Latest news with #VGM
Yahoo
16-05-2025
- Business
- Yahoo
Vow ASA – Vow supports proposed new strategic ownership of VGM with undertaking to tender its shares in the company
NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE PRIOR APPROVAL Vow ASA ("Vow" or the "Company") refers to the stock exchange announcement made earlier today by Vow Green Metals AS ("VGM") and Midas Industri AS, a newly incorporated Norwegian private limited liability company indirectly owned by HitecVision New Energy Fund 2 SCSp, regarding a contemplated recommended voluntary cash offer to acquire all of the issued and outstanding shares except for the shares owned by certain shareholders that will roll their shares, outside of the offer in VGM (the "Offer"). VGM has been an important customer for Vow. Its pioneering production plant in Norway was the first industry scale application of Vow's pyrolysis technology for production of advanced biocarbon, which can replace fossil carbon in the production of various metals. VGM has since secured off-take agreements with metal companies for its entire current production the transaction Vow holds 50,173,890 shares in VGM, representing 24.74% of the total issued and outstanding shares in VGM. Vow has undertaken to irrevocably accept the Offer for all its shares. To finance the costs relating to VGM's termination with Obligo, Vow has agreed to provide a 22.5 million convertible loan with a 10% PIK interest to VGM maturing on 1 August 2025 with a right for VGM to convert the loan to shares at NOK 0.40 per share if the Offer does not materialize. Vow will finance the loan by way of a loan from DNB in the same amount. Further, Vow has accepted a reduced offer price for its shares in the Offer of NOK 0.70. In connection with the Offer, the Company has agreed to provide a guarantee of NOK 10 million on behalf of VGM relating to a new bridge financing facility with DNB Bank ASA. For more information about this and other details about the Offer, please see the stock exchange announcement made earlier today by VGM. DNB Carnegie is acting as financial advisor to Vow, while Wikborg Rein is acting as the Company's legal advisor. This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Cecilie Brænd Hekneby (CFO), at the date and time as set out further information, please contact: Jonny Hansen, Interim CEO, Vow ASA Tel: +47 901 891 81 Email: Brænd Hekneby, CFO, Vow ASA Tel: +47 992 93 826 Email: Vow ASA Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries. Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda. Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).Forward Looking Statements All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
New Straits Times
28-04-2025
- Automotive
- New Straits Times
Audi begins local assembly of Q7 in Malaysia
AUDI has set the stage for more for more locally assembled luxury models after kicking off the production of its flagship Q7 sports utility vehicle (SUV) in Pekan, Pahang on Thursday. This also marks a significant milestone as the first Audi model in the premium luxury segment to be assembled in Southeast Asia. As Audi continues expanding its footprint, the Q7 local production represents a significant leap toward establishing Malaysia as a key production hub for high-end vehicles. The move reinforces Audi's commitment to strengthening its presence in the region, catering to the growing demand for high-end mobility solutions. Expanding automotive production in Malaysia The seven-seater mild hybrid electric vehicle (MHEV) is being manufactured at the Volkswagen Group Malaysia assembly plant in Pekan, the only Audi production facility in Southeast Asia. The plant, which already assembles Volkswagen models for Malaysia, operates in partnership with DRB-HICOM Bhd under a contract manufacturing arrangement. Volkswagen Group Malaysia (VGM) managing director Dr. Susanne Lehmann emphasised the plant's role as a centre of excellence, with a modernised product portfolio designed to uphold Audi's renowned standards in quality, performance and luxury, now locally assembled. "Today marks more than just the launch of a car. It is a symbol of vision, partnership, innovation and progress." VGM's world-class German engineering production and infrastructure here represents the highest standards of quality, sustainability and smart manufacturing, she added. Investment and future expansion With an initial investment of over RM12 million, the Pekan plant is set to produce up to 5,000 Audi vehicles per annum, with plans to expand its lineup beyond the Q7 in the future. The Pekan plant currently assembles Volkswagens Golf, Arteon, Tiguan Allspace and Touareg. The localisation of Audi's production aligns with rising demand for luxury vehicles in Malaysia, fuelled by urbanisation, increasing disposable incomes and a shift toward premium mobility solutions. According to PHS Automotive Malaysia managing director Denyu Bostandzhiev, local assembly offers competitive pricing and shorter delivery times for Malaysian customers. "Given the rising demand for D-segment SUVs, now is the perfect time to introduce the Q7, ensuring Audi's presence is strengthened in Malaysia and across the region," he stated. Performance and features The Q7 S Line Mild Hybrid (MHEV) being produced in Pekan is powered by a 3.0-litre turbocharged V6 engine, delivering 340 horsepower and 500 Nm of torque. It features an eight-speed Tiptronic gearbox and a 48-volt mild hybrid system, enabling engine-off coasting for up to 40 seconds between speeds of 55 to 160 km/h. The SUV accelerates from 0 to 100 km/h in just 5.6 seconds, with a top speed of 250 km/h2. Luxury and technology The Q7 comes equipped with advanced features, including: * Quattro permanent all-wheel drive for superior handling. * Adaptive air suspension for a smooth ride. * Four-wheel steering for enhanced maneuverability. * Bang & Olufsen 3D premium sound system for immersive audio. * HD Matrix LED headlights with laser high beams for optimal visibility. * OLED taillights with customizable light signatures2. Pricing The Q7 S Line MHEV is priced between RM469,000 and RM489,000, making it a strong competitor against other luxury SUVs like the BMW X5 xDrive50e (about RM494,800) and Mercedes-Benz GLE450 (about RM524,888).
Yahoo
04-03-2025
- Automotive
- Yahoo
Voyager Global Mobility Selects Nexar to Help Protect Rideshare Drivers and Conquer Insurance Crisis
The Collaboration Aims To Chart A More Responsible Standard for Regulators Struggling With Insurance Crises NEW YORK, March 4, 2025 /PRNewswire/ -- Nexar, a leader in AI-powered mobility solutions, today announced it has been selected by Voyager Global Mobility (VGM), North America's leading fleet and service partner for rideshare drivers, to supply AI-powered dashcams across its FastTrack and Buggy brands as part of its Drive Smart program. Beginning in New York City before expanding throughout the East Coast, VGM plans to eventually integrate the technology across its entire global fleet of 11,000 vehicles. The initial purchase includes 2,000 dashcams with an option to expand to 12,000 units. The technology will enhance driver safety, reduce liability, and streamline claims processing. Rideshare drivers face daily safety risks and ongoing vulnerability to ride disputes, and Nexar's connected dashcams offer real-time incident detection, automatic video recording, and seamless claims processing. Unlike other telematics solutions that rely solely on sensors and IMU data, Nexar's technology leverages AI-powered vision to provide both fleet operators and individual drivers with direct access to safety insights, ensuring greater transparency, accountability, and trust in the rideshare ecosystem. "Our partnership with Voyager Global Mobility marks a turning point in making AI dashcams the standard for rideshare safety. While video telematics clearly improves safety, cuts insurance costs, and keeps drivers working, access has remained fragmented," said Zach Greenberger, CEO of Nexar. "By joining forces with VGM, we're creating true momentum, not just expanding our reach. VGM's shared commitment to driver protection and innovation makes them the perfect partner as we establish a new benchmark for safety and transparency in the gig economy." Risk management is critical in the rideshare industry across all stakeholders. In New York City, the nation's largest rideshare market, an insurance crisis looms due to inadequate regulatory oversight. While VGM has always been a leader in risk management, the company is trailblazing a better path forward with Nexar amid regulatory shortcomings. Having video evidence of accidents is critical and helps to cut down on fraud, which has been inflating insurance costs for years. More than just efficiency in claims processing, the crowning achievement of this partnership is the VGM Drive Smart program, which uses the advanced telematics of the cameras to give rideshare drivers a weekly report on their own risky driving behavior. An initial safe driving pilot at VGM showed a 40% reduction in risky driving behavior through sharing consistent driving reports with customers. "VGM is not just a rental car company–we are laser-focused on empowering rideshare drivers with the best vehicles, service and tools for success. Selecting Nexar was an obvious choice to provide our customers with free access to technology that protects them and enhances industry safety," said Jeremy Moskowitz, Executive Vice President of Rideshare Strategy at VGM. "While we've advocated for smarter innovations in rideshare insurance, government action has unfortunately stalled. Rather than pouring millions of dollars into higher premiums caused by other's mistakes, we're investing directly in driver safety solutions like Nexar. That's the VGM difference." Unfair deactivations also threaten rideshare drivers' financial stability. Over 40% of drivers face deactivation during their careers, often from disputed incidents where they lack evidence. Without video proof, drivers risk permanent banning, losing income and incurring legal expenses. Dashcam footage helps drivers resolve deactivation issues 2.5× faster, quickly returning them to work. Nexar is the only company that provides fleet solutions, while also giving rental customers direct access to the footage. With this partnership, Nexar and VGM are making it easier than ever for drivers to safeguard themselves on the road, resolve disputes faster, and access cutting-edge AI technology that was previously out of reach. VGM's investment puts these powerful tools in the hands of drivers, at no additional cost to them. For more information about Nexar and its AI-powered vision technology, visit About Nexar Nexar turns cars into vision sensors to understand the world. Its platform powers vision-connected services and apps at scale, making new vision-based applications for better driving powered by a crowd-sourced vision feed. Using anonymous, aggregated data captured from this network, Nexar has developed a portfolio of vision-based data services for the autonomous vehicle industry and public and private sector partners to make roadways safer and more efficient. More information at About Voyager Global Mobility (VGM) Voyager Global Mobility (VGM) is a rapidly-growing mobility operating company that provides professionally managed vehicles to rideshare drivers on a weekly subscription basis. VGM currently manages a fleet of 11,000 vehicles, growing by 2,500 vehicles year over year. The largest such provider in New York City, VGM also operates in Boston, Philadelphia, D.C., Milwaukee, Miami, Tampa, Orlando, Atlanta, Phoenix, Dallas, Houston, Austin, Las Vegas, throughout Mexico and Costa Rica. In addition to the rideshare subscription service, VGM also provides managed fleets to local governments and rideshare apps in 27 cities. For more information please visit Logo - View original content to download multimedia: SOURCE Nexar Sign in to access your portfolio
