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Essex Bio-Technology Announces 2021 Financial Results
Highlights
-- The group's turnover surged 67.4% to HK$1,637.7 million, Profit-After-Tax lifted 58% to HK$346.0 million;
-- Sales coverage increased to around 10,500 hospitals and 2,110 pharmaceutical stores in the PRC;
-- Obtained an approval for the registration and commercialisation of the preservative-free unit-dose Moxifloxacin Hydrochloride Eye Drops in the PRC;
-- Significant progress in R&D program, 15 R&D programs in the pre-clinical to clinical stage, out of which 3 ophthalmology programs are in clinical stage as the below:
SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021;
Azithromycin eye drops, ongoing review by external key opinion leaders (National Medical Products Administration ("NMPA") in the PRC);
Bevacizumab intravitreal injection for wet-AMD, phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC);
-- Holds a total of 44 patent certificates or authorisation letters: 35 invention patents, 4 utility model patents and 5 design patents;
-- Completed the acquisition of IP rights relating to R&D, production and MAH of Shilishun Iodized Lecithin Capsules.
Significant progression in Financial Performances
Essex achieved significant progression and encouraging performances amid the COVID-19 pandemic and macro uncertainties. For the year ended 31 December 2021, the Group recorded a turnover growth of 67.4% to approximately HK$1,637.7 million as compared to approximately HK$978.1 million in 2020, indicating a strong recovery to the pre-COVID-19 operating level. In tandem with the increase of turnover, the Group achieved an increase of 58% in after-tax profit to approximately HK$346.0 million as compared to approximately HK$218.9 million in 2020.
Turnover of Ophthalmology and Surgical Segments Surged 60.6% and 72.6% respectively
The Group's turnover is primarily made up from the segments of Ophthalmology and Surgical (wound care and healing). The core products that are of current growth driver under each segment are:
1. Ophthalmology - Beifushu series (Beifushu eye drops, Beifushu eye gel and Beifushu unit-dose eye drops), Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops and Shilishun(Iodized Lecithin Capsules); and
2. Surgical (Wound care and healing) - Beifuji series (Beifuji spray, Beifuji lyophilised powder and Beifuxin gel), Carisolv dental caries removal gel, Dr. YaDian mouth wash and Yi Xue An Granules.
The sectoral turnover of Ophthalmology and Surgical is approximately 41.1% and 58.9% of the Group's turnover, respectively. The combined turnover of the Group's flagship biologics, Beifushu series and Beifuji series, the basic fibroblast growth factor (bFGF) based biologic drugs, represented about 84.3% of the Group's total turnover, of which Beifushu series and Beifuji series accounted for 26.1% and 58.2% of the Group's turnover, respectively. The remaining 15.7% of the Group's turnover is mainly contributed from sales of Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops, Shilishun Iodized Lecithin Capsules, Carisolv dental caries removal gel, Dr. YaDian mouth wash and Yi Xue An Granules, collectively. Ophthalmology segment contributed approximately HK$673.3 million to the Group's turnover for the year ended 31 December 2021, representing an increase of 60.6% as compared to approximately HK$419.2 million in 2020. Surgical segment recorded a total turnover of approximately HK$964.4 million for the year ended 31 December 2021, representing an increase of 72.6% as compared to approximately HK$558.9 million in 2020. The increase was attributable to the resumption of clinical operations in hospitals to normalcy in the PRC and the expansion of sales.
The selling of Xalatan Eye Drops and Xalacom Eye Drops would be discontinued in 2022 that contributed approximately 2% to the Group's gross profit for the year ended 31 December 2021.
The Board proposed a final dividend of HK$0.055 (2020: HK$0.05) per ordinary share to be approved at the upcoming annual general meeting of the Company.
Mr. Patrick Ngiam, Chairman of Essex, said, "2021 has been a year full of diverse challenges. Our part of the world has been affected by extended lockdowns and border closures under COVID zero regime, even as other regions begun to reopen. Despite yet another difficult year inflicted by the pandemic of COVID-19 on us all, the tenacity, drive and leadership in our DNA was able to deliver greater stakeholder value. The Group has achieved significantly improved financial performances in the financial year ended 31 December 2021. This is a testament that the Group's business is resilient and was able to recover swiftly to the pre-COVID-19 level after the normalcy of the clinical operations of hospitals resumed in the PRC since September 2020."
Significant Business Development Activities
The Group is committed to pragmatically investing in new products and technologies to strengthen the Group's product and R&D pipeline as near to mid-term growth driver in ophthalmology and long-term plan for new therapeutics in oncology. During the year under review, major investments in ophthalmic products are outlined as follows:
Investment in Ophthalmology
Significant progress for SkQ1's second phase 3 clinical trial
In 2018, the Group entered into a co-development agreement with Mitotech S.A. ("Mitotech") and Mitotech LLC for the United States Food and Drug Administration (the "US FDA") phase 3 clinical trial of an ophthalmic solution containing SkQ1 for dry eye disease. As disclosed in the announcement of the Company dated 24 February 2021, positive outcome was achieved during second phase 3 clinical trial (VISTA-2). The clinical trial study repeated statistically significant positive results on key predefined secondary end-point (Central Corneal Fluorescein Staining). The Board is enthusiastic about the read-out of clearing of central staining of the cornea (defined as zero staining in central cornea), which reveals the potential of SkQ1 in addressing oxidative stress in dry eye diseases. Following the positive trial outcome of VISTA-2, Mitotech has planned a pivotal trial (VISTA-3), which will commence once Mitotech's management team has fully assessed there is no potential disruption to trial centres and patient recruitment during the ongoing COVID-19 pandemic. However, recent developments in Ukraine have led to governments and industries reacting to business relationships with Russia in a way that could potentially induce delays in Mitotech's VISTA clinical trial program.
HLX04-O approved for phase 3 clinical trial
In 2020, the Group entered into a co-development and exclusive license agreement with Shanghai Henlius Biotech, Inc. to co-develop a pharmaceutical product that contains an anti-vascular endothelial growth factor ("anti-VEGF") as a drug substance, which is intended for the treatment of exudative (wet) age-related macular degeneration ("wet-AMD"). As at the date of 22 March 2022, the recombinant anti-VEGF humanised monoclonal antibody injection HLX04-O ("HLX04-O") for the treatment of wet-AMD has been approved to commence the phase 3 clinical trial in Australia, the United States, Singapore, Russia, Serbia and European Union countries such as Hungary, Spain, Latvia, the Czech Republic and Poland. Also, the first patient has been dosed in a phase 3 clinical study for HLX04-O for the treatment of wet-AMD in the PRC.
Ophthalmology business is expected to be further strengthened by the acquisition of Shilishun Iodized Lecithin Capsules
The successful acquisition of IP rights relating to R&D, production and MAH of Shilishun Iodized Lecithin Capsules will enable the Group to strengthen its ophthalmology business.
Market Development
Robust Market Access Capability
Over the years, the Group has been relentlessly investing in establishing and strengthening its market access capability. As at 31 December 2021, the Group maintains a network of 43 regional sales offices in the PRC and a total number of about 1,265 sales and marketing representatives, out of which 64% are full-time employees and 36% are on contract basis or from appointed agents.
More Extensive Healthcare Network for Product Prescription
During the year under review, the Group's therapeutic products are being prescribed in more than 10,500 hospitals and medical providers, coupled with approximately 2,110 pharmaceutical stores, which are mainly located in the major cities, provinces and county cities in the PRC.
Further Investments to Strengthen Competitiveness and Customer Base
For achieving a sustainable traction on growth for currently marketed products as well as for near-term to mid-term new products being commercialised, the Group initiated investments to improve its competitiveness and widen its customer base under the following plans:
-- Investing in clinical observation programs for affirming additional clinical indications of its commercialised products;
-- Reaching out to market in lower-tier cities;
-- Cultivating pharmaceutical stores, where possible, as complementary sales channel; and
-- Building on-line platform for medical consultation and e-prescription for patients with chronic diseases under its healthtech initiative.
The Group has initiated its market access expansion to Southeast Asian countries by setting up a base and expanded its presence in Singapore since 2020.
Research and Development
The Group renewed its R&D's vision, emphasising the dedication to science and innovation, with a mission to develop therapeutics that would meet unmet clinical and/or commercial needs. The Group concurrently kick-started a 5-year (2021 to 2025) R&D's development plan to further strengthen its R&D capability and its position in Ophthalmology.
As at 31 December 2021, there are 15 R&D programs in the pre-clinical to clinical stage, out of which 3 ophthalmology programs are in clinical stage. The 3 ophthalmology programs listed below are targeted as mid-term growth driver.
1. EB11-18136P: SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021
2. EB11-15120P: Azithromycin eye drops, ongoing review by external key opinion leaders (National Medical Products Administration ("NMPA") in the PRC)
3. EB12-20145P: Bevacizumab intravitreal injection for wet-AMD, phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC)
As at the date of this announcement, the Group has obtained a total of 44 patent certificates or authorisation letters: 35 invention patents, 4 utility model patents and 5 design patents.
The Group currently has diversified its R&D resources to multiple research sites in Zhuhai (PRC), Boston (United States), London (United Kingdom) and Singapore which supports not only our pursuit for new therapeutics but also our acquisition of global talent.
Prospects
Looking ahead, the Group will continue to monitor the circumstances under the uncertainty of COVID-19 in 2022. Its strong team spirit and dynamic leadership have provided it with the capacity to navigate these turbulent times, and capture any opportunities in the ever changing world. The Group remains highly dynamic in delivering positive results in the coming year.
"COVID-19 remains a major concern in 2022 globally. We continue to monitor the situation and will take appropriate actions to overcome any unforeseen challenges. Barring the unforeseen circumstance, the Group remains focus on executing its plans and delivering progressive results. I would like to take this opportunity to express my sincere gratitude to all stakeholders, business associates and valued customers for the trust, support and cooperation accorded to us, and each and every member of the Group for their relentless efforts rendered in shaping the Group into being a progressive and promising pharmaceutical player.", said Mr. Patrick Ngiam.
Full version of Essex's FY2021 Annual Results Announcement can be downloaded at: https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0322/2022032200780.pdf
About Essex Bio-Technology Limited (Stock Code: 1061.HK)
Essex Bio-Technology Limited is a bio-pharmaceutical company that develops, manufactures and commercialises genetically engineered therapeutic rb-bFGF (FGF-2), having six commercialised biologics marketed in China since 1998. Additionally, it has a portfolio of commercialised products of preservative-free unit-dose eye drops and Shilishun Iodized Lecithin Capsules etc.. The products of the Company are principally prescribed for the treatment of wounds healing and diseases in Ophthalmology and Dermatology, which are marketed and sold through approximately 10,500 hospitals and managed directly by its 43 regional sales offices in China. Leveraging on its in-house R&D platform in growth factor and antibody, the Company maintains a pipeline of projects in various clinical stages, covering a wide range of fields and indications.
Media Enquiry:
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Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comEssex Bio-Technology Ltd ("Essex" or the "Group", Stock Code: 1061.HK) today announced the annual results for the year ended 31 December 2021.
Hitachi Energy to Provide Advanced Grid Connection for the World’s Largest Eucalyptus Pulp Mill in Brazil
Suzano's new factory will be the world's largest single-line eucalyptus pulp mill and Brazil's first pulp production facility to be fossil fuel free when completed in the second half of 2024. It will have an annual production capacity of 2.5 million tons and will increase Suzano's output by 20 percent. About half of the electricity generated will be transferred to the national power grid, enough to supply around 2.3 million people for one month.
The two companies have worked closely together on grid solutions for Suzano's fleet of mills over the past 20 years. In this spirit of collaboration and co-creation, Hitachi Energy has contributed its pioneering technologies and its unique system integration capabilities, engineering expertise and extensive experience of local grid code requirements. This enables Hitachi Energy to design and supply complete solutions with exceptional levels of reliability, that are fundamental for these types of application.
"We are honored and delighted to be working with Suzano again on this landmark project that sets a new benchmark in sustainable pulp production and shares its emission-free electricity with society at large," says Niklas Persson, Managing Director of Hitachi Energy's Grid Integration business. "This is another example of how our solutions are advancing the world's energy system to be more sustainable, flexible and secure."
"The construction of the new factory is the biggest investment in Suzano's history, so it is vital that the grid connection through which we generate additional revenue from our surplus energy operates at outstanding levels of reliability and availability," says Mauricio Miranda, Engineering Director at Suzano. "We chose Hitachi Energy as our technology partner based on more than 20 years of successful collaboration and consistent delivery of innovative, reliable solutions and exceptional project execution."
Hitachi Energy will supply a state-of-the-art grid connection solution to enable the surplus renewable power to be transferred reliably, safely and securely into the national power grid. The solution's compact footprint is based on advanced gas-insulated switchgear and offers excellent performance in terms of efficiency and availability, while minimizing the total lifecycle cost and CO2 footprint.
To secure reliability and availability, key elements of the grid connection, such as the transformers will be equipped with Hitachi Energy's digital monitoring systems to provide real- time data and performance insights and enable predictive maintenance. Hitachi Energy will provide a complete solution across the value chain, from system studies and grid code compliance to design and engineering, supply and installation and commissioning.
Hitachi Energy is the world's leading provider of grid connections and power quality solutions, with an installed base of more than 10,000 projects worldwide, over 800 of which connect renewable energy sources to the grid.
About Hitachi Energy Ltd.
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 38,000 people in 90 countries and generate business volumes of approximately $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business. Hitachi is focused on strengthening its contribution to the Environment, the Resilience of business and social infrastructure as well as comprehensive programs to enhance Security & Safety. Hitachi resolves the issues faced by customers and society across six domains: IT, Energy, Mobility, Industry, Smart Life and Automotive Systems through its proprietary Lumada solutions. The company's consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comHitachi Energy, the global technology and market leader in power grids, announced today that it has won an order from Suzano, the world's leading eucalyptus pulp producer and one of Latin America's largest paper producers, to design and deliver a complete grid connection solution for the company's new pulp mill in Brazil.
Ethereum scaling solution Optimism raises $150 million in a Series B funding
The funding round was co-led by Andreessen Horowitz’ a16z and major crypto VC firm…
The post Ethereum scaling solution Optimism raises $150 million in a Series B funding appeared first on Coin Journal.
Juniper Networks and NEC Selected to Revolutionize Wi-Fi Experience for Raizen’s Headquarters in Brazil
The Juniper solution has quickly become Raizen's standard Wi-Fi platform, completely replacing the incumbent solution. (Juniper Networks was named a Leader in the 2021 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure). With the consultancy and implementation services provided by Juniper's key global partner NEC, the new platform provides automated and real-time data insights into exactly what Raizen's users, devices and sites are experiencing on the network. In addition, by using actionable data from individual users, Mist AI provides tailored feedback and proactive support, as well as correlated, AI-driven insights into the network's overall ongoing health and performance.
The Mist AI solution features enterprise networking's first virtual network assistant that provides a conversational AI interface, known as PDFMarvis. This unique feature enables Raizen's IT team to interact with an automated, intelligent tool that understands user intent and delivers improved value and quality of returned results. Marvis can contextualize requests to accelerate troubleshooting workflows, answer product or feature specific questions, provide information about the network and help find any type of network device. Ultimately, this improves specific user experiences by learning from user feedback.
News Highlights
Raizen is anticipating a 75 percent reduction in its Mean Time to Repair (MTTR) network performance, thanks to Mist AI's ability to provide real-time visibility and apply automated trouble-shooting.
In a pre-sales proof-of-concept session, Marvis detected and remediated a major Power over Ethernet problem on a third-party switch in Raizen's network, taking just two minutes to find, identify and resolve the issue successfully.
The proactive approach to trouble-shooting and network support delivered by Mist AI and Marvis enables Raizen's relatively small IT team to scale and utilize time and budget resources in an optimized way.
NEC's integration and services support, underpinned by its expertise in networks including Juniper solutions, results in a smooth migration and deployment of the new platform.
The Mist AI solution is transforming Raizen's productivity and job satisfaction by providing its workforce with consistently-available network connectivity in support of key business applications including voice and video over Teams, SAP, Office 365 and intranet access.
Raizen is assessing further projects based on the capabilities of the Juniper Mist cloud, including Wired Assurance, warehouses becoming Wi-Fi enabled and newly-acquired companies making the move to the Juniper solution.
Supporting Quotes
"Wi-Fi should be about convenient, agile and scalable network connectivity that consistently enables employees to be more productive and creative. However, our previous, non-AI solution was delivering exactly the opposite. The Mist AI solution from Juniper is infinitely more reliable to use and simple to operate, intelligently able to detect potential problems, flag them and fix them before our workforce even sees an issue. This approach has transformed our IT operations and support, with remarkable user experiences to show for it," says Jose Eduardo Massad, CIO, Raizen.
"Juniper is delivering experience-first networking to Raizen and thousands of other enterprises, built on technology that has been designed to leverage the operational and user benefits of the cloud and AI. Fundamentally, this approach transforms network operations from reactive troubleshooting to proactive remediation through self-driving actions, which in turn creates a superior user experience," Sujai Hajela, Executive Vice President, AI-Driven Enterprise, Juniper Networks.
"NEC is honored to contribute as a key business partner to the transformation of Raizen's network with Juniper's AI-driven technologies. We are constantly enhancing our network engineering capabilities and strengthening partnerships with industry leaders such as Juniper to deliver state-of-the-art solutions that bring significant value to customers. Based on our rich experiences in Brazil and other markets globally, we take a customer-centric approach aimed at achieving business objectives for the long term," says Mayuko Tatewaki, General Manager, Service Provider Solutions Division, NEC Corporation.
About Juniper Networks
Juniper Networks is dedicated to dramatically simplifying network operations and driving superior experiences for end users. Our solutions deliver industry-leading insight, automation, security and AI to drive real business results. We believe that powering connections will bring us closer together while empowering us all to solve the world's greatest challenges of well-being, sustainability and equality. Additional information can be found at Juniper Networks (wwww.juniper.net).
Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks listed where are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.
About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of "Orchestrating a brighter world." NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comJuniper Networks and NEC Corporation today announced that they have been selected by Raizen, a global leader in bio-energy solutions, to design and deploy an innovative new Wi-Fi network for its headquarters in Sao Paulo and offices in Piracicaba, Brazil.
MHIENG and MHIEC to Commence Demonstration Testing of Separation, Capture and Effective Use of CO2 from Waste-to-Energy Plant
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The demonstration testing, a joint undertaking by the private and public sectors, will integrate MHIEC and Yokohama's knowhow in the operation of WtE plants, MHIENG's high-performance carbon capture technology, and Tokyo Gas' expertise in hydrogen and carbon usage. The aim is to separate, capture and effectively recycle the mainly biomass-derived CO2 in the flue gas generated during the incineration of household waste.
Under this project, MHI Group's carbon capture technology will be applied at Yokohama's Tsurumi Waste-to-Energy Plant, which was originally built by MHIEC. MHIENG will design and manufacture the compact CO2 capture system based on its proprietary process technologies, and MHIEC will take charge of the equipment?s installation. The high-purity CO2 separated and captured from the flue gas will be transported to Tokyo Gas?s Yokohama Techno Station, located in Tsurumi-ku, Yokohama, where it will be used for a demonstration test of methanation that synthesizes methane gas through chemical reaction with hydrogen, as well as for research on direct use to industrial gas.
The project will be MHIENG's first application of its CO2 capture technology in a WtE plant. The equipment to be designed and manufactured is a compact CO2 capture system with a capture capacity of 0.3 tonnes per day (tpd), and it is applicable to various industrial facilities. It will further strengthen MHIENG?s product lineup as the company pursues increased applications of its carbon capture technologies to diverse emission sources and scales. For MHI Group, the project is significant in terms of providing a carbon negative solution responding to Japan?s decarbonization needs going forward: implementation of integrated carbon separation and capture from social infrastructure.
MHI Group today is undertaking strategic strengthening of its energy transition business, and the development of a CO2 ecosystem is central to those initiatives. Carbon capture, utilization and storage (CCUS) is garnering attention as an effective means for realizing a carbon neutral society. With the demonstration testing to be performed in Yokohama, MHIENG and MHIEC, key players in MHI?s energy transition program, will contribute to reducing greenhouse gas emissions on a global scale, part of MHI's ongoing commitment to help protect the global environment.
About MHIENG's CO2 capture technologies
MHIENG (originally MHI) has been developing the KM CDR Process and the Advanced KM CDR Process in collaboration with Kansai Electric Power since 1990. Today the Company stands as a global leader in this field. As of February 2022, the KM CDR Process has been adopted at 13 plants worldwide, and three more are currently under construction. For further details, visit the following website. https://www.mhi.com/products/engineering/co2plants.html
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world?s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comMitsubishi Heavy Industries Engineering, Ltd. (MHIENG) and Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd. (MHIEC) are poised to commence demonstration testing of equipment for separation, capture and effective utilization of CO2 emissions from a local waste-to-energy (WtE) plant.
Hitachi Energy to Accelerate Sustainable Mobility in Germany’s Biggest City
Hitachi Energy will provide a complete Grid-eMotion Fleet grid-to-plug charging infrastructure solution for the next two bus depots to be converted in the bus electrification program. Hitachi Energy's solution offers the smallest footprint for both the connection, as well as low noise emissions and high reliability - three key requirements for bus depots in a densely populated urban environment, where space is limited and flawless charging is vital to ensure buses run on time.
The solution comprises a connection to the distribution grid, power distribution and DC charging infrastructure with charging points and smart charging systems. Hitachi Energy will perform the engineering and integrate, install and service the entire solution. The solution has a compact and robust design that requires less equipment than competing infrastructure, which results in a small footprint, lower operating and maintenance costs, and higher reliability. Typically, Grid-eMotion Fleet requires 60 percent less space and 40 percent less cabling than alternative charging systems; it also provides superior overall system reliability.
"We are delighted to help the City of Berlin in its transition to quiet and emission-free transportation and a sustainable energy future for the people of this iconic capital," said Niklas Persson, Managing Director of Hitachi Energy's Grid Integration business. "We feel the urgency and have the pioneering technology and commitment to advance sustainable mobility, thus improving the quality of life of millions of people."
BVG operates Germany's biggest city bus fleet of around 1,500 vehicles, which it aims to make completely electric and emission-free by 2030. This requires the installation of charging infrastructure in its large network of bus depots.
About Grid-eMotion
Grid-eMotion comprises two unique, innovative solutions - Fleet and Flash. Grid-eMotion Fleet is a grid-code compliant and space-saving grid-to-plug charging solution that can be installed in new and existing bus depots. The charging solution can be scaled flexibly as the fleet gets bigger and greener. It includes a robust and compact grid connection and charging points, and is also available for commercial vehicle fleets, including last-mile delivery and heavy-duty trucks that require high power charging of several megawatts. Grid-eMotion Flash enables operators to flash-charge buses within seconds at passenger stops and fully recharge within minutes at the route terminus, without interrupting the bus schedule.
Both solutions are equipped with configurable smart charging digital platforms that can be embedded with larger fleet and energy management systems. Additional offerings from Hitachi Energy for EV charging systems consist of e-mesh energy management and optimization solutions and Lumada APM, EAM and FSM solutions, to help transportation operators make informed decisions that maximize their uptime and improve efficiency.
In the past few months alone, Hitachi Energy has won orders from customers and partners all over the world for its smart charging portfolio - a sign that Grid-eMotion is changing the e-mobility landscape for electric buses and commercial vehicles. Grid-eMotion solutions are already operating or under development in Australia, Canada, China, India, the Middle East, the United States and several countries in Europe.
About Hitachi Energy Ltd.
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 38,000 people in 90 countries and generate business volumes of approximately $10 billion USD.
https://www.hitachienergy.com
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business. Hitachi is focused on strengthening its contribution to the Environment, the Resilience of business and social infrastructure as well as comprehensive programs to enhance Security & Safety. Hitachi resolves the issues faced by customers and society across six domains: IT, Energy, Mobility, Industry, Smart Life and Automotive Systems through its proprietary Lumada solutions. The company's consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comHitachi Energy has won an order from Berliner Verkehrsbetriebe (BVG), Germany's biggest municipal public transportation company, to supply its Grid-eMotion Fleet smart charging infrastructure to help BVG transition to sustainable mobility in Berlin, the country's capital.
Myanmar Announces Direct Border Trade Currency Settlement with Thailand; Plans Similar Non-Dollar Convertibility with India in Near Future
Myanmar's Minister of Information (MOI) Mr Maung Maung Ohn and Minister of Investments and Foreign Economic Relations (MIFER) Mr Aung Naing Oo said in a joint statement today that the kyat-baht initiative is a significant development as Thailand is Myanmar's second largest trading partner after China. The Myanmar Government intends to initiate similar currency convertibility for the Indian rupee for trade along the border it shares with India.
Myanmar and China commenced kyat-renminbi settlement for border trades in January 2022. The increasing use of non-US dollar direct currency settlement for border trade underscores the strong bilateral relations that Myanmar enjoys with its neighbours.
The kyat-baht settlement arrangement was endorsed by an official notification and guidelines issued by the Central Bank earlier this month. All settlements will be conducted online as opposed to cash transactions previously.
In Fiscal Year (FY) 2020-2021 (November-to-October) border trade along five checkpoints of the Myanmar-Thai border - Tachileik, Myawady, Kawthoung, Myeik and Hteekhee, - amounted to USD4.3 billion equivalent, up from USD3.9 billion in FY 2019-2020.
Starting this month merchants along the Myanmar-Thai border who are registered with the Myanmar Economic Bank can conduct trade based on the kyat-baht exchange rate announced daily by the Central Bank of Myanmar.
In FY 2020-2021 Thailand accounted for 17.61% of Myanmar's total trade which rose to USD5.3 billion from USD5.2 billion in FY2019-2020. Myanmar's main exports to Thailand include natural gas, base metals, electronic goods, pulses, and garments. In turn, Myanmar imports from Thailand machinery, appliances transport equipment and manufactured goods.
"Myanmar's immediate neighbours account for up to 70% of the country's total trade volume. Direct non-dollar currency settlements will help to broaden and facilitate bilateral trade, flow of goods and other forms of payment and settlement with the respective countries.
"As Myanmar gradually adopts full bilateral currency swap arrangements with various countries, regional economic cooperation will also be strengthened. By reducing dependence on the US dollar, we will mitigate the risk of sudden exchange rate swings due to external geopolitical factors. Myanmar can also reduce physical money in circulation as more trade transactions migrate online. If we can succeed with such arrangements with our immediate neighbours, Myanmar can gradually reduce the dependence on the US dollar for up to 70% of Myanmar's national trade volume," the two Ministers added.
The currency arrangements will also help Myanmar reduce inflation caused by the rise of the U.S. dollar, while alleviating concerns of currency shortage within the country. The arrangements will also contribute to the economic recovery of the country which - despite rising energy prices - expects to record modest GDP growth in the current fiscal year ending October 2022.
The currency shortage and weaker kyat last year was stoked by economic sabotage by the opponents including so-called People's Defensive Force (PDF) which tried to sow distrust in the local banking and financial system. Supported by foreign elements, the outlawed PDF also launched a terror campaign which caused the lives of many Government servants, security forces, and damage to public infrastructure.
The disturbances commenced after the 1 February 2021 Proclamation to declare a state of Emergency in Myanmar. Since the second half of 2021, the country has achieved national stability under the State Administration Council (SAC) which intends to call for a multi-party general election to be held by August 2023.
ASEAN Economic Ministers' Meeting
Myanmar's Minister of Foreign Investments and Economic Relations will represent the country at the March 16-17 ASEAN Economic Ministers' Retreat. "The Ministry will update other ASEAN members on the economic impact on Myanmar caused by two recent crisis situations - the COVID-19 pandemic and civil disobedience," said MIFER Minister Aung Naing Oo.
The Ministry will also update the significant efforts Myanmar is taking to develop the small and medium enterprises especially in the agriculture and manufacturing sectors through provision of credit and measures to facilitate the business environment despite the two major challenges.
"While the pressure on the financial system has eased and the kyat has stabilized due to policies implemented by the SAC, the Russia-Ukraine conflict has caused domestic energy prices to spike.
Due to the level of development of the country and recent crisis situations, Myanmar has probably faced more challenges than most other ASEAN members in the past year or so," they said.
Minister Aung Naing Oo also said:
"Myanmar has made every effort to fulfill its obligations under the four pillars of the ASEAN Economic Community.
Myanmar is one of the earliest signatory states to deposit its instrument of ratification of the Regional Comprehensive Economic Partnership (RCEP) in accordance with the RCEP Agreement. However, Myanmar's instrument of ratification has been politicised by some RCEP participating countries. Likewise, Myanmar's ratification letter for Protocol to Implement the Tenth Package of Commitments under the ASEAN Framework Agreement on Services has also faced the same problem.
ASEAN's approaches to creating a much stronger Southeast Asia, narrowing the development gap within ASEAN, and strengthening economic resilience cannot be fulfilled if Myanmar is excluded. This is not consistent with the ASEAN Charter. Myanmar believes that such actions can affect ASEAN's centrality.
For all member countries to benefit from economic integration, an all-inclusive manner is needed in ASEAN. No country should lag in regional economic integration. Sadly, some of ASEAN's directions and actions appear mismatched on the ground.
Whatever the challenges, Myanmar will actively continue to fulfill the commitments and obligations as an ASEAN member and as a responsible global citizen."
Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar.
For more information, please contact [email protected] or [email protected]
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comThe Myanmar Government has agreed to accept the Thai baht as an official currency for settling border trade starting this month. Thailand is the second country after China to permit its national currency to be exchangeable with the Myanmar kyat for border trade activities.
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