Tag: PR Newswire

Firm Announces Advanced Software & Expanded Leadership to Streamline Project Delivery

MAITLAND, Fla., May 8, 2025 /PRNewswire/ — Castillo Engineering, a leading national solar and energy storage engineering firm, has invested $2.5 million in project and process management tools and has expanded its senior leadership team to better meet growing demand in the utility-scale solar market across the entire project lifecycle.

Castillo is strengthening its executive leadership to support rapid growth and evolving industry needs. The company has appointed Gary Joseph as Vice President of Sales & Marketing and Arun Ramadass as Vice President of Operations. Additionally, the firm’s founder Rick Castillo has transitioned into the role of Chief Operating Officer, where he now leads a newly enhanced Project Management Office (PMO).

Under Rick’s leadership, the PMO gains strategic guidance and daily mentorship, complemented by the launch of PMO 360™, a client-facing project management platform designed to enhance visibility and efficiency. Its intuitive dashboard provides clients with greater ease of communication and complete visibility into engineering information, timelines, and plans. PMO 360™ also equips project managers (PMs) with the data and insights they need to make informed decisions, improve timelines, control budgets, and boost client satisfaction. Castillo’s Project Management Institute (PMI)-certified PMs align their strategies with PMI’s gold standard to help clients minimize risk, optimize budgets, and stay on schedule throughout a project.

To further support internal engineering teams, Castillo Engineering has also launched a proprietary design tool: Design IQ™. Developed in collaboration with a global software provider, Design IQ™ automates the real-time collection of calculations and design assets from multiple sources, making them available in a single interface for the Castillo team. This automation of engineering calculations and AutoCAD drafting enables Castillo engineers to reduce human error, standardize workflows, and increase scalability, allowing the company to deliver projects faster with superior quality.

“In our discussions with utility-scale EPCs, almost every leader expressed an urgent, unmet need for an Engineer of Record that can offer excellent project management and unwavering quality at the utility scale as the market grows,” commented Christopher Castillo, CEO. “Our response is a bold investment in talent, tools, and technology that ensures our ‘A Team’ is ready to support EPCs as their pipelines expand – without sacrificing quality.”

356 GWdc of utility-scale solar is expected to come online by 2035, fueled by surging energy demand from AI applications and data centers.

Profiles of Castillo Engineering’s Strengthened Senior Leadership Team

Rick Castillo, PE, SE, Chief Operating Officer
As the founder of Castillo Engineering, Rick has cultivated Castillo Engineering’s company culture and prowess in project and process management from day one. In his current role, he has honed his focus on leading Castillo’s Project Management Office (PMO), which has set the industry standard for power engineering project management. Most recently, he developed and launched PMO 360™, a proprietary dashboard that provides EPCs and owners with the clarity needed for informed decision-making.

Gary Joseph, Vice President of Sales & Marketing
With 14 years of leadership experience in the utility-scale solar industry, most recently as Vice President of Sales at Voltage LLC, Gary brings a unique perspective that bridges deep technical knowledge with global commercial experience. Born in England, Gary began his career as a licensed electrician and became a seasoned sales leader working with EPCs, developers, and manufacturers for distributed generation and utility-scale projects in domestic and international markets.

Arun Ramadass, Vice President of Operations
Arun brings over 15 years of diverse solar industry experience, including leadership roles at Primoris, Pivot Energy and Scale Microgrids. Focused on engineering utility-scale projects, strategic growth, and technical excellence, he has been instrumental in delivering innovative renewable energy solutions by guiding teams through complex challenges and scaling processes for large-scale operations.

Through this strategic investment, Castillo Engineering aims to further empower utility-scale projects with innovative, customized, and process-driven engineering solutions across the entire project lifecycle – enhancing communication, shortening timelines and optimizing costs to deliver tomorrow’s energy with efficiency and ease.

About Castillo Engineering

Castillo Engineering is a leading utility-scale design and engineering firm specializing in full-service solar, energy storage, and high-voltage solutions. The firm’s services provide comprehensive support from initial feasibility studies through construction close-out. As Engineer of Record, Castillo Engineering ensures projects are completed on time and within budget, consistently delivering high-quality, innovative solutions to developers, EPC contractors, and utilities nationwide. With over 25 years of experience and more than 10GW of successful projects, the firm navigates national, state, and local codes with precision. Castillo Engineering is based in Maitland, Florida and is licensed in all 50 U.S. states, the District of Columbia, and Puerto Rico. Learn more at castillope.com.

Castillo Engineering Media Contact
Allison Ruedig
394874@email4pr.com
872-870-1302

 

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SOURCE Castillo Engineering

SINGAPORE, May 8, 2025 /PRNewswire/ — Two foreign investment funds, Vasanta Master Fund and Pagoda, have been campaigning for the corporate governance reform at Catcher Technology, a leading Taiwanese electronic casing manufacturer. As Catcher prepares for its Annual General Meeting (AGM) on May 27, where seven board seats—three of which are independent director positions are up for election, Vasanta and Pagoda’s involvement in Taiwan’s first-ever foreign shareholder initiative has become a key focal point in discussions on investor rights, regulatory consistency, and board accountability.

Vasanta, based in Singapore, began investing in Catcher in 2021. Alongside Pagoda, the two funds together hold more than 1% of the company’s outstanding shares. Over the past two years, Vasanta and Pagoda have taken an active approach to shareholder engagement, including proposing amendments to the company’s Articles of Incorporation and nominating board candidates.

The investors have expressed concerns about what they view as underutilized capital on Catcher’s balance sheet & poor governance of the management, particularly following the company’s divestment of its iPhone casing business in 2020 and the sale of a major plant in Suzhou in 2021. According to Vasanta and Pagoda’s analysis, Catcher holds a substantial portion of its assets in cash and marketable securities (which comprises mostly US government treasuries) estimated to exceed 80%—raising questions about inefficient capital deployment and long-term growth planning.

In 2023, Vasanta and Pagoda submitted a shareholder proposal aimed at granting shareholders the right to propose cash dividends. The proposal, described as the first of its kind initiated by foreign investors in Taiwan, was determined by the board of Catcher to be illegal and rejected. As a result of the rejection, the shareholder proposal was not tabled for the AGM for voting in May 2023. 

Following the rejection, Vasanta filed complaints with Taiwan’s Financial Supervisory Commission (FSC) and other regulators. Other than filing the complaints with authorities, and going through a lengthy the court process, there appeared to be no remedy available for a shareholder to rectify the situation to allow the proposal to be voted in the AGM in 2023.

Meanwhile, Vasanta faced increasing scrutiny. Regulators requested detailed information on the ultimate beneficial owners of any fund investors with more than a 1% stake. Catcher’s board also initiated criminal defamation proceedings against a Vasanta representative in June 2023. The criminal investigation was eventually dropped by the prosecutor’s office due to insufficient evidence.

In August 2023, the FSC issued a NT$240,000 administrative fine against Catcher’s chairman alone, citing procedural violations related to shareholder rights. 

The same proposal was resubmitted for the 2024 AGM and received backing from global proxy advisors ISS and Glass Lewis. It ultimately gained 30.37% of the vote, indicating growing support, particularly among international shareholders. At the end, despite the strong support from international institutional investors, the resolution was defeated with 39.55% voting against the resolution to give the right to propose cash dividends back to shareholders.

Investor scrutiny of Catcher intensified in July 2024 following public news that its chairman and several family members were under investigation for potential insider trading in connection with a share buyback announcement. The incident raised further governance concerns from the shareholder perspective and led to renewed discussions about the need for board oversight reforms.

Ahead of the upcoming 2025 AGM, Vasanta and Pagoda have nominated candidates for four of the seven board seats. Both investors are now under FSC investigation, with regulators revisiting earlier questions about the origin of their capital, including potential links to mainland China. Both funds have reiterated that they have complied with all disclosure requirements and previous regulatory reviews.

View original content:https://www.prnewswire.com/news-releases/foreign-investors-vasanta-master-fund-and-pagoda-push-for-governance-reform-at-catcher-technology-302449969.html

SOURCE Vasanta Master Fund; Pagoda

Delivered revenues of $78.7 million and operating cash flow of $5.6 million
New PyroThin award with leading American OEM for next-gen prismatic LFP vehicle platform

NORTHBOROUGH, Mass., May 8, 2025 /PRNewswire/ — Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced financial results for the first quarter of 2025, and discussed recent business developments.

Total revenue for the first quarter of 2025 was $78.7 million, compared to $94.5 million in the first quarter of 2024.

Net loss was $301.2 million, which included a $286.6 million impairment charge in connection with the demobilization of the Company’s previously planned second aerogel manufacturing plant in Statesboro, Georgia and $9.8 million of associated restructuring costs, compared to a net loss of $1.8 million in the first quarter of 2024. Adjusting net loss for the impairment and restructuring and demobilization costs would result in a net loss of $4.8 million. Net loss per share was $3.67, compared to a net loss per share of $0.02 in the first quarter of 2024. Adjusting net loss per share for the impairment and restructuring and demobilization costs would result in a net loss per share of $0.06.

Adjusted EBITDA for the first quarter of 2025 was $4.9 million, compared to $12.9 million in the first quarter of 2024.

A reconciliation of GAAP financial results to non-GAAP financial results are provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures are also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights & Quarterly Performance

• Company revenues of $78.7 million, a 17% decrease year-over-year (YoY)
  • Thermal Barrier: $48.9 million of revenue, a 25% decrease YoY
  • Energy Industrial: $29.8 million of revenue, a 3% increase YoY
• Delivered gross margins of 29%, an eight-percentage point decrease YoY
• Operating cash flow of $5.6 million in the quarter
• Ended the quarter with cash and equivalents of $192.0 million
• Awarded PyroThin contract from a leading American OEM for a next-gen prismatic lithium iron phosphate (LFP) vehicle platform with an expected start of production in 2028

“We continue to drive the key elements of our strategy by broadening our Thermal Barrier and Energy Industrial commercial activities, fortifying our supply chain, and optimizing our cost structure,” commented Don Young, Aspen’s President and CEO. “We are encouraged by the record-level quoting activity in our PyroThin thermal barrier business. The newest PyroThin award demonstrates our value in additional electric vehicle (“EV”) form factors and chemistries. Meanwhile, our Energy Industrial segment is now equipped with the supply needed to pursue additional geographies and end markets to drive incremental growth. A diversified supply chain and multiple aerogel manufacturing sources provide us with the flexibility to optimally meet customer demands across both business segments. Our recent and continuing actions to reduce fixed costs are an example of an ongoing focus on our financial performance and strong balance sheet.”

Q2 2025 Financial Outlook
Aspen’s Q2 2025 Outlook is as follows:

• Revenue is expected to range between $70 and $80 million
• Net loss is expected to range between $11 and $4 million
• Net loss per share is expected to range between $0.13 and $0.05
• Adjusted EBITDA is expected to range between breakeven and $7 million
• Capital Expenditures, excluding demobilization costs related to the Statesboro plant project, are expected to be less than $10 million

Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, noted, “We have the right elements in place to focus on execution and drive performance through a broad range of demand outcomes. A strong balance sheet and continuing efforts to reduce our fixed cost base will ensure that we are not only better positioned for profitability and cash flow generation but can also deliver higher proportional upside as the outlook clears up.”

The Company’s Q2 2025 outlook assumes depreciation and amortization of $6.0 million, stock-based compensation expense of $3.0 million, other expense (net) of $2.0 million, and diluted weighted average shares outstanding of 82.0 million for the full year.

A reconciliation of net loss to non-GAAP Adjusted EBITDA for the Q2 2025 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading “Non-GAAP Financial Measures.”

Aspen may incur, among other items, additional charges, realize gains or losses, incur financing costs or interest expense, or experience other events in Q2 2025, including those related to the planned capacity expansion, supply chain disruptions, or further cost inflation, that could cause actual results to vary materially from this outlook. See Special Note Regarding Forward-Looking and Cautionary Statements below.

Conference Call and Webcast Notification
A conference call with Aspen management to discuss first quarter 2025 results and recent business developments will be held Thursday, May 8, 2025 at 8:30 a.m. EST. During the call, management will respond to questions concerning, but not limited to, Aspen’s financial performance, business conditions, and financial outlook. Management’s discussion and responses could contain information that has not been previously disclosed.

Shareholders and other interested parties may call +1 (404) 975-4839 (domestic) or +1 (929) 526-1599 (international) and reference conference ID “302641” to participate in the conference call. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the Investors section of Aspen’s website, www.aerogel.com.

Following the live event, an archived version of the webcast will be available on Aspen’s website for convenient on-demand replay for at least a year. A copy of this press release is posted in the Investors section on Aspen’s website.

Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (“GAAP”), Aspen provides additional financial metrics that are not prepared in accordance with GAAP (“non-GAAP”). The non-GAAP financial measures included in this press release are Adjusted EBITDA, adjusted net loss and adjusted net loss per share. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of Aspen’s core operating performance. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen’s annual operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure under its bonus plan.

Management believes that these non-GAAP financial measures reflect Aspen’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses and gains not reflective of Aspen’s ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes that these non-GAAP financial measures provides useful information to investors in understanding and evaluating Aspen’s operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies.

The non-GAAP financial measures do not replace the presentation of Aspen’s GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen’s financial results presented in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net income (loss), adjusted net loss to net loss and adjusted net loss per share to net loss per share, in each case the most directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen’s financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification solutions. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen’s PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle (“EV”) market. The Company’s carbon aerogel initiative seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to reduce charging time and the cost of EVs. The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

Special Note Regarding Forward-Looking and Cautionary Statements
This press release and any related discussion contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to Aspen’s financial outlook for the second quarter of 2025. These statements are not historical facts but rather are based on Aspen’s current expectations, estimates and projections regarding Aspen’s business, operations and other factors relating thereto, including with respect to Aspen’s financial outlook for the second quarter of 2025. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,” “assumes,” “targets,” “opportunity,” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen’s beliefs and expectations about capacity, revenue, revenue capacity, backlog, costs, expenses, profitability, cash flow, gross profit, gross margin, operating margin, net income (loss), Adjusted EBITDA and related increases, decreases, trends or timing, including with respect to Aspen’s beliefs and expectations about the EV market and how it may enable a path to profitability; Aspen’s target revenue capacity and gross margins; Aspen’s efforts to demobilize its previously planned second manufacturing plant in Statesboro, Georgia, and the use of its external manufacturing facility to meet customer demand; current or future trends in the energy, energy infrastructure, chemical and refinery, LNG, sustainable building materials, EV thermal barrier, EV battery materials or other markets and the impact of these trends on Aspen’s business; the strength, effectiveness, productivity, costs, profitability or other fundamentals of Aspen’s business; beliefs about the role of Aspen’s technology and opportunities in the EV market; beliefs about Aspen’s ability to provide and deliver products and services to EV customers; beliefs about content per vehicle, revenue, costs, expenses, profitability, investments or cash flow associated with Aspen’s EV opportunities, including the EV thermal barrier business; and the performance and market acceptance of Aspen’s products. All such forward-looking statements are based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: inability to execute Aspen’s growth plan, the right of EV thermal barrier customers to cancel contracts with Aspen at any time and without penalty; any costs, expenses, or investments incurred by Aspen in excess of projections used to develop pricing under the contracts with EV thermal barrier customers; Aspen’s inability to create customer or market opportunities for its products; any disruption or inability to achieve expected capacity levels in any of its manufacturing or assembly facilities, including at its external manufacturing facility; any failure to enforce any of Aspen’s patents; the general economic conditions and cyclical demands in the markets that Aspen serves; the potential impact of changes in government and economic policies, incentives, and tariffs on Aspen’s customers, production, sales, cost structure, competitive landscape and results of operations; and the other risk factors discussed under the heading “Risk Factors” in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, as well as any updates to those risk factors filed from time to time in Aspen’s subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.

 

 

Analysis of Cash Flow

The following table summarizes our cash flows for the periods indicated.

Reconciliation of Non-GAAP Financial Measures

The following tables present a reconciliation of the non-GAAP financial measure included in this press release to the most directly comparable GAAP measure:

Reconciliation of Adjusted EBITDA to Net loss

We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative of our core operating performance.

For the three months ended March 31, 2025 and 2024:

For the trailing twelve months ended March 31, 2025 and 2024:

Other Information

The following table reconciles net loss and net loss per share to adjusted net loss and adjusted net loss per share for the three months ended March 31, 2025 and 2024:

Financial outlook for the three months ending June 30, 2025:

 

View original content:https://www.prnewswire.com/news-releases/aspen-aerogels-inc-reports-first-quarter-2025-financial-results-and-recent-business-highlights-302449529.html

SOURCE Aspen Aerogels, Inc.

The rapid expansion of e-commerce platforms and organized retail chains has significantly influenced the meat packaging industry. With consumers increasingly turning to online channels for grocery shopping, the demand for high-quality, tamper-proof, and visually appealing meat packaging has grown substantially. These platforms require packaging that ensures the freshness and safety of meat products during transportation and delivery, particularly as orders are fulfilled from centralized warehouses and delivered over long distances.

WILMINGTON, Del., May 8, 2025 /PRNewswire/ — Allied Market Research published a report, titled, “Plastic Based Meat Packaging Market by Product Type (Trays, Clamshells, Bags & Pouches, and Others), Material Type (Polyethylene (PE), PET, Recycled PET (rPET), Polypropylene (PP), and Others), and Meat Type (Chicken, Beef, Pork, and Others): Global Opportunity Analysis and Industry Forecast, 2025-2034”. According to the report, the “Plastic Based Meat Packaging Market” was valued at $9.9 billion in 2024, and is estimated to reach $14.4 billion by 2034, growing at a CAGR of 3.9% from 2025 to 2034.

Rising Global Demand for Meat Products

The global appetite for meat has been steadily increasing, fueled by rapid population growth, rise in income, and urbanization in emerging economies across Asia, Africa, and Latin America. As urban lifestyles evolve, dietary patterns are shifting toward higher protein intake, with meat becoming a staple in many households. This rising demand is placing pressure on the meat supply chain and simultaneously driving innovation and investment in the meat packaging sector to support growing volumes and maintain quality standards. According to the OECD-FAO Agricultural Outlook 2023–2032, global per capita meat consumption is projected to rise by 2% between the 2020–2022 base period and 2032. This growth is primarily attributed to middle-income countries, where economic expansion, urbanization, and the proliferation of fast-food industries are influencing dietary habits. Poultry meat is expected to account for 41% of the protein consumed from all meat sources by 2032, followed by pig, bovine, and ovine meat. Per capita meat consumption in India has also shown an upward trajectory. Between 2015 and 2023, urban areas witnessed a 42% increase in per capita meat consumption, rising from 3.1 kg to 4.4 kg annually. This surge is influenced by factors such as urbanization, changing food habits, and the expansion of quick-service restaurants (QSRs). The QSR sector in India grew by 18% annually between 2020 and 2023, reaching USD 2.7 billion, with a 35% increase in meat-based menu items.

Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A43994

Trump’s Tarriff Impact on Meat Packaging Industry

The imposition of tariffs has led to retaliatory measures from key trading partners. China, for instance, imposed a 25% retaliatory tariff on U.S. pork, in addition to the existing 8% most-favored-nation rate, placing U.S. pork producers at a competitive disadvantage compared to other suppliers. Consequently, U.S. pork exports to China declined from $2.28 billion in 2020 to $1.24 billion in 2023. Similarly, beef and poultry exports faced challenges due to expiring certifications and retaliatory tariffs, threatening approximately $5 billion in trade with China. Tariffs on imported steel and aluminum, essential materials for meat packaging, led to higher input costs. The U.S. International Trade Commission reported that Section 232 tariffs increased aluminum prices by 1.6% and steel prices by 1.5%, which, in turn, raised costs for downstream industries, including meat packaging. These increased costs pressured companies to either absorb the expenses or pass them on to consumers. The tariffs sparked political debates, especially in agricultural states. Some Republican lawmakers expressed concerns over the long-term viability of such trade policies, fearing sustained economic harm to their constituencies. The Meat Institute also opposed Section 301 tariffs, advocating for comprehensive trade agreements to mitigate the adverse effects on the meat industry.

Sustainable & Eco-Friendly Packaging Solutions for Meat Products

The meat packaging industry is undergoing a significant transformation toward sustainability, driven by environmental concerns, regulatory mandates, and evolving consumer preferences. This shift emphasizes the adoption of eco-friendly materials and innovative packaging solutions to reduce the environmental impact of meat packaging. Researchers from the Indian Institute of Technology (IIT) Roorkee developed Kodo millet-based edible cups as an innovative solution to reduce plastic waste. This sustainable packaging approach utilizes Paspalum scrobiculatum (Kodo millet), guar gum, and hibiscus powder to enhance structural integrity and environmental sustainability. Such developments demonstrate how underutilized crops can be harnessed to develop biodegradable, edible alternatives to conventional plastic packaging. The Bureau of Indian Standards (BIS) issues the Ecomark certification to products that meet specific environmental criteria. This certification aims to increase consumer awareness and encourage the production of environmentally friendly products. The scheme has been updated under the ‘LiFE’ (Lifestyle for Environment) Mission, with the Central Pollution Control Board (CPCB) nominated as the implementer alongside BIS.

Report Coverage & Details:

Cold Chain Dependency in Meat Packaging

The efficiency and effectiveness of meat packaging are heavily reliant on a well-developed cold chain infrastructure. Advanced packaging formats such as vacuum skin packaging, modified atmosphere packaging (MAP), and temperature-sensitive films are designed to preserve meat products under specific temperature conditions. These technologies are essential for maintaining the freshness, safety, and shelf life of perishable meat items, particularly in the context of long-distance transportation and e-commerce deliveries. ProAmpac and C-P Flexible Packaging have introduced innovative solutions in the Modified Atmosphere Packaging (MAP) sector to enhance both product visibility and freshness. ProAmpac introduced fiber-based MAP solutions such as the RAP Sandwich Wedge, which not only improves product visibility but also extends the freshness of packaged goods. C-P Flexible Packaging collaborated with Northwest Frozen to develop hermetically sealed meals using low-oxygen MAP techniques, further optimizing the shelf life and quality of frozen meals. In January 2022, FSSAI issued directions under Section 16(5) of the Food Safety and Standards Act, 2006, operationalizing the Draft Food Safety and Standards (Packaging) Amendment Regulations, 2022. These regulations pertain to the use of recycled plastics in packaging.

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Growth in Organic Meat Demand in Asia-Pacific countries

The growth in organic meat demand in Asia-Pacific countries has become a significant trend driven by increasing health-consciousness and rising disposable incomes in the region. Organic meat, which is produced without the use of synthetic pesticides, fertilizers, or hormones, is gaining popularity among consumers who are more aware of food safety, environmental sustainability, and animal welfare concerns. In China and India, rapid urbanization and a burgeoning middle class are driving greater demand for high-quality food products, including organic meat. Consumers are becoming more discerning about the quality of the food they consume, influenced by concerns about the safety of conventionally produced meat, which may contain harmful chemicals or antibiotics. The Asia-Pacific region is projected to see a 1.3% annual growth in meat consumption from 2024 to 2035, reaching 114 million tons by 2035. This growth is primarily driven by increased demand in middle-income countries, particularly India and Southeast Asia, due to urbanization and rising incomes

Threat of New Entrants in the Meat Packaging Industry:

The threat of new entrants in the meat packaging industry is moderate to low due to several barriers to entry that protect established players. One of the key barriers is the significant capital investment required to set up meat processing and packaging facilities. These facilities need to meet stringent regulations related to food safety, quality control, and health standards, which can be costly for new companies to comply with. In addition, established companies benefit from economies of scale, allowing them to reduce unit costs and maintain competitive pricing that newcomers might find difficult to match.

Competitive Rivalry in the Meat Packaging Industry:

Competitive rivalry in the meat packaging industry is generally high due to the presence of several large, well-established players. Companies in this sector often compete based on factors such as price, product quality, innovation, and service. With many competitors offering similar products, there is intense pressure to maintain competitive pricing while ensuring compliance with health and safety regulations, which increases operational costs. Furthermore, the rise of consumer preferences for organic, sustainable, and ethically sourced meats adds another layer of competition, as companies need to differentiate themselves with these attributes.

Leading Market Players: –

• Amcor plc, Mondi
• Berry Global Inc.
• Sealed Air Corporation
• Winpak Ltd
• Coveris
• Bolloré Group
• Sealpac International bv
• Smurfit Kappa
• ULMA GROUP

Recent Key Developments

• In August 2023, Amcor launched AmFiber Packpyrus, a paper-based packaging solution for meat products. This packaging contains at least 85% paper fibers from FSC certified sources and offers a 56% reduction in carbon footprint compared to traditional plastic trays.
• In August 2023, Amcor acquired Phoenix Flexibles, a flexible packaging company based in Gujarat, India, to expand its market presence. In November 2024, Amcor agreed to acquire Berry Global for $8.43 billion in stock, aiming to enhance its product portfolio and global footprint.

The report provides a detailed analysis of these key players in the global Plastic Based Meat Packaging Market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/meat-packaging-market/purchase-options

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

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SOURCE Allied Market Research

A New Landmark in Causeway Bay Unveils Human-centric and Future-proof Design

HONG KONG, May 8, 2025 /PRNewswire/ — Located in the heart of Hong Kong, Lee Garden Eight is a premium mixed-use commercial development that redefines how people live, work and connect in the future. Jointly developed by Hysan Development Company Limited (“Hysan”) and Chinachem Group (“CCG”), Lee Garden Eight is set to be Causeway Bay’s new centrepiece. It represents a next-generation workplace and retail landmark, seamlessly connected to harness the buzz of the city, while transforming the urban jungle into an oasis of light, air and limitless potential.

Boasting the largest commercial floor plate on Hong Kong Island, Lee Garden Eight will offer the physical space for new experiences and possibilities. With a green indoor-outdoor space in mind, developers and the design architect Foster + Partners engineered a vibrant community where life flows.

Spanning over 100,000 sq. ft, the retail offerings at Lee Garden Eight are designed to cater to lifestyle and wellness needs, from fashion boutiques to premium gadgets and lifestyle goods. The design of Lee Garden Eight creates a rich, diverse, and active ground plane that fosters a sense of community. The project features an incredibly generous 60,000 sq. ft of green open space, bringing life to the area and forming seamless links to Lee Gardens. While Causeway Bay is known as a vibrant, fast-flowing urban quarter, Lee Garden Eight has been designed to be an oasis of serenity and tranquillity within a neighbourhood known for its relentless pace. Tree-lined streetscapes set the scene for life-enhancing experiences, as do an open market and a cultural performance area.

In the post-pandemic era, green spaces can offer fresh air and an energising flow that shift mindsets, promote productivity, and inspire overall well-being. Terraces on office floors (Tower 1 & 2) of Lee Garden Eight create vertical gardens that encourage social interactions. The lush landscape terraces travel through the building, creating a green spine with balconies at every level, establishing a strong connection between the building occupants and the natural environment.

As a mixed-use commercial development, Lee Garden Eight’s design balances diverse and modern needs between retail and office spaces. Recognising the importance of spatial flexibility, the project features the largest span floor plates on Hong Kong Island, reaching up to 39,000 sq. ft, allowing entire organisations and departments to occupy the same floor. Lee Garden Eight’s design incorporates a wide range of sustainable features, including a 3.25-metre-high ceiling and 2.15-metre-wide electric operable windows that facilitate natural ventilation. Over 50% of the space will enjoy a minimum of 4 hours of natural light daily. This approach is part of its sustainability strategy targeting carbon reduction at every stage of the building’s life cycle, from construction to operation. Ultimately, this enhances biophilia connections for occupants and biodiversity within our landscape.

Mr Ricky Lui, Executive Director and Chief Operating Officer, Hysan Development Company Limited stated, “Lee Garden Eight is the result of a close partnership between our team and Foster + Partners. From the very beginning, there has been a strong alignment in vision — both teams are committed to creating a place that is not only commercially successful but also meaningful to the city’s fabric. The open and transparent dialogue throughout the process has allowed us to challenge each other creatively while staying true to a shared set of values. This mutual respect and clarity of purpose are instrumental in shaping a design that is both ambitious and grounded in the local context.”

Ricky Tsang, Executive Director and Chief Financial Officer of Chinachem Group stated, “As a landmark commercial development in the vibrant heart of Causeway Bay, adhering to the highest green building standards, Lee Garden Eight underscores CCG’s dedication to shaping a greener, more liveable Hong Kong for our future generations. In partnership with Hysan and Foster + Partners, we look forward to delivering a transformative placemaking initiative that cultivates community well-being and social cohesion.”

Mr Luke Fox, Senior Executive Partner, Head of Studio, Foster + Partners stated, “The Lee Gardens area has always been a dynamic district. This is a unique opportunity to extend the vibrant experience of Causeway Bay, establish a sustainable masterplan for the future, and create a new landmark for Hong Kong in a culturally significant site. Our design of Lee Garden Eight integrates seamlessly with its surroundings, unlocks new connections to the city, and provides high-quality public spaces that breathe new life into the area.”

About Hysan Development Company Limited

Hysan Development Company Limited is a leading property investment, management, and development company with a core portfolio of approximately 4.5 million square feet of high-quality office, retail and residential space in Hong Kong. With roots in the city that go back more than 100 years, Hysan has focused on building the community, mixing the traditional and the new, applying technology and practicing sustainability. It has transformed the Lee Gardens area into a modern smart community, with a unique Hong Kong character, making it an attractive destination for leading multinational corporations, international visitors and local residents.

The Company has been growing its core portfolio through upgrades and expansion. It has also invested in strategic growth pillars which target opportunities brought about by the New Economy, with the aim of reinforcing Hysan’s business by geography and by sector. Among its strategic pillars are Lee Gardens Shanghai and an urban renewal project in To Kwa Wan. Hysan has been listed on the Stock Exchange of Hong Kong since 1981 under stock code 00014.

Please visit https://www.hysan.com.hk 

About Chinachem Group

Founded in 1960, Chinachem Group (“CCG”) is a leading private real estate company in Hong Kong. CCG manages a diverse portfolio of investment and development properties with a footprint of over 9 million square feet. Leveraging its extensive expertise in real estate development, CCG delivers high-quality residential spaces and maintains a robust pipeline of commercial projects, while its property services business creates value by managing assets for sustainable, long-term growth.

CCG is also a hotel owner and operator, managing and operating properties under the Nina Hotels and Lodgewood by Nina Hospitality brands. The acquisition of Pine Care Group marks CCG’s expansion into elderly care services, underscoring its commitment to delivering pristine care for the elderly.

With a workforce of over 4,000 employees, CCG is dedicated to making better places to live, work and raise future generations in Hong Kong and beyond.

Please visit www.chinachemgroup.com/en  

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SOURCE Hysan Development Company Limited

FORNEBU, Norway, May 8, 2025 /PRNewswire/ — Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the first quarter 2025. Aker Horizons’ net capital employed stood at NOK 4.3 billion, a decrease of NOK 1.7 billion from the fourth quarter, mainly reflecting the dividend paid by Aker Carbon Capture ASA (“ACC”) during the quarter and AKH’s share of results in the portfolio companies in Q1. The company reported a cash position of NOK 4.1 billion and an undrawn credit facility of EUR 500 million. The credit facility has since expired and will not be extended.

Main developments in the portfolio:

ACC paid the first portion of a NOK 3.5bn dividend to shareholders in Q1

• A dividend payment of NOK 1.26bn was received by AKH in March, NOK 0.26bn in May
• ACC received an earn-out of NOK 71m from SLB related to the Hafslund Celsio contract award
• SLB Capturi recorded high commercial activity, with several tenders in process

The refinancing of Mainstream Renewable Power (“MRP”) was completed, securing funding for growth in core markets South Africa and Asia Pacific

• Three projects for a combined 350 MW are advancing towards financial close within the next 18 months in South Africa
• A portfolio of projects in Colombia totaling 675 MW was sold to local energy company Celsia
• Morten Henriksen was appointed as new CEO of MRP, and corporate headquarters are being relocated from Dublin to Oslo

Aker Horizons is exploring the potential for data centers in the north of Norway together with Nordkraft

• A potential data center business could leverage the ready-to-build Kvandal site in Narvik
• The Narvik Green Ammonia project is awaiting feedback on an application for additional grid capacity, and will not proceed to the next stage until clarity on grid is obtained

SuperNode completed the initial full-scale testing of its superconducting technology

• A prototype of SuperNode’s full-scale superconducting system was tested successfully in the company’s own facility in the UK in March
• A demo with 30 meters transmission distance is to be conducted in mid-2025

Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons’ initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the first quarter, Aker Horizons had NOK 898 million net capital employed in ACC, NOK 2.06 billion in Mainstream, NOK 573 million in AAD, NOK 195 million in SuperNode and NOK 568 million in other assets.

The Q1 2025 presentation is attached.

Aker Horizons’ CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and Mainstream’s CFO Julie Berg will present the main developments in the first quarter 2025 today at 08:30 CET, followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons’ website:

https://akerhorizons.com/investors

For further information, please contact:
Jonas Gamre, Investor Relations, tel: +47 97 11 82 92, email: jonas.gamre@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and sustainable industrial assets. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 8 May 2025 at 07:00 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-horizons/r/aker-horizons-asa–first-quarter-results-2025,c4147211

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SOURCE Aker Horizons

• Sigma Lithium continued to demonstrate its operational resilience delivering strong financial performance:
  • Production of 68,308t of lithium oxide, above target and 26% higher than 1Q24.
  • CIF China Cash Costs and All-In Sustaining Costs: US$458/t and US$622/t, respectively 8% and 6% better than FY 2025 targets.
  • EBITDA and adjusted EBITDA for non-cash expenses: US$10m and US$11.4m, respectively, representing 21% and 24% EBITDA margins; and a significant 28% increase in revenues compared to 1Q24.

• The Company was truly honored by the overwhelming positive endorsement received from our communities at Vale do Jequitinhonha, demonstrated by over 2,000 supporters during the public hearings on lithium production at Brazil’s Lithium Valley:
  • An unprecedented 91% of favorable depositions and testimonials from the residents of cities Itinga and Araçuaí.

• We are also proud to be able to count on the unequivocal support of Brazil’s Federal Government and of Minas Gerais State Government:
  • Sigma Lithium has become a locomotive of prosperity in the region, creating over 1,700 direct and 20,000 indirect jobs with more than 21,000 people benefiting from our social inclusion programs of microcredit and irrigation for subsistence family agriculture.

SÃO PAULO, May 7, 2025 /PRNewswire/ — Sigma Lithium Corporation (TSXV/NASDAQ: SGML, BVMF: S2GM34) (“Sigma Lithium” or the “Company“), a leading global lithium producer dedicated to powering the next generation of electric vehicles with socially and environmentally sustainable lithium concentrate, is releasing a preview of its first quarter 2025 earnings, ahead of the Company’s senior management participation in several key events next week, including Brazil Week in New York and the APEX Brazil-China Seminar in Beijing, held during the visit of Brazil’s Presidential Delegation.

Sigma Lithium delivered a superb operational performance in the first quarter of 2025, with both production and low costs outperforming the Company’s full-year 2025 targets. Building on the positive trajectory of financial performance established over the last year, the Company achieved significant improvements across all key metrics compared to the first quarter of 2024, despite a weaker lithium pricing environment: lower costs, increased production and sales volumes, and higher revenues and EBITDA.

Key Operational and Financial Highlights:

The Company’s Co-Chairperson and CEO, Ana Cabral, commented, “Our teams have delivered superb execution in the 1Q25, which is demonstrated by our continued strong financial performance across all metrics. This quarter, we continued to outperform the financial targets set for FY2025, highlighted by our low all-in-sustaining-costs, amongst the lowest in the entire lithium industry. As a result, we built significant operational resilience which enables us to successful navigate the lithium price cycles. The financial strengthening of the Company over the last year is also demonstrated by our significant financial outperformance versus the 1Q24, achieved by our relentless execution and strong focus on “what we can control”. We remain committed to progressing responsibly and with discipline with our growth strategy, to build lasting value for all of our stakeholders.”

The strategic location of the Company’s subsidiary Sigma Brazil, responsible for 100% of its operations in Brazil, a diplomatically neutral, investor-friendly country and BRIC leader, helped insulate the Company from global trade disruptions and broader geopolitical tensions. Sigma Brazil delivers its lithium oxide materials to all markets, continuously increasing its global market share as it increases production, while strengthening and expanding its client relationships and international reach.

We are proud to be able to count on the unequivocal support of Brazil’s Federal Government and of Minas Gerais State Government. We were also truly honored by the overwhelming support received from our communities at Vale do Jequitinhonha, demonstrated by over 2,000 supporters and an unprecedented 91% of positive depositions and testimonials given by residents of our cities Itinga and Aracuai during the public hearings regarding lithium production at Brazil’s Lithium Valley conducted by the State of Minas Gerais District Attorney (“Ministerio Publico“) with all companies operating in the region.

The Company expects to release the full first quarter of 2025 financial and operating results on May 14, 2025 after the market closes. The Company will host a conference call to discuss these results on May 15, 2025, at 8:00 AM ET. To participate in the call, click here to register

ABOUT SIGMA LITHIUM
Sigma Lithium (NASDAQ: SGML, TSXV: SGML, BVMF: S2GM34) is a leading global lithium producer dedicated to powering the next generation of electric vehicle batteries with carbon neutral, socially and environmentally sustainable chemical-grade lithium concentrate.

The Company operates one of the world’s largest lithium production sites—the fifth-largest industrial-mineral complex for lithium oxide—at its Grota do Cirilo Operation in Brazil. Sigma Lithium is at the forefront of environmental and social sustainability in the electric vehicle battery materials supply chain, producing Quintuple Zero Green Lithium: net-zero carbon lithium made with zero dirty power, zero potable water, zero toxic chemicals, and zero tailings dams.

Sigma Lithium currently produces 270,000 tonnes of lithium oxide concentrate on an annualized basis (approximately 38,000–40,000 tonnes of LCE) at its state-of-the-art Greentech Industrial Lithium Plant. The Company is now constructing a second plant to double production capacity to 520,000 tonnes of lithium oxide concentrate (approximately 77,000–80,000 tonnes of LCE).

For more information about Sigma Lithium, visit our website 

Sigma Lithium

LinkedIn: Sigma Lithium
Instagram: @sigmalithium
Twitter: @SigmaLithium

FORWARD-LOOKING STATEMENTS 

This news release includes certain “forward-looking information” under applicable Canadian and U.S. securities legislation, including but not limited to statements relating to timing and costs related to the general business and operational outlook of the Company, the environmental footprint of tailings and positive ecosystem impact relating thereto, donation and upcycling of tailings, timing and quantities relating to tailings and Green Lithium, achievements and projections relating to the Zero Tailings strategy, achievement of ramp-up volumes, production estimates and the operational status of the Groto do Cirilo Project, and other forward-looking information. All statements that address future plans, activities, events, estimates, expectations or developments that the Company believes, expects or anticipates will or may occur is forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Forward-looking information contained herein is based on certain assumptions regarding, among other things: general economic and political conditions; the stable and supportive legislative, regulatory and community environment in Brazil; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the Company’s market position and future financial and operating performance; the Company’s estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; and the Company’s ability to operate its mineral projects including that the Company will not experience any materials or equipment shortages, any labour or service provider outages or delays or any technical issues. Although management believes that the assumptions and expectations reflected in the forward-looking information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Forward-looking information inherently involves and is subject to risks and uncertainties, including but not limited to that the market prices for lithium may not remain at current levels; and the market for electric vehicles and other large format batteries currently has limited market share and no assurances can be given for the rate at which this market will develop, if at all, which could affect the success of the Company and its ability to develop lithium operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the current annual information form of the Company and other public filings available under the Company’s profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

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SOURCE Sigma Lithium Corporation

HESPERIA, Calif., May 7, 2025 /PRNewswire/ — Pacific Gas and Electric Company recently joined elite fire professionals, top state and federal officials, and senior leaders representing philanthropy, insurance providers, and other electric utilities for the first-ever autonomous wildfire suppression demonstration in California.

Organized by Rain and Sikorsky, a Lockheed Martin company, the demonstration took place in in the Silverwood region of the Mojave River Valley nestled next to the San Bernardino National Forest. The demo featured a Black Hawk® helicopter equipped with autonomy systems from Lockheed Martin and Rain tracking and engaging multiple fires across the site, pulling water from dip tanks and extinguishing ignitions – all controlled via tablet.

PG&E leaders and a PG&E safety infrastructure protection team (SIPT) attended the demonstration.

“At PG&E, we are committed to ending catastrophic wildfires, and we have implemented several layers of protection and mitigation initiatives that have significantly reduced ignitions, but we know there’s more to do and we recognize the need to develop the technology of tomorrow that will help keep California safe as our climate challenges evolve,” said Mark Quinlan, senior vice president of Wildfire, Emergency, and Operations at PG&E. “To that end, we continue to work closely with innovators and changemakers like Rain and Lockheed Martin to adapt and adopt innovative tools and technologies to keep our customers and hometowns safe. I envision a day in the near future in which PG&E’s fleet of Sikorsky helicopters, which we loan to CAL FIRE and counties in our service area, being equipped with this autonomous capability.”

Alameda-based Rain is a participant in a PG&E research and development project administered through the Electric Program Investment Charge (EPIC) program, which is exploring how drone-enabled and autonomous wildfire suppression technologies can reduce response times, reduce risk of ignitions becoming catastrophic wildfires, and reduce operating costs for field crews.

Rain is also a participant in the XPRIZE Wildfire competition, of which PG&E is the Co-Title sponsor alongside the Gordon and Betty Moore Foundation, Presenting Sponsor Minderoo Foundation, Bonus Prize Sponsor Lockheed Martin and Supporting Sponsors Conrad N. Hilton Foundation, and benefactors Nichola Eliovits and Michael Antonov.

XPRIZE Wildfire is a four-year, $11 million competition to develop and demonstrate fully autonomous capabilities to detect and extinguish wildfires. XPRIZE Wildfire includes two complementary tracks designed to transform how fires are detected, managed and suppressed:

• In the Autonomous Wildfire Response track, teams will need to monitor at least 1,000 square kilometers (386 square miles) and autonomously suppress a wildfire within 10 minutes of detection.
• In the Space-Based Wildfire Detection & Intelligence track, teams will have one minute to accurately detect all fires across a landscape larger than entire states or countries, and 10 minutes to precisely characterize and report data with the least false positives to two ground stations. 

In addition to Rain, through the EPIC project, on separate occasions PG&E will demonstrate and evaluate the viability of other autonomous wildfire suppression technologies in various operating environments.

For more information about PG&E’s R&D efforts visit www.pge.com/innovation.

About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE: PCG), is a combined natural gas and electric utility serving more than sixteen million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news  

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SOURCE Pacific Gas and Electric Company

MUNICH, May 7, 2025 /PRNewswire/ — Envision Energy, a global leader in green technology , today announced the launch of its next-generation EN 8 Pro 8MWh DC Liquid-Cooled Energy Storage System at Smarter E Europe 2025. Designed to accelerate the transition to an intelligent, resilient, and net-zero energy future, the EN 8 Pro sets a new benchmark in safety, performance, cost-efficiency, and environmental adaptability. Featuring a high energy density design that delivers over 8MWh high capacity, it combines advanced fire protection, intelligent thermal management, and reduced Levelized Cost of Energy (LCOE), making it an ideal solution for large-scale renewable integration and utility-scale energy storage.

Prevention-First Strategy for Ultra-Safety

Envision’s “Prevention First”  fire safety strategy is fully embodied in the EN 8 Pro.

• Multi-layer defence combining three levels of fire suppression with active and passive deflagration control for full fire protection from cell to system level.
• Patented Triple-Fuse Cell Technology -electrical, gas, and solid-state fuses greatly reduces cell-level thermal runaway risk, by interrupting electrical pathways, relieving pressure, and blocking ion transport.
• Early Fault Detection: AI-IoT diagnostics predict early failure warnings and continuous
• health insights for proactive intervention.
• Fully compliant with NFPA 855 and NFPA 68/69, the system delivers industry-leading protection under extreme conditions.

Lower LCOE and  HigherPerformance

• 26 % smaller footprint (4-hour system) and 12 % lower auxiliary power drive down LCOE.
• Quick-connect interface allows pack replacement in under one hour, minimising downtime.
• 700 Ah-plus cells provide > 8 MWh capacity with higher energy density and long service life.
• Precision SoC algorithms and millisecond-level data acquisition optimize energy management in real time.

Exceptional Environmental Adaptability

With IP55 protection, C5 anti-corrosion ratings, and low-noise technology — achieving 20dB quieter than typical industry standards, the EN 8 Pro thrives in harsh climates, sound-sensitive areas, urban centres, and industrial zones alike.

“In the race to net-zero, energy storage must be safer, smarter, and more efficient,” said Kevin Huang, Senior Vice President and President of Energy Storage Product Line at Envision Energy, “The EN 8 Pro is not just a product launch — it’s a leap forward in how we think about building a decarbonized, AI-driven energy system at scale. With industry-leading safety innovations, record energy density, and exceptional environmental resilience, the EN 8 Pro addresses the real challenges of the global energy transition. We are proud to debut it at Smarter E Europe 2025, a global stage where technology and action meet to accelerate a sustainable future.”

The EN 8 Pro  is poised to support utility-scale renewable integration, grid stabilization, and energy transition projects worldwide.

– End  –

 

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SOURCE Envision Energy

First Quarter 2025 Highlights (comparisons to first quarter 2024)

• Highest-ever first quarter revenue of $177.8 million, an increase of $22.5 million, or 14.5%
• Net loss of $19.4 million, or $0.64 net loss per diluted share attributable to common stockholders (LPS), and Adjusted Net Income¹ of $5.8 million, or $0.07 Diluted Adjusted Net Income per share¹ (Adj EPS)
• Highest-ever first quarter Consolidated Adjusted EBITDA¹ of $19.0 million, an increase of $2.1 million, or 12.5%
• Highest-ever first quarter operating cash flow of $5.5 million, an increase of $27.5 million
• Reported leverage ratio of 2.2x as of March 31, 2025, and significant liquidity of $294.2 million, including $30.3 million of cash and $263.9 million available under the revolving credit facility

Increased 2025 Guidance

• Increased expected full year 2025 Consolidated Adjusted EBITDA¹ to a range of $103.0 million to $110.0 million, from $101.0 million to $108.0 million previously
• Reaffirms expected full year 2025 revenue within a range of $735.0 million to $785.0 million
• Expects full year 2025 Consolidated Adjusted EBITDA¹ expansion and higher operating cash flow generation

Strategic Capital Allocation Update

• Announced inaugural stock repurchase program of up to $40.0 million
• Executed on capital allocation priorities and redeemed $60.0 million of preferred equity in April 2025

LITTLE ROCK, Ark., May 7, 2025 /PRNewswire/ — Montrose Environmental Group, Inc. (the “Company,” “Montrose” or “MEG”) (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims to enhance environmental stewardship and economic development. Today, the Company announced results for the first quarter ended March 31, 2025.

Montrose Chief Executive Officer and Director, Vijay Manthripragada, commented, “Our uniquely integrated portfolio of environmental science-based solutions and technology continues to position Montrose to exceed expectations. We reported our highest-ever first-quarter revenue, Consolidated Adjusted EBITDA, and operating cash flow. In November 2024, we announced an acquisition pause to focus on stated objectives—to deliver high-single-digit organic revenue growth, enhance margins, improve cash flow generation, prioritize redemption of the preferred shares, optimize our balance sheet, and maintain ample liquidity. Our first quarter performance demonstrates the initial benefits of this shift in our focus. Numerous tailwinds, which we expect to sustain, drove our strong results and underpin confidence in our strengthened 2025 guidance. Examples of key tailwinds include: our private sector clients’ increasing industrial activity, the impact of US state regulations on our private and public sector clients, and the strategic advantages of our integrated business model and service portfolio.”

Mr. Manthripragada continued, “Our exceptional team is dedicated to achieving our stated goals and enhancing stockholder value. We remain unwavering in our commitment to fostering economic growth while improving environmental stewardship.”

 

2025 Updated Guidance 

Montrose announced an increase in the expected 2025 Consolidated Adjusted EBITDA¹ range to $103.0 million to $110.0 million, from $101.0 million to $108.0 million previously. The increased range reflects an expansion of Consolidated Adjusted EBITDA¹ as a percentage of revenue.

Montrose reaffirmed its expected 2025 revenue range of $735.0 million to $785.0 million. This revenue range reflects key tailwinds and strong customer demand, despite macroeconomic and geopolitical uncertainty. The Company’s clients across diverse end markets have broadly maintained, and expect to continue to maintain, environmental compliance and stewardship objectives. Consistent with reaffirming revenue guidance, the Company also reiterated long term organic revenue growth expectations of 7% to 9% per year. Revenue and Consolidated Adjusted EBITDA¹ outlooks do not include any benefit from future acquisitions.

2025 guidance incorporates the anticipated impacts of recent announcements from the US EPA, changes in tariff policy announced to date, and broader macroeconomic and geopolitical factors. Montrose expects to be able to proactively address any future impact of tariffs on its project pricing and/or cost structure. Tariffs are not expected to impact Consolidated Adjusted EBITDA¹ as a percentage of revenue meaningfully. The Company’s earnings exposure to currency and interest rate fluctuations is significantly hedged. Montrose maintains a strong local presence and domestic workforce with unique technical capabilities across all key geographies. As a result, the effect of current geopolitical dynamics on client relationships has been minimal and is expected to remain so.

First Quarter 2025 Results

Total revenue in the first quarter of 2025 was $177.8 million compared to $155.3 million in the prior year quarter, an increase of 14.5%. The increase in revenue was primarily comprised of organic growth in the Remediation and Reuse and Measurement and Analysis segments of $17.8 million, and contributions from acquisitions of $13.5 million, partially offset by a $5.8 million reduction in the Assessment, Permitting and Response segment revenue due to several larger projects in the prior year period that did not repeat in the current year period, and a $1.8 million reduction in environmental emergency response revenue. Environmental emergency response revenues were $13.9 million and $15.7 million in the three months ended March 31, 2025, and 2024, respectively.

Net loss was $19.4 million, or $0.64 of LPS, in the first quarter of 2025, compared to net loss of $13.4 million, or $0.53 LPS, in the prior year quarter. The year-over-year change in net loss was primarily attributable to increases in interest and income tax expenses of $1.8 million and $2.4 million, respectively. The change in LPS was primarily attributable to the higher net loss, partially offset by a higher weighted average outstanding share count.

In the first quarter of 2025, Adjusted Net Income¹ and Adj EPS¹ were $5.8 million and $0.07, respectively, compared to the prior year Adjusted Net Income¹ of $8.4 million and Adj EPS¹ of $0.16, following the net loss and LPS trends.

In the first quarter of 2025, Consolidated Adjusted EBITDA¹ was $19.0 million, or 10.7% of revenue, compared to $16.9 million, or 10.9% of revenue, in the prior year quarter. The increase in Consolidated Adjusted EBITDA¹ was due to higher revenue driven by organic growth and acquisitions. The slight decline in Consolidated Adjusted EBITDA¹ as a percentage of revenue resulted primarily from normalized project margins in the Assessment, Permitting and Response segment and seasonality, partially offset by benefits from operating leverage in the Measurement and Analysis segment, and recent acquisitions. Consolidated Adjusted EBITDA¹ as a percentage of revenue for the full year 2025 is expected to exceed full year 2024.

Operating Cash Flow, Liquidity and Capital Resources

Net cash provided by operating activities for the quarter ended March 31, 2025, was $5.5 million compared to net cash used in operating activities of $22.0 million in the prior-year period. The $27.5 million increase related to improvement in working capital use of $20.1 million, primarily associated with a decrease in accounts receivable and contract assets driven by seasonally lower revenues from the fourth quarter of 2024 to the first quarter of 2025, as well as higher earnings before non-cash items.

Montrose previously disclosed delayed receivables from a large project related to a US Navy-owned facility for the City of Tustin, California (Tustin). As of this press release date, the remaining amount Tustin owes Montrose is approximately $7.5 million, compared to $13.5 million as reported in February of this year. The incremental $6.0 million was collected after the first quarter end, and therefore was not included in the reported first quarter operating cash flow. Montrose remains confident in the full collectability of the outstanding balance.

As of March 31, 2025, Montrose’s leverage ratio under the 2025 Credit Facility was 2.2x. As of March 31, 2025, Montrose had $294.2 million of liquidity, including $30.3 million of cash and $263.9 million of availability on the revolving credit facility.

On April 1, 2025, the Company redeemed $60.0 million in stated value of the Series A-2 Preferred Stock in cash, funded with cash on hand and borrowings under the 2025 Credit Facility.

Webcast and Conference Call

The Company will host a webcast and conference call on Thursday, May 8, 2025, at 8:30 a.m. Eastern time to discuss first quarter results. A question-and-answer session will follow the prepared remarks. A live webcast of the conference call will be available in the Investors section of the Montrose website at www.montrose-env.com. Alternatively, to participate on the day of the call, participants may access the live call by dialing 1-844-826-3035 in the United States or 1-412-317-5195 internationally approximately ten minutes before the call and requesting to join the Montrose First Quarter 2025 Earnings Conference Call. For those unable to listen to the live broadcast, an audio replay of the conference call will be available on the Montrose website for 30 days.

About Montrose

Montrose is a leading environmental solutions company focused on supporting commercial and government organizations as they deal with the challenges of today and prepare for what’s coming tomorrow. With ~3,400 employees across 120 locations worldwide, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling Montrose to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, environmental emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com.

Forward‐Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “intend,” “expect”, and “may”, and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

Contact Information:

Investor Relations:
Adrianne D. Griffin
Senior Vice President, Investor Relations and Treasury
(949) 988-3383
ir@montrose-env.com

Media Relations:
Tammy Hovey
Director, Corporate Communications
(917) 520-2751
pr@montrose-env.com

 

 

 

 

Non-GAAP Financial Information 

In addition to our results under GAAP, in this release we also present certain other supplemental financial measures of financial performance that are not required by, or presented in accordance with, GAAP, including, Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adjusted Net Income per Share. We calculate Consolidated Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other items, including stock-based compensation expense and acquisition-related costs, as set forth in greater detail in the table below. We calculate Adjusted Net Income as net income (loss) before amortization of intangible assets, stock-based compensation expense, fair value changes to financial instruments and contingent earnouts, discontinued specialty lab, and other gain or losses, as set forth in greater detail in the table below. Basic and Diluted Adjusted Net Income per Share represents Adjusted Net Income attributable to stockholders divided by the fully diluted number of shares of common stock outstanding during the applicable period.

Consolidated Adjusted EBITDA is one of the primary metrics used by management to evaluate our financial performance and compare it to that of our peers, evaluate the effectiveness of our business strategies, make budgeting and capital allocation decisions and in connection with our executive incentive compensation. Adjusted Net Income and Basic and Diluted Adjusted Net Income per Share are useful metrics to evaluate ongoing business performance after interest and tax. These measures are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe they are helpful in highlighting trends in our operating results because they allow for more consistent comparisons of financial performance between periods by excluding gains and losses that are non-operational in nature or outside the control of management, and, in the case of Consolidated Adjusted EBITDA, by excluding items that may differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments.

These non-GAAP measures do, however, have certain limitations and should not be considered as an alternative to net income (loss), earnings (loss) per share or any other performance measure derived in accordance with GAAP. Our presentation of Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adjusted Net Income per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items for which we may make adjustments. In addition, Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adjusted Net Income per Share may not be comparable to similarly titled measures used by other companies in our industry or across different industries, and other companies may not present these or similar measures. Management compensates for these limitations by using these measures as supplemental financial metrics and in conjunction with our results prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single measure and to view Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adjusted Net Income per Share in conjunction with the related GAAP measures.

Additionally, we have provided estimates regarding Consolidated Adjusted EBITDA for 2025. These projections account for estimates of revenue, operating margins and corporate and other costs. However, we cannot reconcile our projection of Consolidated Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, without unreasonable efforts because of the unpredictable or unknown nature of certain significant items excluded from Consolidated Adjusted EBITDA and the resulting difficulty in quantifying the amounts thereof that are necessary to estimate net income (loss). Specifically, we are unable to estimate for the future impact of certain items, including income tax (expense) benefit, stock-based compensation expense, fair value changes and the accounting for the Series A-2 Preferred Stock. We expect the variability of these items could have a significant impact on our reported GAAP financial results.

In this release we also reference our organic growth. We define organic growth as the change in revenues excluding revenues from i) our environmental emergency response business, ii) acquisitions for the first twelve months following the date of acquisition, and iii) businesses held for sale, disposed of or discontinued. Management uses organic growth as one of the means by which it assesses our results of operations. Organic growth is not, however, a measure of revenue growth calculated in accordance with U.S. generally accepted accounting principles, or GAAP, and should be considered in conjunction with revenue growth calculated in accordance with GAAP. We have grown organically over the long term and expect to continue to do so.

In a given reporting period, when we refer to revenue changes driven by acquisitions, we are referring to the revenue contribution from any acquisition from its closing date through the first 12 months of that acquisition, at which point any subsequent contribution therefrom would be organic. 

 

 

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SOURCE Montrose Environmental Group, Inc.