Month: February 2023

Investment to Expand EV Fleet and EV Everywhere Business Units

OTTAWA, Ontario, Feb. 14, 2023 (GLOBE NEWSWIRE) — BluWave-ai announces that it has completed a $9.5M Series A financing round on Dec. 15, 2022. PowerON Energy Solutions, a subsidiary of Ontario Power Generation, has made a strategic investment and taken a minority stake along with existing and new private investors led by Capital Angels Network. BluWave-ai has also received a $1.73M grant through the Government of Canada investment through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)1 which was previously announced in November 2022.

PowerON is a leading provider of turnkey electric vehicle charging solutions for fleets. PowerON is servicing the Toronto Transit Commission (TTC)’s Electric Vehicle fleet for the next 20 years. As a result of the PowerON investment, James Brewer (VP, New Growth & Business Development at OPG) has been added to the Board of Directors at BluWave-ai.

The resources from this round will be deployed to build on the company’s Grid Optimization solution with the EV Fleet Orchestrator product line for EV Fleet operators, and the EV Everywhere product line for utilities dealing with the onslaught of personal EVs and electricity grid congestion and upgrade challenges. BluWave-ai has already secured lead customers for its EV Fleet orchestrator product with Dubai Taxi, other fleet operators, and PowerON. The EV Everywhere solution’s lead customers are Hydro Ottawa and IESO.

“BluWave-ai started its journey in 2017 and was built from the ground up to apply supercomputing and AI to the decarbonization of electricity on the plant. Over the last 5 years, we have won many international awards, completed 16 USPTO filings and deployed our products on three continents with recurring revenues,” said Devashish Paul, CEO and founder of BluWave-ai. “We built our grid optimization platform to deal with solar, wind, grid connections, weather, real-time market pricing, grid carbon content and utility-scale battery storage, but now EVs represent the biggest type of variable storage on the grid side, while representing an asset to absorb fluctuating renewables while decarbonizing road miles. Our Series A round is to grow the EV side of our business as it hits prime time during this next growth phase of the company.”

“PowerON has been established by OPG to deliver behind-the-meter electrified solutions for fleet operators across North America,” said Keegan Tully, Managing Director at PowerON Energy Solutions. “We chose to partner with a Canada-based world leader like BluWave-ai that is poised to transform the industry with AI and real-time automation.”

“The addition of a large penetration of EVs in the Ontario grid is a challenge,” said Thomas Triplet, BluWave-ai Senior Director of Engineering. “The IESO has collaborated with BluWave-ai on its EV Everywhere program. As part of the IESO project, working with Hydro Ottawa, and using this Series A financing, we’ve already launched our BluWave-ai EV Flight Test Center.”

“We are pleased to see the steady growth and progress of Ottawa-based cleantech leader, BluWave-ai,” said Michael Tremblay, President & CEO, Invest Ottawa. “They are paving the way for regions around the world to increase their use of renewable energy sources. We are particularly excited about their work in optimizing EV fleet deployment and smart/micro-grid operations, including a pilot project that they have underway with Hydro Ottawa at Area X.O. One more reason why the world needs Ottawa.”

“The future of Canada’s transportation industry is green. That is why FedDev Ontario has invested over $1.7 million in BluWave-ai as it creates the tools needed by our businesses to adapt to a new energy-efficient future,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Investments like these will help our entrepreneurs contribute to Canada’s end-to-end electric vehicle supply chain to ensure a seamless transition to electric vehicles.”

The use of proceeds from this round is for commercial scale-out, new customer acquisition, growing staff to 60, and expansion in existing markets for grid optimization as well as the EV market. As a result of the financing, the company has in excess of 30 months of runway with cash on hand and contracts to date; this enables product growth to service key customers in the market.

All shares issued in the round and to date are common class A shares. BluWave-ai has commenced the fundraising process for its Series B round for interested Climate Investors or strategic corporate partners for scale-out to build the world’s premier renewable energy and electric transport AI company.

The BluWave-ai EV Fleet Orchestrator is partially funded by support from FedDev Ontario. For details, click here. To purchase BluWave-ai’s EV Fleet Orchestrator and EV Everywhere products, please contact info@bluwave-ai.com.

Notes:

1. The grant from Federal Economic Development Agency for Southern Ontario previously announced in November 2022 is a repayable interest-free loan.

About BluWave-ai

BluWave-ai is focused on driving the proliferation of renewable energy and electric transportation worldwide. Our solutions apply artificial intelligence (AI) cloud software to optimize the cost, carbon footprint, and reliability of different energy sources, both renewable and non-renewable, in real time. This lets our customers – utilities, fleet operators and electricity system operators – improve their energy-related decision-making in planning and in live systems to decrease costs and carbon footprint. Every day, our employees come to BluWave-ai with the mission to decarbonize the planet by using hardware assets more efficiently with AI software while we build the world’s premier renewable energy and transport electrification AI company based in Canada.

Click here to learn more about BluWave-ai EV Fleet Orchestrator.

About PowerON Energy Solutions

PowerON Energy Solutions is the catalyst for organizations to electrify and create a better climate future. We provide turnkey planning, design, installation, operation and energy management for fleets to reduce cost and emissions. We understand that electrification is about more than just chargers and our technical expertise, experience and mastery of electrical systems allow us to deliver maximum ROI for our partners. PowerON is a subsidiary of Ontario Power Generation, one of the largest power generators in North America with more than 100 years of history building and operating complex electrical infrastructure.

About FedDev Ontario

For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s website.

Contact Information:
Brandon Paul
Senior Corporate Marketing Manager
brandon.paul@bluwave-ai.com

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GlobeNewswire Distribution ID 8748406

A broad international consortium has been established to develop the first handbook for Environmental, Social and Governance (ESG) disclosure in relation to marine minerals. The purpose of the guidance document is to enable evidence-based assessments of the ESG performance of marine mineral projects in the context of global standards

NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) — The IEA estimates a quadrupling of the amount of critical minerals required for the energy transition to meet the sustainable development scenario by 2040. The greater our climate ambition – the greater the demand for minerals will be. The renewable energy system is far more mineral intensive than the current system powered by fossil fuels. While recycling will play an important role, increased recycling rates will be insufficient to meet the increasing demand for minerals necessary for the energy transition for at least the next couple of decades.

Marine minerals are emerging as a potential source of minerals to help meet the growing demand. As with any extractive industries, consideration of ESG issues is key to ensuring transparent and responsible supply chains. While some ESG challenges and opportunities are shared across different sources of minerals, others are unique to marine minerals.

The ESG handbook will be a guidance document to addresses material topics related to marine mineral projects in the deep-sea environment using a standardized approach.

The need for creating a tailored ESG handbook for marine mineral mining is to specifically address the unique material topics of this new industry and provide guidance for companies to disclose ESG performance of their operations in a consistent manner. The handbook will build upon existing broad ESG reporting standards such as GRI and CDP, and industry specific standards such as IRMA (The Initiative for Responsible Mining Assurance) and Towards Sustainable Mining. The handbook seeks to become a useful disclosure guidance tool for companies, and to enable internal and external stakeholders to access this data in a format that is consistent across the ESG disclosure world. The handbook will not drive any legal framework and is not intended to be used as a compliance tool.

The development of this handbook is also intended to promote ESG thinking and improvements before any commercial activity begins.

The handbook will be based on a collective input from all the collaborating institutions. Furthermore, the project will invite other stakeholders to open hearings and meetings to enable a wider input to the work. The project is open to enter for other collaborating institutions and sponsors.

The project was initiated by GCE Ocean Technology (Norway) and Fórum Oceano (Portugal) in 2021, both being members of the BlueTech Cluster Alliance. DNV performed a scoping of the work from Q4-21 to Q2-22, that was funded by GCE Ocean Technology. The aim is to finalise the project by the end of 2023.

Collaborating institutions

The projects reference group consists of the following companies and organisation:

• Adepth Minerals
• Advisory Committee on Protection of the Sea (ACOPS)
• Aker BP
• AU Commission and the African Minerals Development Centre (AMDC)
• DeepSea Mining Alliance (DSMA)
• DNV
• Equinor
• Fearnley Securities
• Fórum Oceano
• GCE Ocean Technology
• Global Sea Mineral Resources (GSR, part of the DEME group)
• Guangzhou Geological Survey (GMGS) / China Geological Survey (CGS)
• INESC TEC
• International Marine Minerals Society (IMMS)
• Japan Oil, Gas and Metals National Corporation (JOGMEC)
• Loke Marine Minerals
• MiningImpact project
• Norwegian Forum for Marine Minerals (NMM)
• NOV
• Natural History Museum, UK
• Odyssey Marine Exploration
• Pôle Mer Bretagne Atlantique
• The Metals Company (TMC)
• The Nickel Institute
• The Pacific Community (SPC)
• UK Seabed Resources
• Organization for Economic Co-operation and Development (OECD) (Observer status)
• International Seabed Authority (ISA) (Observer status)

The main project is sponsored by: The Metals Company, UK Seabed Resources, Aker BP, Global Sea Mineral Resources (GSR), Norwegian forum for Marine Minerals (NMM) and Equinor.

GCE Ocean Technology is the project owner, while the handbook will be prepared by DNV.

GCE Ocean Technology is a Norwegian cluster supported and co-funded by Innovation Norway, The Research Council of Norway and Siva. The cluster comprises 140 partners and members from industry, universities, R&D institutions and public entities. Its objective is to strengthen innovation to accelerate the energy transition.

DNV is an independent assurance and risk management company, with about 12 000 employees in more than 100 different countries. The purpose is to safeguard life, property and the environment. DNV empowers their customers and stakeholders with facts and reliable insights so that critical decisions can be made with confidence.

For more information, please contact:

Jon Hellevang
Mobile +47 988 488 28
E-mail: jon.hellevang@gceocean.no

Tor Jensen
Mobile: + 47 415 42 421
E-mail: tor.jensen@dnv.com

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GlobeNewswire Distribution ID 8748821

A new technology developed by BioMed X in collaboration with Janssen functionally identifies and validates T cell target antigens, making it a powerful tool for immunology discovery.

HEIDELBERG, Germany, Feb. 14, 2023 (GLOBE NEWSWIRE) — BioMed X announced today the launch of its new immunology discovery platform that will allow for the accurate and fast identification of target antigens of human T cell receptors (TCRs). The research team led by John Lindner, who has developed the new technology, is based at the BioMed X Institute in Heidelberg, Germany. The platform is expected to be deployed via a collaborative model with pharmaceutical and biotechnology companies worldwide for preclinical research, vaccine development, and the development of new therapeutic concepts for treating autoimmune diseases and cancer.

The underlying technology emerged from a collaboration between BioMed X and Janssen Research & Development, LLC (Janssen). An international team of outstanding early-career researchers was recruited through the unique BioMed X crowdsourcing model. During a five-year research project at the BioMed X Institute in Heidelberg, the team developed a new platform technology for “Rapid Identification of Auto-Antigens in Autoimmune Diseases.” The project resulted in a patent application and several manuscripts soon to be published.

“In contrast to many of our competitors in the T cell space, our new platform is based on physiological molecular interactions between T cells and antigen-presenting cells. At the same time, we believe it will have wide applicability as a highly accurate, robust, and cost-efficient drug discovery and development tool,” explains Christian Tidona, Founder and Managing Director of the BioMed X Institute. “With this new technology, I believe that we can make a major contribution to developing new therapeutic concepts for the treatment of life-threatening diseases such as cancer and autoimmune diseases,” adds Tidona.

The BioMed X Institute has now established a new independent immunology discovery unit offering services and partnering opportunities in the fields of TCR discovery and characterization, identification and mapping of TCR target epitopes, evaluation and safety profiling of TCR and chimeric antigen receptor (CAR) T cell therapies, as well as discovery and validation of engineered TCR therapeutic assets. Interested parties are invited to directly contact BioMed X to discuss a potential partnership.

About BioMed X

BioMed X is an independent research institute located on the campus of the University of Heidelberg in Germany, with a worldwide network of partner locations. Together with our partners, we identify big biomedical research challenges and provide creative solutions by combining global crowdsourcing with local incubation of the world’s brightest early-career research talents. Each of the highly diverse research teams at BioMed X has access to state-of-the-art research infrastructure and is continuously guided by experienced mentors from academia and industry. At BioMed X, we combine the best of two worlds – academia and industry – and enable breakthrough innovation by making biomedical research more efficient, more agile, and more fun.

Contact Information:
Flavia-Bianca Cristian
Recruiting & Communications Manager BioMed X
fbc@bio.mx
00491727540707

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T-cell receptors (red) bind specifically to peptide-HLA complexes (blue/gray) on the surface of antigen-presenting cells, resulting in T-cell activation.

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— Post hoc analyses found a statistically significant reduction in the duration of flu infection and a dose-related trend toward a reduction in symptom duration.

— These results support the further clinical development of INNA-051 to mitigate the impact of natural infection by respiratory viruses such as SARS-CoV-2 and its variants: influenza, RSV, and the common cold, in individuals at risk of more severe illness.

MELBOURNE, Australia, Feb. 14, 2023 (GLOBE NEWSWIRE) — ENA Respiratory, a clinical-stage pharmaceutical company, announced that INNA-051, a first-in-class, broad-spectrum, innate immunomodulator in development for the prophylaxis of respiratory viral infections, was found to significantly impact the course of viral infection in a Phase 2a flu challenge study.

The study included 123 adults (ages 19 to 53) randomized to receive two doses of INNA-051 (low and high dose) or placebo, then challenged with a substantial dose of H3N2 influenza A virus. The viral inoculum was expected to result in a large majority of participants being infected. Interpretation of the study was complicated by lower than anticipated rates of infection in the placebo arm and an unexpectedly large proportion of participants having pre-existing immunity to the challenge strain across all groups (assessed using the hemagglutination inhibition assay). Post hoc analyses excluding those with pre-existing immunity showed that INNA-051-treated participants with PCR laboratory-confirmed infection had a statistically significant shorter duration of infection. This effect was greater with the higher dose. Although not statistically significant, a dose-related reduction in the duration of symptoms was also observed.

Notably, the study confirmed the safety profile of INNA-051. Compared with the placebo group, participants receiving INNA-051 showed no increase in the incidence, magnitude, or duration of any flu symptom, nor enhanced local or systemic signs or symptoms associated with the viral challenge. The most common adverse events associated with the study medication were mild, short-lived and similar to those observed during the initial Phase 1 study.

“This study further supports the concept that boosting the local innate immune response to common respiratory viruses has potential clinical benefit. In this study, INNA-051 was found to be safe and to significantly impact the course of infection. We are eager to investigate INNA-051’s clinical benefit in the context of natural viral respiratory tract infections in individuals at increased risk of more severe illness,” said Christophe Demaison PhD, Managing Director and CEO of ENA Respiratory.

Earlier research in humans and animals has shown that INNA-051 activates the innate immune system in the nose, a common site of infection. These Phase 2a study results mirror those seen in animal respiratory infection models, and are consistent with the INNA-051 mechanism of action. INNA-051 accelerates virus clearance and reduces virus spread to other parts of the body. It is anticipated that INNA-051 prophylaxis will reduce illness severity and healthcare utilization in individuals exposed to respiratory viral infections, especially in those at high risk of complications.

“Many people around the world have now been impacted by a ‘tripledemic’ of flu, RSV and SARS-Cov-2 viruses that have been circulating together in recent months. The surge in illness and hospitalization demonstrates the urgent need for a broad-spectrum treatment to boost immunity against common respiratory illnesses, and these data suggest INNA-051 is a promising option,” said Scott White MD, Chief Medical Officer, ENA Respiratory.

Notes to Editors

If you would like to arrange an interview, please contact:

• Glenn Silver, Finn Partners, +1 973 818 8198, glenn.silver@finnpartners.com

About ENA Respiratory and INNA-051

ENA Respiratory aims to transform the prevention of respiratory viral infections in populations at-risk of complications. The company is based in Melbourne and Sydney, Australia, and it has secured a Series A investment from Brandon Capital Partners’ managed funds, the Minderoo Foundation, and Uniseed.

INNA-051 is a potent innate immune TLR2/6 agonist. Fast-acting and inducing a durable biologic response supporting weekly administration, INNA-051 works by recruiting innate immune cells and priming epithelial cells of the nasal mucosa to respond more quickly to infections, rapidly eliminating viruses and other pathogens before they spread throughout the body. It is being developed for intranasal delivery to target the primary entry site of viral respiratory infections, as most respiratory viruses, including SARS-CoV-2 and influenza, initially infect and replicate in nasal mucosa epithelial cells. INNA-051 and close analogues have been shown in preclinical studies to be effective against multiple respiratory viruses, including SARS-CoV-2, influenza (H1N1 and seasonal H3N2), and rhinovirus.

Key features of INNA-051 intranasal administration include limited minimal or no systemic bioavailability, minimal or no systemic pro-inflammatory cytokine release, no direct type I interferon upregulation which is known to be associated with fever in humans, durable immune response supporting weekly administration, and compatibility with vaccine and intranasal corticosteroids.

For more information, please visit https://enarespiratory.com.

GlobeNewswire Distribution ID 8746674

ATLANTA and PARIS, Feb. 13, 2023 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq: DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Jacques Remy & Sons, a leading Belgian distributor of fresh produce, has optimized its multi-country distribution operations with Descartes’ route planning solution. Deployed in less than two months, the cloud-based solution reduced the distributor’s transportation costs, enabled real-time delivery tracking to enhance the customer experience, and ensured the company could efficiently and cost-effectively manage the upswing in sales activity.

“Given an influx of new contracts and the logistical complexities and regulatory constraints of transporting fresh produce to multiple countries, we needed to optimize delivery performance and tracking in order to meet customer expectations,” said Isabelle Libert, Executive Assistant at Jacques Remy & Sons. “The rapid implementation of the routing solution, coupled with Descartes’ change management expertise, enabled us to immediately reap the operational and bottom-line benefits across our combined fleet of vans and transport trucks that deliver to both grocery stores and wholesalers as well as to small business professionals.”

Part of Descartes’ route planning and execution, mobile and telematics suite, Descartes’ route planning and optimization helps brands achieve more agile, efficient and sustainable routing by generating additional delivery capacity and reducing costs. For distribution-intensive companies, like Jacques Remy & Sons, the solution creates delivery efficiencies and improves customer service by optimizing delivery routes and managing their execution through a real-time mobile application used by drivers. Drivers also use the mobile application to capture proof-of-delivery (POD) details. Real-time text or email notifications keep customers up to date with the progress of the delivery to enhance the customer experience.

“We’re pleased that our route planning solution has rapidly transformed delivery management into a differentiating element of Jacques Remy & Sons’ business strategy, making it a lever for customer satisfaction and loyalty,” said Peio Ribas, Senior Vice President Sales, EMENAR at Descartes. “Now that plan versus actual performance tracking is in place, they have the data to calculate the cost of each delivery and vehicle. Our cloud-based route planning, execution, and mobile solution allows companies to consistently provide superior delivery performance while minimizing distribution costs as they scale and grow.”

For more information, visit Descartes’ Routing, Mobile and Telematics resource center.

About Jacques Remy & Sons

Founded in 1974 by the Remy family, Jacques Remy & Sons has distinguished itself by continually offering quality products at affordable prices and maintaining the strictest standards and certification requirements for the transportation of products to our customers. For more information, visit www.jacquesremy.com.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack                                                    
Tel: +1(800) 419-8495 ext. 202025                        
cstrohack@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ solution offering and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

GlobeNewswire Distribution ID 8747199

London, U.K., Feb. 13, 2023 (GLOBE NEWSWIRE) — OPEN Health, a pre-eminent global provider of scientific communications and HEOR & market access services, announced the acquisition of Acsel Health (“Acsel”), a New York-based life science strategy and advisory firm focused on commercial strategy, pricing and market access, and commercial excellence.

Acsel’s deep industry expertise, scientific rigor, and actionable analysis drives its success in providing valued partnership to life science companies. These capabilities will complement OPEN Health’s existing offering, broadening the range of services it offers to pharma and biotech companies.

Lujing Wang, Managing Partner of Acsel Health, said, “We are thrilled to join OPEN Health and to work with a wider team to solve for today’s demands and meet tomorrow’s expectations for pharma and biotech customers. With new colleagues and capabilities to partner with, we are equipped to answer the most challenging cross-disciplinary questions in life science across all key therapeutic areas.”

“Acsel is an extraordinary addition to OPEN Health. Acsel’s expert team and long-standing client relationships significantly strengthen our ability to support the commercialization of our clients’ assets and unlock access for patients.” said OPEN Health CEO, Rob Barker. “We are excited to welcome Acsel Health into the OPEN Health Group and look forward to working with our new colleagues to offer our clients innovative, scientific solutions around the globe.”

Fairmount Partners acted as exclusive financial advisor to Acsel Health. The terms of the transaction were not disclosed.

About OPEN Health

OPEN Health unites deep scientific knowledge with wide-ranging specialist expertise to unlock possibilities that improve health outcomes and patient wellbeing. Working in partnership with our clients, we embrace our different perspectives and strengths to deliver fresh thinking and solutions that make a difference. OPEN Health is a flexible global organization that solves complex healthcare challenges across HEOR and market access, medical communications and creative omnichannel campaigns. For more information on OPEN Health, visit www.openhealthgroup.com.

About Acsel Health

Acsel Health is a consulting firm that partners with renowned life science companies to guide life-changing innovations through their critical stages, from early development through market maturity. Acsel applies best-practice principles to develop and deliver highly individualized solutions to challenges across the product lifecycle for our clients. For more information on Acsel Health, visit www.acselhealth.com.

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• OPEN Health to acquire leading US-based life science strategy and advisory firm Acsel Health

Candice Subero
OPEN Health
candicesubero@openhealthgroup.com

GlobeNewswire Distribution ID 8744608

The following is an extract from the “Iveco Group 2022 Full Year and Fourth Quarter Results” press release. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:

Iveco Group consolidated revenues of €14 billion (up 13% year on year).
Adjusted EBIT of €527 million and adjusted net income of €225 million.
Net cash of Industrial Activities at €1,727 million,
with positive free cash flow of Industrial Activities of €690 million.
Initiating the approval process for a Share Buy-Back Programme up to 10 million common shares.

Consolidated revenues of €14,357 million, up 13.5%. Net revenues of Industrial Activities of €14,165 million, up 13.1%, mainly due to higher volumes and positive price realization.

Adjusted EBIT of €527 million (€151 million increase compared to 2021), with a 3.7% margin (up 70 bps compared to 2021). Adjusted EBIT of Industrial Activities of €424 million (€302 million in 2021), with positive price realization, higher volumes and better mix more than offsetting higher raw material and energy costs.

Adjusted net income of €225 million (€85 million increase compared to 2021), which primarily excludes a negative impact in connection with our operations in Russia and in Ukraine, due to the impairment of certain assets, spin-off costs, a negative impact from the first-time adoption of the hyperinflationary accounting in Türkiye, and the gain on the final step of Chinese joint ventures’ restructuring. Adjusted net income also excludes the effects, booked in Q4 2022, deriving from the gain on the disposal of certain fixed assets in Australia, as well as from the loss for the impairment of certain R&D costs and other assets, primarily related to the bus business, as a consequence of the acceleration in emission-related technological transition. Adjusted diluted earnings per share of €0.78 (up €0.35 compared to 2021).

Financial expenses of €206 million (€115 million in 2021), increasing mainly due to higher interest rates and hyperinflation impacts in Argentina and Türkiye.

Reported income tax expense of €101 million, with adjusted effective tax rate (adjusted ETR) of 30% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.

Net cash of Industrial Activities at €1,727 million (€1,063 million at 31^st December 2021). Free cash flow of Industrial Activities positive for €690 million (€815 million improvement compared to 2021) primarily due to the operating performance and working capital improvement.

Available liquidity at €4,364 million as of 31^st December 2022, up €2,928 million from 31^st December 2021, including €2,000 million of undrawn committed facilities.

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GlobeNewswire Distribution ID 1000781908

        Thursday 09 February 2023

2022 TURNOVER UP 7.1%

AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid and mechanism management and structural parts for electric vehicles, posted consolidated revenue of €988.5m for 2022.

Consolidated turnover (1 January to 31 December)

In € millions – unaudited	2022	2021	Variation	Like-for-like variation (1)
1st quarter	245.8	273.3	-10.1%	-4.4%
2nd quarter	242.3	214.3	+13.1%	+16.9%
3rd quarter	251.1	211.5	+18.7%	+22.3%
4th quarter	249.4	223.5	+11.5%	+14.6%
Total for 12 months	988.5	922.6	+7.1%	+11.3%

⁽¹⁾   Comparing like-for-like figures.

In the last quarter, AKWEL posted a consolidated turnover of €249.4 million, up by 11.5% when comparing published figures and by 14.6% when taking exchange rates and scope as constants.

With this third consecutive quarter of increased activity, in an environment that continues to be disrupted by component shortages and inflation, the Group ends 2022 with a 7.1% annual increase in turnover compared with 2021.

On a like-for-like basis, the increase in annual turnover was +11.3%.

The Products and Functions turnover stood at €951.4m, up by 7.8%, with an increase across almost all of the Group’s product lines

Net cash excluding lease obligations fell by €7.6m in Q4 to reach €115.1m at closing, an increase of €6.7m over the year.

As expected, the Group’s profitability was impacted by supply constraints and the difficulties in passing on the inflationary impacts recorded across all operating costs, with current operating income expected to fall by around 40% for 2022.

For the 2023 financial year, in an environment in which visibility over the global automotive market remains very limited, AKWEL anticipates a slight increase in turnover.

An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer specialising in fluid management, mechanisms, and structural components for electric vehicles. The Group achieves this by relying on state-of-the-art industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration. Operating in 20 countries across every continent, AKWEL employs 10,000 people worldwide. Euronext Paris – Compartment B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP

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GlobeNewswire Distribution ID 1000781838