Technology
PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2024
Published
2 weeks agoon
By
BEIJING, Nov. 8, 2024 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China, today announced its unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights
Total revenues decreased by 57.5% or RMB20.17 million to RMB14.92 million (US$2.09 million) for the first half of 2024 compared to total revenues of RMB35.09 million for the same period of 2023.
Gross profit increased by 111.6% to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% for the first half of 2024 compared to 11.99% for the same period of 2023.
Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.
Net loss decreased by 82.0% to RMB8.34 million (US$1.17 million) for the first half of 2024 compared to net loss of RMB46.30 million for the same period of 2023.
First Half 2024 Operating Highlights
Total loans facilitated decreased by 2.4% to RMB46.17 million (US$6.48 million) for the first half of 2024 from RMB47.3 million for the same period of 2023.
Loan outstanding balance decreased by 9.0% to RMB56.14 million (US$7.88 million) as of June 30, 2024 from RMB61.74 million as of December 31, 2023.
The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:
Delinquent for
16-30 days
31-60 days
61-90 days
December 31, 2021
1.00
%
1.30
%
1.18
%
December 31, 2022
0.23
%
0.58
%
0.18
%
December 31, 2023
0.26
%
0.22
%
0.27
%
June 30, 2024
0.20
%
0.04
%
0.22
%
Mr. Zexiong Huang, Chief Executive Officer of Pintec, commented, “During the first half of 2024, despite the unavoidable constraints on our business expansion caused by changes in industry policies, regulations, and slowdown in overall economy in China, we continued to strive for further improvements in our financial position, driven by enhanced operational efficiency, strengthened risk management, and optimized cost structures, all contributing to the resilience of our business. At the same time, even amidst fluctuations in the market risks resulting from the sluggish macroeconomic recovery, we have adhered to a prudent risk management approach, enabling us to maintain stability and healthy asset quality in this challenging environment. We believe that lean financial performance and high-quality assets are fundamental to capturing long-term opportunities.”
“Looking forward, we are committed to focusing on our core strategy, which is to prioritize financial stability and risk management to sustain solid growth in an uncertain macro environment. We remain dedicated to delivering financial digitization solutions to our business partners, financial partners, and end customers. The sustainable and quality-based development will continue to be the path we uphold. To achieve this goal, we will keep solidifying our competencies in overall risk management, attracting customers and strengthening partnerships, expanding our business, and refining operations while implementing cost-effective initiatives.” Mr. Huang concluded.
First Half 2024 Financial Results
Revenues
Total revenues decreased by 57.47% to RMB14.92 million (US$2.09 million) for the first half of 2024 from RMB35.09 million for the same period of 2023.
Revenues from technical service fees decreased by 86.6% to RMB2.66 million (US$0.37 million) for the first half of 2024 from RMB19.83 million for the same period of 2023. The decrease in revenues from technical service fees was mainly due to the gradual reduction of such business based on our overall operation realignment.
Revenues from installment service fee decreased by 13.7% to RMB6.49 million (US$0.91 million) for the first half of 2024 from RMB7.53 million for the same period of 2023. The decrease in revenues from installment service fee was mainly due to the decrease in volume of both new and outstanding small and medium enterprises (“SMEs”) loans under current marketing environment in the first half of 2024.
Revenues from wealth management service fees decreased by 25.3% to RMB5.77 million (US$0.81 million) for the first half of 2024 from RMB7.73 million for the same period of 2023. The decrease in revenue of the wealth management was mainly due to that the new regulation issued by Chinese regulatory authority on insurance brokerage business which led to a scarcity of insurance products that comply with the new regulation and in turn caused the decrease in insurance brokerage business and revenue.
Cost of Revenues
Cost of revenues decreased by 80.51% to RMB6.02 million (US$0.85 million) for the first half of 2024 from RMB30.88 million for the same period of 2023. This decrease was mainly attributable to:
Funding cost. Funding cost mainly consists of interest expense the Company pays in relation to the funding debts to fund its financing receivables. Funding cost decreased RMB9.31 million to nil compared to funding cost of RMB9.31 million in the same period of 2023. The decrease was due to that we recorded interest expenses of RMB9.31 million during the first half of 2023, which was mainly represents an out-of-period adjustments amount to RMB9.31 million from prior years.
Reversal/(provision) of credit losses. Provision of credit losses of RMB1.73 million (US$0.24 million) in first half of 2024 compared to reversal of credit losses of RMB0.38 million in the same period of 2023.
Origination and servicing cost. Origination and servicing cost decreased by 78.8% to RMB5.05 million (US$0.71 million) compared to RMB23.86 million in the same period of 2023, which was mainly due to the decreased in revenue from technical services fees and its corresponding costs.
Gross Profit
Gross profit increased to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% in the first half of 2024 compared to 11.99% in the same period of 2023.
Operating Expenses
Total operating expenses increased by 1.3% to RMB16.51 million (US$2.32 million) for the first half of 2024 from RMB16.30 million for the same period of 2023. The Company has been continuously optimizing and refining its organizational structure, marketing strategies and product matrix since the beginning of 2024.
Sales and marketing expenses in the first half of 2024 increased by 0.3% to RMB8.54 million (US$1.20 million) from RMB8.51 million in the same period of 2023. This increase was primarily due to the addition of sales and marketing personnel to expand our Wealth Management Solutions services and business.
General and administrative expenses in the first half of 2024 increased by 12.8% to RMB5.71 million (US$0.80 million) from RMB5.06 million in the same period of 2023. This increase was primarily driven by the reversal of share-based compensation in first half of 2023, which was an out-of-period adjustments from prior years and no such adjustments were recorded in first half of 2024.
Research and development expenses in the first half of 2024 decreased by 17.0% to RMB2.26 million (US$0.32 million) from RMB2.73 million in the same period of 2023, primarily due to personnel structure optimization as part of the business transformation of the Company.
Loss from operations
Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.
Other income and expenses
Other expenses, net decreased by 99.4% to RMB0.28 million (US$0.04 million) for the first half of 2024 from RMB45.59 million for the same period of 2023. The decrease was primarily due to the decrease in impairment loss of long-lived assets of RMB3.74 million, decrease of interest expense of RMB4.41 million and the decrease in loss of RMB38.88 million from disposal of Sky City Holding Limited and eight of its subsidiaries in May 2023.
Income tax (expense)/benefit
Income tax expense was recorded as RMB0.46 million for the first half of 2024 compared to income tax benefit of RMB11.38 million recorded for the first half of 2023.
Net loss
As a result of the foregoing, net loss was recorded RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB46.30 million recorded for the same period of 2023.
Net loss attributable to ordinary shareholders was recorded RMB8.43 million (US$1.18 million) for the first half of 2024 compared to net loss attributable to ordinary shareholders of RMB44.86 million recorded for the same period of 2023.
Adjusted net loss was RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB65.50 million for the same period of 2023.
Net Loss Per Share
Basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Basic and diluted net loss per American Depositary Share (“ADS”) in the first half of 2024 were both RMB0.53 (US$0.07). Each ADS represents thirty-five of the Company’s Class A ordinary shares.
Adjusted basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Adjusted basic and diluted net loss per ADS in the first half of 2024 were both RMB0.53 (US$0.07).
Balance Sheet
The Company has combined cash and cash equivalents and long-term restricted cash of RMB53.42 million (US$7.50 million) as of June 30, 2024, compared to RMB45.51 million as of December 31, 2023.
Going Concern
The Company acknowledged that there were recurring losses from operation since year 2019. For the six months ended June 30, 2024, the Company reported a net loss of RMB8.34 million (US$1.17 million). In addition, as of June 30, 2024, the Company reported a negative working capital of RMB388.96 million (US$54.58 million) and had an accumulated deficit of RMB2,520.97 million (US$353.73 million). The Company’s operating results in future periods are subject to numerous uncertainties, and it is uncertain whether the Company will be able to reduce or eliminate its net loss in the foreseeable future. In order to alleviate the pressure on capital turnover, the Company has reached an agreement with a third-party institution to obtain a line of credit facility with an amount up to US$40 million with annual interest rate of 7% if used, which is effective until September 30, 2025.
Due to the unpredictable future of the capital markets and the industry in which we operate, there can be no assurance that the Company will be successful in achieving its budget goals, that the Company’s future capital raising will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events or circumstances occur such that the Company does not meet its budget goals, it may have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position.
The Company believes that this non-GAAP financial measure can help management evaluate the Company’s operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect the Company’s operations. The Company will continue to incur share-based compensation expenses in its business, which are reflected in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1268 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of 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,” “target,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as Pintec’s strategic and operational plans, contain forward-looking statements. Pintec may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Pintec
Pintec is a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China. It connects business partners and financial partners on its open platform and enables them to provide financial services to end users efficiently and effectively. Pintec empowers its business partners by providing them with the capability to add a financing option to their product offerings. It helps its financial partners adapt to the new digital economy by enabling them to access the online population that they could not otherwise reach efficiently or effectively. Pintec continues to deliver exceptional digitization services, diversified financial products, and best-in-class solutions with innovative technology, to solidify its relationship with its business partners and satisfy its clients’ needs. Pintec currently holds internet micro lending license, fund distribution license, insurance brokerage license and enterprise credit investigation license in China. For more information, please visit ir.pintec.com.
Pintec Technology Holdings Ltd.
Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
As of
December 31,
As of June 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
40,508
44,606
6,259
Restricted cash
–
3,815
535
Short-term financing receivables, net
61,467
55,941
7,849
Short-term financial guarantee assets, net
43
–
–
Accounts receivable, net
1,569
2,255
316
Prepayments and other current assets, net
4,605
3,373
476
Amounts due from related parties, net
5
–
–
Total current assets
108,197
109,990
15,435
Non-current assets:
Non-current restricted cash
5,000
5,000
702
Total non-current assets
5,000
5,000
702
TOTAL ASSETS
113,197
114,990
16,137
LIABILITIES
Current liabilities:
Accounts payable
4,977
4,153
583
Amounts due to related parties, current
299,346
301,398
42,291
Tax payable
18,857
18,561
2,604
Financial guarantee liabilities
43
–
–
Accrued expenses and other liabilities
165,072
174,834
24,532
Total current liabilities
488,295
498,946
70,010
Non-current liabilities:
Other non-current liabilities
4,781
4,490
630
Total non-current liabilities
4,781
4,490
630
TOTAL LIABILITIES
493,076
503,436
70,640
DEFICIT
Class A Ordinary Shares (US$ 0.000125 par value per share;
1,750,000,000 shares authorized as of December 31, 2023 and June
30, 2024; 503,747,680 and 503,747,680 shares outstanding as of
December 31, 2023 and June 30, 2024)
454
454
64
Class B Ordinary Shares (US$ 0.000125 par value per share;
250,000,000 shares authorized as of December 31, 2023 and June
30, 2024; 50,939,520 and 50,939,520 shares outstanding as of
December 31, 2023 and June 30, 2024)
42
42
6
Additional paid-in capital
2,036,473
2,036,473
285,749
Statutory reserves
9,006
9,006
1,264
Accumulated other comprehensive income
73,607
73,383
10,297
Accumulated deficit
(2,512,537)
(2,520,966)
(353,730)
Total shareholders’ deficit
(392,955)
(401,608)
(56,350)
Non-controlling interests
13,076
13,162
1,847
TOTAL DEFICIT
(379,879)
(388,446)
(54,503)
TOTAL LIABILITIES AND DEFICIT
113,197
114,990
16,137
Pintec Technology Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except for share and per share data)
For the six months ended June 30,
2023
2024
2024
RMB
RMB
US$
Revenues:
Technical service fees
19,834
2,658
373
Installment service fees
7,527
6,493
911
Wealth management service fees and others
7,727
5,771
810
Total revenues
35,088
14,922
2,094
Cost of revenues:
Funding cost
(9,305)
–
–
Reversal/(Provision) of credit losses
378
(1,730)
(243)
Origination and servicing cost
(23,856)
(5,055)
(710)
Reversal of guarantee
1,903
765
107
Cost of revenues
(30,880)
(6,020)
(846)
Gross profit
4,208
8,902
1,248
Operating expenses:
Sales and marketing expenses
(8,509)
(8,537)
(1,198)
General and administrative expenses
(5,059)
(5,708)
(801)
Research and development expenses
(2,728)
(2,264)
(318)
Total operating expenses
(16,296)
(16,509)
(2,317)
Loss from operations
(12,088)
(7,607)
(1,069)
Long-lived assets impairment
(3,737)
–
–
Loss from disposal of subsidiaries
(38,883)
–
–
Financial expenses, net
(4,273)
132
19
Other income/(expenses), net
1,305
(409)
(57)
Loss before income tax (expense)/benefit
(57,676)
(7,884)
(1,107)
Income tax benefit/(expense)
11,377
(459)
(64)
Net loss
(46,299)
(8,343)
(1,171)
Less: Net (loss)/income attributable to non-controlling interests
(1,444)
86
12
Net loss attributable to Pintec Technology Holdings Limited
shareholders
(44,855)
(8,429)
(1,183)
Other comprehensive (loss)/income:
Foreign currency translation adjustments, net of nil tax
46,080
(224)
(31)
Total other comprehensive income/(loss)
46,080
(224)
(31)
Total comprehensive loss
(219)
(8,567)
(1,202)
Total comprehensive (loss)/income attributable to non-controlling
interests
(1,444)
86
12
Total comprehensive income/(loss) attributable to Pintec Technology
Holdings Limited shareholders
1,225
(8,653)
(1,214)
Net loss per ordinary share
Basic
(0.10)
(0.02)
(0.00)
Diluted
(0.10)
(0.02)
(0.00)
Weighted average ordinary shares outstanding
Basic
433,743,535
554,687,200
554,687,200
Diluted
434,294,424
554,687,200
554,687,200
Pintec Technology Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands, except for share and per share data)
For the six months ended June 30,
2023
2024
2024
RMB
RMB
US$
Net loss
(46,299)
(8,343)
(1,171)
Add: Share-based compensation expenses
(6,884)
–
–
Less: Income tax benefit recognized due to reversal of uncertain tax
position
12,319
–
–
Adjusted net loss
(65,502)
(8,343)
(1,171)
Less: Adjusted net (loss)/income attributable to non-controlling interests
(1,444)
86
12
Adjusted net loss attributable to Pintec Technology Holdings Limited
shareholders
(64,058)
(8,429)
(1,183)
Adjusted net loss per ordinary share
Basic and diluted
(0.15)
(0.02)
(0.00)
Weighted average number of ordinary shares outstanding
Basic and diluted
433,743,535
554,687,200
554,687,200
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SOURCE Pintec Technology Holdings Limited
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Bernard Looney Appointed Chairman of the Board of Directors at Prometheus Hyperscale
Published
5 hours agoon
November 24, 2024By
Global energy executive joins Prometheus Hyperscale to accelerate sustainable data center growth and provide strategic counsel on $10B flagship project in Evanston, Wyoming
HOUSTON, Nov. 24, 2024 /PRNewswire/ — Prometheus Hyperscale, a leading developer of sustainable hyperscale data centres, is delighted to announce the appointment of Bernard Looney as Chairman of the Board of Directors.
Mr. Looney, former CEO of BP, brings to the role more than three decades of energy sector expertise – from the frontline to the boardroom. He will provide strategic guidance on the development of the company’s growth plans, including its $10B flagship data center in Evanston, Wyoming, which will be among the largest facilities of its kind in the world when completed.
The announcement of Mr. Looney’s appointment comes as societies and large technology companies grapple with how to power the explosive growth in artificial intelligence (AI). The International Energy Agency (IEA) estimates that by 2026 data centers globally will use over 1,000 terawatt-hours (TWh) annually, around the same as Japan uses today. Against this backdrop of soaring demand and squeezed supply, Prometheus is pioneering new standards in hyperscale data center operations.
These approaches include harnessing a variety of energy sources to power its data centers, including renewables, natural gas and possibly nuclear at a later date through our strategic partnership with Oklo. Prometheus aims for its data centers to not impact grid customers.
Another key challenge is the enormous amount of power and water used to cool data centers to prevent the servers from overheating. Prometheus Hyperscale uses a unique liquid cooling system that dramatically outperforms traditional air-cooling methods, reducing energy consumption by up to 50%. This system also utilises deep underground water reservoirs and captures the waste heat to reuse or sequester it. It’s believed that Prometheus Hyperscale’s flagship project will be the first hyperscale data center in the United States to combine liquid heat transfer and heat reuse technologies.
Founded by Trenton Thornock, an experienced leader in energy, finance and infrastructure, Prometheus Hyperscale’s flagship project in Evanston, Wyoming, promises to be the most advanced sustainable data center in the United States, and one of the largest in the world, when it becomes operational in 2025/26. The 1GW-capacity developed site will cover an area of 640-acres (one square mile), making it approximately three quarters the size of New York’s Central Park. Four further sites are currently earmarked across Arizona and Colorado.
As Chairman, Mr. Looney will ensure the successful execution of Evanston as well as Prometheus’s broader business goals. His appointment comes following the recent announcement that Trevor Neilson, a renowned climate technology entrepreneur and philanthropist, will serve as the company’s President.
It’s estimated that $1 trillion will be invested in the U.S. in data centers in the next five years – with an additional $1 trillion internationally.
Trenton Thornock, Founder and CEO of Prometheus Hyperscale commented: “Having Bernard Looney join as Chairman is a tremendous step forward for Prometheus. Bernard’s track record and transformative leadership in the energy sector aligns perfectly with our vision for the future of data centers. His insights, as well as his extensive operational and project delivery experience, will be invaluable as we bring our flagship project in Evanston, Wyoming to life and set new benchmarks for sustainable digital infrastructure.”
Trevor Neilson, President of Prometheus Hyperscale, commented: “Bernard is the perfect person to guide Prometheus as we form partnerships across the energy sector to access low-carbon electrons that will power the future of AI. His extensive industry experience and leadership will be instrumental as Prometheus establishes itself at the forefront of sustainable data center operations.”
Bernard Looney commented: “I am delighted to join Prometheus Hyperscale at this pivotal moment as the world grapples with the intersection of AI, Energy and Sustainability. Innovative power solutions are desperately needed to ensure that AI is unleashed to tackle some of the biggest global challenges including healthcare, economic growth, and the energy transition. We must work to find solutions that lead to Net Positive AI – where the benefits to our world outweigh any costs. The flagship Evanston project is one such solution and I look forward to lending a helping hand, working alongside Trenton, Trevor, and the entire Prometheus team to help bring this vision to life. I can’t imagine a more exciting challenge.”
Factsheet: Prometheus Hyperscale’s Flagship Project in Evanston, Wyoming
Prometheus’s site in Evanston, Wyoming, aims to redefine sustainable infrastructure in the data center industry, setting a new benchmark for operational excellence and environmental responsibility.
Key aspects of the project include:
Extensive Land and Power Capacity: The project encompasses a 12,000-acre ranch, including a dedicated 640-acre plot (about 1 square mile) for data center facilities. Prometheus has secured an initial 120 MW of grid power through Rocky Mountain Power, with plans for an additional 120 MW, ensuring robust power availability without curtailment risks.
On-Site Renewable and Low-Carbon Power Generation: With an on-site generation goal of over 1 GW, which will make it one of the largest data centers in the world, Prometheus is incorporating a mix of wind, solar and gas power sources. Additionally, the company has a strategic partnership with Oklo focused on next-generation fission-based nuclear power, delivering reliable, sustainable baseload energy to the campus.
High-Performance Fiber Connectivity: The Evanston site will connect directly to the Northern transcontinental fiber trunk, offering high-speed, low-latency connections between the East and West Coasts. With agreements for up to 400G of service and plans to scale up to 800G when commercially available, the project is poised to meet the rigorous connectivity needs of AI, cloud, and high-performance computing clients and to be one of the biggest data centers in the world.
Cutting-Edge Liquid Cooling Technology: Prometheus’s unique liquid cooling systems will be deployed to achieve unparalleled energy efficiency by capturing and reusing waste heat. This innovative solution is specifically engineered for high-performance computing environments and will play a critical role in reducing the carbon footprint of the facility.
Strategic Location and Access to Skilled Labor: Located 80 miles from Salt Lake City, Utah, the Evanston site benefits from proximity to a large, skilled workforce, bolstered by a regional Journeyman Lineman program focused on data center operations. This strategic location supports the project’s operational and expansion goals while reinforcing Prometheus’s commitment to regional economic growth.
For more information about Prometheus Hyperscale and its sustainability initiatives, please visit www.prometheushyperscale.com.
About Prometheus Hyperscale
Prometheus Hyperscale, founded by Trenton Thornock, is revolutionizing data center infrastructure by developing sustainable, energy-efficient hyperscale data centers. Leveraging unique, cutting-edge technology and working alongside strategic partners, Prometheus is building next-generation, liquid-cooled hyperscale data centers powered by cleaner energy. With a focus on innovation, scalability, and environmental stewardship, Prometheus Hyperscale is redefining the data center industry for a sustainable future.
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SOURCE Prometheus Hyperscale
Technology
Sixth Avenue Custom Millwork Launches Revamped Website to Enhance Client Experience
Published
5 hours agoon
November 24, 2024By
Sixth Avenue Custom, a premier provider of custom millwork services for both home and business owners, has launched a revamped website designed to offer a more streamlined user experience, showcasing their custom woodworking and millwork services.
FREDERICK, Md., Nov. 24, 2024 /PRNewswire-PRWeb/ — Sixth Avenue Custom, a leading provider of custom millwork services, has unveiled its newly revamped website aimed at enhancing user experience and better showcasing its wide array of woodworking services. The updated website highlights the company’s dedication to creating high-quality custom cabinetry, millwork, and architectural details for residential and commercial clients while offering a modern, easy-to-navigate platform for users. As an industry leader in bespoke craftsmanship, Sixth Avenue Custom’s redesigned site now makes it even easier for potential clients to engage with their work.
Six generations ago, Ezra Beachley began crafting high-quality furniture with unmatched precision and care. Now, his great, great, great grandson Ryan Beachley carries that same ethos forward with Sixth Avenue Custom, a company set on maintaining tradition while embracing the future. “Our model and process is not the ordinary way of doing things. It’s unique, it’s custom, it’s the Sixth Avenue Custom way,” said Ryan. This philosophy of blending old-world craftsmanship with modern tools and technologies is front and center on the newly launched website. The updated site offers an engaging, user-friendly experience and showcases the company’s vast portfolio of exquisite residential and commercial projects—from bespoke cabinetry to intricate architectural millwork.
The updated website also introduces responsive design features, ensuring visitors can easily access the company’s portfolio and services across any device, from desktops to smartphones. In addition to a more polished look and feel, the website now offers smoother navigation, allowing users to browse through service offerings, explore more content about the company’s process, and quickly request consultations. By including a dedicated blog and expanded resource sections, Sixth Avenue Custom aims to educate clients about the nuances of custom millwork, giving them the knowledge they need to make informed decisions for their spaces.
If you’re looking for outstanding custom millwork solutions, visit Sixth Avenue Custom to view the newly enhanced website or schedule a consultation for your next project. The company’s dedicated team continues to push the boundaries of design and woodworking, ensuring each project exceeds client expectations. To learn more, explore the site at https://sixthavenuecustom.com or call Sixth Avenue Custom at 301-327-1504. Sixth Avenue Custom is located at 5907 Enterprise Court, Frederick, Maryland, 21703.
Media Contact
Mai-Lan Spiegel, 321 Web Marketing, 1 7038107557, mailan@321webmarketing.com, https://sixthavenuecustom.com/
View original content:https://www.prweb.com/releases/sixth-avenue-custom-millwork-launches-revamped-website-to-enhance-client-experience-302314333.html
SOURCE Sixth Avenue Custom
Technology
Don’t Miss These Incredible AiRROBO Black Friday Deals – Unbeatable Prices Await!
Published
7 hours agoon
November 24, 2024By
HONG KONG, Nov. 24, 2024 /PRNewswire/ — Black Friday is here, and it’s your chance to grab the best deals of the year! Whether you’re looking to upgrade your home, simplify daily chores, or spoil your furry friends, we’ve got you covered with massive discounts on top-rated products. Check out these must-have items at unbeatable prices, available for a limited time only.
AiRROBO T20+ Robot Vacuum: Revolutionize Your Cleaning
Original Price: $499.99
Black Friday Price: $199
The AiRROBO T20+ isn’t just a cleaning device—it’s your new best friend. Featuring cutting-edge USLAM Air 5.0 & LiDAR Navigation, this robot vacuum efficiently maps your home for flawless cleaning. With its 3-in-1 sweeping, vacuuming, and mopping function, the T20+ handles everything from crumbs to tough stains.
Add the hassle-free self-emptying station, a powerful HEPA filter, and an impressive 180-minute runtime, and you have a device that takes care of your floors without breaking a sweat. Control it effortlessly via app, voice, or remote, and enjoy spotless floors every day.
AiRROBO P20 Robot Vacuum: Clean Smart, Live Better
Original Price: $129.99
Black Friday Price: $64.99
Discount Code: 9TNGZLDR
The AiRROBO P20 is perfect for budget-conscious shoppers who want smart cleaning. It delivers powerful suction to remove dirt, pet hair, and debris from hard floors and carpets. Compact yet efficient, the P20 is ideal for apartments or smaller homes. Don’t miss the chance to grab this deal and simplify your life for a fraction of the price!
AiRROBO PG50 Pet Grooming Vacuum: Pamper Your Pets
Original Price: $99.99
Black Friday Price: $49.69
Discount Code: 4YUDMHIJ
Say goodbye to the mess of grooming your pets at home. The AiRROBO PG50 combines grooming and vacuuming in one handy device, capturing pet hair and dander as you groom. This is the perfect gift for pet lovers who want to keep their homes fur-free while pampering their furry friends.
Why Shop This Black Friday?
Black Friday is the ultimate shopping event of the year, offering discounts you won’t find anywhere else. These exclusive deals are available only from November 21 to December 2, so act fast before they’re gone.
Massive Savings: Up to 60% off premium products.Convenience: Shop online and enjoy fast delivery to your doorstep.Perfect Gifts: Find practical and thoughtful gifts for loved ones—or yourself!
How to Grab These Deals?
Visit the AiRROBO Amazon store.Use the provided discount codes at checkout to secure the sale price.Hurry! Stocks are limited, and these deals won’t last.
This Black Friday, elevate your home and lifestyle without breaking the bank. Don’t let these deals slip away—shop now and enjoy cutting-edge products at unbeatable prices. Your future self will thank you!
For more information
For any giveaway campaigns or new feeds, please join AiRROBO on Facebook, Instagram, Twitter, YouTube and Gleam.io.
About AiRROBO
AiRROBO is a smart home appliance brand with a focus on AI-enabled technologies. Supported by world-leading AI and humanoid robotic company, UBTECH Robotics, AIRROBO is aiming to bring the most cutting-edge technology to more and more households around the globe, making smart home a new norm of life. Find out more at us.air-robo.com.
CONTACT: Kristy Luo, sihui.luo@ubtrobot.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/dont-miss-these-incredible-airrobo-black-friday-deals–unbeatable-prices-await-302314818.html
SOURCE AiRROBO
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