Latest news with #StevenFoster
Yahoo
3 days ago
- Health
- Yahoo
American Botanical Council Acquires Full Rights to Steven Foster Photo Library
The nonprofit now owns more than 150,000 images of 1,700+ species of medicinal and aromatic plants taken by famed photographer and herbal expert Echinacea Purpurea Passiflora Incarnata Austin, Texas, June 06, 2025 (GLOBE NEWSWIRE) -- The nonprofit American Botanical Council (ABC) announces that it has obtained ownership rights to the entire collection of medicinal and aromatic plant photographs taken by the late botanist, author, and preeminent photographer Steven Foster (1957–2022).Foster was well-known and widely respected as the author or co-author of 21 books on herbs and medicinal plants. He also wrote more than 800 articles and reviews on herbal medicine, ethnobotany, sustainable sourcing, conservation, and related subjects, including more than 100 articles and reviews in ABC's peer-reviewed journal HerbalGram. His extensive photographic library includes more than 150,000 images of more than 1,700 accurately identified medicinal and aromatic plant species. This includes Foster's photos of many native American medicinal plants, as well as other plants he encountered during his travels in countries around the world, including Argentina, Armenia, Belize, China, Costa Rica, Egypt, England, Georgia, Germany, Guatemala, Japan, Montenegro, the Netherlands, Peru, Switzerland, Trinidad and Tobago, Vietnam, and elsewhere. Foster was a member of ABC's Board of Trustees for more than 20 years and president for 10 years. He provided frequent and instrumental support for HerbalGram and served as a contributing editor, peer reviewer, and author of dozens of feature-length articles. He also contributed hundreds of medicinal plant photos from his extensive library, including at least 60 photos that appeared on the magazine's cover. His photography filled nearly every issue of HerbalGram since issue 24 in 1991. After Foster's untimely death in January 2022, ABC continued to have access to and permission to use his photos in a variety of ABC publications and communications through a special arrangement with his estate. ABC continued to feature his photos on ABC's website, in publications of the ABC-AHP-NCNPR Botanical Adulterants Prevention Program (BAPP), and in HerbalGram, ABC's monthly newsletter HerbalEGram, ABC's weekly newsletter Herbal News & Events, and other ABC publications. Now, ABC has finalized the purchase of Foster's entire digital photo library, including full rights to all of the images. Credits to Foster's photographs will now read: 'Photo by Steven Foster ©2025 ABC.' 'For more than 40 years, Steven was a close personal friend and colleague and a primary contributor to ABC's nonprofit research and educational mission, publications, and programs,' said ABC Founder and Executive Director Mark Blumenthal. 'Steven's intelligence, botanical knowledge, insightful and deeply informed writing, and his compelling photography were an integral part of the development and evolution of HerbalGram and ABC. 'It has been ABC's goal not only to provide authoritative, reliable, science-based information on herbs and medicinal plants, but also to show the beauty of these plants, which we have done for decades thanks in large part to Steven's incredibly beautiful photos,' Blumenthal added. 'Now, ABC has the opportunity to continue its nonprofit educational mission with Steven's photos and to help expand the herb community and general public's awareness of and appreciation for Steven's remarkable photographic legacy. ABC Art Director Matt Magruder said: 'Securing the ownership of Steven Foster's photography library is an exciting new chapter for HerbalGram and all of ABC's various programs and publications. Steven's photography has been a foundational — and visually stunning — part of the organization from early on. As a fellow photographer, I am grateful to be able to honor Steven and to continue to share his quintessential photographic legacy through ABC's stewardship moving forward.' Michael J. Balick, PhD, member of ABC's Board of Trustees and vice president for botanical science, director and senior philecology curator of the Institute of Economic Botany at the New York Botanical Garden, said: 'I was delighted to learn that ABC has acquired the Steven Foster Photo Library. Steven's 'plant's eye view' was nothing short of extraordinary, and this is reflected in all of the artistic and scientific work that he did over so many decades. He was enthusiastic and generous about sharing his talents as a photographer and providing his guidance to anyone who asked for his advice, regardless of their level of botanical sophistication. When I invited him to illustrate the third edition of the Handbook of Poisonous and Injurious Plants [Springer, 2017], he provided his best work, and the photos that grace the pages of this reference book are not only useful for identification in cases of suspected poisoning, but also works of beautifully composed botanical art. We all miss Steven, who left us prematurely, and I am grateful to ABC and its donors for ensuring that this part of his legacy will endure, educating and captivating us all for many more decades.' Blumenthal noted that, at a time when people are beginning to use artificial intelligence as a source for botanical images, one primary benefit of Foster's photographs is the reliable and accurate identification of the depicted plant species. As an expert botanist, Foster properly identified the botanicals in his photos. Aside from the beauty of the photos, this benefit is a key feature of ABC's Steven Foster Photo Library. ABC featured a memorial tribute to Steven Foster in HerbalGram issue 133 and a pictorial of some of his medicinal plant photography in issue 134. A new pictorial of Foster's brilliant medicinal plant photos was just published in the current issue of HerbalGram, issue 143. In addition, ABC has named its newest award for botanical excellence after Foster, the ABC Steven Foster Excellence in Botanical Conservation and Sustainability Award, which is announced each spring at the annual ABC Celebration at Natural Products Expo West in Anaheim. Attachments Echinacea Purpurea Passiflora Incarnata CONTACT: Public Relations American Botanical Council 512-926-4900 ext. 129 publicrelations@ 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
Fashion United
28-05-2025
- Business
- Fashion United
Clarks returns to Leeds with new flagship store as brand marks 200 Years
British heritage footwear brand Clarks has marked its bicentenary with a strategic return to Leeds city centre, opening a new flagship store at the city's premier shopping destination, Trinity Leeds. The move signals a renewed retail push for the Somerset-based company, as it seeks to reaffirm its presence on high streets across the UK amidst a period of shifting consumer habits and cautious optimism in the retail sector. The new store—positioned within one of the UK's most prominent retail complexes—will stock the full range of Clarks products, including men's, women's, and children's footwear, as the company continues to lean into its legacy of craftsmanship, comfort and innovation. This re-entry into Leeds comes after a period of strategic restructuring and signals a confident step forward for the nearly 200-year-old shoemaker. Clarks' reappearance in Leeds is not merely a symbolic return to bricks-and-mortar, but part of a wider recalibration of its retail footprint under new leadership and private equity ownership. The retailer, which dates back to 1825, has faced a challenging few years marked by store closures, changing ownership structures, and an evolving consumer landscape shaped by e-commerce and post-pandemic behaviours. Steven Foster, Centre Director at Trinity Leeds, hailed the return as both a commercial and cultural milestone. 'We're thrilled to welcome Clarks back to Leeds city centre,' he said. 'With its long-standing reputation for quality and comfort, Clarks is a brilliant addition to Trinity's retail offering.' Trinity Leeds, operated by Landsec, continues to invest in experiential and digitally integrated retail concepts as it aims to revitalise high-street footfall and appeal to a broader demographic. Clarks' presence aligns with this strategy, as the retailer looks to blend traditional in-store service with contemporary design and product offerings. Analysts see the move as emblematic of a broader trend: heritage brands leveraging their legacy while refreshing physical retail to meet the expectations of today's consumer. In Clarks' case, this includes a growing focus on sustainability, including more environmentally friendly materials and manufacturing processes—a theme increasingly important to both Gen Z consumers and institutional investors.
Yahoo
14-05-2025
- Business
- Yahoo
Q1 2025 Tenon Medical Inc Earnings Call
Steven Foster; President, Chief Executive Officer, Director; Tenon Medical Inc Kevin Williamson; Chief Financial Officer; Tenon Medical Inc Scott Henry; Analyst; Alliance Global Partners Nicholas Sherwood; Analyst; Maxim Group Operator Greetings, and welcome to the Tenon Medical first-quarter 2025 financial results and corporate update conference call. As a reminder, this call is being recorded. Your hosts today are Steve Foster, President and Chief Executive Officer; and Kevin Williamson, Chief Financial Officer. Mr. Foster and Mr. Williamson will present results of operations for the first quarter ended March 31, 2025, and provide a corporate update. A press release detailing these results was released today and is available on the Investor Relations section of our company's website, Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates and other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. For a more complete discussion of these factors and other risks, you should review our quarterly and annual reports on file with the Securities and Exchange Commission at At this time, I'll turn the call over to Tenon Medical's Chief Executive Officer, Steve Foster. Please go ahead, sir. Steven Foster Thank you, Sachi, and good afternoon, everyone. I'm pleased to welcome you to today's first quarter 2025 financial results and corporate update conference call for Tenon Medical. The first quarter was highlighted by continued progress in building evidence to support the Catamaran approach and technique while adding versatility via the upcoming full launch of the new SE platform in the midyear. During the quarter, revenue improved steadily by 1% over the prior year quarter, partially impacted by reimbursement pre-authorization headwinds that we believe to be transient in nature. We expect future coding clarity, combined with our recently published clinical data will positively impact these issues going forward. As we move forward to sustainable revenue growth, our stable cost structure is expected to maintain a gross margin performance at recent levels and improve with increases in revenue. With the completion of the Alpha clinical review of our new Catamaran SE platform, a second-generation and smaller version of our implant and access profile, we are now preparing for its full commercial launch in the midyear. The SE extends the line of implant offerings for physicians preferring a smaller Catamaran implant and access profile while performing SI joint fusion procedures. During the Alpha clinical review, we found that the features of SE are well received across physician specialties and applications. In particular, the low profile of SE provides significant flexibility for the physician when doing SI revision surgery. In March, the FDA cleared the Catamaran SI Joint Fusion System for an extended indication for use in augmenting thoracal lumbar fusion. With this approval, the Catamaran is now indicated to treat the SI joint as either a stand-alone treatment or to augment a spinal fusion. We believe this can be an important tool in the complex spine surgeon arsenal to support the base of a multilevel fusion. Recognition from the FDA of Catamaran's use to augment spinal fusion has been a long-term goal and further expands the platform's versatility. This new indication also opens the door to a previously untapped market and the potential for increased adoption. Underscoring our technical advances, we received 2 European patents during the first quarter directed to the novel Catamaran SI joint fixation device. This continued development of our intellectual property portfolio improves our competitive position in the industry and protects the overall portfolio. The Catamaran SI Joint Fusion System Intellectual Property portfolio now includes 12 issued US and foreign patents, along with 31 pending US and foreign patent applications. Tenon is committed to funding and executing clinical research that reinforces the safety and effectiveness of our technologies. Our post-market study, we call MAINSAIL is Tenon's prospective multicenter single-arm study that evaluates clinical outcomes of patients with sacroiliac joint disruption or degenerative sacroiliitis treated with the Catamaran SI Joint Fusion System. Patients will be evaluated for a period of up to 24 months, reviewing various patient-reported outcomes, radiographic assessments and adverse events. In short, the data collected aims to show the Catamaran system delivers on its promises. Tenon announced the first peer-reviewed publication of our interim analysis from the MAINSAIL study in the third quarter of 2024. This interim analysis presents early experiences in the first 33 consecutive patients treated with the Catamaran SI joint fusion system across 6 US clinical sites with primary and secondary clinical endpoints analysis at 6 months and radiographic CT fusion assessment performed by independent reviewers at 12 months. Notable outcomes from this interim analysis include statistically significant reduction in SI joint pain and disability scoring at 6 months, a robust safety profile and high patient satisfaction throughout all follow-up time points. Results provided definitive evidence of fusion response at 12 months and efficient surgical technique and procedure workflow. This peer-reviewed analysis reinforced that the Catamaran system's minimally invasive inferior posterior approach is safe and effective in the objective of relieving pain and reducing disability in adult patients diagnosed with SI joint disruption or degenerative sacroiliitis that failed nonsurgical treatment. Early results and evaluations solidify our thesis that the Catamaran's unique design and less invasive inferior posterior approach is functioning as intended to optimize patient outcomes. Of note, the interim data from our study and the over 1,000 surgeries performed to date with the Catamaran system demonstrate its exceptional safety profile, benefiting patients and the patients they treat. The second interim analysis will be published midyear 2025. At the time of publication, approximately 1/2 of the up to 50 targeted enrollments will have crossed the 12-month milestone in follow-up. This 12-month milestone includes a CT scan to assess fusion of the SI joint [indiscernible] geographic data with ODI and VAS scores at predetermined time points will provide increasingly robust evidence to support Catamaran technology. The importance of this clinical research for the company cannot be overstated. It will be compelling for treating physicians and payers alike within a market segment that is lacking peer-reviewed data. While innovative technologies are exciting for treating physicians, clinical research is required to reinforce the value proposition. Additionally, these data sets are foundation to achieve positive coverage throughout the payer network. Our ongoing workshop activities led by a network of valued physician faculty combined with the robust commercial infrastructure rebuild have prepared us for rapid expansion. We hosted 34 physicians in Catamaran workshops during the first quarter of 2025. During the quarter, we took the opportunity to strengthen our balance sheet to execute on these upcoming milestones and fund growth initiatives. In March, we received a total of $7.1 million in gross proceeds from equity financing, which contributed to a cash balance of $10.3 million at quarter's end. Combined with a balanced financial discipline, we are confident that we have the cash runway to advance Tenon into our next phase of growth. Looking ahead, we are now focusing our investments on driving our top line via commercial expansion and focus on our workshop and training programs. In addition, we will be finishing investments in launching our Catamaran SE platform as well as completing the vital MAINSAIL prospective trial. And with that, I'll turn it over to Kevin to discuss our financials. Kevin Williamson Thank you, Steve. I will now provide a summarized review of our financial results. A full breakdown is available in our press release that crossed the wire this afternoon. Our revenue was $726,000 in the first quarter of 2025, an increase of 1% compared to $719,000 in the first quarter of 2024. The increase in revenue was primarily due to an increase in implants per surgical procedure, partially offset by a slight decrease in ASP driven by account mix. We remain focused on investing in our growth initiatives and continue to see positive results building. We believe the upcoming Catamaran SE commercial launch paired with the publishing of our second interim analysis of our MAINSAIL study will be growth catalysts along with the continued expansion of our sales force throughout the remainder of 2025. Gross profit in the first quarter of 2025 was $323,000 or 44% of revenue compared to $470,000 or 65% of revenue in the comparable year ago quarter. Gross margin percentage varied from period to period, driven by the absorption of production overhead costs into our standard costs with operating leverage created by lower fixed costs. Operating expenses totaled $4 million for the first quarter of 2025 as compared to expenses of $4 million in the first quarter of 2024. Operating expenses were flat due to increases in sales and marketing, offset primarily by decreases in professional fees, stock-based compensation and insurance costs. With continued planned investments in growth, including expanding the sales force, participation in industry trade show events, prioritizing market access efforts and driving reimbursement and coverage initiatives, increases in sales and marketing expenses are expected in future quarters. Net loss was $3.6 million for the first quarter of 2025 as compared to a loss of $3.6 million in the same period of 2024. While we expect to continue to improve our net loss, the company does expect to incur additional losses in the future. Now turning to the balance sheet. As of March 31, 2025, cash and cash equivalents totaled $10.3 million as compared to $6.5 million as of December 31, 2024. Our healthy balance sheet is fortified with ample cash runway to accelerate investment in our growth initiatives, which was further boosted by 3 financing transactions in Q1 2025, totaling $7.1 million in gross proceeds. Lastly, as of March 31, 2025, the company has no outstanding debt. I will now turn the call back to Steve for closing thoughts. Steven Foster Thank you, Kevin. We are proud of the progress that's been made and the work that has gone into uniquely positioning Tenon Medical to grow with this expanding market. Going forward, we will be investing heavily in growth through commercial operations, clinical research and product refinement. I thank you all for attending. And now I'd like to hand the call over to our operator to begin our question-and-answer session with our covering analysts. Sachi? Operator (Operator Instructions) Scott Henry, Alliance Global Partners. Scott Henry I guess for starters, when we think about top line revenues, how would you describe your expectations for the trajectory through the year? Would you expect sequential growth every quarter? And just any thoughts as regards to 2Q, at least in broad terms, how we should think about the revenue growth there? Steven Foster Yes. Thank you, Scott. So a couple of different factors. One, we mentioned earlier is the reimbursement environment. I was privileged enough to attend the recent AMA meeting up in New York City. I do believe that there are clarifications coming in coding that will assist in moving things along in the pre-authorization phase. When physicians submit a patient for pre-authorization, they're simply seeking sort of the thumbs up, if you will, to proceed with the procedure. That has been delayed a good bit because of coding confusion and things of that nature. So we do anticipate that will start to resolve. Now that's not the flick of a switch, right? The coding book comes out in 2026. People will be processing this information. So it's not an overnight thing. It's a bit difficult to predict. But we do anticipate that will improve and get better and better as time goes along here, and that will contribute to us delivering incremental growth quarter-over-quarter. The second part of that is the building of our team, right, the onboarding of commercial resources to go out and sell the technology aggressively, engage distributors in different geographies and what have you. And that's really the part that we're focused on. So look, we anticipate being able to deliver incremental growth as these things develop, the second quarter and beyond in particular. And I think that's the way I would answer your question. Those are the 2 critical factors. Scott Henry Okay. And then when we think about the SE launch coming in the middle of the year, how -- will that be an inflection point? Or is that something that will help build the platform over the long run, but we won't notice a spike at that point? Just trying to get a sense of how we should be thinking about that product in the short term and in the long run. Steven Foster Yes. We believe it leans more towards an inflection point, right? We launched our initial product 1.5 years to 2 years ago. You get feedback immediately from the variety of different scenarios that our physicians face. And I can't stress enough that the revision component when there's other SI technologies there, having a smaller and lower profile implant can be really beneficial because you kind of have to work around stuff that's already there in really simple terms. So we do think it's going to be an inflection point. We think it will bring more physicians into the adoption phase of the technology. We've gotten a lot of feedback that people were seeking a lower profile. So we're excited about delivering this technology, and we think it will help us tremendously in delivering at the top line. Scott Henry Okay. And final question, just on the G&A. It was a little lower in the first quarter than the fourth quarter as well as, I believe, any of the quarters in 2024. Is that reflective of what we should see for the rest of the year? Or was there some noise in that number? Kevin Williamson I'm happy to jump in here. Scott, thanks for joining. I think reflective of the quarter and what you'll see moving forward with some additional investments and mainly on the sales side where you'll see those investments in the growth initiatives that we discussed in our remarks. Operator Nicholas Sherwood, Maxim Group. Nicholas Sherwood My first question is, how does the new indication for multiple spinal fusion surgeries expand your total addressable market? Steven Foster Thank you, Nicholas. Yes, this is a really important clearance for us. So to be clear, right, the physicians oftentimes because of the way the patient presents, choose to fuse multiple levels of the lumbar or even thoracic spine, right? It could be because of deformity, it could be because of degenerative issues, et cetera, right? When they do that, they have specific concerns at what we refer to as the bottom of that construct, right, which is the sacropelvic part of the anatomy, right? And one of the challenges there is the SI joint is moving, right? It's moving around. It may be a part of the patient's pain, it may not. But we all know from long experience that if we put any kind of hardware across the joint that's moving, over time, the body breaks it down and either shapes it loose or even at times fractures that hardware. The purpose of augmenting a long construct like that with Catamaran is to immobilize the SI joint in the short term, protect that hardware that's being placed there, so it doesn't create lucencies, shape loose, fracture, et cetera. And then set the joint up to heal and fuse in the long term, so the SI joint doesn't become an issue for the patient, right? So just -- I want to take just a moment to sort of describe what we're trying to accomplish there. It's all about immobilizing the SI joint, healing it so it doesn't move in the future. There are thousands of those kinds of procedures done in the US market alone every single year. It's obviously a very big market and the biggest players in spine participate in that market with their pedicle screws, their rods, their interbody spacers, their biologics, their computer-assisted navigation technology, all those things. right? And so us participating in that space, in the sacropelvic part of that construct is really meaningful, right? And so we believe it's a significant increase in addressable market, the way the technology can be implemented in one of these instances. And it really now is about us going out and explaining that value proposition to complex spine surgeons, presenting the data that we have, both biomechanical and clinical data and compelling them to look at this as a solution for their patients. So significant opportunity for us moving forward. Nicholas Sherwood Understood. And can you kind of talk about the reaction you've gotten about that approval from your trained physician base? And also, is there any additional insurance reimbursement work that -- or approvals that need to be received before the device can be used in these surgeries? Steven Foster Yes. The reaction from physicians -- again, it's early, we just got the clearance, et cetera. But the reaction is a positive because there is a lot of concern about the sacropelvic component of those long constructs. As a matter of fact, we were just out down in Florida at a significant spine meeting down there. And there was a full 3-hour afternoon session focused exclusively on, hey, what do we do in the sacropelvic part of a construct? What do we do at the bottom of this construct? So it's a hot topic. It's a significant issue that's seeking solutions out there right now. So the way I would respond to your question is there's a lot of interest. There are a lot of inquiries. There are a lot of opportunities to train. So we're in those early stages of moving physicians towards adopting the technology and making it part of their practice. As to reimbursement, yes, it's a slightly different reimbursement setup in those types of scenarios because there's obviously a big spinal procedure with a long incision and things like that going on as part of that procedure. In these instances, more often than not, we find physicians wanting to utilize our technology, what they refer to as bilaterally, right? So there's an SI joint on the left, there's an SI joint on the right. In that instance, there would be 2 Catamaran implants used in the procedure to immobilize both the left and the right side. And we believe that existing codes for the fusion of the SI joint will be applicable in this scenario. We'll see as things move along, but we anticipate the coding is there and clear for the application of our technology in these instances. Nicholas Sherwood Got it. My last question is, can you kind of talk about the success you've had in targeting physicians for your workshops? I know that you started to develop a more targeted approach to recruiting physicians. Have you improved your capabilities in targeting the right people to get more retention rates and more procedures done by the physicians that you trained? Steven Foster It's a great question [indiscernible] so -- and there's 2 big components to that, right? One is having the data to target appropriately, and we made some investments there. The second thing is to be able to bring training to them. There's a big difference between asking a physician to burn their weekend, fly somewhere, stay in a hotel, get trained, et cetera, versus being able to bring the technology to them in their own clinic and utilize our synthetic model and do the training right there in a very convenient and efficient way for them. We now have both of those things in place. So we do believe that we're targeting better and that we're delivering a meaningful training in the most cost-effective and efficient manner possible for the physician. Operator There are no further questions at this time. I would like to turn the floor back over to Steven Foster, CEO, for closing comments. Steven Foster Thank you, Sachi. We appreciate your help. And I'd like to thank each of you for joining our earnings conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group, who will be more than happy to assist. And with that, I wish everyone a good day. Operator This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Error 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
Yahoo
20-03-2025
- Automotive
- Yahoo
Maine lawmakers advance effort to seek money for more EV subsidies
Mar. 20—With its money for electric vehicle rebates depleted, Maine's quasi-state agency that promotes energy efficiency has won the first round of approval in the Legislature to seek funding from New England's grid operator. The Energy, Utilities and Technology Committee on Wednesday voted 7-5 along party lines to approve a measure authorizing Efficiency Maine Trust to pursue more than $2 million from an electricity market run by New England's grid operator, ISO-New England, to help subsidize EV purchases by Maine car buyers. Efficiency Maine Trust taps the ISO's market and other funding sources for rebates to buyers of electric heat pumps. If approved by the Legislature, the bill will extend that to EVs. The committee's five Republicans opposed the bill while seven Democrats voted to send it to the Legislature. "I do not believe that the demand for EVs justifies continued subsidized investments into the technology," Rep. Mathew McIntyre, R-Lowell said. "I do not see this as a worthwhile or practical investment. I think this dog don't hunt." Republicans have criticized state efforts to broaden EV use in Maine, saying they are too costly for many Mainers and that the state has no business remaking private transportation. Democrats and their environmental allies say EVs are a critical part of Maine's efforts to reduce greenhouse gas emissions, particularly in the transportation sector, which accounts for nearly half of carbon emissions from fossil fuel combustion, according to the state's climate plan. Republicans say their constituents can't afford EVs. Rep. Steven Foster, R-Dexter, said the bill would provide funding for EVs "that folks in my district and the northern part of the state won't benefit from." "Have you been to an auto dealer lately and seen the sticker prices on these vehicles?" McIntyre asked. Michael Stoddard, executive director of Efficiency Maine Trust, said much of an EV's cost is its battery, and that battery prices over the last decade are "dropping like a stone." In the biggest annual drop since 2017, lithium-ion battery pack prices declined 20% from 2023 to 2024, to a record low of $115 per kilowatt-hour, according to an analysis by researcher BloombergNEF in December. Factors include cell manufacturing overcapacity, broader production, low prices for metals and components, adoption of lower-cost lithium-iron-phosphate batteries and a slowdown in electric vehicle sales growth. BloombergNEF said the data represent a global average and prices vary by country. Stoddard told lawmakers that Efficiency Maine Trust will promote EVs to low- and moderate-income households and businesses. EV rebates are still available for low-income applicants with money from a settlement related to the New England Clean Energy Connect transmission line. Low-income Mainers — those who receive heating assistance; Supplemental Nutrition Assistance, or food stamps; Temporary Assistance for Needy Families; or MaineCare medical assistance — are eligible for EV incentives of between $2,500 and $7,500, depending on whether they're buying a battery EV, a plug-in hybrid EV or a used vehicle. It's not clear if the rebates will remain the same or change if the legislation ultimately becomes law and Efficiency Maine Trust gets a new source of revenue. A spokesperson for the agency said in an email Thursday that the legislation would give it the flexibility to set rebates "at levels that will make EVs more accessible to more businesses and low- and moderate-income consumers." Funding for EV rebates has been budgeted at $2 million and ISO-New England would provide another $2 million or more in a 50-50 split between EV and electric heat pump funding of $4 million to $5 million a year. Efficiency Maine Trust had spent about $4.4 million before the program was suspended last November when funding was exhausted, Stoddard said. Since the start of the EV rebate program in 2019, funding has also come from settlements in a lawsuit with Volkswagen and a one-time appropriation from the state's general fund. Over the course of the program, Efficiency Maine says it has provided rebates for more than 6,000 vehicles. Stoddard acknowledged that Maine has an uphill climb in broadening EV use. The state's cold climate can "pose a challenge" to EV battery range and electric chargers are separated by greater distances than in other, more urban states, he said. "We have a heavier lift here to make these vehicles work well for us," he said. "It's not been growing as fast in Maine as in other parts of the country. But it has been steadily growing." Nearly 17,500 battery electric vehicles and plug-in hybrid electric vehicles are on the road in Maine, according to an analysis by Atlas Public Policy. That's about 12% of the state's goal of 150,000 by 2030. It's up from about 2,000 five years ago, Stoddard said. "It is steadily growing, albeit slowly," he said. McIntyre said he based his opposition to the legislation in part because he believes the taxpayers he represents would pay "into a system that they will not avail themselves of and that they don't agree is beneficial in the environment of Maine." Stoddard said Efficiency Maine Trust does not use a "penny of taxpayer dollars" for the EV rebate program. The agency taps ISO-New England's forward capacity market, an annual auction to secure power commitments from generators and others three years in advance. Efficiency Maine Trust may eventually quit "because it's increasingly complicated to participate," he said. "For next three years, we're in and have a resource we take the trouble to report, and it's worth something," he said. Copy the Story Link
