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Associated Press
20-03-2025
- Business
- Associated Press
Eco Wave Power Appoints Hilary E. Ackermann, Vistra Energy Board Member & Former Goldman Sachs Executive, to Advisory Board
Stockholm, Sweden--(Newsfile Corp. - March 20, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ('Eco Wave Power' or the 'Company'), a leading onshore wave energy technology company, is pleased to announce the appointment of Hilary E. Ackermann to its Advisory Board. To view an enhanced version of this graphic, please visit: Ackermann, a recognized leader in energy sustainability and risk management, brings a wealth of expertise to Eco Wave Power. Since 2018, she has served on the Board of Directors of Vistra Energy, where she is Chair of the Sustainability and Risk Committee and a member of the Generation and Safety Committee. With extensive experience guiding energy companies through the complexities of clean energy transitions, regulatory compliance, and sustainable business practices, her insights will be invaluable in supporting Eco Wave Power's expansion and technological advancements. 'We are thrilled to welcome Hilary Ackermann to the Advisory Board,' said Inna Braverman, CEO, Eco Wave Power. 'Her deep understanding of energy markets, sustainability governance, and risk management aligns perfectly with our vision for the future of wave energy. As Eco Wave Power continues to scale its innovative technology and integrate into the global renewable energy landscape, her influence will help drive our efforts toward long-term sustainability and impact.' Ackermann has over three decades of experience in the energy and financial sectors, specializing in corporate governance, sustainability frameworks, and strategic risk assessment. She was previously a board member of Dynegy Inc. and joined Vistra Energy's board following its acquisition of Dynegy. Before her corporate governance roles, Ackermann served as Chief Risk Officer of Goldman Sachs Bank USA from 2008 to 2011, following a distinguished tenure at Goldman Sachs that began in 1985. She also held senior positions in risk oversight and credit management at Swiss Bank Corporation (now UBS). Her board experience includes serving on the private Board of Directors and Audit Committee of Credit Suisse Holdings (USA), Inc. from 2017 to 2022, where she chaired the Risk Committee. She currently holds positions on the private board and audit committee of several Hartford investment funds, where she also chairs the Risk and Compliance Committee. Additionally, she has previously served as a public board member of Apollo Investment Corporation as a member of the Audit Committee. In 2020 Ms. Ackermann was named in NACD Directorship 100 as one of the most influential leaders in the boardroom. Additionally, in 2018, Ms. Ackermann was named among the Most Influential Corporate Board Directors by WomenInc. Ackermann holds a bachelor's degree in Russian from Georgetown University. 'I am excited to join the Advisory Board of Eco Wave Power at such a pivotal time for the renewable energy industry,' said Ackermann. 'As global energy markets increasingly shift toward sustainable solutions, wave energy represents a key opportunity for reliable and scalable clean power. I look forward to contributing to Eco Wave Power's mission and helping to drive innovation in ocean energy.' With this appointment, Eco Wave Power further strengthens its leadership team, reinforcing its commitment to accelerating the commercialization of wave energy as a vital part of the clean energy transition. Eco Wave Power established an advisory board as of today to provide strategic guidance and insight to the Company. This appointment is advisory in nature and does not confer any governance responsibilities. About Eco Wave Power Global AB (publ) Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity. Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a 'Pioneering Technology.' Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, and Portugal, adding to its impressive project pipeline totaling 404.7 MW. The company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was honored with the United Nations' Global Climate Action Award. Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at Information on, or accessible through, the websites mentioned above does not form part of this press release. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses: the belief that Ms. Ackermann's appointment to Eco Wave Power's advisory board will drive the Company's efforts towards long-term sustainability and impact, the belief that wave energy represents a key opportunity for reliable and scalable clean power and the belief that the Company reinforces its commitment to accelerated the commercialization of wave energy as a vital part of the clean energy transition. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading 'Risk Factors' in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025, which is available on the on the SEC's website, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
Yahoo
09-03-2025
- Business
- Yahoo
Bank of America Says Buy the Dip in These 2 ‘Strong Buy' Stocks
Market swings come and go, but at the end of the day, individual stocks rise and fall based on their own fundamentals. Savvy investors know that tuning out the noise of macro trends allows them to zero in on the promising opportunities. See what stocks are receiving Strong Buy ratings from top-rated analysts. Filter, analyze, and streamline your search for investment opportunities with TipRanks' Stock Screener. That mindset is especially useful when hunting for bargains – stocks that have taken a hit but aren't out for the count. Some shares slip for any number of reasons, yet Wall Street's analysts still see them as Strong Buys. In other words, they're temporarily undervalued, offering investors the chance to load up at a discount. Against this backdrop, Bank of America analysts have picked out names that feature currently depressed prices along with sound upside potential for the coming year. We've opened up the TipRanks database to look at the broader Wall Street take on two of these BofA picks; here are the details. Vistra Energy (VST) The first stock we'll look at, Vistra Energy, is a utility-scale power company based out of Texas. Vistra is the US market's largest competitive power generation company, with some 5 million customers and more than 41,000 megawatts of electric power generating capacity currently online. The company employs 6,800 people, 14 of its facilities have OSHA VPP star ratings, and it boasts a market cap of $43 billion. Vistra's power facilities are based on a variety of technologies, including natural gas, coal, nuclear, and solar. The company also has a stated commitment to the development of zero-carbon electricity, of which its nuclear power systems – the nation's second largest such network – are a vital part. Vistra has been working to expand its power portfolio, especially in the non-fossil fuel areas. In March of last year, the company acquired important nuclear power assets, totaling 4 gigawatts, from Energy Harbor, and expanded its customer base by 1 million. More recently, this past December, the company connected two new utility-scale solar projects to the grid. Both of these new solar projects are located in Illinois. Electricity providers, especially utility-scale companies that can provide large amounts of power on long-term contracts, have been beneficiaries of the recent boom in AI. The new tech requires power-hungry data centers to function, and power companies like Vistra are strongly positioned to meet that demand. However, these same power companies have faced uncertainty regarding the regulations around special electricity deals – exactly the kind of deals that data center firms want to sign. That uncertainty has created a headwind for the power companies – and in recent weeks, they have felt pressure on their stocks. Additionally, anxiety about the strength of the AI trend has also impacted electricity producers' stocks since they supply power to data centers. The result: Vistra's shares are down 40% from the peak they reached in January. The stock's retreat has coincided with Vistra actually reporting sound financial results. The company released its full-year 2024 results last month, and showed a top line of $17.22 billion, up 16.5% year-over-year and some $70 million better than had been expected. The company realized a net income from ongoing operations of $2.93 billion, up from $1.50 billion in the prior year. For Q4, the net income from ongoing operations came to $542 million, up from the $155 million loss reported in 4Q23. Ross Fowler covers this stock for Bank of America, and he is upbeat about Vistra's prospects this year. Explaining his stance, Fowler writes, 'Vistra has a competitive residential retail business in Texas and is the largest power generation company in the US. We believe the valuation of Vistra's base business offers significant upside after the stock's decline. Along with this, datacenter co-location clarity is likely in the coming months and this could be the catalyst to secure higher revenues.' Fowler goes on to put a Buy rating on VST shares, with a price target of $152 that suggests a 33% upside potential for the next 12 months. (To watch Fowler's track record, click here) The Strong Buy consensus rating on Vistra's stock is based on 8 recent reviews that include 7 Buys to 1 Hold. The shares are priced at $114.41, and their $176.29 average price target is even more bullish than the BofA view, implying a one-year gain of 54%. (See VST stock forecast) Credo Technology Group (CRDO) Next up on our look at Bank of America's picks is Credo Technology Group, a tech company deeply involved in networking and connectivity. The company has defined itself as a provider of high-speed bandwidth solutions for wired connections in data infrastructure. Its products include various vital components of wired network systems, such as high-end line cards, optical DSP chips, and active electrical cables. The company is also known for its semiconductor chip designs and is a leader in serializer-deserializer (SerDes) technology. Credo was founded in 2008 and has grown to become a $7.8 billion player in the tech world. The company has benefited in recent years from several high-profile trends in tech. The expansions of cloud computing, artificial intelligence, IoT, streaming video, and 5G wireless have all put a premium on data infrastructure – which is exactly the tech that Credo develops. We should note here that Credo saw strong gains in share price heading into this year, but that year to date the stock is down by 37%. The fall comes on a combination of worries that CRDO is overvalued and that the company, despite its strong reputation, faces competition from industry giants such as Broadcom and Marvell. Investors can take heart, however, from Credo's financial performance. In the company's last financial report, which covered fiscal 3Q25, Credo delivered top- and bottom-line beats along with solid guidance for fiscal Q4 revenue. In fiscal 3Q25, the company saw revenue of $135 million, up an impressive 154% year-over-year and $14.64 million better than the forecast. The quarterly earnings came in at 25 cents per share by non-GAAP measures, 7 cents better than the estimates. Looking ahead to fiscal 4Q25, Credo expects revenues to keep climbing, into the range of $155 million to $165 million. The company has had solid successes with hyperscale customers, and 86% of the Q3 revenue came from Amazon Web Services. Credo expects to expand on its hyperscale successes going forward. This caught the attention of Bank of America's Vivek Arya, an analyst who ranks in the top 4% of Wall Street stock pros. He says of Credo, 'We continue to see a strong AEC ramp into FY26, with multiple hyperscale customers (two new customers in discussion on top of existing AWS, Microsoft, xAI) on track to adopt AECs for intra-rack and over time for <7m rack-to-rack solutions. While we highlight growing competition in the AEC market (MRVL/AVGO), CRDO is diversifying its product portfolio into adjacent optical DSPs, line cards, and PCIe-based retimers/AECs which are expected to ramp starting F2H26/CY26. Despite a growing product mix, we also note CRDO could sustain the current 63-65% GMs as scale increases and AWS contra-revenue dilution impact subsides.' The 5-star analyst rates this stock as a Buy, and he complements that with a $75 price target, pointing toward a 78% upside potential in the next 12 months. (To watch Arya's track record, click here) There are 10 recent analyst reviews here, including 9 Buys and 1 Hold, for a Strong Buy consensus rating. Credo's shares are selling for $42.07, and their bullish $80.40 average target price implies an upside potential of 91% waiting in store for the coming year. (See CRDO stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. Sign in to access your portfolio
Associated Press
27-02-2025
- Business
- Associated Press
Cotchett Pitre & McCarthy Files Lawsuit Against Texas-Based Vistra Corporation and Other Relevant Parties for Moss Landing Battery Plant Fire
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb 27, 2025-- Cotchett, Pitre & McCarthy filed a lawsuit in the Northern District of California on behalf of the owners of the beloved Moss Landing Haute Enchilada Restaurant, Café, and Gallery against Vistra Corporation ('Vistra') for the Moss Landing Battery Plant fire. Kim and Luis Solano, the owners, were forced to close their business after the January 16th explosion and fire at the Moss Landing Power Plant at the Phase I building of the Vistra Battery Energy Storage Facility. They are but two examples of the potential hundreds of people affected by the explosion and fire. The lawsuit, named both Vistra Energy and its subsidiaries, including Dynegy Operating Company ('Dynegy'), as well as various LG Energy Solution corporations, who had manufactured the dangerous batteries Vistra used at the Stage I building, as defendants. The complaint alleged that Vistra used faulty and dangerous NMC batteries produced by LG defendants, and employed a flawed battery storage design in the Stage I building. It is alleged there were previous issues of safety with the lithium-ion batteries storage facility in prior years. In 2018, Vistra Energy acquired Dynegy Operating Company for $1.7 billion. In years past, Dynegy nearly faced bankruptcy in the wake of fraud charges. Multiple executives from Dynegy pleaded guilty to securities fraud, and the company was fined $3 million by the SEC. The Solano's own and operate The Haute Enchilada Restaurant, Café, and Gallery, which is located just over a thousand yards away from battery energy storage system ('BESS') and the Vistra Facility. Following the fire, the Solano's were forced to close their business along with all the other operations and businesses on Moss Landing Road. The Solano's also faced many canceled Airbnb reservations on several rental properties in the Moss Landing area that they own due to the fire. The fire itself raged on for days, with local firefighters unable to engage with the blaze due to the associated dangers of using traditional fire suppression techniques against lithium-ion battery fires. The initial fire had a profound impact on the entire community, up to several miles away, with local officials closing Highway 1 as the fire consumed the Stage I facility. Approximately 1,200 residents near the facility were evacuated from their homes as the fire continued to burn. In addition to the many expenses the Solano's and others have incurred since the fire, both Kim and Luis Solano experienced health symptoms they believe are connected to the fire and are concerned about their future health and the situation in Moss Landing. These symptoms, as the complaint notes, are concurrent with symptoms many other local residents have reported having since the fire began. The re-ignition of the fire on February 18th only exacerbated plaintiffs' concerns and ultimately contributed to their decision to close the Haute Enchilada Café for their own health and that of the community at large. Attorney Blair Kittle said ' Our clients are pursuing those responsible for toxic contamination of their community. Allowing a heavy industrial facility to spew contaminants into the community is unacceptable and must have consequences.' David G. Hollenberg, commented that ' The complaint alleges Vistra and LG are responsible for the massive environmental disaster at the Moss Landing Battery Energy Storage System. What was promised as a safe, environmentally responsible way to repurpose a landmark of the Central Coast turned out to be anything but that. 'Kim and Luis Solano love Moss Landing, and trusted that Vistra and LG would be good stewards and neighbors. They violated that trust. By filing this complaint, Kim and Luis seek to hold Vistra and LG accountable now, and in the future, for the unknown harms that await Moss Landing and the greater region's residents.' Caroline Yuen said ' As alleged in the complaint, the recent fire at Vistra's Moss Landing battery facility has had a devastating impact on residents, local businesses, and the environment. Vistra and LG must now be held accountable for the damage they have caused the community.' About Cotchett, Pitre & McCarthy Cotchett, Pitre & McCarthy, LLP engages exclusively in litigation and trials and has earned a national reputation for its dedication to prosecuting or defending socially just actions. CPM has been honored across the country for its work for the public, consumers and those without a voice in our courts. To learn more about the firm, visit . Blair Kittle, Attorney Cotchett, Pitre & McCarthy, LLP (530) 304-7841 (cell) [email protected] Hollenberg, Attorney Cotchett, Pitre & McCarthy, LLP (203) 984-9764 (cell) [email protected] Yuen, Attorney Cotchett, Pitre & McCarthy, LLP (650) 697-6000 [email protected] Houskeeper San Francisco Stories 415-777-4700 INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES SOURCE: Cotchett, Pitre & McCarthy Copyright Business Wire 2025. PUB: 02/27/2025 04:20 PM/DISC: 02/27/2025 04:21 PM
Yahoo
27-02-2025
- Business
- Yahoo
Cotchett Pitre & McCarthy Files Lawsuit Against Texas-Based Vistra Corporation and Other Relevant Parties for Moss Landing Battery Plant Fire
The Complaint Alleges that the Fires at the World's Largest Battery Storage Plant Have Caused Major Damages and Health Injuries to Local Residents Including the Owners of Businesses Close to the Explosion SAN JOSE, Calif., February 27, 2025--(BUSINESS WIRE)--Cotchett, Pitre & McCarthy filed a lawsuit in the Northern District of California on behalf of the owners of the beloved Moss Landing Haute Enchilada Restaurant, Café, and Gallery against Vistra Corporation ("Vistra") for the Moss Landing Battery Plant fire. Kim and Luis Solano, the owners, were forced to close their business after the January 16th explosion and fire at the Moss Landing Power Plant at the Phase I building of the Vistra Battery Energy Storage Facility. They are but two examples of the potential hundreds of people affected by the explosion and fire. The lawsuit, named both Vistra Energy and its subsidiaries, including Dynegy Operating Company ("Dynegy"), as well as various LG Energy Solution corporations, who had manufactured the dangerous batteries Vistra used at the Stage I building, as defendants. The complaint alleged that Vistra used faulty and dangerous NMC batteries produced by LG defendants, and employed a flawed battery storage design in the Stage I building. It is alleged there were previous issues of safety with the lithium-ion batteries storage facility in prior years. In 2018, Vistra Energy acquired Dynegy Operating Company for $1.7 billion. In years past, Dynegy nearly faced bankruptcy in the wake of fraud charges. Multiple executives from Dynegy pleaded guilty to securities fraud, and the company was fined $3 million by the SEC. The Solano's own and operate The Haute Enchilada Restaurant, Café, and Gallery, which is located just over a thousand yards away from battery energy storage system ("BESS") and the Vistra Facility. Following the fire, the Solano's were forced to close their business along with all the other operations and businesses on Moss Landing Road. The Solano's also faced many canceled Airbnb reservations on several rental properties in the Moss Landing area that they own due to the fire. The fire itself raged on for days, with local firefighters unable to engage with the blaze due to the associated dangers of using traditional fire suppression techniques against lithium-ion battery fires. The initial fire had a profound impact on the entire community, up to several miles away, with local officials closing Highway 1 as the fire consumed the Stage I facility. Approximately 1,200 residents near the facility were evacuated from their homes as the fire continued to burn. In addition to the many expenses the Solano's and others have incurred since the fire, both Kim and Luis Solano experienced health symptoms they believe are connected to the fire and are concerned about their future health and the situation in Moss Landing. These symptoms, as the complaint notes, are concurrent with symptoms many other local residents have reported having since the fire began. The re-ignition of the fire on February 18th only exacerbated plaintiffs' concerns and ultimately contributed to their decision to close the Haute Enchilada Café for their own health and that of the community at large. Attorney Blair Kittle said "Our clients are pursuing those responsible for toxic contamination of their community. Allowing a heavy industrial facility to spew contaminants into the community is unacceptable and must have consequences." David G. Hollenberg, commented that "The complaint alleges Vistra and LG are responsible for the massive environmental disaster at the Moss Landing Battery Energy Storage System. What was promised as a safe, environmentally responsible way to repurpose a landmark of the Central Coast turned out to be anything but that. "Kim and Luis Solano love Moss Landing, and trusted that Vistra and LG would be good stewards and neighbors. They violated that trust. By filing this complaint, Kim and Luis seek to hold Vistra and LG accountable now, and in the future, for the unknown harms that await Moss Landing and the greater region's residents." Caroline Yuen said "As alleged in the complaint, the recent fire at Vistra's Moss Landing battery facility has had a devastating impact on residents, local businesses, and the environment. Vistra and LG must now be held accountable for the damage they have caused the community." About Cotchett, Pitre & McCarthy Cotchett, Pitre & McCarthy, LLP engages exclusively in litigation and trials and has earned a national reputation for its dedication to prosecuting or defending socially just actions. CPM has been honored across the country for its work for the public, consumers and those without a voice in our courts. To learn more about the firm, visit View source version on Contacts CPM MEDIA: Blair Kittle, Attorney Cotchett, Pitre & McCarthy, LLP (530) 304-7841 (cell)bkittle@ David Hollenberg, Attorney Cotchett, Pitre & McCarthy, LLP (203) 984-9764 (cell)dhollenberg@ Caroline Yuen, Attorney Cotchett, Pitre & McCarthy, LLP (650) 697-6000cyuen@ Lee Houskeeper San Francisco Stories 415-777-4700Cell: 415-654-9141newsservice@
Los Angeles Times
07-02-2025
- General
- Los Angeles Times
Residents sue energy companies after massive toxic battery fire at Moss Landing
After a massive lithium-ion battery storage site exploded into flames in Monterey County — spewing toxic gases into the air and scattering heavy metals over the ground — residents have filed a lawsuit accusing multiple energy companies of failing to maintain adequate fire safety at the facility. The blaze began Jan. 16 after a fire suppression system failed inside a battery storage area at the Moss Landing Power Plant, according to local officials. It smoldered for four days at the facility, which is 18 miles up the coast from the city of Monterey, prompting the temporary evacuation of more than 1,200 residents. The suit was filed by four residents Thursday against Texas-based Vistra Energy, which owns the storage facility that burned; LG Energy Solution, which installed the lithium-ion batteries at the facility; and Pacific Gas & Electric, which owns an adjacent battery storage facility, according to the complaint. It accuses the companies of 'putting profits over people' by failing to properly maintain fire suppression systems and comply with the latest fire safety standards. The recent blaze was the fourth fire at the facility since 2019 and one that the lawsuit alleges demonstrates a failure to address longstanding safety concerns. 'Time and again, we see companies cut corners on safety, only for communities to suffer the consequences,' said environmental advocate Erin Brockovich, who is working with law firm Singleton Schreiber on the suit. 'We will not stand by while families breathe in toxic air and worry about the long-term health effects of this disaster. They deserve transparency, justice and real protections.' In the fire's aftermath, heavy metals have been measured at levels 100 to 1,000 times higher than normal in soil within a mile of the facility, and residents have reported experiencing skin, eye and respiratory irritation. The U.S. Environmental Protection Agency ruled that the level of particulate matter and hydrogen fluoride gas released into the air during the fire did not pose a risk to public health. LG declined to comment, and Vistra could not be immediately reached for comment. A spokesperson for PG&E said the utility was aware of the lawsuit but that the fire was not a PG&E incident. 'The Moss Landing power plant is located adjacent to — but walled off and separate from — PG&E's Moss Landing electric substation,' said a spokesperson for the utility in a statement. 'PG&E systems and personnel at our Moss Landing substation began emergency response procedures when the Vistra battery fire was detected.' Lithium-ion battery fires are notoriously hard to extinguish because the use of water can trigger a chemical reaction that causes more batteries to ignite. As these batteries burn, they release a toxic cocktail of gases, including hydrogen fluoride, carbon monoxide and volatile organic compounds. Despite the EPA's reassurances about air quality during the incident, the lawsuit alleges that the fire caused residents to suffer nasal and eye irritation, difficulty breathing, headaches, nosebleeds, burning lungs, dizziness, shortness of breath, sores, skin irritation and more. It also alleges that residents properties were covered by soot, ash and toxic chemicals as a result of the fire. Residents are seeking compensatory and punitive damages for expenses including property damage, health conditions, loss of income during evacuations and future environmental remediation costs. They are also calling for an investigation into the root causes of the fire and industrywide adoption of updated safety standards and fire prevention measures. Lead attorney Gerald Singleton called the fire a wake-up call for the energy storage industry. 'Communities living near these facilities deserve better safeguards, transparency, and accountability,' he said in a statement. 'Energy sustainability should never come at the expense of public safety.' A spokesperson for Vistra previously said the company was completing its own investigation into the fire and environmental monitoring around the plant.
