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Loop Energy Announces Completion of Sale to Teralta

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VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Loop Energy Inc. (“Loop”) today announces that, in connection with its notice of intention to make a proposal proceeding pursuant to the Bankruptcy and Insolvency Act (Canada) (the “BIA”), and following the sale and investment solicitation process approved by the Supreme Court of British Columbia (the “Court”), it has completed the transaction (the “Transaction”) contemplated by the subscription agreement entered into on October 28, 2024, between Loop, as vendor, and Teralta Hydrogen Solutions Inc. (“Teralta”), as purchaser (such subscription agreement, the “Subscription Agreement”). The Transaction was completed in accordance with the terms of the Subscription Agreement and the provisions of a reverse vesting order granted by the Court on October 28, 2024 (the “RVO”).

As part of the Transaction: (a) a new entity, 16483640 Canada Ltd., was incorporated and vested with certain of Loop’s excluded assets, contracts and liabilities; (b) all shares, interests, participation or other equivalents of capital stock or share capital or related rights or interests, among other things, issued by or existing in Loop prior to the closing of the Transaction were cancelled and terminated without consideration; and (c) Loop issued, and Teralta subscribed for and purchased, 1,000,000 new common shares in the capital of Loop. Teralta is now the sole holder of Loop’s share capital. 16483640 Canada Ltd. is expected to be assigned into bankruptcy pursuant to the BIA.

Loop was delisted from the Toronto Stock Exchange effective close of market on September 3, 2024. Loop expects to make an application to cease to be a reporting issuer.

Further information regarding the notice of intention to make a proposal proceeding pursuant to the BIA and documents related thereto, including a copy of the RVO, can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee of Loop: https://crowemackayco.ca/project/loop-energy-inc/

About Loop Energy Inc.
Loop is a designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop filed a notice of intention to make a proposal under section 50.4 (1) of the BIA on July 17, 2024.

About Teralta Hydrogen Solutions Inc.
Teralta is an innovator in clean hydrogen and e-natural gas production, including the technology and the infrastructure to store and distribute it. Founded in 2021, Teralta’s exclusive access to clean hydrogen and its unique end-to-end business model distinguishes it from any competitor, delivering safe, secure, and profitable clean hydrogen initiatives.

Advisors
Pelorus Law Corporation and Stikeman Elliott LLP acted as counsel to Teralta. Owen Bird Law Corporation and McCarthy Tétrault LLP acted as counsel to Loop. Crowe MacKay & Company Ltd. was Loop’s proposal trustee.

Forward-Looking Information
This press release contains forward-looking statements, including, but not limited to, those relating to Loop ceasing to be a reporting issuer and expectations with respect to the assignment in bankruptcy of 16483640 Canada Ltd.

These statements are based on current expectations as of the date of this press release. These expectations involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks with respect to: receipt of all required regulatory approvals; the anticipated benefits of the Transaction; the outcome of proceeding under the BIA; general economic, business and market conditions; the ability of management to execute its business plan; and actions taken by governmental authorities.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Loop as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Loop cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time-to-time. Loop disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Further information regarding Loop is available in the SEDAR+ database (www.sedarplus.ca).

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For More Information:
Simon Pickup, Teralta CEO
PR@teralta.com 
www.teralta.com

Crowe MacKay & Company Ltd., in its capacity as proposal trustee of Loop
1100 – 1177 West Hastings Street
Vancouver, British Columbia V6E 4T5
+1 (604) 689-3928
https://crowemackayco.ca/project/loop-energy-inc/

SOURCE Loop Energy Inc.

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ASEAN FinTech funding grew more than 10-fold in past decade, GenAI and Quantum Computing to power new era: FinTech in ASEAN 2024 report

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Optimism in ASEAN’s FinTech scene as Singapore and Thailand draw top funding this year.

SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Funding for Financial Technology (FinTech) in ASEAN has surged more than 10 times since 2015[1], growing at an exponential rate compared to global FinTech funding. This fuelled growth in sectors such as payments and alternative lending, and is poised to advance further with the increasing prevalence of Generative Artificial Intelligence (GenAI) and quantum computing. Jointly launched by UOB, PwC Singapore and the Singapore FinTech Association (SFA) today, the roundup edition of FinTech in ASEAN 2024 report: A decade of innovation report recaps the evolution of FinTech in the region from 2015 to 2024.

Weathering through the funding winter in recent years on the back of uncertain macroeconomic climate, FinTech investments in the six biggest ASEAN economies[2] are finally seeing some light at the end of the tunnel. ASEAN FinTech funding totalled US$1.41 billion in the first three quarters of this year (9M24), constituting four per cent of global FinTech funding, a one percentage point growth year-on-year (yoy). Though the region’s total funding was down by less than one per cent yoy, it was a significant recovery from the 71 per cent fall seen in 9M23 against 9M22.

Ms Janet Young, Managing Director and Group Head, Channels & Digitalisation and Strategic Communications & Brand, UOB, said, “FinTechs have evolved from a disruptive force to an essential component of financial ecosystems over the past decade. ASEAN’s FinTech sector continues to show promise, supported by improving macroenvironment and emergence of advanced technologies. UOB has been a long-term supporter of FinTechs and will continue to look for opportunities for collaboration to bring innovation and better solutions to our customers and stakeholders across ASEAN.”

The latest report showed regional FinTechs garnering more than US$20 billion in investments over the last decade, with close to 1,500 deals. FinTechs in payment and alternative lending sectors were the most sought, making up more than half of ASEAN’s total funding at US$6.5 billion and US$4.1 billion respectively.

Ms Wong Wanyi, FinTech Leader, PwC Singapore, said, “ASEAN’s FinTech sector is progressively making waves in global waters, demonstrating resilience and adaptability amidst macroeconomic uncertainties. Despite being in the game with larger economies, ASEAN’s FinTechs have steadily gained long-term investor confidence over the last decade. Going forward, the growing impact of quantum computing and GenAI will continue to push new frontiers in financial services, offering faster, more secure and intelligent solutions. We are at the epicentre of a transformation, where these advancements will not only drive unprecedented growth, but also firmly establish ASEAN as a global FinTech innovation leader.”

Mr Shadab Taiyabi, President, Singapore FinTech Association, said, “It is encouraging to see that ASEAN remains as a vibrant hub for FinTech innovation, with the sector demonstrating resilience and adaptability in the face of ongoing volatility. The FinTech ecosystem in Singapore continues to attract robust funding, driven by strong regulatory support and opportunities for cross-border collaboration. Looking ahead, SFA remains committed to foster the growth of the FinTech ecosystem while creating new opportunities for FinTechs to leverage emerging technologies and strategic partnerships that will further strengthen the ecosystem.”

The next decade of innovation

With the US Federal Reserve (Fed)’s recent interest rate cut in September 2024, the FinTech industry will likely receive a shot in the arm. Lower interest rates typically lead to cheaper funding, greater investor appetite from venture capital and higher valuations, ultimately improving exit opportunities. When Fed last cut interest rates in third quarter 2019 and further slashed it to a historical low during 2020 to 2021, ASEAN’s FinTech funding spiked and peaked at US$6.36 billion in 2021, the region’s highest amount in the past decade.

Beyond better macroeconomic environment, FinTechs worldwide are set to enter a new era catalysed by two advanced technologies – GenAI and quantum computing – which may potentially reshape the financial ecosystem significantly.

In 9M24, global funding injected into the GenAI sector increased by 38 per cent yoy. GenAI can significantly enhance customer experience in the FinTech sector with innovative personalised financial advice and products, improved fraud detection and risk management.

Another promising FinTech sector is quantum computing, which enables financial institutions to develop innovation solutions beyond boundaries of classic computers. It has the potential to revolutionise the FinTech sector in areas such as optimising investment strategies and enhancing security through advanced cryptography algorithms.

Singapore and Thailand lead ASEAN FinTech investments in 2024

Singapore snared the lion’s share of FinTech investments in ASEAN for the 10th consecutive year, securing more than half of the region’s total funding with US$745 million in 9M24. Singapore also topped the number of deals at 62 across nine FinTech categories. The Lion City housed the most FinTech unicorns in ASEAN since 2015, with six out of 16 unicorn firms. Notable FinTech unicorns include Advance Intelligence Group, the parent company of several AI financial service platforms including buy-now-pay-later platform Atome; and NIUM, a cross-border payments firm that has expanded globally and continued to raise a series E funding this year.

Thailand to rose to second place, ahead of last year’s runner up Indonesia, with US$341 million or 24 per cent of ASEAN’s Fintech funding in 9M24, backed by closing two mega deals[3].  Singapore and Thailand accounted for 76 per cent of total FinTech funding and close to 68 per cent of funding deals in ASEAN in 9M24, having clinched the only four mega deals in the region.

Two of the mega deals are seed- and early-stage[4] investments of more than US$240 million, boosting young FinTechs to make up more than 60 per cent of total funding in ASEAN. This reflects investors’ willingness to bet on budding innovation, and ASEAN is still seen as a fertile ground for new FinTechs to thrive with favorable long-term growth prospects, building the region’s growth in FinTech for the past decade.

The FinTech in ASEAN 2024: A decade of innovation report was launched at Singapore FinTech Festival today. For the full report, please visit go.uob.com/fintech2024.

[1] 9M15 vs 9M24
[2] Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam
[3] Funding deals of more than US$100 million. The two mega deals from Thailand are: Payment FinTech firm Ascend Money with US$195 million and financial blockchain firm GuildFi with US$140 million.
[4] Seed investments refer to seed and angel funding; Early-stage investments refer to Series A or B funding.

– Ends –

About UOB

UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

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SOURCE UOB

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From Wall Street to Web3: How Triskel is Transforming Financial Access

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NEW DELHI, Nov. 6, 2024 /PRNewswire/ — In a world where financial systems are showing cracks—from limited access to exclusionary practices—a quiet revolution is brewing. Web3, with its promise of decentralization, offers more than just technological change; it offers a philosophical shift. But with opportunity comes complexity.

The rise of DeFi has unlocked new possibilities, yet many individuals and businesses struggle to navigate this evolving landscape securely and confidently.

Enter Triskel Wallet, a groundbreaking platform redefining financial tools. The Web3 superapp bridges traditional finance and the Web3 ecosystem, offering unprecedented asset control while ensuring security and compliance.

Beyond Traditional Finance

With just a few taps on a smartphone, investors can access prime real estate opportunities across the globe. No paperwork, no brokers, no hassle.

That’s the power of asset tokenization, and it’s just one of the ways Triskel is democratizing finance. As founder, Abel Benitez, explains, “Imagine owning a piece of global real estate without the paperwork, brokers, or middlemen—just a few clicks away on your phone.”

What was once exclusive to institutional investors, high-net-worth families, and patrimonial wealth is now accessible to everyday users. Triskel opens financial opportunities that were previously reserved for the few, democratizing access to investments and wealth-building tools through its innovative platform.

Your Keys Your Kingdom

Redefining Asset Control At its core, Triskel is a non-custodial wallet. This means users retain exclusive control of their private keys, eliminating the need for bank intermediaries. Users maintain complete autonomy over their assets as sole owners of their wealth.

Abel Benitez, the visionary behind Triskel, puts it perfectly: “Finance isn’t just about profit; it’s about freedom—freedom to control, build, and participate in wealth creation without borders or intermediaries.” This freedom to grow wealth and access previously unattainable opportunities defines true financial autonomy.

Security and Innovation Combined

Regarding security, Triskel has implemented robust measures. Advanced security protocols and regulatory compliance allow safe exploration of the DeFi world while keeping both individuals and businesses protected from legal pitfalls. The platform’s hybrid model offers the best of both worlds, enabling seamless management of both crypto and fiat assets.

Triskel emphasizes the importance of a collaborative economy, reflecting its commitment to shared value creation. As part of this effort, the platform has introduced the Real Referral Program (RRP), offering participants up to 50% of revenue. This initiative not only rewards community engagement but also aligns with Triskel’s vision of building an inclusive financial ecosystem where users benefit from collective growth.

The Future of Finance

As the lines between traditional and decentralized finance continue to blur, platforms like Triskel Wallet are leading the way. By offering security, compliance, and user control, Triskel ensures that individuals and businesses can confidently navigate both realms.

“We’re not just building a platform,” Benitez reflects. “We’re building the future. A future where trust, control, and opportunity are in the hands of everyone.”

About Triskel

Triskel Wallet is a decentralized, non-custodial super app that provides users with complete control over crypto assets. The platform bridges the gap between DeFi and traditional finance with USDT-backed Debit card.

Social: https://linktr.ee/triskel_wallet

Photo: https://mma.prnewswire.com/media/2543172/Triskel_Financial_Access.jpg

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-wall-street-to-web3-how-triskel-is-transforming-financial-access-302297327.html

SOURCE Triskel

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Volta Energy Solutions Hungary pursues ‘The Copper Mark’ award

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The “Copper Mark” is the leading assurance framework to promote responsible practices across the copper industry that considers the environmental, social and governance issues, from mining to processing, in the copper industry.CEO Kwak Keun-man said, “We will prove that our sourcing is ethical and fulfill our social responsibilities in accordance with international standards.”

BUDAPEST, Hungary, Nov. 6, 2024 /PRNewswire/ — Volta Energy Solutions Hungary (VESH) announced that it has started the process to obtain The Copper Mark, under their assurance process.

The Copper Mark was established in 2019 and is the leading assurance framework in the copper industry’s to ensure that the environmental, social, and governance (ESG) practices are met. In the assurance process, extensive evaluation is conducted in terms of environmental and human rights protection, regional coexistence, and compliance with ethical management from ore mining to production sales of ore products and others. Therefore, it is considered the “ESG assurance process within the copper industry.”

The London Metal Exchange (LME), the world’s largest metal exchange, recommends that companies involved in the copper industry implement a responsible sourcing policy. The Copper Mark is used as a means of ensuring that this policy is carried out, and companies that have obtained this mark are included in the “LME-Approved Brands” list. As of August 2024, more than 360 brands are registered in more than 55 countries for copper cathode, zinc, nickel, etc.

In Europe, where Volta Energy Solutions currently operates battery copper foil and copper foil plants including Hungary, the stability of the resource supply chain is being enhanced by establishing sustainable supply chains and raising standards to meet environmental and social responsibilities. By obtaining the Copper Mark award, Volta Energy Solutions expects that it will be able to secure an advantageous position as a reliable raw material supplier and continue to build stronger business relationships with many global customers.

Kwak Keun-man, CEO of Volta Energy Solutions, said, “Our pursuit of The Copper Mark award is part of our efforts to meet the strict ESG standards of the international community, including Europe and the United States. We will reinforce ESG management through responsible sourcing policies and grow together with global customers in the long term as a sustainable company.”

In addition to pursuing this The Copper Mark award, Volta Energy Solutions is carrying out various ESG activities to meet international standards.

For example, the company has a supply chain management policy to ensure that its product supply chain does not include conflict minerals linked to armed groups in conflict zones. As a global company with several overseas subsidiaries, Volta Energy Solutions is striving to respect human rights, coexist with local communities, and comply with local laws.

About Volta Energy Solutions

Volta Energy Solutions (VES) is a European subsidiary of Solus Advanced Materials (a South Korea-based company listed on the Korean stock market (KOSPI)). Volta Energy Solutions operates its respective subsidiaries in Hungary and Canada. VES’s history back to 1960, when Circuit Foil Luxembourg (CFL) was established in Luxembourg. CFL was the first company to develop copper foil for electric vehicle batteries in 1996. Solus Advanced Materials acquired CFL in 2014 and entered the copper foil business based on CFL’s technological expertise and knowhow. Since 2014, Solus Advanced Materials has been expanding its business presence, establishing a new footprint in Europe with its battery foil plant in Hungary in 2018. Through this strategic movement, VES was established in Luxembourg to manage and expand its global presence further. With the rapid growth of the North American EV market, Volta Energy Solutions Canada (VESC), located in Quebec, Canada, to expand its business presence in the market. For more information, please visit the VES & CFL website at www.volta-energysolutions.com/ www.circuitfoil.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/volta-energy-solutions-hungary-pursues-the-copper-mark-award-302297051.html

SOURCE Solus Advanced Materials

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