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Miami Herald
5 days ago
- Business
- Miami Herald
CoTec Holdings Corp. Files First Quarter Financial Statements And MD&A
VANCOUVER, BC / ACCESS Newswire / May 29, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis ("MD&A") for the three months ended March 31, 2025. The financial statements and MD&A can be accessed under the Company's SEDAR profile at . Julian Treger, CoTec CEO commented; "CoTec had an exceptional start to the year. Our main priority for the quarter was the continued roll-out of HyProMag USA, our Joint Venture U.S. based rare earth elements ("REE") magnet recycling and permanent magnet manufacturing Project. HyProMag USA selected its preferred bidder for engineering, procurement and construction management ("EPCM") services, culminating in the engagement of PegasusTSI Inc. ("Pegasus") and BBA USA Inc. ("BBA") and the commencement of the detailed design and engineering phase shortly after quarter-end. We have also expanded the scope of the detailed engineering to include three HPMS [i] vessels and initiated concept studies for further expansion and complementary "Long Loop" Recycling." "The Project will play a key role in supporting the U.S. strategy of reshoring manufacturing capability, reducing dependence on foreign magnets and rare earths, which is a top priority for the Trump administration. The increased production capacity could also allow the flexibility to produce a wider range of products and specialist magnets, further improving both financial returns and the Project's ability to become a supplier of choice. HyProMag USA is continuing its ongoing discussions with high-ranking officials in the U.S. Government regarding financial support and project acceleration. The HPMS process remains extremely cost competitive and has independently quantified its exceptionally low CO 2 footprint compared to industry alternatives. "CoTec secured two new complementary critical mineral technologies targeting the use of Multi-Gravity Technology for the recovery of ultra fine iron and manganese and a joint collaboration with McGill University, Québec, Canada ("McGill") "WaveCracker TM " which will investigate extended applications of microwave technologies with the aim of improving low-carbon, economic recovery of valuable metals from a range of mineral targets, with a starting focus on copper recoveries particularly in advanced sulphide leaching application." "CoTec believes the significant strategic and commercial value presented by our 60.3 % direct and indirect stake in HyProMag USA combined with the value of our Lac Jeannine project and our other investments, far exceed our current share price. We are encouraged by recent improvements in our share price, but our market valuation still significantly lags the recent uplift in our REE peer group and the disconnect between our share price and the intrinsic value of our assets remains material. We are working hard to address this matter through various investor outreach programs which have been initiated." The Company announced a comprehensive loss for the quarter of $1,7 million mainly driven by G&A expenses of $709k and non-cash foreign exchange losses on equity investments and share based compensation of $200k and $269k respectively. Highlights for the quarter include: Operational Invested US$148,500, and US$132,071 into MagIron LLC ("MagIron") on February 4, 2025, and on March 25, 2025, respectively to maintain its undiluted equity interestCompleted the selection process and commenced negotiations with Pegasus and BBA for their engagement to provide EPCM services for HyProMag USA project with an engagement contract signed on April 20, 2025. Environment and permitting studies will be supported by U.S.-based Weston Solutions, Project WaveCracker TM with McGill University, Québec, targeting the application of microwave technology to accelerate sulphide copper leachingEntered exclusivity and collaboration agreement with Salter for the use of its multi-gravity technology for the recovery of ultra fine iron and manganeseHyProMag USA expanded detailed design and engineering phase to include three hydrogen processing of magnet scrap ("HPMS") vessels and initiate concept studies for further expansion, including long loop recyclingHyProMag USA completed independent ISO-Compliant Product Carbon Footprint Study with Minviro Limited ("Minviro"). Minviro confirmed an exceptionally low CO 2 footprint of 2.35 kg CO 2 eq. per kg of NdFeB cut sintered block Corporate Executive informational overview report on the Company released by Crystal Research Associates LLC. on February 18, 2025Drew down $500k on January 6, and February 6, 2025, respectively on the Kings Chapel Convertible Loan AgreementAgreed an amendment to the Convertible Loan Agreement with Kings Chapel International Limited on February 28, 2025. Pursuant to the amendment, the principal amount available to the Company under the Convertible Loan Agreement was increased by up to $2.5 million. All other terms remain unchangedDrew down an additional $500 under the Kings Chapel Convertible Loan Agreement on March 5, and March 19, 2025, respectivelyEngaged Investing News Network to support an advertising and investor awareness campaign About CoTec CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX-V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. Please visit For further information, please contact: Braam Jonker - (604) 992-5600 Forward-Looking Information Cautionary Statement Statements in this press release regarding the Company and its investments which are not historical facts are "forward-looking statements" which involve risks and uncertainties, including statements relating to the roll out of its HyProMag USA and Lac Jeannine projects and its investment in Salter, as well as management's expectations with respect to other current and potential future investments and the benefits to the Company which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements, due to known and unknown risks and uncertainties affecting the Company, including but not limited to resource and reserve risks; environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social disruptions. For further details regarding risks and uncertainties facing the Company please refer to "Risk Factors" in the Company's filing statement dated April 6, 2022, a copy of which may be found under the Company's SEDAR profile at The Company assumes no responsibility to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company's continuous disclosure documents which are available on SEDAR at Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Miami Herald
5 days ago
- Business
- Miami Herald
Terra Innovatum Submits Advanced Nuclear Proposal to NYSERDA to Help New York State Meet 2040 Zero-Carbon Goal
Terra Innovatum's SOLO(TM) Micro-Modular Reactor Offers Safe, Affordable, and Reliable 24/7 Power Without Refueling for 15 Years Using Off-the-Shelf Readily Available Commercial Components and Licensed LEU Fuel NEW YORK CITY, NEW YORK / ACCESS Newswire / May 29, 2025 / Terra Innovatum Srl ("Terra Innovatum," or the "Company"), a developer of micro-modular nuclear reactors, today announced the submission of its response to the New York State Energy Research and Development Authority's ("NYSERDA") Advanced Nuclear Request for Information ("RFI"). The submission outlines plans for selecting a potential test reactor site for the Company's first-of-a-kind micro-modular reactor, SOLO™, intent to establish a designated production unit, and further commercial deployment opportunities to support the state's zero-emissions electricity target by 2040. Unlike conventional reactors, the compact footprint, modular design, and ability to operate for 15 years without refueling make SOLO™ well-suited for integration into local energy systems. In Picture: Rendering of 3 SOLOTM units covering an area of approximately 3,600sqft in a public plaza (totaling 3MWe - 12MWt with Co-Generation). "We believe SOLO™ represents a pivotal advancement in clean energy infrastructure," said Alessandro Petruzzi - Co-founder & CEO of Terra Innovatum. "As electricity demand accelerates, driven by AI, data centers, and industrial manufacturing, solutions like SOLO™ will be critical to delivering reliable, zero-carbon power without placing additional strain on the grid. We are excited to showcase the promise of our technology in addressing the urgent energy needs for New York State and look forward to the opportunity to engage with NYSERDA on a potential test reactor site and deployment framework. Importantly, our response to NYSERDA marks the first of many steps toward deploying scalable, plug-and-play energy solutions across the U.S. and beyond. With its low-cost design, 24/7 output, and 15-year fuel cycle, SOLO™ is uniquely positioned to meet the needs of communities, government entities, and businesses seeking energy certainty in an increasingly electrified world." In Picture: Rendering of 500 SOLOTM units covering a total of 500 MWe - 2,000 MWt (Co-Generation) energy deployment. Giordano Morichi - Partner, Chief Business Development Officer & Investor Relations at Terra Innovatum continued: "We see SOLO™ as a transformative and strategic opportunity for New York State to become a national leader in deploying advanced nuclear technologies that enhance energy security, grid resilience, and climate justice. Designed for real-world application, SOLO™ leverages a proven supply chain built entirely on licensed components that have been widely used in the nuclear industry for over 60 years. This approach eliminates the timing and cost risks associated with unlicensed fuels or research-phase technologies with no commercial availability. SOLO™'s inherently safe architecture, scalable deployment model, and cost certainty uniquely positions it to power the State's industrial hubs, manufacturing sites, ports, transit systems, and data centers, while also revitalizing underserved urban and rural communities. It enables local energy independence, supports sustainable construction, and strengthens resilient infrastructure. In doing so, SOLO™ offers the Empire State a carbon-free, economically competitive energy backbone to meet New York clean energy goals at scale." "Safety is our top priority," affirmed Cesare Frepoli - Co-Founder, COO & Director of Regulatory Affairs at Terra Innovatum. "The compact footprint of SOLO™-approximately 30 ft x 30 ft-combined with its modularity and embedded safeguards, allows for seamless integration in a wide range of environments without the need for expansive emergency planning zones. Its innovative reactor core design is gas cooled by helium, incorporates licensed, off-the-shelf components and utilizes non-proliferant low-enriched uranium (LEU) fuel, which significantly reduces regulatory risk and enhances safety. There is also no water involved in the system, eliminating the risk of hydrogen generation or explosion. Additionally, on top of the various redundancies, the reactor's inherently low thermal output ensures it operates well below fuel melting thresholds, further reinforcing its passive safety profile," Dr. Frepoli concluded. SOLO™ can be deployed across a wide range of environments-including dense urban centers, critical infrastructure corridors, and remote industrial zones-without compromising public security. Its use of non-proliferant, licensed nuclear fuel and embedded safeguards ensures a secure and compliant solution. SOLO™ can be a powerful asset in supporting New York State's clean energy leadership while simultaneously reinforcing grid resilience, advancing environmental and energy priorities, and driving long-term, sustainable economic growth. Guided by New York's Climate Leadership and Community Protection Act, which targets a zero-emissions electricity sector by 2040, NYSERDA's RFI seeks innovative nuclear solutions to support the state's energy transformation. Terra Innovatum's proposal outlines potential deployment scenarios for SOLO™, including site considerations, partners, timeline, and use cases. The Company remains open and eager to engage further with NYSERDA to help advance the role of advanced nuclear energy in New York's grid. Recent Highlights Terra Innovatum recently announced a proposed business combination with GSR III Acquisition Corp., positioning the Company to accelerate its mission of delivering zero-carbon, cost-efficient, and reliable power. SOLO™ is the first micro-modular reactor designed for operation on widely available Low-Enriched Uranium (LEU) and is built using commercial off-the-shelf components, enabling a simplified regulatory pathway and reduced construction timelines. Earlier this year, Terra Innovatum submitted its regulatory engagement plan to the U.S. Nuclear Regulatory Commission (NRC), a critical step toward its targeted first commercial deployment in 2028. ABOUT NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY (NYSERDA) NYSERDA offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. A public benefit corporation, NYSERDA has been advancing energy solutions and working to protect the environment since 1975. ABOUT TERRA INNOVATUM & SOLOTM Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind. It is anticipated that SOLO™ will be available globally within the next three years. Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the proven licensing path for SOLO™ enables rapid deployment and minimizes supply chain risks, ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies. SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment. To learn more, visit IMPORTANT INFORMATION FOR SHAREHOLDERS This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. In connection with the business combination, a Dutch public limited liability company ("Pubco"), GSR III Acquisition Corp. ("GSRT") and Terra Innovatum s.r.l. ("Terra Innovatum" and, together with GSRT and Pubco, the "Registrant Parties") have filed with the SEC a registration statement on Form S-4 (the "Registration Statement"), which includes a preliminary prospectus of Pubco relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of GSRT to be distributed to holders of GSRT's ordinary shares in connection with GSRT's solicitation of proxies for a vote by GSRT's shareholders with respect to the Business Combination and other matters described in the Registration Statement. The Registrant Parties also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of GSRT. INVESTORS OF THE REGISTRANT PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION. Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about the Registrant Parties once such documents are filed with the SEC, through the website maintained by the SEC at In addition, the documents filed by GSRT may be obtained free of charge by written request to GSRT at 5900 Balcones Drive, Suite 100, Austin TX 78731. PARTICIPANTS IN THE SOLICITATION Each of the Registrant Parties, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of GSRT is set forth in GSRT's filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above. FORWARD LOOKING STATEMENTS The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on GSRT and the other Registrant Parties. There can be no assurance that future developments affecting GSRT and the other Registrant Parties will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against GSRT, any of the Registrant Parties, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of GSRT or the SEC's declaration of the effectiveness of the Registration Statement (which will include the proxy statement/prospectus contained therein) to be filed by the Registrant Parties or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of Pubco to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Terra Innovatum as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Registrant Parties or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by GSRT shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in the Form S-4 and GSRT's other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither GSRT nor any of the other Registrant Parties presently know, or that GSRT or the other Registrant Parties currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. None of GSRT, the other Registrant Parties, or any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. GSRT, the other Registrant Parties and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice. In addition, the information contained in this press release is provided as of the date hereof and may change, and neither GSRT nor the other Registrant Parties undertakes any obligation to update or revise any forward- looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws. CONTACTS Giordano MorichiPartner, Chief Business Development Officer & Investor RelationsTerra Innovatum SrlE: Nicholas Hresko-StaabInvestor & Media RelationsAlliance Advisors IRE: TerraIR@ SOURCE: TERRA INNOVATUM SRL
Associated Press
5 days ago
- Business
- Associated Press
Terra Innovatum Submits Advanced Nuclear Proposal to NYSERDA to Help New York State Meet 2040 Zero-Carbon Goal
Terra Innovatum's SOLO(TM) Micro-Modular Reactor Offers Safe, Affordable, and Reliable 24/7 Power Without Refueling for 15 Years Using Off-the-Shelf Readily Available Commercial Components and Licensed LEU Fuel NEW YORK CITY, NEW YORK / ACCESS Newswire / May 29, 2025 / Terra Innovatum Srl ('Terra Innovatum,' or the 'Company'), a developer of micro-modular nuclear reactors, today announced the submission of its response to the New York State Energy Research and Development Authority's ('NYSERDA') Advanced Nuclear Request for Information ('RFI'). The submission outlines plans for selecting a potential test reactor site for the Company's first-of-a-kind micro-modular reactor, SOLO™, intent to establish a designated production unit, and further commercial deployment opportunities to support the state's zero-emissions electricity target by 2040. Unlike conventional reactors, the compact footprint, modular design, and ability to operate for 15 years without refueling make SOLO™ well-suited for integration into local energy systems. In Picture: Rendering of 3 SOLOTM units covering an area of approximately 3,600sqft in a public plaza (totaling 3MWe - 12MWt with Co-Generation). 'We believe SOLO™ represents a pivotal advancement in clean energy infrastructure,' said Alessandro Petruzzi - Co-founder & CEO of Terra Innovatum. 'As electricity demand accelerates, driven by AI, data centers, and industrial manufacturing, solutions like SOLO™ will be critical to delivering reliable, zero-carbon power without placing additional strain on the grid. We are excited to showcase the promise of our technology in addressing the urgent energy needs for New York State and look forward to the opportunity to engage with NYSERDA on a potential test reactor site and deployment framework. Importantly, our response to NYSERDA marks the first of many steps toward deploying scalable, plug-and-play energy solutions across the U.S. and beyond. With its low-cost design, 24/7 output, and 15-year fuel cycle, SOLO™ is uniquely positioned to meet the needs of communities, government entities, and businesses seeking energy certainty in an increasingly electrified world.' In Picture: Rendering of 500 SOLOTM units covering a total of 500 MWe - 2,000 MWt (Co-Generation) energy deployment. Giordano Morichi - Partner, Chief Business Development Officer & Investor Relations at Terra Innovatum continued: 'We see SOLO™ as a transformative and strategic opportunity for New York State to become a national leader in deploying advanced nuclear technologies that enhance energy security, grid resilience, and climate justice. Designed for real-world application, SOLO™ leverages a proven supply chain built entirely on licensed components that have been widely used in the nuclear industry for over 60 years. This approach eliminates the timing and cost risks associated with unlicensed fuels or research-phase technologies with no commercial availability. SOLO™'s inherently safe architecture, scalable deployment model, and cost certainty uniquely positions it to power the State's industrial hubs, manufacturing sites, ports, transit systems, and data centers, while also revitalizing underserved urban and rural communities. It enables local energy independence, supports sustainable construction, and strengthens resilient infrastructure. In doing so, SOLO™ offers the Empire State a carbon-free, economically competitive energy backbone to meet New York clean energy goals at scale.' 'Safety is our top priority,' affirmed Cesare Frepoli - Co-Founder, COO & Director of Regulatory Affairs at Terra Innovatum. 'The compact footprint of SOLO™-approximately 30 ft x 30 ft-combined with its modularity and embedded safeguards, allows for seamless integration in a wide range of environments without the need for expansive emergency planning zones. Its innovative reactor core design is gas cooled by helium, incorporates licensed, off-the-shelf components and utilizes non-proliferant low-enriched uranium (LEU) fuel, which significantly reduces regulatory risk and enhances safety. There is also no water involved in the system, eliminating the risk of hydrogen generation or explosion. Additionally, on top of the various redundancies, the reactor's inherently low thermal output ensures it operates well below fuel melting thresholds, further reinforcing its passive safety profile,' Dr. Frepoli concluded. SOLO™ can be deployed across a wide range of environments-including dense urban centers, critical infrastructure corridors, and remote industrial zones-without compromising public security. Its use of non-proliferant, licensed nuclear fuel and embedded safeguards ensures a secure and compliant solution. SOLO™ can be a powerful asset in supporting New York State's clean energy leadership while simultaneously reinforcing grid resilience, advancing environmental and energy priorities, and driving long-term, sustainable economic growth. Guided by New York's Climate Leadership and Community Protection Act, which targets a zero-emissions electricity sector by 2040, NYSERDA's RFI seeks innovative nuclear solutions to support the state's energy transformation. Terra Innovatum's proposal outlines potential deployment scenarios for SOLO™, including site considerations, partners, timeline, and use cases. The Company remains open and eager to engage further with NYSERDA to help advance the role of advanced nuclear energy in New York's grid. Recent Highlights Terra Innovatum recently announced a proposed business combination with GSR III Acquisition Corp., positioning the Company to accelerate its mission of delivering zero-carbon, cost-efficient, and reliable power. SOLO™ is the first micro-modular reactor designed for operation on widely available Low-Enriched Uranium (LEU) and is built using commercial off-the-shelf components, enabling a simplified regulatory pathway and reduced construction timelines. Earlier this year, Terra Innovatum submitted its regulatory engagement plan to the U.S. Nuclear Regulatory Commission (NRC), a critical step toward its targeted first commercial deployment in 2028. ABOUT NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY (NYSERDA) NYSERDA offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. A public benefit corporation, NYSERDA has been advancing energy solutions and working to protect the environment since 1975. ABOUT TERRA INNOVATUM & SOLOTM Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind. It is anticipated that SOLO™ will be available globally within the next three years. Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the proven licensing path for SOLO™ enables rapid deployment and minimizes supply chain risks, ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies. SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment. To learn more, visit IMPORTANT INFORMATION FOR SHAREHOLDERS This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. In connection with the business combination, a Dutch public limited liability company ('Pubco'), GSR III Acquisition Corp. ('GSRT') and Terra Innovatum s.r.l. ('Terra Innovatum' and, together with GSRT and Pubco, the 'Registrant Parties') have filed with the SEC a registration statement on Form S-4 (the 'Registration Statement'), which includes a preliminary prospectus of Pubco relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of GSRT to be distributed to holders of GSRT's ordinary shares in connection with GSRT's solicitation of proxies for a vote by GSRT's shareholders with respect to the Business Combination and other matters described in the Registration Statement. The Registrant Parties also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of GSRT. INVESTORS OF THE REGISTRANT PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION. Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about the Registrant Parties once such documents are filed with the SEC, through the website maintained by the SEC at In addition, the documents filed by GSRT may be obtained free of charge by written request to GSRT at 5900 Balcones Drive, Suite 100, Austin TX 78731. PARTICIPANTS IN THE SOLICITATION Each of the Registrant Parties, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of GSRT is set forth in GSRT's filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above. FORWARD LOOKING STATEMENTS The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on GSRT and the other Registrant Parties. There can be no assurance that future developments affecting GSRT and the other Registrant Parties will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against GSRT, any of the Registrant Parties, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of GSRT or the SEC's declaration of the effectiveness of the Registration Statement (which will include the proxy statement/prospectus contained therein) to be filed by the Registrant Parties or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of Pubco to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Terra Innovatum as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Registrant Parties or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by GSRT shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in the Form S-4 and GSRT's other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither GSRT nor any of the other Registrant Parties presently know, or that GSRT or the other Registrant Parties currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. None of GSRT, the other Registrant Parties, or any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. GSRT, the other Registrant Parties and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice. In addition, the information contained in this press release is provided as of the date hereof and may change, and neither GSRT nor the other Registrant Parties undertakes any obligation to update or revise any forward- looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws. CONTACTS Giordano Morichi Partner, Chief Business Development Officer & Investor Relations Terra Innovatum Srl E: [email protected] W: Nicholas Hresko-Staab Investor & Media Relations Alliance Advisors IR E: [email protected] SOURCE: TERRA INNOVATUM SRL press release
The Star
6 days ago
- Business
- The Star
TM demonstrates commitment to long-term value, nation-building
KUALA LUMPUR: Telekom Malaysia Bhd (TM) demonstrated its firm commitment to delivering long-term value creation while enabling inclusive digital progress for the nation. TM returned approximately RM1.5bil in value, benefiting various stakeholders through dividends and contributions that supported national socioeconomic progress. TM also prioritised strategic investments in business growth, community development, social impact programmes, and employee development, further generating a multiplier impact on the broader national economy. These efforts reflect TM's focus on delivering sustainable returns to shareholders while staying true to its core purpose of creating value for all stakeholders as a nation-builder. 'At TM, we see ourselves as facilitators of national progress, driving inclusive digital transformation that empowers enterprises, enriches communities and bolsters economic resilience. 'We are fully aligned with this vision – staying agile, expanding our capabilities and setting new benchmarks in service excellence to ensure that Malaysia remains at the forefront of the digital economy. 'This is what it means to be a world-class organisation,' said TM chairman Datuk Zainal Abidin Putih. This was reflected at TM's AGM held at Menara TM here, where all 14 resolutions tabled were duly passed by shareholders. The meeting was chaired by Zainal, with the board of directors and managing director and group chief executive officer Amar Huzaimi Md Deris in attendance. Beyond profits, TM is committed to driving digital inclusivity for all, including nurturing future-ready talent, empowering communities and expanding inclusive digital access across the country. For example, TM is expanding its digitalisation efforts and community-building in Pulau Tioman, starting with Kampung Mukut. Similar programmes are being considered for other islands already connected through TM's submarine cable infrastructure. TM is also committed to developing schools on these islands, with a focus on nurturing youth through science, technology, engineering and mathematics (STEM) education and digital exposure. 'Our goal is to build digital ecosystems that empower local communities, helping them shift from traditional livelihoods to sustainable, future-ready opportunities,' said Amar. These efforts are further supported by the TM Future Skills (TMFS) School programme, where TM has created three 'nucleus' schools designed as regional hubs for innovation via the TMFS Digital Hub. TM also plans to onboard 25 new schools in 2025. Meanwhile, Yayasan TM has launched the Yayasan TM technical and vocational education and training (TVET) Madani initiative to enhance the skill sets and employability of TVET graduates, while its education arm, Multimedia University, collaborates with schools nationwide to provide early exposure to STEM subjects through workshops and career guidance. TM also continues to provide tailored digital solutions to more than 400,000 micro, small and medium enterprises nationwide, helping them grow and thrive in the digital economy. Under its talent development agenda, TM has contributed RM641mil to date to nurture close to 19,000 talents, many of whom now contribute to the broader digital economy and are part of the leadership in corporate organisations and national institutions. 'This is how we demonstrate that success and achieving a higher purpose can go hand in hand,' said Amar. Championing sustainability and responsible growth Sustainability remains core to TM's long-term strategy. The group's Sustainability Framework, introduced in 2024, is built on two key objectives: enabling sustainable growth for customers and communities and ensuring resilience across the business and value chain. In its data centre operation, TM sources 50% of its data centre energy from renewable resources and implements water harvesting and recycling systems for water conservation. TM is also targeting global benchmarks with a planned Power Usage Effectiveness (PUE) of 1.4 for its expansion projects, with the upcoming Johor facility, developed in collaboration with Singtel's Nxera, targeting even lower PUE. Technologies such as intelligent cooling systems, solar panels and energy-efficient servers further reduce environmental impact and operational costs, ensuring TM's growth aligns with global sustainability objectives. TM's commitment to sustainable practices was recognised at multiple awards in 2024, including the Gold Award for its Smart Forestry AI tool under the Environment and Natural Resources Sub-Category: Climate Change Mitigation and Adaptation in the MTE 2024 SDG International Innovation Awards. This recognition affirms the group's leadership in sustainability, aligned with Malaysia's environmental goals and net-zero ambitions. 'We believe sustainability is fundamental, not just an afterthought. 'Our goal is to grow responsibly, delivering technology that benefits both the economy and the environment,' said Amar. Long-term value creation 2024 marked the first full year of implementation of its PWR 2030 strategy, which is the group's roadmap to becoming a Digital Powerhouse by 2030 and positioning Malaysia as the digital hub for Asean. 'This phase is about solidifying our foundation to protect the existing core business to better position us in capitalising on emerging opportunities such as hyperconnected data centres, artificial intelligence and graphics processing unit-as-a-service, which are among the new growth areas for TM,' said Amar. During the year, TM made significant progress in strengthening its core businesses across business-to-business, business-to-consumer and consumer-to-consumer amidst intensified market competition. Key milestones include strengthening the convergence proposition and advancing digital solutions such as smart services, cloud, and cybersecurity, as well as enhancing digital infrastructure such as domestic fibre networks, mobile backhaul to support 5G, submarine cable systems and data centres. These strategic developments reinforce TM's commitment to advancing Malaysia's digital future while uplifting the broader ecosystem, with Warga TM continuing to be the driving force behind the group's growth and success. As TM continues its journey, the group remains focused on delivering long-term value creation while creating meaningful impact for the nation. 'TM is not merely a provider of technological infrastructure but an essential enabler and catalyst for a vibrant digital ecosystem, connecting Malaysia to the world and the world to Malaysia. 'As we move forward into the next phase of our journey, every initiative we undertake moves us closer to becoming a Digital Powerhouse by 2030, one that drives national progress, fosters innovation and ensures Malaysia remains at the forefront of the global digital economy,' said Amar, concluding his presentation at TM's AGM.
Yahoo
6 days ago
- Automotive
- Yahoo
Toyota Plans to Move Production of GR Corolla to Britain
Toyota Motor Corporation TM is reportedly planning to shift some of its GR Corolla production to the United Kingdom. This move is aimed to take advantage of excess capacity in Britain and reduce delivery times in North America, where demand for the petrol-powered hot hatch remains strong. TM will spend around $56 million to set up a dedicated production line for North America's exports in its Burnaston plant in Derbyshire. The U.K. plant witnessed a fall in production after the country separated from the European Union, leaving some idle capacity. Moreover, the plant already produced the base model of the GR range, the Corolla hatchback, which would result in an uncomplicated production of the GR Corolla. The new line is expected to add an annual production of around 10,000 cars. To make the line operational by mid-2026, TM will be sending engineers from Japan to share expertise. GR Corolla's current production facility at Toyota's Motomachi Plant is already at full capacity and falling short in serving the high demand. The plant produced roughly 25,000 vehicles last year, including 8,000 GR Corollas, and can no longer meet growing global demand for high-performance models. US Toyota plants are also focused on catering strong demand for hybrids in the country, making it difficult to accommodate GR Corolla production. Another key factor in Toyota's decision is the recent trade agreement between the United Kingdom and the United States. The trade deal to cut tariffs on car imports from the United Kingdom from 25% to 10% on up to 100,000 vehicles a year is also beneficial for TM. This makes the United Kingdom a more cost-effective export base compared with Japan, which still faces 25% U.S. auto tariffs. However, Japan is also negotiating a reduction of the 25% tariff imposed on car imports. TM stock has lost 12.7% over the past year compared with the industry's 16.8% decline. Image Source: Zacks Investment Research TM currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Auto space are Rivian Automotive RIVN, Standard Motor Products SMP and Luminar Technologies LAZR, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for Rivian's current-year loss is pegged at $2.49 per share, implying a 38.37% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters while missing the rest. Rivian delivered an average earnings surprise of 10.81%. The Zacks Consensus Estimate for SMP's current-year earnings is pegged at $3.57 per share, indicating a 12.62% year-over-year earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 38.55%. SMP's shares have gained 4.8% in the past year. The Zacks Consensus Estimate for Luminar's 2025 loss is pegged at $4.29 per share, indicating a rise of 53.57% from year-ago levels. The company's earnings beat the consensus estimate in each of the trailing four quarters, with an average surprise of 11.79%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toyota Motor Corporation (TM) : Free Stock Analysis Report Standard Motor Products, Inc. (SMP) : Free Stock Analysis Report Luminar Technologies, Inc. (LAZR) : Free Stock Analysis Report Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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
