Latest news with #oceantechnology
Zawya
12 hours ago
- Business
- Zawya
Riding the tides: underwater kites can transform renewable energy
Off the coast of the Faroe Islands, a new kind of power plant is taking flight—beneath the waves. Known as tidal kites, these innovative devices 'fly' underwater in graceful figure-eight patterns, their onboard turbines spinning as they slice through ocean currents. Unlike conventional tidal turbines, which require strong, fast-flowing waters, tidal kites can generate electricity even in gentler currents by moving much faster than the tide itself. First conceived in Sweden in the early 2000s and patented in 2007, the technology has only recently reached commercial scale. The latest breakthrough comes from Minesto's Dragon 12, a megawatt-class tidal kite with a 12-meter wingspan and a rated capacity of 1.2 MW. Anchored to the seabed and tethered to the shore by a power cable, the kite is guided by rudders and elevators, capturing energy with remarkable efficiency. Installed in the Faroe Islands in early 2025, the Dragon 12 is already feeding electricity into the grid. If all goes to plan, an array of 20–40 units could generate up to 40 MW—meeting as much as 40 percent of the islands' electricity demand by 2030 and significantly reducing reliance on imported fossil fuels. The concept is as elegant as it is ambitious. Tides, driven by the moon's gravitational pull, are predictable years in advance, offering a stable source of renewable power. This reliability is a key advantage over solar and wind, which fluctuate with weather and daylight. While solar farms can achieve higher peak capacities—often hundreds of megawatts—they require vast land areas and face night-time intermittency. Wind turbines, onshore or offshore, can also produce larger outputs, but are less predictable and face higher maintenance in storm-prone regions. Tidal kites, by contrast, can operate day and night, year-round, with consistent generation profiles—making them an ideal complement in a diversified renewable mix. For the Faroe Islands, the LUNA 12 project—developed in partnership with Swedish bearing giant SKF and local utility SEV—is more than an engineering milestone. It's proof that cutting-edge marine technology can work in the real world, even in challenging environments. The first deployment has already delivered a tenfold increase in capacity compared to earlier prototypes. Analysts estimate more than 3,000 coastal locations worldwide could adopt similar systems, collectively supplying gigawatts of clean, predictable energy and reducing dependence on coal and gas. Challenges remain. The technology is still young, with high upfront costs and logistical hurdles in manufacturing, installation, and maintenance. Environmental monitoring will also be essential to ensure the devices do not disrupt marine life. But with successful demonstrations now underway, the tide may finally be turning in favour of ocean-powered electricity. If tidal kites can live up to their promise, they could offer one of the most reliable and sustainable sources of clean energy—harvesting the steady pull of the moon without ever leaving Earth. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Yahoo
19-07-2025
- Business
- Yahoo
High-Trend International Group Held Extraordinary General Meeting for Share Capital Restructure
SINGAPORE, July 18, 2025 /PRNewswire/ -- High-Trend International Group (the "Registrant" or the "Company") (NASDAQ: HTCO), a global ocean technology company, today announced a correction to its press release issued on July 17, 2025, in order to provide clarification about the time of effectiveness of the proposed share consolidation. Please see below the corrected original press release. High-Trend International Group (the "Registrant" or the "Company") (NASDAQ: HTCO), a global ocean technology company, held its Extraordinary General Meeting of Shareholders (the "Meeting") on July 16, 2025. At the Meeting, the shareholders voted to approve (1) the proposal that every 25 issued and unissued class A ordinary shares of a par value of US$0.0001 each and every 25 issued and unissued class B ordinary shares of a par value of US$0.0001 each in the Company's existing share capital be consolidated into 1 class A ordinary share of a par value of US$0.0025 and 1 class B ordinary share of a par value of US$0.0025, respectively (each a "Consolidated Share") and such Consolidated Shares shall rank pari passu in all respects with each other and have the rights and privileges and be subject to the restrictions as contained in the third amended and restated memorandum and articles of association of the Company (the "Share Consolidation"), so that immediately following the Share Consolidation, the authorized share capital of the Company shall be changed from US$50,000 divided into 497,500,000 class A ordinary shares of a par value of US$0.0001 each and 2,500,000 class B ordinary shares of a par value of US$0.0001 each, to US$50,000 divided into 19,900,000 class A ordinary shares of a par value of US$0.0025 each and 100,000 class B ordinary shares of a par value of US$0.0025 each; (2) the proposal that effective immediately following the close of the Meeting, the authorized share capital of the Company be increased by the creation of an additional 470,000,000 class A ordinary shares of a par value of US$0.0025 each and 10,000,000 class B ordinary shares of a par value of US$0.0025 each to rank pari passu in all respects with the existing class A ordinary shares and class B ordinary shares, respectively (the "Increase of Authorized Share Capital") so that immediately following the Increase of Authorized Share Capital, the authorized share capital of the Company shall be changed from US$50,000 divided into 19,900,000 class A ordinary shares of a par value of US$0.0025 each and 100,000 class B ordinary shares of a par value of US$0.0025 each, to US$1,250,000 divided into 489,900,000 class A ordinary shares of a par value of US$0.0025 each and 10,100,000 class B ordinary shares of a par value of US$0.0025 each; and (3) the proposal that effective immediately following the close of the Meeting, the second amended and restated memorandum and articles of association of the Company currently in effect be amended and restated by the deletion in their entirety and the substitution in their place of the third amended and restated memorandum and articles of association annexed to the notice of the Meeting. The Share Consolidation was not yet effected as of the date of this report and the Company intends to go through standard Nasdaq procedures in order to effect the Share Consolidation. About High-Trend International Group High-Trend International Group ("High-Trend" or the "Company") is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The Company connects the decarbonization needs of the maritime industry with the supply of the carbon finance market through technology ecosystem, creating a new paradigm for maritime sustainability. Forward Looking Statements This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2024. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. View original content: SOURCE High-Trend International Group
