Technology
Zillow Group Reports Fourth-Quarter and Full-Year 2023 Financial Results
Published
3 years agoon
By
SEATTLE, Feb. 13, 2024 /PRNewswire/ — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months and year ended December 31, 2023.
Complete financial results and outlook for the first quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group’s website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.
“We reported great revenue numbers across the whole of our increasingly diversified and growing business. This is evidence of the progress we’re making to transform the way people buy, sell, finance and rent homes by continually adding more functionality, software and services to Zillow’s housing super app,” said Zillow co-founder and CEO Rich Barton. “Our progress in crafting an integrated customer experience in our early markets has given us the confidence to press on the accelerator and expand this experience to more markets in 2024. We have the leading real estate audience and a brand that is a household name, and we have barely scratched the surface on a real estate market with $2 trillion of total transaction value.”
Recent highlights include:
Zillow Group’s fourth-quarter results exceeded the company’s outlook for revenue and Adjusted EBITDA.Q4 revenue was $474 million, up 9% year over year and above the midpoint of the company’s outlook range by $31 million. Full-year revenue was $1.9 billion, down 1% year over year.Residential revenue was up 3% year over year in Q4 to $349 million, outperforming both the residential real estate industry total transaction value decline of 4% and the company’s outlook.Rentals revenue of $93 million increased 37% year over year, primarily driven by multifamily revenue growing 52% year over year in Q4.Mortgages revenue of $22 million increased 22% year over year, due primarily to a 105% year-over-year increase in purchase loan origination volume to $487 million in Q4.On a GAAP basis, net loss was $73 million in Q4, or 15% of revenue, compared to $72 million in Q4 2022, or 17% of revenue, and was $158 million for the full year 2023.Q4 Adjusted EBITDA was $69 million, or 15% of total revenue, $19 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Rentals and Residential revenue. Excluding a one-time partial lease termination expense, Q4 Adjusted EBITDA would have been $83 million, or 18% of total revenue, up from 17% in Q4 of 2022. Adjusted EBITDA for the full year 2023 was $391 million.Cash and investments at the end of Q4 were $2.8 billion, down from $3.3 billion at the end of Q3.Traffic to Zillow Group’s mobile apps and sites in Q4 was 194 million average monthly unique users, down 2% year over year. Visits during Q4 were 2.2 billion, up 1% year over year.
Fourth-Quarter and Full-Year 2023 Financial Highlights
The following table sets forth Zillow Group’s financial highlights for the periods presented (in millions, except percentages, unaudited):
Three Months Ended
December 31,
2022 to 2023
% Change
Year Ended
December 31,
2022 to 2023
% Change
2023
2022
2023
2022
Revenue:
Residential
$ 349
$ 340
3 %
$ 1,452
$ 1,522
(5) %
Rentals
93
68
37 %
357
274
30 %
Mortgages
22
18
22 %
96
119
(19) %
Other
10
9
11 %
40
43
(7) %
Total revenue
$ 474
$ 435
9 %
$ 1,945
$ 1,958
(1) %
Other Financial Data:
Gross profit
$ 359
$ 346
$ 1,524
$ 1,591
Net loss
$ (73)
$ (72)
$ (158)
$ (101)
Adjusted EBITDA (1)
$ 69
$ 73
$ 391
$ 514
Percentage of Revenue:
Gross profit
76 %
80 %
78 %
81 %
Net loss
(15) %
(17) %
(8) %
(5) %
Adjusted EBITDA (1)
15 %
17 %
20 %
26 %
(1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted
accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a
reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss for each of the periods
presented.
Conference Call and Webcast Information
The company will host a live conference call to discuss these results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). A shareholder letter, investor presentation, and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group’s Investor Relations website. Participants must register for the live call in advance at: https://www.netroadshow.com/events/login?show=9c320773&confId=59522 to receive emailed instructions. This pre-registration process is designed to reduce delays due to operator congestion when accessing the live call.
Forward-Looking Statements
This press release 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 that involve risks and uncertainties, including, without limitation, statements regarding the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future health and stability of the residential housing market and economy, volatility of mortgage interest rates, and our expectations regarding future shifts in behavior by consumers. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “predict,” “will,” “projections,” “continue,” “estimate,” “outlook,” “guidance,” “would,” “could,” “strive,” or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of February 13, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control.
Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future multiple listing service (“MLS”) rules and requirements; our ability to navigate industry changes, including as a result of certain or future class action lawsuits or government investigations, which may include lawsuits or investigations in which we are not a party; our ability to continue to innovate and compete successfully against our existing or future competitors to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers’ financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations in which we are not a party; our ability to attract, engage, and retain a highly skilled, remote workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.
The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s publicly available filings with the SEC. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.
About Zillow Group, Inc.
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences.
Zillow Group’s affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; ShowingTime+SM; Spruce® and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.
Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, and www.twitter.com/zillowgroup, where Zillow Group discloses information about the company, its financial information and its business that may be deemed material.
The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos.
(ZFIN)
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net loss, the most directly comparable U.S. generally accepted accounting principles (“GAAP”) financial measure.
Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.
Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;Adjusted EBITDA does not reflect the results of discontinued operations;Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;Adjusted EBITDA does not reflect impairment and restructuring costs;Adjusted EBITDA does not reflect acquisition-related costs;Adjusted EBITDA does not reflect the gain on extinguishment of debt;Adjusted EBITDA does not reflect interest expense or other income, net;Adjusted EBITDA does not reflect income taxes; andOther companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.
Adjusted EBITDA
The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss for each of the periods presented (in millions, unaudited):
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Reconciliation of Adjusted EBITDA to Net Loss:
Net loss
$ (73)
$ (72)
$ (158)
$ (101)
Loss from discontinued operations, net of income taxes
—
—
—
13
Income taxes
3
4
4
3
Other income, net
(43)
(24)
(151)
(43)
Depreciation and amortization
53
36
187
150
Share-based compensation
109
110
451
433
Impairment and restructuring costs
10
10
19
24
Acquisition-related costs
2
—
4
—
Gain on extinguishment of debt
(1)
—
(1)
—
Interest expense
9
9
36
35
Adjusted EBITDA
$ 69
$ 73
$ 391
$ 514
View original content to download multimedia:https://www.prnewswire.com/news-releases/zillow-group-reports-fourth-quarter-and-full-year-2023-financial-results-302061041.html
SOURCE Zillow Group, Inc.
You may like
Technology
JinkoSolar Announces Results of 2026 Annual General Meeting
Published
12 minutes agoon
October 21, 2026By
SHANGRAO, China, Oct. 21, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), today announced that all shareholders resolutions proposed at the Company’s 2026 annual general meeting held today were duly passed.
Specifically, the Company’s shareholders passed the following ordinary resolutions approving:
1. The re-election of Mr. Gang Chu as an independent director of the Company;
2. The re-election of Mr. Steven Markscheid as an independent director of the Company;
3. The ratification of the appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors of the Company for the fiscal year of 2026;
4. The authorization of the directors of the Company to determine the remuneration of the auditors of the Company; and
5. The authorization of each of the directors of the Company to take any and all action that might be necessary to effect the foregoing resolutions 1 to 4 and resolutions 6 to 7 set out below as such director, in his or her absolute discretion, thinks fit.
The Company’s shareholders also passed the following special resolutions approving:
6. The change of the English name of the Company from “JinkoSolar Holding Co., Ltd.” to “Jinko Holdings Limited”; and
7. The adoption of “晶科控股有限公司” as the dual foreign name of the Company.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a holding company combining clean energy industrial operations and strategic investment in emerging technologies. Its industrial foundation is a controlling interest in Jinko Solar Co., Ltd. (SSE: 688223), a global leader in clean energy technology. The Company makes disciplined strategic investments in renewable energy, advanced materials, artificial intelligence, commercial space and other frontier technologies, drawing on its industrial experience and its ability to identify emerging technologies and bring them to commercial scale.
Through Jinko Solar Co., Ltd., the Company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar has over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com
In the U.S.:
Email: jinko@christensencomms.com
View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-results-of-2026-annual-general-meeting-302914898.html
SOURCE JinkoSolar Holding Co., Ltd.
Technology
Price still dominates car buying in US and Europe, while China puts technology first–Bain & Company survey
Published
12 minutes agoon
October 21, 2026By
Dealers stay important: More than 80% of car buyers globally now combine online and offline channels, yet nine in 10 still complete their purchase at dealersAI is reshaping car-buying journey in all markets – more than 60% of younger buyers use AI when deciding on their next carConsumers who have test-driven a battery electric vehicle are up to 2.2 times as willing to consider buying oneCustomer loyalty is decreasing – more than a third of customers in Western markets are open to new brands entering the market Autonomous-driving technology could challenge traditional brand loyalty, with consumers willing to switch brands for better functionality
BOSTON and MUNICH, Oct. 21, 2026 /PRNewswire/ — New technologies, including AI, are changing how consumers research and choose cars around the globe. Brand loyalty is decreasing and price continues to play a powerful role in purchasing decisions in the US and Europe, but less so for Chinese buyers, as new research released today by Bain & Company finds.
Bain’s new Global Automotive Consumer Survey, based on responses from more than 12,000 car buyers worldwide*, finds price remains the top consideration when buying a car in the US and Europe, cited by 68% and 62% of consumers respectively, while technology and features (58%) rank ahead of price in China. Loyalty to established automakers also varies considerably: US buyers remain the most committed, while newer Chinese brands are entering consideration in Europe.
The findings come as legacy automakers face weak industry growth and continued pressure on profitability, alongside rapid advances in electrification, artificial intelligence and autonomous driving.
“The car-buying journey is changing quickly, but what stands out is how differently consumers across the globe are responding to that change,” said Klaus Stricker, leader of Bain’s Global Automotive & Mobility practice. “Technology can be a powerful differentiator for some buyers, while for others, price and brand remain decisive. We find that car buyers are increasingly using AI to compare brands, models and options.”
Digital car buying accelerates, but dealerships remain critical
The way consumers choose cars has become increasingly digital. Bain finds that more than 80% of respondents globally now combine online and offline interactions during the purchase journey, while more than six in 10 start the buying process online. China is further ahead, with 95% using both online and physical channels and more than eight in 10 willing to consider completing their purchase online.
But greater use of digital channels has not diminished the importance of the physical dealership. Nine in 10 consumers globally still complete their purchase offline, and more than half of buyers in Europe, the US and China have at least two interactions with dealers along the way.
Artificial intelligence is also reshaping how consumers research and compare cars. AI is already widely used by car buyers across several Asian markets and UAE, reaching more than 90% in Indonesia and close to 80% across age groups in China. In Japan, Europe and the US, adoption is more concentrated among younger buyers, with 52%, 61% and 55% respectively using AI, more than twice the share of older consumers.
Younger consumers drive BEV interest, but barriers to wider adoption remain
Consumer interest in battery electric vehicles (BEVs) is strong, particularly among younger buyers, the survey finds. Younger consumers (Generations Y and Z) in general are more likely to buy BEVs, but in China, willingness to buy BEVs is high across both younger and older generations.
For consumers still reluctant to buy a BEV, cost and charging remain the biggest sticking points. In the US and Europe, around six in 10 are unwilling to pay more for a BEV than for a comparable combustion-engine car, while almost half cite charging times as a concern. Bain concludes that closing the price gap and making charging more convenient will be critical to persuading more consumers to make the switch.
Bain cites an example in Germany where BEV-buying decisions shifted once price parity narrowed. In August 2026, BEV registrations jumped 75% year-on-year to reach around 32% of new car sales. New government incentives and rising fuel prices drove the change – in addition to new strong BEV models entering the market.
Getting more buyers behind the wheel provides another lever. Consumers who have already test-driven a BEV are up to 2.2 times more willing to consider purchasing one than those who have not. Yet mass-market buyers in Europe and the US are less likely to have tried a BEV, compared to premium buyers. With many potential buyers yet to try one, making test-drives easier to access could be one of the most effective ways for automakers and dealers to encourage wider BEV adoption.
Autonomous driving could challenge traditional brand loyalty
Appetite for autonomous-driving technology is substantially stronger in China and several Asian and Middle Eastern markets than in Europe and the US, Bain finds. Some 84% of Chinese consumers would consider buying a vehicle offering at least Level 3 (L3) autonomy, compared with 47% in Europe and 40% in the US. L3 allows a car to drive itself under certain conditions but requires the driver to take over when prompted. Interest is even higher in the UAE, India and Indonesia.
Greater interest in autonomous driving could also weaken traditional brand loyalty. Consumers most interested in the technology are more willing to switch manufacturers for better functionality, with premium buyers in Europe and the US particularly open to changing brands. In China, willingness to switch is more widespread. For automakers, better autonomous-driving functionality could therefore become an increasingly important way to attract customers from competitors.
“Technology is now part of the reason customers choose one manufacturer over another,” Stricker added. “That raises the stakes for automakers. Brands need to understand where customers are willing to pay for innovation, where affordability remains the overriding consideration, and where better technology could be enough to persuade a customer to switch. That requires a much more precise understanding of what different customers value.”
*Markets included in the survey: Canada, US, UK, Germany, France, Italy, UAE, China, India, Indonesia, and Japan.
Media contacts:
Ann Lee (Singapore) — ann.lee@bain.com
Gary Duncan (London) — gary.duncan@bain.com
Dan Pinkney (Boston) — dan.pinkney@bain.com
About Bain & Company
Bain & Company works with leaders worldwide to solve their toughest challenges and deliver enduring results. Since 1973, we’ve partnered with clients, including private equity and portfolio companies, to build the capabilities they need to stay ahead of change and help them redefine their industries. We measure our success by our clients’ success, and we proudly hold the highest levels of client advocacy in our field.
Bain is consistently recognized globally as one of the best places to work. We operate as one global team, uniting strategists, industry and functional experts, technologists, and advisors with a vibrant ecosystem of technology partners.
Notes to Editors
Bain & Company was founded in 1973 and today has 19,000 employees across 67 cities in 40 countries. We have worked with more than two-thirds of the Global 500 and more than 9,000 companies worldwide. Bain has pledged to deliver $2 billion in pro bono consulting to nonprofit, public sector, and charitable organizations by 2035. The firm is consistently recognized as a Leader in major analyst rankings across multiple areas, including digital business, innovation, strategy, experience design, customer experience, and carbon-zero transformation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/price-still-dominates-car-buying-in-us-and-europe-while-china-puts-technology-firstbain–company-survey-302914783.html
SOURCE Bain & Company
Technology
HiTHIUM enters Canada with first 8-hour BESS and sodium-ion solutions adapted to extreme cold
Published
12 minutes agoon
October 21, 2026By
TORONTO, Oct. 21, 2026 /CNW/ — HiTHIUM, an integrated full-scenario energy storage solutions provider, has announced its entry into the Canadian market. Ranked in the top two globally for energy storage component, the manufacturer has surpassed 200 GWh in cumulative delivered capacity, focusing exclusively on stationary energy storage technologies.
Canada’s energy storage expansion requires reliable large-scale suppliers and local presence
Mizhi Zhang, HiTHIUM President of Global Business, commented: “We are committed to delivering Canadian customers advanced, robust solutions, from 8-hour long duration energy storage to extreme-weather-ready sodium-ion BESS. But this also means being present for customers wherever they are, able to serve them quickly and locally. While Toronto serves as the main hub for our Canadian operations, we have subsidiary offices in British Columbia and Alberta, as well as operating sites in Quebec, Yellowknife, and Fort Smith.”
HiTHIUM has introduced 4-hour and 8-hour BESS solutions to serve the market’s rapid buildout of utility-scale energy storage. With installed Canadian storage expected to double between 2025 and 2027, and the country’s total wind, solar, and energy storage capacity on track to reach 50 GW by 2035, HiTHIUM is positioned to fill the growing demand for BESS on a large scale. The company has also revealed a new 4 MWh sodium-ion storage solution, which is designed for an extra-long service life, supports storage durations from 2 to 8 hours, and is perfect for extremely cold climates, like Northern Canada.
“Canada’s ambitious clean energy targets, as well as its high safety and regulatory standards, require partners who can deliver advanced technology that’s also tested and compliance-ready. At the same time, project developers have to consider the tough climate. As a vertically integrated, global solutions provider, HiTHIUM is structured to meet exactly this nexus of challenges. Our strategy of advancing both lithium-ion and sodium-ion storage is designed to offer customers in markets like Canada the benefits of flexibility, since we see these technologies as highly complementary,” continued Zhang.
“Our partners, whether major energy developers, public utilities, or industrial enterprises, rely on our readiness for local certification and our long-term bankability to support them, from permitting through project commissioning,” added Jordan Hebbert, HiTHIUM Senior Manager of Canada. “Likewise, they depend on the proven durability of HiTHIUM technology–including performance even in extreme weather conditions. In fact, long-term operational data from North American and European projects has recently demonstrated systems outperforming even our guarantees. And we offer customers a wider range of durations and choice of chemistries because we understand that they’re coming to us with a very diverse range of energy storage needs.”
4-hour or 8-hour BESS: Matching duration to project specifications
The manufacturer’s 4-hour BESS solution consists of its “∞Power” 6.25 MWh container, built on HiTHIUM’s own 1175 Ah cell. Most Canadian projects are currently designed around the 4-hour unit. This enables them to shift wind, solar, and baseload output to later peak times, strengthen grid reliability, and drive the consumption of more renewables, particularly as electrification increases demand. The ∞Power system design fits more capacity into the typical 20-foot container but also reduces a project’s overall footprint, because the containers can be placed back-to-back and side-to-side.
In a groundbreaking step for long duration energy storage, HiTHIUM also developed the first ever native 8-hour solution based on lithium-ion technology. Its 6.9 MWh 8-hour BESS, built with HiTHIUM’s own 1300 Ah cells, fewer components overall, and a 25-year lifespan, is designed to address issues like curtailments and to fill key gaps for zero-downtime industrial segments like AI data centers. For wind project developers and data center operators alike, 8-hour BESS offers risk reduction and greater revenue reliability.
Extreme fire test validates safety architecture
HiTHIUM additionally worked with UL Solutions at the start of 2026 on an independently conducted, extreme fire test of its 6.25 MWh block’s intrinsic safety systems. A container was subjected to 24 hours of extreme combustion conditions, with its doors opened for maximum thermal spread, while neighboring containers were placed just 15 cm away. Only the containers’ passive safety systems were enabled. The results validated HiTHIUM’s multi-layer safety architecture, with the tested container structurally intact after the test, no thermal propagation across the containers, and the temperatures of cells in adjacent containers remaining below safety thresholds.
View original content:https://www.prnewswire.com/news-releases/hithium-enters-canada-with-first-8-hour-bess-and-sodium-ion-solutions-adapted-to-extreme-cold-302914919.html
SOURCE HiTHIUM
JinkoSolar Announces Results of 2026 Annual General Meeting
Price still dominates car buying in US and Europe, while China puts technology first–Bain & Company survey
HiTHIUM enters Canada with first 8-hour BESS and sodium-ion solutions adapted to extreme cold
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days agoOpenAI model helped itself to testnet crypto, then kept quiet about it
-
Technology4 days agoJinkoSolar Unveils Tiger Neo 5.0 All-Black Residential Solar Module with 25.52% Efficiency
-
Technology4 days agoHighland and Bath Counties, Virginia Go Live on a Shared Caliber Hosted CAD Environment
-
Coin Market5 days agoBitcoin price steadies around $82K after Fed’s Warsh avoids rate-hike hints
-
Technology5 days agoFrost & Sullivan: Netradyne Receives the 2026 Global Commercial Vehicle Video Telematics Product Leadership Recognition for Excellence in AI-Driven Fleet Safety and Operational Intelligence
-
Near Videos4 days agoWhat if you could build a skyscraper with one prompt?
-
Technology5 days ago
/R E P E A T — Media Advisory – Minister Hodgson to deliver remarks and participate in fireside chat/
-
Technology5 days agoFIRST LOOK: NINTENDO’S FIRST-EVER STORE-WITHIN-A-STORE EXPERIENCE IN NORTH AMERICA ARRIVES IN TORONTO
