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TOTAL PLAY ANNOUNCES 16% GROWTH IN EBITDA IN THE SECOND QUARTER OF 2024 TO AN ALL-TIME HIGH OF Ps.5,096 MILLION

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5 months ago

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—Capex for the quarter was equivalent to 23.9% of the company’s revenue, compared to Capex equivalent of 40.3% of revenue a year ago—

 —EBITDA balance, less Capex and interest, reached a record level of Ps. 926 million in the period—

MEXICO CITY, July 25, 2024 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the second quarter of 2024.

“Total Play’s firm subscriber base moderation strategy, strict financial discipline, and initiatives that strengthen our operational efficiency, significantly boosted profitability and cash generation this quarter. EBITDA grew double-digit, reaching a record level of Ps.5,096 million, while EBITDA margin increased by two percentage points to 46%,” commented Eduardo Kuri, CEO of Total Play. “Capex for the quarter was Ps.2,668 million, equivalent to 23.9% of the company’s revenue. This, along with increasing profitability, significantly improved our cash generation — defined as EBITDA less Capex and interest paid — to the highest level in Total Play’s history.”

“On the balance sheet, the solid growth in cash flow significantly boosted our liquidity. Additionally, we amortized bank loans and Cebures equivalent to Ps. 2,182 million in the period, which contributed to reducing the balance of short-term debt with cost by 30% and to further strengthen Total Play’s capital structure,” added Mr. Kuri.

Second quarter results 

Revenue for the quarter was Ps.11,150 million, 13% above the Ps.9,867 million for the same period of the previous year. Total costs and expenses were Ps.6,054 million, compared to Ps.5,490 million of the previous year.

As a result, Total Play’s EBITDA grew 16% to Ps. 5,096 million, up from Ps. 4,377 million a year ago. The EBITDA margin for the quarter was 46%, compared to 44% in the same quarter of 2023. The company recorded operating income of Ps. 889 million, compared to Ps. 300 million a year ago.

Total Play reported net loss of Ps.3,733 million, from a loss of Ps.310 million in the same quarter of 2023.

   Q2 2023 

   Q2 2024 

  Change 

Ps. 

%

Revenue from services 

$9,867

$11,150

$1,283

13 %

EBITDA  

$4,377

$5,096

$719

16 %

Operating income

$300

$889

$589

—-

Net result 

$(310)

$(3,733)

$(3,423)

—-

Amounts in millions of pesos.
EBITDA: Earnings before interest, depreciation, and amortization.

Service revenue

The company’s revenue grew 13%, as a result of an 8% increase in sales in the residential segment and a 45% increase in revenues from the enterprise business.

Totalplay Residencial’s revenue growth to Ps. 9,196 million, compared to Ps. 8,521 million a year earlier, relates to a 9% increase in the number of subscribers to the company’s services, compared to the same quarter a year ago, to reach 5,009,091 this period, including 69,001 small and medium-sized businesses. The company considers that the number of users reached this quarter reflects its remarkable capacity to offer technologically advanced internet services — with superior stability and speed — continuous innovation in its entertainment platform, and an excellent service.

Compared to the previous quarter, the number of net additions grew by 101,702 users, in line with Total Play’s strategy of moderating its subscriber base growth.

Average revenue per subscriber (ARPU) for the quarter was Ps.612, compared to Ps.615 a year ago.

As previously announced, the company’s geographic coverage investment program was completed during the first quarter of 2023. Accordingly, the number of homes passed in Mexico at the end of this period was 17,590,606, a figure with minor variations compared to 17,503,742 a year ago.

Penetration — the proportion of homes passed by Total Play that have the company’s telecommunications services — was 28.5% at the end of the quarter, up from 26.2% a year ago.

The enterprise segment’s revenue was Ps.1,954 million, up from Ps.1,346 million in the previous year, due to the launch of various organizations´ projects in recent months.

Costs and expenses

Total costs and expenses increased 10%, as a result of a 15% increase in service costs and an 8% increase in general expenses.

The increase in costs to Ps. 2,187 million from Ps. 1,902 million in the previous year is primarily due to higher costs associated with business projects, links, and memberships. This increase was partially offset by lower content and licensing costs.

The increase in expenses to Ps. 3,867 million, from Ps. 3,588 million, reflects higher maintenance and fees expenses, in the context of the company’s growing operations. This increase was partially offset by reductions in advertising and personnel expenses, resulting from strategies that generate solid operating efficiencies.

EBITDA and net result

Total Play’s EBITDA was Ps.5,096 million, 16% higher compared to Ps.4,377 million of the previous year.

Relevant variations below EBITDA were the following:

An increase of Ps.130 million in depreciation and amortization mainly due to user acquisition costs, including telecommunications equipment, labor, and installation expenses.

An increase of Ps.582 million in changes in the fair value of financial instruments, largely due to the recording of the remaining expenses associated with the issuance of the company’s Senior Notes due in 2025, as a result of the 90% exchange of these notes with the new Senior Notes with final maturity in 2028, as previously announced.

An increase of Ps.209 million in interest expense consistent with the financial debt balance variation, attributable to the exchange rate depreciation effect on dollar-denominated debt this quarter, as well as higher debt costs.

A foreign exchange loss of Ps. 2,473 million this period, compared to a gain of Ps. 1,619 million a year ago, resulted from a net liability monetary position in foreign currency and the depreciation of the peso against the basket of currencies in which the company’s monetary liabilities are denominated this quarter. This contrasts with the exchange rate appreciation experienced in the previous year.

Total Play reported a net loss of Ps.3,733 million, compared to a loss of Ps.310 million in the same period of 2023.

Balance sheet

As of June 30, 2024, the Company’s debt with cost was Ps.52,919 million, compared to Ps.47,684 million in the previous year. The increase shows the effect of exchange rate depreciation on dollar-denominated debt.

Lease liabilities were Ps.5,210 million, 24% lower compared to Ps.6,868 million of the previous year.

Cash and cash equivalents, plus restricted cash held in trusts, totaled Ps. 5,225 million, a 23% increase from Ps. 4,249 million a year ago. Consequently, the company’s net debt was Ps. 52,904 million, compared to Ps. 50,303 million a year ago.

The debt ratio — Net Debt / EBITDA for the last two annualized quarters — was 2.62 times, as a result of solid EBITDA growth, together with greater relative stability of the net debt balance.

Consistent with the strategy to extend Total Play’s debt profile — in line with the company’s cash generation — the balance of short-term debt with cost was reduced by 30% to Ps.4,212 million, from Ps.5,994 million a year ago.

Total Play’s fixed assets — including accumulated investments in fiber optics, telecommunications equipment, subscriber acquisition costs, and other assets — was Ps.61,775 million, compared to Ps. 59,912 million a year ago.

Six months results

Revenue for the first six months of 2024 was Ps.22,237 million, 13% higher from Ps.19,694 million the previous year. This growth was driven by a 37% increase in enterprise revenues and a 9% growth in residential revenues. Total costs and expenses rose 12% to Ps.12,154 million from Ps.10,883 million, due to a 10% increase in general expenses and a 15% increase in service costs.

Total Play reported EBITDA of Ps.10,083 million, a 14% increase from Ps.8,811 million the previous year. The EBITDA margin for the period was 45%. Operating income reached Ps.1,724 million, up from Ps.892 million in the same period of 2023.

The company recorded a net loss of Ps.4,897 million, compared to a profit of Ps.6 million a year ago.

   6M 2023

   6M 2024

   Change

Ps.

%

Revenue from services

$19,694

$22,237

$2,543

13 %

EBITDA      

$8,811

$10,083

$1,272

14 %

Operating income

$892

$1,724

$832

93 %

Net result     

$6

$(4,897)

$(4,903)

—-

Amounts in millions of pesos.
EBITDA: Earnings before interest, depreciation, and amortization.

About Total Play

Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.

Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.

Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.

Investor Relations:

Bruno Rangel

Rolando Villarreal

+ 52 (55) 1720 9167

+ 52 (55) 1720 9167

jrangelk@totalplay.com.mx

rvillarreal@totalplay.com.mx

Press Relations:

Luciano Pascoe

Tel. +52 (55) 1720 1313 ext. 36553

lpascoe@gruposalinas.com.mx

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I.  DE C.V. AND SUBSIDIARIES

CONSOLIDATED QUARTERLY INCOME STATEMENTS

(Millions of Mexican pesos)

2Q23

2Q24

Change

$

%

$

%

$

%

Revenue from services

9,867

100 %

11,150

100 %

1,283

13 %

Cost of services

(1,902)

(19 %)

(2,187)

(20 %)

(285)

(15 %)

Gross profit

7,965

81 %

8,963

80 %

998

13 %

General expenses

(3,588)

(36 %)

(3,867)

(35 %)

(279)

(8 %)

EBITDA

4,377

44 %

5,096

46 %

719

16 %

Depreciation and amortization

(4,077)

(41 %)

(4,207)

(38 %)

(130)

(3 %)

Operating profit 

300

3 %

889

8 %

589

196 %

Financial cost:

Interest revenue

39

0 %

74

1 %

35

90 %

Change in fair value of financial instruments

(135)

(1 %)

(717)

(6 %)

(582)

n.m. 

Accrued interest expense

(1,356)

(14 %)

(1,565)

(14 %)

(209)

(15 %)

Other financial expenses

(108)

(1 %)

100

1 %

208

193 %

Foreign exchange gain (loss) – Net

1,619

16 %

(2,473)

(22 %)

(4,092)

n.m. 

59

1 %

(4,581)

(41 %)

(4,640)

n.m. 

Equity interest in net results of non-controlling entities

(18)

(0 %)

–

0 %

18

100 %

Profit (Loss) before income tax provisions

341

3 %

(3,692)

(33 %)

(4,033)

n.m. 

Income tax provision

(651)

(7 %)

(41)

(0 %)

610

94 %

Net loss for the period

(310)

(3 %)

(3,733)

(33 %)

(3,423)

n.m. 

 

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED ACCUMULATED INCOME STATEMENTS

(Millions of Mexican pesos)

Accumulated

Accumulated

6M23

6M24

Change

$

%

$

%

$

%

Revenue from services

19,694

100 %

22,237

100 %

2,543

13 %

Cost of services

(3,910)

(20 %)

(4,482)

(20 %)

(572)

(15 %)

Gross profit

15,784

80 %

17,755

80 %

1,971

12 %

General expenses

(6,973)

(35 %)

(7,672)

(35 %)

(699)

(10 %)

EBITDA

8,811

45 %

10,083

45 %

1,272

14 %

Depreciation and amortization

(7,919)

(40 %)

(8,359)

(38 %)

(440)

(6 %)

Operating profit

892

5 %

1,724

8 %

832

93 %

Financial cost:

Interest revenue

90

0 %

143

1 %

53

59 %

Change in fair value of financial instruments

(324)

(2 %)

(1,014)

(5 %)

(690)

n.m. 

Accrued interest expense

(2,682)

(14 %)

(3,042)

(14 %)

(360)

(13 %)

Other financial expenses

(220)

(1 %)

59

0 %

279

127 %

Foreign exchange gain (loss) – Net

3,471

18 %

(2,063)

(9 %)

(5,534)

(159 %)

335

2 %

(5,917)

(27 %)

(6,252)

n.m. 

Equity interest in net results of non-controlling entities

(19)

(0 %)

–

0 %

(19)

(100 %)

Profit (Loss) before income tax provisions

1,208

6 %

(4,193)

(19 %)

(5,401)

n.m. 

Income tax provision

(1,202)

(6 %)

(704)

(3 %)

(498)

(41 %)

Net Profit (Loss) for the period

6

0 %

(4,897)

(22 %)

(4,903)

n.m. 

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Millions of Mexican pesos)

As of Jun 30,

2023

2024

Change

$

%

$

%

$

%

Assets

CURRENT ASSETS

Cash and cash equivalents

1,290

2 %

2,728

3 %

1,438

111 %

Restricted cash in trusts

2,959

4 %

2,497

3 %

(462)

(16 %)

Customers – net

4,563

5 %

4,869

6 %

306

7 %

Other accounts receivable

146

0 %

168

0 %

22

15 %

Recoverable taxes

3,975

5 %

4,057

5 %

82

2 %

Related parties

247

0 %

312

0 %

65

26 %

Inventories

2,489

3 %

2,581

3 %

92

4 %

Prepaid expenses

595

1 %

729

1 %

134

23 %

Total current assets

16,264

19 %

17,941

21 %

1,677

10 %

NON-CURRENT ASSETS

Related parties

222

0 %

257

0 %

35

16 %

Property, plant and equipmente – Net

59,912

71 %

61,775

71 %

1,863

3 %

Rights-of-use assets -Net

6,064

7 %

4,129

5 %

(1,935)

(32 %)

Trademarks and other assets

1,423

2 %

2,473

3 %

1,050

74 %

Total non-current assets

67,621

81 %

68,634

79 %

1,013

1 %

Total assets

83,885

100 %

86,575

100 %

2,690

3 %

Liabilities and Stockholders’ Equity

SHORT-TERM LIABILITIES

Financial debt

5,994

7 %

4,212

5 %

(1,782)

(30 %)

Lease liabilities

2,319

3 %

2,604

3 %

285

12 %

Trade payables

12,603

15 %

16,401

19 %

3,798

30 %

Reverse factoring

2,606

3 %

1,452

2 %

(1,154)

(44 %)

Other payables and payable taxes

1,910

2 %

1,901

2 %

(9)

(0 %)

Related parties

777

1 %

1,268

1 %

491

63 %

Liabilities from contracts with customers

665

1 %

601

1 %

(64)

(10 %)

Interest payable

359

0 %

226

0 %

(133)

(37 %)

Derivative financial instruments

187

0 %

48

0 %

(139)

(74 %)

Total short-term liabilities

27,420

33 %

28,713

33 %

1,293

5 %

LONG-TERM LIABILITIES

Financial debt

41,690

50 %

48,707

56 %

7,017

17 %

Lease liabilities

4,549

5 %

2,606

3 %

(1,943)

(43 %)

Derivative financial instruments

2,169

3 %

–

0 %

(2,169)

(100 %)

Employee benefits

46

0 %

92

0 %

46

100 %

Deferred income tax

3,557

4 %

6,259

7 %

2,702

76 %

Total long-term liabilities

52,011

62 %

57,664

67 %

5,653

11 %

Total liabilities

79,431

95 %

86,377

100 %

6,946

9 %

STOCKHOLDERS’ EQUITY

4,454

5 %

198

0 %

(4,256)

(96 %)

Total liabilities and stockholders’ equity

83,885

100 %

86,575

100 %

2,690

3 %

 

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Millions of Mexican pesos)

6th months period ended

Jun 30,

2023

2024

Operating activities:

Profit (Loss) before income tax provision

1,208

(4,193)

Items not requiring the use of resources:

Depreciation and amortization

7,919

8,359

Employee benefits

(3)

18

Items related to investing or financing activities:

Accrued interest income

(90)

(143)

Accrued interest expense and other financial transactions

3,238

4,115

Unrealized foreign exchange gain

(3,540)

2,268

Effect per conversion

19

–

8,751

10,424

Resources (used in) generated by operating activities:

Customers and unearned revenue

622

(836)

Other receivables

90

14

Related parties, net

316

291

Taxes to be recovered

(165)

84

Inventories

(147)

345

Advance payments

313

(200)

Trade payables

1,905

2,578

Other payables

(527)

(24)

Cash flows generated by operating activities

11,158

12,676

Investing activities: 

Acquisition of property, plant and equipment

(8,076)

(5,961)

Other assets

(75)

(390)

Collected interest

90

143

Cash flows (used in) investing activities

(8,061)

(6,208)

Financing activities:

Equity contributions

–

700

Loans received

1,475

(1,267)

Leasing cash flows

(1,303)

(1,217)

Restricted Cash in Trusts

(971)

880

Reverse factoring

(85)

(782)

Derivative financial instruments

(267)

(1,475)

Interest payment

(2,546)

(2,956)

Cahs flows used in financing activities

(3,697)

(6,117)

Net increase (decrease) in cash and cash equivalents

(600)

351

Cash and cash equivalents at the beginning of the year 

1,890

2,377

Cash and cash equivalents at the end of the year 

1,290

2,728

 

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SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.

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Technology

JinkoSolar’s Perovskite Tandem Solar Cell Based on N-type TOPCon Sets New Record with Conversion Efficiency of 33.84%

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50 minutes ago

on

January 6, 2025

By

SHANGRAO, China, Jan. 6, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it has achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar’s previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.

The record-breaking perovskite tandem solar cell utilizes JinkoSolar’s N-type high-efficiency monocrystalline TOPCon solar cell as the bottom cell, enhanced by significant advancements across multiple key technologies. Innovations such as full-area passivated contact technology, perovskite interfacial defect passivation technology, and bulk defect passivation technology have contributed to the enhanced efficiency of the perovskite/TOPCon tandem cell. The results once again break the conversion efficiency limit of single-junction crystalline silicon cells. This achievement highlights the compatibility of TOPCon as a mainstream solar cell technology with the next-generation perovskite/silicon tandem cell technology, paving the way for new possibilities in the future development of the photovoltaic industry.

Dr. Jin Hao, CTO of Jinko Solar Co., Ltd., said, “Once again, we have achieved remarkable progress in solar cell efficiency as a result of our ongoing investments in R&D and steadfast commitment to excellence. This milestone strengthens our confidence in our ability to achieve further technological breakthroughs as we work toward building a greener and more sustainable energy future.” 

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams  in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024.

To find out more, please see: www.jinkosolar.com 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com 

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SOURCE JinkoSolar Holding Co., Ltd.

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Technology

City of Philadelphia Transforms Right-of-Way Management with New INRIX Road Rules Products

Published

50 minutes ago

on

January 6, 2025

By

KIRKLAND, Wash. and PHILADELPHIA , Jan. 6, 2025 /PRNewswire/ — The City of Philadelphia announced today it has selected INRIX, a leading provider of transportation data and analytics, to help the City revolutionize curb and right-of-way (ROW) management using NEW products offered in the INRIX IQ suite.

The City of Philadelphia has selected INRIX to help the City revolutionize curb and right-of-way management

The City of Philadelphia received USDOT Strengthening Mobility and Revolutionizing Transportation  (SMART) grant funding to optimize the use of the limited space in the ROW by creating a clear way to organize and communicate its rules and policies. The new cloud-based product, INRIX IQ Road Rules, will hold digital twin information about the City’s streets, sidewalks, and curbs. It allows staff to communicate temporary and permanent rule changes across internal departments and externally to stakeholders such as digital mapping companies (e.g., Apple, Google, HERE, Mapbox, TomTom) and fleet operators (e.g., autonomous vehicles, delivery companies, rideshare).

“Road Rules gives the City more capacity to improve ROW management through data and technology,” said Akshay Malik, Smart Cities Director, City of Philadelphia. “We can leverage existing data standards from the Open Mobility Foundation to map the ROW in more detail and test new ways to digitally manage it through our pilot in Center City, improving safety for drivers, cyclists, and pedestrians.”

INRIX enables agency staff to take a data-driven approach to curb and ROW management to improve safety, reduce congestion, and improve access to local businesses. Road Rules provides the City of Philadelphia several key capabilities:

Creation of a building-face-to-building-face digital twin of the ROW — including travel lanes, curbs, and sidewalks — in the pilot zonePre-loaded inventory of curb rules in the entire city centerDeep insights into use of the curb, including real-time and historic information on occupancyAdvanced tools for digital editing and coordination of ROW regulationsStandardized communication of digital ROW rules through state of the practice versions of the Curb Data Specification (CDS) and Mobility Data Specification (MDS) APIs

“The building-face-to-building-face ROW is utilized by a myriad of stakeholders, including people walking, biking, waiting for and riding public transportation, driving, and freight deliveries. In recent years, the public ROW has become a laboratory for new uses such as shared scooters, ride hail drop-offs and pick-ups, parklets, play streets, food delivery, autonomous vehicles, and sidewalk robots. This experimentation will only increase in upcoming years and cities need tools to steer these initiatives towards their long-held goals,” said Ahmed Darrat, Chief Product Officer at INRIX. “Urban areas are complex ecosystems that require meticulous planning and management. INRIX IQ’s robust insights across traffic, incident, parking, and safety management provide a comprehensive digital view while our Road Rules products allow staff to it intuitively and seamlessly act on emerging initiatives and digitally communicate rules to the wide array of stakeholders as they happen.”

“The open-source standards stewarded by the Open Mobility Foundation (OMF) give local government more effective tools to address policy priorities. We’re excited to see member organizations INRIX and the City of Philadelphia further the state of the practice by using the Mobility Data Specification and Curb Data Specification to digitally manage the full public right of way,” said Andrew Glass-Hastings, Executive Director, Open Mobility Foundation. “This SMART grant – and the partnerships and learnings it will produce – represents the next step in OMF’s mission of transforming how cities manage public space using well-designed, open-source technology.”

Philadelphia joins innovative cities like Portland, San Francisco, and Minneapolis in deploying INRIX cutting-edge digital infrastructure management solutions as part of their SMART grant projects. Other cities like Nashville are leveraging the same tools and pre-loaded parking data for day-to-day curb management. Through its data-as-a service and software-as-a-service applications, INRIX collects and maintains information about the full ROW, including APIs consumed by private sector stakeholders through the INRIX ecosystem of enterprise customers, all while minimizing the need for large up-front costs and efforts and eliminating the need for ongoing contractor services.

For more information about Philadelphia’s Smart City initiatives, visit https://www.phila.gov/programs/smartcityphl/.

About INRIX
Founded in 2004, INRIX pioneered intelligent mobility solutions by transforming big data from connected devices and vehicles into mobility insights. This revolutionary approach enabled INRIX to become one of the leading providers of data and analytics into how people move. By empowering cities, businesses, and people with valuable insights, INRIX is helping to make the world smarter, safer, and greener. With partners and solutions spanning across the entire mobility ecosystem, INRIX is uniquely positioned at the intersection of technology and transportation – whether keeping road users safe, improving traffic signal timing to reduce delay and greenhouse gasses, optimizing last mile delivery, or helping uncover market insights. Learn more at INRIX.com.

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Under the patronage of the UAE President, Abu Dhabi Sustainability Week 2025 (ADSW 2025) to take place in the emirate

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January 6, 2025

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ABU DHABI, UAE, Jan. 6, 2025 /CNW/ — Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the 2025 edition of Abu Dhabi Sustainability Week (ADSW) will take place from 12-18 January in Abu Dhabi, bringing together global leaders to accelerate sustainable development and advance socioeconomic progress.  

As the first major event in the global sustainability calendar, ADSW 2025, themed ‘The Nexus of Next. Supercharging Sustainable Progress’, will connect and empower policymakers and business and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and spark a new era of prosperity for all.

The event will showcase how the convergence of advanced technologies including artificial intelligence (AI), energy and human expertise can supercharge sustainable development and unlock a potential US$10 trillion economic transformation opportunity.

His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: “Abu Dhabi Sustainability Week 2025 will act as a nexus for global business leaders, policymakers and entrepreneurs, leveraging interconnected solutions that build a more prosperous future for all. With three megatrends shaping our world – the rise of the Global South and emerging markets, the transformation of energy systems, and the exponential growth of AI – advanced technologies now provide an unprecedented opportunity for socioeconomic and environmental development. ADSW 2025 must be the launchpad not just for policy but for action, building the connections to supercharge sustainable progress.”

ADSW 2025 confirmed partners include the Department of Energy (DoE), Abu Dhabi National Oil Company (ADNOC), Emirates Global Aluminium (EGA), EMSTEEL, Dubai Electricity and Water Authority (DEWA), Mubadala, Huawei, GE Vernova, HSBC, Agility, Abu Dhabi Investment Office (ADIO), TotalEnergies, Fertiglobe, 1PointFive, bp, BEEAH, Emirates Water and Electricity Company (EWEC) and Dii Desert Energy.

For more than 15 years, ADSW has provided a global platform to foster multi-stakeholder collaboration to address global challenges and accelerate growth. It has enabled high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the global sustainability agenda.

Standing at the intersection of bold new ideas and action, ADSW 2025 recognizes the need for widescale systemic change, connecting energy, data, finance, trade, and natural ecosystems to drive exponential, sustainable growth. ADSW 2025 will feature an engaging program of high-profile sessions, forums, partner-led events and high-level networking opportunities.

ADSW 2025 begins with the annual IRENA Assembly, taking place on 12 and 13 January, and the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony, held at the Abu Dhabi National Exhibition Centre (ADNEC) on Tuesday, 14 January, will set the scene for the week ahead. The ADSW Summit and the Green Hydrogen Summit will convene global leaders for impactful dialogues focused on fostering collaboration, unlocking investment opportunities and enabling cutting-edge partnerships. As one of the key events under ADSW, the World Future Energy Summit will continue to play a critical role in driving business growth and knowledge sharing. Over the years, the World Future Energy Summit has fostered a remarkable number of transactions, with 450 companies exhibiting in 2024. In 2025, the summit will feature the Innovation Hub, providing space for over 55 entrepreneurs and startups to showcase their breakthrough technologies and inventions to the public.

ADSW 2025 will also feature the annual Women in Sustainability, Environment and Renewable Energy (WiSER) forum, amplifying women’s voices in the sustainability debate and will bring 3,500 young people together with its Youth 4 Sustainability (Y4S) Forum and Hub, actively engaging youth in a three-day program designed to empower them to act, innovate and become climate leaders.

The Zayed Sustainability Prize – the UAE’s pioneering award for innovative solutions to global challenges – will also hold a series of events at ADSW 2025, including the Zayed Sustainability Prize Awards Ceremony on 14 January and the Forum & Investor Connect. The Zayed Sustainability Prize honors and empowers those who are spearheading transformative change across the categories of Health, Food, Energy, Water, Climate Action, and Global High Schools. Over the past 16 years, the 117 Prize winners have positively impacted more than 384 million lives worldwide, creating sustainable economic and social development opportunities, and improving access to affordable and reliable energy, safe drinking water, nutritious food and quality healthcare.

Key dates for ADSW 2025 include the IRENA Assembly on 12-13 January, followed by the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony and Zayed Sustainability Prize Awards Ceremony will take place on 14 January, while the ADSW Summit will take place on 14-15 January. The World Future Energy Summit, Youth 4 Sustainability (Y4S) Forum and Hub will take place on 14-16 January. 15 January will feature the Women in Sustainability, Environment and Renewable Energy (WiSER) Forum, while 16 January will host the Green Hydrogen Summit, Zayed Sustainability Prize Forum and Investor Connect. The event will conclude with The Festival at Masdar City on 17-18 January.

For more information, please visit www.adsw.ae.

About Abu Dhabi Sustainability Week 

Abu Dhabi Sustainability Week (ADSW) is a global platform supported by the UAE and its clean energy leader, Masdar, to address the world’s most pressing sustainability challenges through crucial conversations accelerating responsible development and fostering inclusive economic, social and environmental progress. 

For more than 15 years, ADSW has convened decision-makers from governments, the private sector and civil society to advance the global sustainability agenda through dialogue, cross-sector collaboration and impactful solutions. Throughout the year, ADSW conversations and initiatives facilitate knowledge sharing and collective action that will ensure a sustainable world for future generations. 

About Masdar 

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate energy systems transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. 

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contact:

For media inquiries, please contact: press@masdar.ae

For more information, please visit: https://www.masdar.ae and connect: facebook.com/Masdar.ae and twitter.com/Masdar

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