I’d like to echo Peter’s excitement as we start the year,” said Gagan Dhingra, Lucid’s Interim Chief Financial Officer and Principal Accounting Officer. “We outpaced our total addressable market and made headway with our cost optimization programs – a key strategic priority for the Company. I’m excited about the future as Gravity start of production is scheduled for late 2024 and the start of production for our high-volume Midsize platform is scheduled for late 2026.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on February 21, 2024. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
1 Based on percentage of major industry awards and accolades earned by new luxury vehicles launched in the last three years and on sale in the United States.
About Lucid Group
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid’s factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
Investor Relations Contact
Media Contact
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Forward Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook and guidance, future capital expenditures and other operating expenses, ability to control costs, expectations and timing related to commercial product launches, including the Lucid Gravity and Midsize platform, production and delivery volumes, expectations regarding market opportunities and demand for Lucid’s products, the range and performance of Lucid’s vehicles, plans and expectations regarding the Lucid Gravity, including performance, driving range, features, specifications, and Gravity’s potential impact on markets, plans and expectations regarding Lucid’s software, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, plans and expectations regarding Lucid’s integration with North American Charging Standard, including timing and benefits, estimate of the length of time Lucid’s existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of vehicle deliveries, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans and expectations regarding the Phase 2 expansion of Lucid’s AMP-1 factory, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, including plans and expectations for the AMP-2 manufacturing facility in Saudi Arabia, plans and expectations regarding the purchase agreement with the government of Saudi Arabia, including the total number of vehicles that may be purchased under the agreement, expected order quantities, and the quantity and timing of vehicle deliveries, Lucid’s ability to grow its brand awareness, the potential success of Lucid’s direct-to-consumer sales strategy and future vehicle programs, potential automotive partnerships, including plans and expectations regarding Lucid’s strategic technology arrangement with Aston Martin, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and global conflicts or other geopolitical events; risks related to changes in overall demand for Lucid’s products and services and cancellation of reservations and orders for Lucid’s vehicles; risks related to prices and availability of commodities, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles; risks related to the uncertainty of Lucid’s projected financial information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid’s manufacturing facility, the construction of new manufacturing facilities and the increase of Lucid’s production capacity; Lucid’s ability to manage expenses and control costs; risks related to future market adoption of Lucid’s offerings; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid’s future business; changes in regulatory requirements, governmental incentives and fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers; Lucid’s ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; risks related to potential vehicle recalls and buybacks; Lucid’s ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid’s ability to effectively utilize or obtain certain credits and other incentives; Lucid’s ability to conduct equity, equity-linked or debt financings in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the heading “Risk Factors” in Part II, Item 1A of Lucid’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission, including Lucid’s Annual Report on Form 10-K for the year ended December 31, 2023. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures and Key Business Metrics
Consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement our consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA and Free Cash Flow which are discussed below.
Adjusted EBITDA is defined as net loss before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) change in fair value of common stock warrant liability, (6) change in fair value of equity securities, (7) stock-based compensation, and (8) restructuring charges. Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance. Free Cash Flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that Free Cash Flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of our financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
LUCID GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 1,369,947
$ 1,735,765
Short-term investments
2,489,798
2,177,231
Accounts receivable, net
51,822
19,542
Inventory
696,236
834,401
Prepaid expenses
69,682
63,548
Other current assets
79,670
81,541
Total current assets
4,757,155
4,912,028
Property, plant and equipment, net
2,810,867
2,166,776
Right-of-use assets
221,508
215,160
Long-term investments
461,029
529,974
Other noncurrent assets
262,159
55,300
TOTAL ASSETS
$ 8,512,718
$ 7,879,238
LIABILITIES
Current liabilities:
Accounts payable
$ 108,724
$ 229,084
Accrued compensation
92,494
63,322
Finance lease liabilities, current portion
8,202
10,586
Other current liabilities
798,990
634,567
Total current liabilities
1,008,410
937,559
Finance lease liabilities, net of current portion
77,653
81,336
Common stock warrant liability
53,664
140,590
Long-term debt
1,996,960
1,991,840
Other long-term liabilities
524,339
378,212
Total liabilities
3,661,026
3,529,537
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of December 31, 2023 and
2022; 2,300,111,489 and 1,830,172,561 shares issued and 2,299,253,664 and 1,829,314,736 shares
outstanding as of December 31, 2023 and 2022, respectively
230
183
Additional paid-in capital
15,066,080
11,752,138
Treasury stock, at cost, 857,825 shares at December 31, 2023 and 2022
(20,716)
(20,716)
Accumulated other comprehensive income (loss)
4,850
(11,572)
Accumulated deficit
(10,198,752)
(7,370,332)
Total stockholders’ equity
4,851,692
4,349,701
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 8,512,718
$ 7,879,238
LUCID GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$ 157,151
$ 257,713
$ 595,271
$ 608,181
Costs and expenses
Cost of revenue
410,015
615,291
1,936,066
1,646,086
Research and development
242,977
221,294
937,012
821,512
Selling, general and administrative
241,026
170,867
797,235
734,574
Restructuring charges
—
—
24,546
—
Total cost and expenses
894,018
1,007,452
3,694,859
3,202,172
Loss from operations
(736,867)
(749,739)
(3,099,588)
(2,593,991)
Other income (expense), net
Change in fair value of common stock warrant liability
25,279
255,899
86,926
1,254,218
Change in fair value of equity securities
5,999
—
5,999
—
Interest income
58,680
29,472
204,274
56,756
Interest expense
(7,777)
(8,075)
(24,915)
(30,596)
Other income (expense), net
934
(366)
(90)
9,532
Total other income, net
83,115
276,930
272,194
1,289,910
Loss before provision for (benefit from) income taxes
(653,752)
(472,809)
(2,827,394)
(1,304,081)
Provision for (benefit from) income taxes
14
(161)
1,026
379
Net loss
(653,766)
(472,648)
(2,828,420)
(1,304,460)
Net loss attributable to common stockholders, basic
(653,766)
(472,648)
(2,828,420)
(1,304,460)
Change in fair value of dilutive warrants
—
—
—
(1,254,218)
Net loss attributable to common stockholders, diluted
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (2,558,678)
Weighted average shares outstanding attributable to common stockholders
Basic
2,292,032,497
1,712,951,982
2,081,772,622
1,678,346,079
Diluted
2,292,032,497
1,712,951,982
2,081,772,622
1,693,258,608
Net loss per share attributable to common stockholders
Basic
$ (0.29)
$ (0.28)
$ (1.36)
$ (0.78)
Diluted
$ (0.29)
$ (0.28)
$ (1.36)
$ (1.51)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax
$ 10,079
$ 1,694
$ 12,669
$ (11,572)
Foreign currency translation adjustments
5,134
—
3,753
—
Total other comprehensive income (loss)
15,213
1,694
16,422
(11,572)
Comprehensive loss attributable to common stockholders
$ (638,553)
$ (470,954)
$ (2,811,998)
$ (1,316,032)
LUCID GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Cash flows from operating activities:
Net loss
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (1,304,460)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
67,498
55,240
233,531
186,583
Amortization of insurance premium
9,265
10,432
39,507
35,620
Non-cash operating lease cost
7,330
5,457
26,201
19,711
Stock-based compensation
63,851
71,255
257,283
423,500
Inventory and firm purchase commitments write-downs
171,574
204,926
906,069
569,479
Change in fair value of common stock warrant liability
(25,279)
(255,899)
(86,926)
(1,254,218)
Net accretion of investment discounts/premiums
(30,504)
(11,435)
(105,432)
(20,695)
Change in fair value of equity securities
(5,999)
—
(5,999)
—
Other non-cash items
6,267
6,113
34,205
10,353
Changes in operating assets and liabilities:
Accounts receivable
(28,731)
(16,987)
(32,509)
(16,498)
Inventory
(82,077)
(350,295)
(658,010)
(1,256,349)
Prepaid expenses
(2,579)
(16,721)
(45,641)
(28,822)
Other current assets
(8,922)
(10,329)
4,758
(43,591)
Other noncurrent assets
(8,000)
(4,148)
(121,790)
(43,230)
Accounts payable
(24,709)
128,253
(139,519)
180,469
Accrued compensation
30,953
14,314
29,172
30,958
Other current liabilities
(10,175)
(16,880)
(71,680)
253,904
Other long-term liabilities
49,454
10,837
75,447
31,028
Net cash used in operating activities
(474,549)
(648,515)
(2,489,753)
(2,226,258)
Cash flows from investing activities:
Purchases of property, plant and equipment
(272,642)
(289,888)
(910,644)
(1,074,852)
Proceeds from government grant
97,500
—
97,500
97,267
Purchases of investments
(413,028)
(1,127,452)
(3,998,282)
(3,854,129)
Proceeds from maturities of investments
1,240,320
1,024,361
3,720,890
1,149,714
Proceeds from sale of investments
—
—
148,388
—
Other investing activities
—
323
(4,827)
323
Net cash provided by (used in) investing activities
652,150
(392,656)
(946,975)
(3,681,677)
Cash flows from financing activities:
Proceeds from issuance of common stock under Underwriting Agreement, net of issuance costs
—
—
1,184,224
—
Proceeds from issuance of common stock under 2023 Subscription Agreement, net of issuance
costs
—
—
1,812,641
—
Proceeds from issuance of common stock under At-the-Market Offering, net of issuance costs
—
594,317
—
594,317
Proceeds from issuance of common stock under 2022 Subscription Agreement
—
915,000
—
915,000
Payment for short-term insurance financing note
—
—
—
(15,330)
Payment for finance lease liabilities
(891)
(1,372)
(5,425)
(4,977)
Proceeds from borrowings
19,991
9,590
62,911
29,818
Repayments for borrowings
—
(13,570)
—
(20,223)
Proceeds from failed sale-leaseback transaction
—
—
—
31,700
Proceeds from exercise of stock options
3,022
3,050
10,343
17,788
Proceeds from employee stock purchase plan
8,747
11,680
23,836
24,562
Tax withholding payments for net settlement of employee awards
(2,910)
(5,894)
(17,615)
(218,789)
Payment for credit facility issuance costs
—
—
—
(6,631)
Net cash provided by financing activities
27,959
1,512,801
3,070,915
1,347,235
Net increase (decrease) in cash, cash equivalents, and restricted cash
205,560
471,630
(365,813)
(4,560,700)
Beginning cash, cash equivalents, and restricted cash
1,165,947
1,265,690
1,737,320
6,298,020
Ending cash, cash equivalents, and restricted cash
$ 1,371,507
$ 1,737,320
$ 1,371,507
$ 1,737,320
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(in thousands)
Adjusted EBITDA
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net loss (GAAP)
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (1,304,460)
Interest expense
7,777
8,075
24,915
30,596
Interest income
(58,680)
(29,472)
(204,274)
(56,756)
Provision for (benefit from) income taxes
14
(161)
1,026
379
Depreciation and amortization
67,498
55,240
233,531
186,583
Change in fair value of common stock warrant liability
(25,279)
(255,899)
(86,926)
(1,254,218)
Change in fair value of equity securities
(5,999)
—
(5,999)
—
Stock-based compensation
63,851
71,255
258,726
423,500
Restructuring charges
—
—
24,546
—
Adjusted EBITDA (non-GAAP)
$ (604,584)
$ (623,610)
$ (2,582,875)
$ (1,974,376)
Free Cash Flow
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net cash used in operating activities (GAAP)
$ (474,549)
$ (648,515)
$ (2,489,753)
$ (2,226,258)
Capital expenditures
(272,642)
(289,888)
(910,644)
(1,074,852)
Free cash flow (non-GAAP)
$ (747,191)
$ (938,403)
$ (3,400,397)
$ (3,301,110)
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SOURCE Lucid Group
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SOURCE Chapter One Canada
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24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music
MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.
On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.
“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.
Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.
“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.
Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.
“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.
About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
Media Contact
Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org
View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
7 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
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