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Nauticus Robotics Announces Results for the Second Quarter of 2024

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1 month ago

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HOUSTON, Aug. 13, 2024 /PRNewswire/ — Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended June 30, 2024.

“I would like to thank our existing lenders for their continued support. Their steady conversion of warrants and convertible debentures improve our market cap and reduce our interest burden and our leverage,” said John Gibson, Nauticus’ CEO and President. “We successfully completed Phase I of a program for the largest offshore producer in Brazil. This phase has been billed and collected. We expect to complete Phase II without additional deepwater tests and can execute a significant portion of Phase III while in the Gulf of Mexico this year. We are committed to delivering supervised autonomy to subsea assets during Q3.”

Operational Highlights

Vehicle 2 Testing: Nauticus’ flagship vehicle, Aquanaut Mark 2 (Vehicle 2), underwent planned maintenance this quarter before shipping to Florida Atlantic University (FAU) for open water testing of capabilities refined after the vehicle’s initial Gulf of Mexico (GOM) testing during the first half of the year. The vehicle is planned to ship to Louisiana this month in anticipation of completing qualification testing.

Vehicle 1 Assembly: Vehicle 1 deepwater electronics upgrades are ongoing. Once the vehicle is fully assembled it is planned to ship to FAU to continue development and testing of the next set of vehicle capabilities. Vehicle 1 will become the test and qualification vehicle for these capabilities while Vehicle 2 remains revenue generating. Once new capability qualifications are complete, they will be loaded onto Vehicle 2 to expand Nauticus’ revenue generating opportunities by having two working vehicles with additional capabilities.

Vehicle 3 Assembly: Assembly of Vehicle 3 remains pending. Company focus has been on Vehicles 1 and 2 throughout the quarter.

FAU versus GOM Testing: The partnership with FAU for open water testing allows Nauticus to continue testing Vehicle 2 at a reduced cost compared to GOM open water testing. In addition, FAU provides the team with warehousing and shop facilities to perform minor maintenance as needed. The Atlantic Coast provides multiple deepwater locations close to shore containing bottom artifacts to fully test sensors and capabilities. These benefits will continue with testing of Vehicle 1 once its deepwater upgrades are complete.

Revenue: Nauticus reported second-quarter revenue of $0.5 million, compared to $1.1 million for the prior-year period and $0.5 million for the prior quarter. Q2 includes revenue recognized for the largest South American deepwater operator, an important step in reducing dependence on historical defense revenues.

Operating Expenses: Total expenses during the second quarter were $6.5 million, a $1.5 million decrease from the prior-year period, and a $0.5 million increase from Q1 2024.

Net Income: For the second quarter, Nauticus recorded a net loss of $5.4 million, or basic loss per share of $2.75. This compares with a net income of $20.7 million from the same period in 2023, and a net income of $0.4 million in the prior quarter.

Adjusted Net Loss: Nauticus reported adjusted net loss of $9.0 million for the second quarter, compared to $6.8 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.

2024 G&A Cost: Nauticus reported G&A second-quarter costs of $3.2 million, which is a decrease of $2.3 million compared to the same period in 2023.

Balance Sheet and Liquidity

As of June 30, 2024, the Company had cash and cash equivalents of $8.1 million, compared to $0.8 million as of December 31, 2023.

In Q2, the Company closed additional debt financing of $1 million and raised $9.4 million through an at-the-market equity offering to provide liquidity needed for operations and testing.

Conference Call Details

Nauticus will host a conference call on August 14, 2024 at 10:00 a.m. Central Daylight Time (11:00 a.m. EDT) to discuss its results for the quarter ending June 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-445-7795, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/706796022. A link to the webcast will also be available on the Company’s website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.

About Nauticus Robotics

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. 

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov

 

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2024

December 31, 2023

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$                    8,122,943

$                       753,398

Restricted certificate of deposit

51,223

201,822

Accounts receivable, net

176,458

212,428

Inventories

2,217,507

2,198,797

Contract assets

482,576

–

Prepaid expenses

1,283,088

1,889,218

Other current assets

490,419

1,025,214

Assets held for sale

289,430

2,940,254

Total Current Assets

13,113,644

9,221,131

Property and equipment, net

16,500,849

15,904,845

Operating lease right-of-use assets

1,380,434

834,972

Other assets

204,296

187,527

Total Assets

$                  31,199,223

$                  26,148,475

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:

Accounts payable

$                    5,594,270

$                    7,035,450

Accrued liabilities

5,212,935

7,339,099

Contract liability

457,872

2,767,913

Operating lease liabilities – current

420,910

244,774

Total Current Liabilities

11,685,987

17,387,236

Warrant liabilities

1,192,693

18,376,180

Operating lease liabilities – long-term

1,035,713

574,260

Notes payable – long-term, net of discount (related party)

46,644,908

31,597,649

Total Liabilities

$                  60,559,301

$                  67,935,325

Stockholders’ Deficit

Common stock, $0.0001 par value; 625,000,000 shares authorized, 4,131,426
     and 1,389,884 shares issued, respectively, and 4,131,426 and 1,389,884
     shares outstanding, respectively (As adjusted)

$                               413

$                               139

Additional paid-in capital (As adjusted)

94,390,920

77,004,714

Accumulated deficit

(123,751,411)

(118,791,703)

Total Stockholders’ Deficit

(29,360,078)

(41,786,850)

Total Liabilities and Stockholders’ Deficit

$                  31,199,223

$                  26,148,475

 

NAUTICUS ROBOTICS, INC.
Unaudited Condensed Consolidated Statements of Operations

Three Months Ended

Six Months Ended

6/30/2024

3/31/2024

6/30/2023

6/30/2024

6/30/2023

Revenue:

Service

$          501,708

$          464,354

$      1,128,115

$          966,062

$      3,948,395

Service – related party

–

–

–

–

500

Total revenue

501,708

464,354

1,128,115

966,062

3,948,895

Costs and expenses:

Cost of revenue (exclusive of items shown
separately below)

2,875,394

2,093,955

1,900,602

4,969,349

4,832,869

Depreciation

411,586

426,185

53,209

837,771

326,308

Research and development

—

63,534

482,761

63,534

709,728

General and administrative

3,227,288

3,430,010

5,560,565

6,657,298

10,773,209

Total costs and expenses

6,514,268

6,013,684

7,997,137

12,527,952

16,642,114

Operating loss

(6,012,560)

(5,549,330)

(6,869,022)

(11,561,890)

(12,693,219)

Other (income) expense:

Other (income) expense, net

118,274

(96,473)

746

21,801

1,153,127

Gain on lease termination

(8,532)

(15,365)

(3,908)

(23,897)

(3,908)

Foreign currency transaction loss (gain)

4,296

5,147

(17,709)

9,443

(27,593)

Loss on exchange of warrants

–

–

590,266

–

590,266

Change in fair value of warrant liabilities

(4,422,701)

(8,309,623)

(29,668,454)

(12,732,324)

(27,431,550)

Interest expense, net

3,669,423

2,453,372

1,556,597

6,122,795

6,491,664

Total other income, net

(639,240)

(5,962,942)

(27,542,462)

(6,602,182)

(19,227,994)

Net income (loss)

$     (5,373,320)

$          413,612

$    20,673,440

$    (4,959,708)

$      6,534,775

Basic earnings (loss) per share (As adjusted)

$               (2.75)

$                 0.33

$              18.62

$              (2.97)

$                5.90

Diluted earnings (loss) per share (As adjusted)

$               (2.75)

$               (4.06)

$              17.70

$              (2.97)

$                5.79

Basic weighted average shares outstanding (As
adjusted)

1,950,563

1,239,881

1,110,091

1,667,187

1,107,580

Diluted weighted average shares outstanding (As
adjusted)

1,950,563

1,853,967

1,231,814

1,667,187

1,127,853

 

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months ended June 30,

2024

2023

Cash flows from operating activities:

Net income (loss)

$         (4,959,708)

$           6,534,775

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation

837,771

326,308

Amortization of debt discount

3,242,443

1,878,376

Amortization of debt issuance cost

312,440

–

Accretion of RCB Equities #1, LLC exit fee

48,475

–

Stock-based compensation

1,339,965

3,077,027

Loss on exchange of warrants

–

590,266

Change in fair value of warrant liabilities

(12,732,324)

(27,431,550)

Non-cash impact of lease accounting

171,962

145,253

Gain on disposal of assets

(3,102)

–

Write off of property and equipment

29,350

–

Gain on lease termination

(23,897)

–

Gain on short-term investments

–

(40,737)

Changes in current assets and liabilities:

Accounts receivable

35,969

319,940

Inventories

(18,710)

(5,869,092)

Contract assets

(482,576)

(37,341)

Other assets

1,232,368

(1,045,514)

Accounts payable and accrued liabilities

(1,715,646)

8,733,185

Contract liabilities

(2,310,041)

–

Operating lease liabilities

(55,937)

(193,257)

Net cash used in operating activities

(15,051,198)

(13,012,361)

Cash flows from investing activities:

Capital expenditures

(351,942)

(6,102,253)

Proceeds from sale of assets held for sale

419,720

–

Proceeds from sale of property and equipment

6,802

–

Proceeds from sale of short-term investments

–

5,000,000

Net cash from (used in) investing activities

74,580

(1,102,253)

Cash flows from financing activities:

Proceeds from notes payable

14,305,000

–

Payment of debt issuance costs on notes payable

(1,316,791)

–

Proceeds from at-the-market (ATM) offering

9,857,857

–

Payment of at-the-market (ATM) commissions and fees

(499,903)

–

Proceeds from exercise of stock options

–

342,579

Proceeds from exercise of warrants

–

338,055

Net cash from financing activities

22,346,163

680,634

Net change in cash and cash equivalents

7,369,545

(13,433,980)

Cash and cash equivalents, beginning of year

753,398

17,787,159

Cash and cash equivalents, end of year

$           8,122,943

$           4,353,179

NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to Adjusted Net Loss
 Attributable to Common Stockholders (NON-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.

Three Months Ended

Six Months Ended

6/30/2024

3/31/2024

6/30/2023

6/30/2024

6/30/2023

Net income (loss) attributable to common stockholders
(GAAP)

$  (5,373,320)

$        413,612

$  20,673,440

$  (4,959,708)

$    6,534,775

Change in fair value of warrant liabilities

(4,422,701)

(8,309,623)

(29,668,454)

(12,732,324)

(27,431,550)

Stock compensation expense

809,310

432,053

1,214,863

1,339,965

3,077,027

Sales and use tax assessment

–

–

–

–

1,189,164

Loss on exchange of warrants

–

–

590,266

–

590,266

Interest and penalties on RRA Amendment

–

–

362,045

–

4,320,690

Adjusted net loss attributable to common stockholders
(non-GAAP)

$  (8,986,711)

$   (7,463,958)

$  (6,827,840)

$  (16,352,067)

$  (11,719,628)

 

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SOURCE Nauticus Robotics, Inc.

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Technology

Softbank and NewPhotonics Announce Collaboration on Advanced Photonics Technology for LPO, CPO and All-Optics Switch Fabric Targeting AI-RAN

Published

57 mins ago

on

September 24, 2024

By

Collaboration Agreement Targets Next Generation Data Centers vRAN to Fronthaul with All-Optical Transmission and Switching  

FRANKFURT, Germany, Sept. 24, 2024 /PRNewswire/ — SoftBank Corp. (‘SoftBank’) and NewPhotonics LTD (‘NewPhotonics’), a leader in advanced integrated photonics, today announced a joint research and development collaboration to advance photonics technologies for LPO (Linear-drive Pluggable Optics), CPO (Co-packaged Optics), and All-Optics Switch Fabric. This photonics-electronics convergence technology with high-speed optical communication and Optical Switching Technology enables low latency and low power consumption in AI data center and mobile fronthaul infrastructure. The technologies support SoftBank in AI data center and mobile fronthaul infrastructure with NewPhotonics patented technologies coupled with its photonics integrated chip (PIC) for reliable all-optics communication and optical fabric switching.

Targeting improved performance of GPU/CPU/switch fabric with PIC and low latency optical connectivity, the technology will also address power consumption and capacity bottlenecks in AI cluster workloads based on high-speed optical communication and optical switching technology. The patented NewPhotonics optical SerDes (serializer/deserializer) will enable higher density and low latency data transfer in mobile fronthaul and data center. 

Co-packaged advanced optical technologies deliver improved speed and energy efficiency crucial in data center re-designs underway for high performance compute and vector processing applications. In addition, the LPO technology realized by incorporating the NewPhotonics PIC into the optical transceiver enables long-distance transmission greater than existing LPO technology. Applying NewPhotonics LPO technology to mobile fronthaul is expected to reduce processing delays, reduce power consumption, and extend distances of data transport equipment.  

Ryuji Wakikawa, Head of SoftBank Research Institute of Advanced Technology, said:  

“We believe this partnership with NewPhotonics is necessary for next generation infrastructure. By collaborating, we envision a transformation in AI data center and mobile fronthaul infrastructure with optical-electronics convergence technologies that enhances speed, distance limit, capacity, and, most importantly, leads to sustainability gains giving SoftBank a significant advantage and market leadership.”  

Yaniv Ben Haim, CEO of NewPhotonics added, “Our new collaboration agreement with Softbank marks a significant milestone for our company and the industry to advance optical interconnect technology in CPO and pluggable that address the needs of modern compute and AI infrastructure. We remain committed to breaking the limits of optical communication with lowered latency and power at scalable distances. This partnership exemplifies our confidence in the impact of all-optical connectivity on the future of AI and 6G with our patented photonics innovations.” 

About Softbank 

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is expanding into non-telecom fields in line with its “Beyond Carrier” growth strategy while further growing its telecom business by harnessing the power of 5G/6G, IoT, Digital Twin and Non-Terrestrial Network (NTN) solutions, including High Altitude Platform Station (HAPS)-based stratospheric telecommunications. While constructing AI data centers and developing homegrown LLMs specialized for the Japanese language with one trillion parameters, SoftBank is applying AI to enhance radio access network performance (AI-RAN) with the aim of becoming a provider of next-generation social infrastructure. To learn more, please visit https://www.softbank.jp/en/ 

About NewPhotonics 

NewPhotonics is a fabless semiconductor company based in Tel Aviv Israel is designing, developing, and manufacturing photonic integrated circuits (PIC) that break the limits of optical connectivity and processing for a new all-optics paradigm in networking and compute data transmission. Founded in 2020, NewPhotonics is privately held and funded. For more information visit www.newphotonics.com. 

Press Contact:
Corporate Communications
press.relations@newphotonics.com
+972 3 614-3147

Logo: https://mma.prnewswire.com/media/2292552/4918136/NewPhotonics_Logo.jpg

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Webull’s Group President visited Asia-Pacific, where its assets under management has grown by more than 100%

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57 mins ago

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September 24, 2024

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SINGAPORE, Sept. 24, 2024 /PRNewswire/ — The Group President of Webull Corporation, a leading digital investment platform, Anthony Denier, recently concluded a visit to the Asia-Pacific, or APAC, region. This trip underscores Webull’s growth in the APAC region and its ongoing commitment to expanding its footprint in the region. Building on Webull’s success in the U.S. market, Webull entered Hong Kong SAR in 2020, followed by expansions into Singapore and Australia in 2022. In 2023, Webull entered Japan and Indonesia and most recently in 2024, Malaysia and Thailand. As of 31st July 2024, Webull has achieved a remarkable year-over-year (YoY) growth rate of 100% in its assets under management (AUM) within the APAC region.

“We are incredibly proud of Webull’s rapid expansion in the APAC region. Since we entered APAC in 2020, we have seen a steady increase in our user base, with investors leveraging Webull’s trading tools to develop comprehensive and diversified investment portfolios across the U.S. and APAC markets. In the next two years, Webull aims to be a top broker-dealer in every region, and we remain committed to developing innovative solutions that will allow us to grow significantly while ensuring trading remains accessible and affordable for all retail investors,” said Mr. Denier.

Strong American genes, deeply rooted in the global market

Launched in the U.S. in 2018, Webull has since expanded its reach to the APAC region, Europe, Africa, and Latin America, achieving over 40 million downloads globally and surpassing 20 million registered users. In 2023, Webull saw a YoY increase of 38% in customer assets, reaching a value of US$8.2 billion. For the full year of 2023, the equity notional volumes of U.S. stock trades, reflecting platform user trading activity, reached US$371 billion, and the number of options contracts traded reached 430 million. In the fourth quarter of 2023, Webull achieved a user retention rate of 98%. These performances are a result of the positive trading experience for users and the trust they have in Webull.

Already one of the leading digital brokerages in the U.S., Webull continues to strengthen its presence across 13 global markets. Its strong foundation in the U.S. allows Webull to serve as a key gateway for local investors in APAC to access the U.S. market.  In addition, Webull is committed to providing both the tools and knowledge needed to empower investors to better navigate the investing world, making Webull a trusted brokerage amongst local investors.

Stable growth of Webull Singapore, catering to needs of local investors

Since the launch of Webull Singapore in 2022, the firm has experienced a surge in user signups, a testament to its growing popularity among investors. As the firm continues to establish its presence in Singapore, Webull has also rolled out various new features and services, such as the recent release of overnight U.S. stock trading for local investors, allowing investors to trade various US stocks and ETFs regardless of time zones.

Recognising that retail investors today are keen to build a more diversified portfolio due to greater market volatility and geopolitical tensions, in January of this year, Webull Singapore launched SGX-listed products and securities offerings on its trading platform, providing local investors with access to more than 1,000 SGX-listed stocks, REITs, DLCs, and ETFs. For investors that are more risk adverse, Webull Singapore also offers local investors access to 430 mutual funds from various fund houses, as well as wealth management tools like Moneybull, a cash management product, and Regular Savings Plan to help investors effectively manage and grow their wealth.

To remain at the forefront of the digital brokerage landscape in Singapore, Webull continues to offer investors low commission fees with no platform fees[1] for investors trading US stocks and ETFs, Hong Kong stocks and ETFs, and A-shares stocks and ETFs. For investors trading Singapore stocks and ETFs, Webull offers low commission and platform fees (0.025% x Total Trade Amount, Min SGD 0.80), with an ongoing campaign that offers 3-year commission-free[2] for Singapore stock trading. Aligned with Webull’s promise to educate investors and promote financial literacy amongst retail investors, investors using the Webull platform also gain access to a number of trading tools as well as level 2 advanced US market data to help them make informed decisions.

As Webull expands its presence in Singapore, Webull remains focused on fostering innovation and enhancing user experience as it strives to be the preferred brokerage for investors looking to invest in the U.S. as well as local markets.

“Since we entered the Singapore market in 2022, we have witnessed a strong uptrend in our user base within a short two-year span. Investors in Singapore continue to seek attractive yields for their investments and Webull Singapore will strive to develop better, more innovative products and tools that will cater to the evolving needs of Singapore investors,” added Jonathan Man, Chief Executive Officer of Webull Singapore.  

To learn more about Webull’s products and services, please visit the website: https://www.webull.com.sg/

[1]The rate of 0 is subject to change at Webull’s discretion and is valid until updated

[2]Terms and conditions apply. For details, please refer to Webull’s website at https://www.webull.com.sg/, the Webull App or the campaign’s terms and conditions.

About Webull

Webull is a leading digital investment platform built on next generation global infrastructure. The Webull Group is headquartered in St. Petersburg, Florida and backed by private equity investors located in the United States, Europe and Asia. With over 40 million downloads globally, the company is operational in 15 regions and provides retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options and fractional shares, through Webull’s trading platform. With low-cost trading on a wide range of assets, Webull is revolutionizing the way individuals approach investing. Learn more at https://www.webullcorp.com/.

All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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SOURCE Webull Securities (Singapore) Pte. Ltd.

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REPT BATTERO WENDING 564Ah Energy Storage Cell and Powtrix energy storage system officially launched at RE+2024

Published

57 mins ago

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September 24, 2024

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IRVINE, Calif, Sept. 24, 2024 /PRNewswire/ — In an eventful week, REPT BATTERO officially opened its first North American subsidiary office on September 9 in Irvine, CA before showcasing new products and solutions at the nearby RE+ 2024 Exposition. At RE+, the company formally launched its WENDING 564Ah battery cell and the Powtrix energy storage system to deliver safer and more efficient solutions fo the global green energy transformation.

WENDING 564Ah: Over Four-Hour Duration and Upgraded Functions

The 564Ah battery cell adopts REPT BATTERO’s groundbreaking “WENDING” 2.0 technology, which delivers high energy efficiency, high consistency, zero attenuation, and an extended lifespan by applying Double-High Electrode technology.

The 564Ah battery cell applies WENDING structural design that improves JR tab bending and length. With this optimized structure, we have improved the internal space utilization rate by 5%, reduced the DCIR by 16%, therefore the cell energy efficiency can reach 96.4%. In addition, the WENDING 564Ah battery adopts double-high electrode technology, which improves the ion migration rate by 30%. Through the development of a new process, REPT breaks through the mass production problems of pre-lithiation technology which mitigates the attenuation significantly, reduces the loss of lithium ion at the very first charging and increase the efficiency and energy density of batteries.

The WENDING 564Ah batteries are also specially developed to meet the requirement for long-term energy storage of more than 4 hours, a 10,000+ cycle life and 25-30 years of durability. Moreover, WENDING 564Ah batteries have solved the problems of thermal runaway and over-charging that are generally prone to occur in large-capacity batteries, providing users with a safe, high-efficiency, and reliable product use experience.

Powtrix：Multiple Guarantees for BESS Security

The Powtrix energy storage system further enhances the 20-foot container battery system. Based on WENDING 564Ah batteries, the Powtrix system can meet the global growing demand for long-term energy storage  application requirements. Powtrix systems can have an installed capacity of more than 6MWh on the DC side, and the container level efficiency can be more than 95% , its service life can be more than 25 years and it has the ability of continuous safety monitoring.

The Powtrix battery system has delivers outstanding performance on durability. The system reaches IP55 + C5 anti-corrosion level, which is able to effectively resist dust, water spraw, hot and humid environments, as well as wind, sand, and salt spray. The internal components of the system are all tested according to 60°C long-term high-temperature aging, showing good durability and outstanding performance even under extreme weather conditions. At the same time, the system is equipped with active ballancing technology. Compared with passive balancing, active balancing capacity is increased by 20 times, energy saving is 150 times, and a single cluster can reduce operation and maintenance costs by 80%.

In terms of power safety, the REPT BATTERO’s Powtrix energy storage system supports thermoelectric separation, short-circuit arc protection, external short circuit detection and battery valve action detection. In terms of thermal safety, the Powtrix energy storage system has excellent passive safety performance in the comprehensive UL 9540A test evaluation, and applies both module and system firefighting strategies to suppress fire at the earliest stage, minimizing the thermal diffusion and fire risk of the battery system.

The REPT BATTERO Powtrix energy storage system offers a 20% increase in energy density, a 16.6% reduction in footprint, and a 15.7% savings in investment compared to a traditional 5MWh energy storage system. REPT BATTERO Powtrix energy storage system meets a number of U.S. regulations and standards for safety, including NEC, NPFA68/69/70, NFPA855, IEEE693, and performed well on large-scale fire assessment tests with the forced fire range able to be controlled in the expected range.

Excellence in system integration compatibility 

Powtrix combines the technical characteristics of mainstream PCS equipment and unique station layouts. The output interface design supports two optional forms of bottom outlet and endside outlet. At the same time, Powtrix products also support different wiring juction forms of single-channel bus output and multi-channel independent output, which can take into account the wiring methods of PCS of different brands and architectures, fully meeting the system matching requirements of global customers, and making them grid-friendly, system-friendly and battery-friendly.

In addition to the Powtrix product family, REPT will also launch its flagship version. Based on the current 300Ah+ series of cells supplied in mass production, REPT BATTERO have applied the same chemical system design with only minor dimensional adjustments. And REPT BATTERO were able to attain a full compartment capacity of 6.25MWh. The product hands down from the full set of approximate design schemes of 300Ah+ series from cell to assembly, which has many advantages including stable chemical systems, mature process routes, reliable system integration and quick mass production. It will be the pioneer and flagship version of 6MWh family products to serve clients.

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SOURCE REPT BATTERO NA OFFICE

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