Colorado Utility Looking at Adding Nuclear Power to Fleet
A volunteer advisory group told the utility that serves Colorado's second-largest city that it should look at adding a small nuclear reactor for additional power generation. Colorado Springs Utilities (CSU) said it is reviewing the recommendation from the Utility Policy Advisory Committee (UPAC). That committee, which is not affiliated with the utility, in June of last year began researching the feasibility of nuclear energy for CSU. The volunteer group looked at current technology for small modular reactors (SMRs), along with regulatory, permitting, and environmental issues for a nuclear power project. The independent committee also looked at potential costs for CSU to add nuclear power to its portfolio. State lawmakers in the current legislative session have discussed whether nuclear power would qualify as "clean energy" in Colorado. A recently introduced bill, House Bill 25-1040—"Nuclear Energy as Clean Energy"—on Feb. 20 passed on second reading in the statehouse. Another site floated for a possible nuclear power plant is Pueblo in the southern part of the state. Xcel Energy, the state's largest electric utility, as part of its phase-out of coal-fired generation is expected to retire the 857-MWE Unit 3 of its Comanche Generating Station by 2031. The utility retired the 383-MW Unit 1 in 2022, and the similar Unit 2 is set to be closed this year. Xcel operates two nuclear power plants in its headquarters state of Minnesota.
Kate Danner, chairperson for UPAC, told Colorado Springs television station KRDO, "We definitely think [adding nuclear] is something that needs to be on the radar of Colorado Springs Utilities. One of the advantages of those is that you can build onto [an SMR], so you can start with maybe like 50 megawatts [of output] and then add on different [SMRs] as your capacity needs increase." The utility has overhauled its power generation fleet in recent years. CSU brought the 175-MW Pike Solar project online in December 2023. The group permanently closed the long-running, coal-fired 208-MW Martin Drake power plant in 2022. CSU also plans to shutter its last coal-fired plant, the 207-MW Ray Nixon facility, by the end of the decade. The utility also has plans to add more wind, solar, and battery storage to its portfolio. [caption id="attachment_225888" align="alignnone" width="640"]
NuScale's VOYGR small modular reactor was the first SMR to receive design approval from the U.S. Nuclear Regulatory Commission. Courtesy: NuScale[/caption] UPAC in its report to CSU listed examples of companies involved in the SMR sector, and estimated costs of such projects, including for construction. Those ranged from $12.9 billion for NuScale, an Oregon-based company considered among the leaders of U.S. companies in the SMR space; $10.7 billion for X-energy, a Maryland-based nuclear engineering group; and $7.4 billion for TerraPower, which broke ground last year on a nuclear power project in neighboring Wyoming. TerraPower, based in Washington state, was founded by investors including Microsoft co-founder Bill Gates. Danner noted that the timeline for an SMR project could be as along as decade. The UPAC group also noted that Utah Associated Municipal Power Systems (UAMPS) in 2023 canceled a $9 billion SMR project that had been discussed for several years. Investors backed away from the project as costs continued to rise. Danner said CSU could work on power purchase agreements or other partnerships with Colorado utilities such as Xcel, Black Hills Energy, the Tri-State Generation and Transmission membership cooperative, or Nebraska Public Power, which operates the 835-MW Cooper Nuclear Station. Mark Stutz, a spokesperson for Tri-State, recently told POWER, "Tri-State supports House Bill 25-1040. To meet Colorado's greenhouse gas reduction goals, adding this firm, baseload resource to the state's 'clean energy resource' definition encourages the continued develop of advanced nuclear generation technology as a viable resource option for utilities in the coming decade." Colorado has no operating nuclear power plants. The 330-MW Fort St. Vrain facility, which opened in 1979, was closed a decade later. It remains the state's first and only nuclear power station. Fort St. Vrain today is home to a 716-MW natural gas-fired power plant owned by Xcel. —Darrell Proctor is senior editor for POWER.
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Yahoo
an hour ago
- Yahoo
Xometry Announces Pricing of $225 Million Offering of Convertible Senior Notes
NORTH BETHESDA, Md., June 10, 2025 (GLOBE NEWSWIRE) -- Xometry, Inc. ('Xometry') (XMTR), the global AI-powered marketplace connecting buyers with suppliers of manufacturing services, today announced the pricing of $225 million aggregate principal amount of 0.75% Convertible Senior Notes due 2030 (the 'Notes') in a private placement (the 'Offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'). Xometry has also granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $25 million aggregate principal amount of Notes. The sale of the Notes to the initial purchasers is expected to close on June 12, 2025, subject to customary closing conditions. The Notes will be general unsecured obligations of Xometry and will accrue interest payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025, at a rate of 0.75% per year. The Notes will mature on June 15, 2030, unless earlier converted, redeemed or repurchased. Xometry estimates that the net proceeds from the Offering will be approximately $217.0 million (or approximately $241.3 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers' discounts and commissions and estimated Offering expenses payable by Xometry. Xometry expects to use the net proceeds from the Offering, together with cash on hand, (i) to pay the approximately $15.7 million cost of the capped call transactions described below, (ii) to use approximately $8.0 million for the repurchase of shares of Xometry's Class A common stock concurrently with the pricing of the Offering as described below, and (iii) to repurchase for approximately $216.7 million in cash approximately $201.7 million aggregate principal amount (including accrued and unpaid interest) of Xometry's outstanding 1.00% Convertible Senior Notes due 2027 (the '2027 notes') as described below. If the initial purchasers exercise their option to purchase additional notes, Xometry expects to use any additional proceeds from the Offering to enter into additional capped call transactions and for working capital and other general corporate purposes, which may include additional repurchases of the 2027 notes from time to time following the Offering, and acquisitions of, or strategic investments in, complementary businesses, products, services or technologies. However, Xometry does not have agreements or commitments with respect to any such acquisition or strategic investment at this time. Prior to March 15, 2030, the Notes will be convertible at the option of the noteholders only if one or more specific conditions are met. On or after March 15, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible in integral multiples of $1,000 principal amount at the option of the noteholders at any time regardless of these conditions. Upon conversion, Xometry will pay or deliver, as the case may be, cash, shares of Xometry's Class A common stock or a combination of cash and shares of Xometry's Class A common stock, at its election. The initial conversion rate is 21.2495 shares of Xometry's Class A common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $47.06 per share of Xometry's Class A common stock, which represents a conversion premium of approximately 30.0% to the last reported sale price of Xometry's Class A common stock on the Nasdaq Global Select Market on June 9, 2025), and will be subject to customary anti-dilution adjustments. Xometry may not redeem the Notes prior to June 20, 2028. Xometry may redeem for cash all or any portion of the Notes (subject to certain limitations), at its option, on or after June 20, 2028 and prior to the 41st scheduled trading day immediately preceding the maturity date of the Notes if the last reported sale price of Xometry's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Xometry provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If Xometry redeems less than all of the outstanding Notes, at least $100 million aggregate principal amount of Notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption. If Xometry undergoes a 'fundamental change' (as defined in the indenture that will govern the Notes), then, subject to certain conditions and limited exceptions, noteholders may require Xometry to repurchase for cash all or any portion of their Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date of the Notes or if Xometry delivers a notice of redemption, Xometry will, in certain circumstances, increase the conversion rate of the Notes for a noteholder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be. In connection with the pricing of the Notes, Xometry entered into capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions (the 'Option Counterparties'). The capped call transactions cover, subject to customary adjustments, the number of shares of Xometry's Class A common stock initially underlying the Notes. The capped call transactions are expected generally to reduce the potential dilution to Xometry's Class A common stock upon any conversion of Notes and/or offset any cash payments Xometry is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions relating to the Notes will initially be $63.35, which represents a premium of 75.0% over the last reported sale price of Xometry's Class A common stock on the Nasdaq Global Select Market on June 9, 2025, and is subject to certain adjustments under the terms of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, Xometry expects the Option Counterparties or their respective affiliates will enter into various derivative transactions with respect to Xometry's Class A common stock and/or purchase shares of Xometry's Class A common stock concurrently with or shortly after the pricing of the Notes, including with, or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Xometry's Class A common stock or the Notes at that time. In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Xometry's Class A common stock and/or purchasing or selling Xometry's Class A common stock or other securities of Xometry in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during the 40 trading day period beginning on the 41st scheduled trading day prior to the maturity date of the Notes, or, to the extent Xometry exercises the relevant election under the capped call transactions, following any repurchase, redemption or conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of Xometry's Class A common stock or the Notes which could affect a noteholder's ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the number of shares, if any, and value of the consideration that a noteholder will receive upon conversion of its Notes. Concurrently with the pricing of the Offering, Xometry entered into privately negotiated transactions effected with or through one of the initial purchasers or one of its affiliates with certain purchasers of the Notes in the Offering to repurchase for cash approximately $8.0 million of Xometry's Class A common stock from purchasers at a purchase price per share equal to the last reported sale price per share of Xometry's Class A common stock on the Nasdaq Global Select Market on June 9, 2025. These share repurchases could increase (or reduce the size of any decrease in) the market price of Xometry's Class A common stock or the Notes prior to, concurrently with or shortly after the pricing of the Notes, and could have resulted in a higher effective conversion price for the Notes. Xometry cannot predict the magnitude of such market activity or the overall effect it had on the price of the Notes in the Offering or Xometry's Class A common stock. The Offering is not contingent upon the repurchase of any of Xometry's Class A common stock. Concurrently with the pricing of the Offering, Xometry entered into privately negotiated transactions effected with or through one of the initial purchasers or one of its affiliates with certain holders of the 2027 notes to repurchase, for approximately $216.7 million in cash, approximately $201.7 million aggregate principal amount of its 2027 notes, including accrued and unpaid interest on the 2027 notes, on terms negotiated with each holder of 2027 notes repurchased (each, a 'note repurchase transaction'). Xometry may also repurchase additional outstanding 2027 notes following completion of the Offering. The Offering is not contingent upon the repurchase of the 2027 notes. In connection with any note repurchase transaction, Xometry expects that holders of the 2027 notes who agree to have their 2027 notes repurchased and who have hedged their equity price risk with respect to such 2027 notes (the "hedged holders") will unwind all or part of their hedge positions by buying Xometry's Class A common stock and/or entering into or unwinding various derivative transactions with respect to Xometry's Class A common stock. The amount of Xometry's Class A common stock to be purchased by the hedged holders may have been substantial in relation to the historic average daily trading volume of Xometry's Class A common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Xometry's Class A common stock, including concurrently with the pricing of the Notes, and may have resulted in a higher effective conversion price of the Notes. Xometry cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or Xometry's Class A common stock. The Notes were only offered to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. The Notes and shares of Xometry's Class A common stock issuable upon conversion of the Notes, if any, have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction. Forward-Looking Statements This press release contains 'forward-looking' statements that involve risks and uncertainties, including statements concerning the completion and timing of the proposed Offering of the Notes, the capped call transactions, the Class A common stock repurchase transactions, the note repurchase transactions, and the anticipated use of the net proceeds from the Offering. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'could,' 'would,' 'intend,' 'target,' 'project,' 'contemplate,' 'believe,' 'estimate,' 'predict,' 'potential' or 'continue' or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from Xometry's plans, including those more fully described in our filings with the Securities and Exchange Commission ('SEC') from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and Xometry disclaims any obligation to update any forward-looking statements, except as required by law. About Xometry Xometry's (NASDAQ: XMTR) AI-powered marketplace, popular Thomasnet® industrial sourcing platform and suite of cloud-based services are rapidly digitizing the manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to get the instant pricing and lead times to create locally resilient supply chains. Investor Contact: Shawn MilneVP Investor Media Contact:Lauran Cacciatori Global Corporate Communications Matthew Hutchison Global Corporate in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business of Fashion
an hour ago
- Business of Fashion
The Independents Acquires Culinary Studio We Are Ona
Fashion communications conglomerate The Independents has acquired culinary studio We Are Ona. Founded in Paris in 2019 by chef and Noma alumnus Luca Pronzato, We Are Ona produces immersive dinners, including for Chanel, Balenciaga, Coperni, Alaïa and Saint Laurent. After working together on various projects for clients over the past few years, joining forces felt inevitable, said Independents co-founder and chief executive Isabelle Chouvet. 'We started to collaborate a lot and then it was natural that we had to officialise this union,' said Chouvet. '[Pronzato] is the only one doing what he's doing. He is able to push the boundaries of innovation, he is the only one who has the network of talents. He has the vision and understands the client's needs.' We Are Ona collaborates with artists like Willo Perron, who has staged shows for Beyoncé and Drake; Carsten Höller, known for his interactive installations; and Michelin-starred chefs including Dalad Kambhu and Mory Sacko. Beyond producing events for brands, the firm hosts pop-ups open to the public, most recently a restaurant experience featuring a dramatic, 100-feet-long sculptural lighting installation in New York's WSA Building with fashion show producer Alexandre de Betak (whose Bureau Betak was acquired by The Independents in 2021) in May. The set of a We Are Ona-produced dinner for Balenciaga. (Courtesy) Being under The Independents' umbrella will help We Are Ona continue expansion in the US (where it opened an office earlier this year), the Middle East and Asia, said Pronzato. This marks The Independents' first acquisition in the culinary space; it comes as foodie culture reaches a new zenith, and as food becomes an increasingly important tool fashion brands use to engage their customers. When it comes to food, fashion brands are raising the stakes — looking for high-production events that double as marketing moments: 'It's not only dinner to have a dinner, it's dinner to create a brand moment,' said Pronzato. 'These experiences can create an emotional link. When you sit at the table, the experience is different than when you buy a bag.' The acquisition is The Independents' third this year, and part of an ongoing spree that began in 2023 when it set its sights on doubling in size. In April, The Independents bought design studio 2x4 and in May, Paris-based documentary production company Terminal 9 Studios. Now, the company has over 20 agencies in its ranks and counts over 1,200 employees in offices across cities including Barcelona, Beijing, London, Los Angeles, Milan, New York, Seoul, Shanghai and Paris. Group revenue totalled $800 million in 2024, according to the company. Learn more: Why Food Is Everywhere in Fashion Advertising As foodie culture peaks and the cost of living rises, food is popping up more than ever in fashion imagery.
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
What to know about inspections of Iran's nuclear program by the IAEA ahead of a key board vote
VIENNA (AP) — Iran's nuclear program remains a top focus for inspectors from the International Atomic Energy Agency, particularly as any possible deal between Tehran and the United States over the program would likely rely on the agency long known as the United Nations' nuclear watchdog. This week, Western nations will push for a measure at the IAEA's Board of Governors censuring Iran over its noncompliance with inspectors, pushing the matter before the U.N. Security Council. Barring any deal with Washington, Iran then could face what's known as 'snapback' — the reimposition of all U.N. sanctions on it originally lifted by Tehran's 2015 nuclear deal with world powers, if one of its Western parties declares the Islamic Republic is out of compliance with it. All this sets the stage for a renewed confrontation with Iran as the Mideast remains inflamed by Israel's war on Hamas in the Gaza Strip. And the IAEA's work in any case will make the Vienna-based agency a key player. Here's more to know about the IAEA, its inspections of Iran and the deals — and dangers — at play. Atoms for peace The IAEA was created in 1957. The idea for it grew out of a 1953 speech given by U.S. President Dwight D. Eisenhower at the U.N., in which he urged the creation of an agency to monitor the world's nuclear stockpiles to ensure that 'the miraculous inventiveness of man shall not be dedicated to his death, but consecrated to his life." Broadly speaking, the agency verifies the reported stockpiles of member nations. Those nations are divided into three categories. The vast majority are nations with so-called 'comprehensive safeguards agreements" with the IAEA, states without nuclear weapons that allow IAE monitoring over all nuclear material and activities. Then there's the 'voluntary offer agreements' with the world's original nuclear weapons states — China, France, Russia, the United Kingdom and the U.S. — typically for civilian sites. Finally, the IAEA has 'item-specific agreements' with India, Israel and Pakistan — nuclear-armed countries that haven't signed the Nuclear Nonproliferation Treaty. That treaty has countries agree not to build or obtain nuclear weapons. North Korea, which is also nuclear armed, said it has withdrawn from the treaty, though that's disputed by some experts. The collapse of Iran's 2015 nuclear deal Iran's 2015 nuclear deal with world powers, negotiated under then-President Barack Obama, allowed Iran to enrich uranium to 3.67% — enough to fuel a nuclear power plant but far below the threshold of 90% needed for weapons-grade uranium. It also drastically reduced Iran's stockpile of uranium, limited its use of centrifuges and relied on the IAEA to oversee Tehran's compliance through additional oversight. But President Donald Trump in his first term in 2018 unilaterally withdrew America from the accord, insisting it wasn't tough enough and didn't address Iran's missile program or its support for militant groups in the wider Mideast. That set in motion years of tensions, including attacks at sea and on land. Iran now enriches up to 60%, a short, technical step away from weapons-grade levels. It also has enough of a stockpile to build multiple nuclear bombs, should it choose to do so. Iran has long insisted its nuclear program is for peaceful purposes, but the IAEA, Western intelligence agencies and others say Tehran had an organized weapons program up until 2003. IAEA inspections and Iran Under the 2015 deal, Iran agreed to allow the IAEA even greater access to its nuclear program. That included permanently installing cameras and sensors at nuclear sites. Those cameras, inside of metal housings sprayed with a special blue paint that shows any attempt to tamper with it, took still images of sensitive sites. Other devices, known as online enrichment monitors, measured the uranium enrichment level at Iran's Natanz nuclear facility. The IAEA also regularly sent inspectors into Iranian sites to conduct surveys, sometimes collecting environmental samples with cotton clothes and swabs that would be tested at IAEA labs back in Austria. Others monitor Iranian sites via satellite images. In the years since Trump's 2018 decision, Iran has limited IAEA inspections and stopped the agency from accessing camera footage. It's also removed cameras. At one point, Iran accused an IAEA inspector of testing positive for explosive nitrates, something the agency disputed. The IAEA has engaged in years of negotiations with Iran to restore full access for its inspectors. While Tehran hasn't granted that, it also hasn't entirely thrown inspectors out. Analysts view this as part of Iran's wider strategy to use its nuclear program as a bargaining chip with the West. What happens next Iran and the U.S. have gone through five rounds of negotiations over a possible deal, with talks mediated by the sultanate of Oman. Iran appears poised to reject an American proposal over a deal this week, potentially as soon as Tuesday. Without a deal with the U.S., Iran's long-ailing economy could enter a freefall that could worsen the simmering unrest at home. Israel or the U.S. might carry out long-threatened airstrikes targeting Iranian nuclear facilities. Experts fear Tehran in response could decide to fully end its cooperation with the IAEA, abandon the the Nuclear Nonproliferation Treaty and rush toward a bomb. If a deal is reached — or at least a tentative understanding between the two sides — that likely will take the pressure off for an immediate military strike by the U.S. Gulf Arab states, which opposed Obama's negotiations with Iran in 2015, now welcome the talks under Trump. Any agreement would require the IAEA's inspectors to verify Iran's compliance. But Israel, which has struck at Iranian-backed militants across the region, remains a wildcard on what it could do. Last year, it carried out its first military airstrikes on Iran — and has warned it is willing to take action alone to target Tehran's program, like it has in the past in Iraq in 1981 or Syria in 2007. ___
