Connect with us

Technology

BENCHMARK REPORTS SECOND QUARTER 2024 RESULTS

Published

on

TEMPE, Ariz., July 30, 2024 /PRNewswire/ — Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the second quarter ended June 30, 2024. Additionally, the company’s Board of Directors have authorized an increase in the quarterly dividend from $0.165 to $0.17 per share, effective immediately.

Second quarter 2024 results(1):

Revenue of $666 millionGenerated net cash provided by operations of $56 million and positive free cash flow of $47 millionGAAP and non-GAAP gross margin of 10.2%GAAP and non-GAAP operating margin of 4.1% and 5.1%, respectivelyGAAP and non-GAAP earnings per share of $0.43 and $0.57, respectively

Three Months Ended

June 30,

March 31,

June 30,

(Amounts in millions, except per share data)

2024

2024

2023

Sales

$

666

$

676

$

733

Net income

$

16

$

14

$

14

Income from operations

$

27

$

26

$

24

Net income – non-GAAP(1)

$

21

$

20

$

20

Income from operations – non-GAAP(1)

$

34

$

33

$

33

Diluted earnings per share

$

0.43

$

0.38

$

0.39

Diluted earnings per share – non-GAAP(1)

$

0.57

$

0.55

$

0.56

Operating margin

4.1

%

3.8

%

3.3

%

Operating margin – non-GAAP(1)

5.1

%

4.9

%

4.5

%

(1)

A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful are included below.

“Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longer-term operational objectives,” said Jeff Benck, Benchmark’s President and CEO.

Benck continued, “While market uncertainty persists across a number of our sectors, we remain focused on executing for our customers while protecting margins, driving down inventories and delivering positive free cash flow, which we now expect to exceed $120 million in fiscal year 2024.”

Cash Conversion Cycle

June 30,

March 31,

June 30,

2024

2024

2023

Accounts receivable days

51

56

59

Contract asset days

25

24

23

Inventory days

90

94

102

Accounts payable days

(52)

(52)

(56)

Advance payments from customers days

(24)

(28)

(25)

Cash conversion cycle days

90

94

103

Second Quarter 2024 Industry Sector Update

Revenue and percentage of sales by industry sector were as follows.

June 30,

March 31,

June 30,

(In millions)

2024

2024

2023

Semi-Cap

$

172

26

%

$

166

25

%

$

164

22

%

Complex Industrials

142

21

%

141

21

%

167

23

%

Medical

111

17

%

115

17

%

145

20

%

A&D

109

16

%

106

16

%

80

11

%

AC&C

132

20

%

148

21

%

177

24

%

Total

$

666

100

%

$

676

100

%

$

733

100

%

Revenue decreased quarter over quarter primarily due to decreases in Medical and Advanced Computing and Communications (AC&C) sales, which were partially offset by an increase in Semi-Cap sales.  Revenue decreased year-over-year primarily due to decreases in Complex Industrials, Medical, and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

Third Quarter 2024 Guidance

Revenue between $630 million – $670 millionDiluted GAAP earnings per share between $0.36 – $0.42Diluted non-GAAP earnings per share between $0.52 – $0.58Non-GAAP earnings per share guidance excludes stock-based compensation expense, restructuring charges and other costs, and amortization of intangible assets.

In the third quarter of 2024, restructuring charges are expected to be approximately $1.0 million, stock-based compensation expense is expected to be $4.5 million and the amortization of intangible assets is expected to be $1.2 million.

Second Quarter 2024 Earnings Conference Call

The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.

About Benchmark Electronics, Inc.

Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: semiconductor capital equipment, complex industrials, medical, commercial aerospace, defense, and advanced computing and communications. Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for third quarter and fiscal year 2024 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges, stock-based compensation expense and amortization of intangibles, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

Non-GAAP Financial Measures

Management discloses certain non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non‐GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non‐GAAP information is not necessarily comparable to the non‐GAAP information used by other companies. Non‐GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

Sales

$

665,896

$

733,232

$

1,341,471

$

1,427,927

Cost of sales

597,946

666,201

1,206,113

1,296,938

Gross profit

67,950

67,031

135,358

130,989

Selling, general and administrative expenses

38,022

37,672

75,354

75,870

Amortization of intangible assets

1,204

1,591

2,408

3,183

Restructuring charges and other costs

1,471

3,287

4,814

4,713

Income from operations

27,253

24,481

52,782

47,223

Interest expense

(6,933)

(8,258)

(14,178)

(14,708)

Interest income

2,526

1,622

4,518

2,880

Other (expense) income, net

(2,323)

61

(3,500)

(2,104)

Income before income taxes

20,523

17,906

39,622

33,291

Income tax expense

4,995

3,915

10,092

6,940

Net income

$

15,528

$

13,991

$

29,530

$

26,351

Earnings per share:

Basic

$

0.43

$

0.39

$

0.82

$

0.74

Diluted

$

0.43

$

0.39

$

0.81

$

0.74

Weighted-average number of shares used in
   calculating earnings per share:

 Basic

36,047

35,618

35,929

35,478

 Diluted

36,497

35,676

36,388

35,730

 

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands)

(UNAUDITED)

June 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

309,287

$

277,391

Restricted cash

578

5,822

Accounts receivable, net

376,568

449,404

Contract assets

182,090

174,979

Inventories

599,842

683,801

Prepaid expenses and other current assets

42,286

44,350

Total current assets

1,510,651

1,635,747

Property, plant and equipment, net

225,888

227,698

Operating lease right-of-use assets

125,082

130,830

Goodwill and other long-term assets

293,118

280,480

Total assets

$

2,154,739

$

2,274,755

Liabilities and Shareholders’ Equity

Current liabilities:

Current installments of long-term debt

$

5,928

$

4,283

Accounts payable

346,153

367,480

Advance payments from customers

157,156

204,883

Accrued liabilities

133,823

136,901

Total current liabilities

643,060

713,547

Long-term debt, net of current installments

283,559

326,674

Operating lease liabilities

116,637

123,385

Other long-term liabilities

16,379

32,064

Total liabilities

1,059,635

1,195,670

Shareholders’ equity

1,095,104

1,079,085

Total liabilities and shareholders’ equity

$

2,154,739

$

2,274,755

 

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(UNAUDITED)

Six Months Ended

June 30,

2024

2023

Cash flows from operating activities:

Net income

$

29,530

$

26,351

Depreciation and amortization

23,026

22,549

Stock-based compensation expense

6,361

8,657

Accounts receivable

71,346

6,359

Contract assets

(7,111)

(2,264)

Inventories

82,717

(28,096)

Accounts payable

(25,550)

9,499

Advance payments from customers

(47,727)

(12,260)

Other changes in working capital and other, net

(28,318)

(31,163)

Net cash provided by (used in) operating activities

104,274

(368)

Cash flows from investing activities:

Additions to property, plant and equipment and software

(14,407)

(47,049)

Other investing activities, net

(1,405)

585

Net cash used in investing activities

(15,812)

(46,464)

Cash flows from financing activities:

Net debt activity

(41,731)

102,237

Other financing activities, net

(17,161)

(17,296)

Net cash (used in) provided by financing activities

(58,892)

84,941

Effect of exchange rate changes

(2,918)

(209)

Net increase in cash and cash equivalents and restricted cash

26,652

37,900

Cash and cash equivalents and restricted cash at beginning of year

283,213

207,430

Cash and cash equivalents and restricted cash at end of period

$

309,865

$

245,330

 

Benchmark Electronics, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2024

2024

2023

2024

2023

Income from operations (GAAP)

$

27,253

$

25,529

$

24,481

$

52,782

$

47,223

Restructuring charges and other costs

1,471

3,343

2,364

4,814

3,790

Stock-based compensation expense

4,185

2,176

3,867

6,361

8,657

Amortization of intangible assets

1,204

1,204

1,591

2,408

3,183

Asset impairment

—

—

923

—

923

Legal and other settlement loss (gain)

317

855

—

1,172

—

Customer insolvency (recovery)

(316)

—

—

(316)

—

Non-GAAP income from operations

$

34,114

$

33,107

$

33,226

$

67,221

$

63,776

GAAP operating margin

4.1

%

3.8

%

3.3

%

3.9

%

3.3

%

Non-GAAP operating margin

5.1

%

4.9

%

4.5

%

5.0

%

4.5

%

Gross profit (GAAP)

$

67,950

$

67,408

$

67,031

$

135,358

$

130,989

Stock-based compensation expense

326

426

423

752

819

Customer insolvency (recovery)

(316)

—

—

(316)

—

Non-GAAP gross profit

$

67,960

$

67,834

$

67,454

$

135,794

$

131,808

GAAP gross margin

10.2

%

10.0

%

9.1

%

10.1

%

9.2

%

Non-GAAP gross margin

10.2

%

10.0

%

9.2

%

10.1

%

9.2

%

Selling, general and administrative expenses

$

38,022

$

37,332

$

37,672

$

75,354

$

75,870

Stock-based compensation expense

(3,858)

(1,750)

(3,444)

(5,608)

(7,838)

Legal and other settlement (loss) gain

(317)

(855)

—

(1,172)

—

Non-GAAP selling, general and administrative expenses

$

33,847

$

34,727

$

34,228

$

68,574

$

68,032

Net income (GAAP)

$

15,528

$

14,002

$

13,991

$

29,530

$

26,351

Restructuring charges and other costs

1,471

3,343

2,364

4,814

3,790

Stock-based compensation expense

4,185

2,176

3,867

6,361

8,657

Amortization of intangible assets

1,204

1,204

1,591

2,408

3,183

Asset impairment

—

—

923

—

923

Legal and other settlement loss (gain)

317

855

(1,155)

1,172

(1,155)

Customer insolvency (recovery)

(316)

—

—

(316)

—

Income tax adjustments(1)

(1,437)

(1,393)

(1,484)

(2,830)

(3,007)

Non-GAAP net income

$

20,952

$

20,187

$

20,097

$

41,139

$

38,742

Diluted earnings per share:

Diluted (GAAP)

$

0.43

$

0.38

$

0.39

$

0.81

$

0.74

Diluted (Non-GAAP)

$

0.57

$

0.55

$

0.56

$

1.13

$

1.08

Weighted-average number of shares used in
   calculating diluted earnings per share:

Diluted (GAAP)

36,497

36,401

35,676

36,388

35,730

Diluted (Non-GAAP)

36,497

36,401

35,676

36,388

35,730

Net cash provided by (used in) operations

$

55,816

$

48,457

$

24,538

$

104,274

$

(368)

Additions to property, plant and
   equipment and software

(8,504)

(5,903)

(8,318)

(14,407)

(47,049)

Free cash flow (used)

$

47,312

$

42,554

$

16,220

$

89,867

$

(47,417)

(1)  This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/benchmark-reports-second-quarter-2024-results-302210169.html

SOURCE BENCHMARK ELECTRONICS

Continue Reading

Technology

JinkoSolar Announces Results of 2026 Annual General Meeting

Published

on

By

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.

Continue Reading

Technology

Price still dominates car buying in US and Europe, while China puts technology first–Bain & Company survey

Published

on

By

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

Continue Reading

Technology

HiTHIUM enters Canada with first 8-hour BESS and sodium-ion solutions adapted to extreme cold

Published

on

By

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

Continue Reading

Trending