Technology
Veeva Announces Fiscal 2025 Third Quarter Results
Published
1 year agoon
By
Total Revenues of $699.2M, up 13% Year Over Year
Subscription Services Revenues of $580.9M, up 17% Year Over Year
PLEASANTON, Calif., Dec. 5, 2024 /PRNewswire/ — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its third quarter ended October 31, 2024.
“It was a great quarter of innovation and excellent execution across the board,” said CEO Peter Gassner. “Especially significant was the hard work for the long term. We deepened a number of large, highly strategic relationships and are set to deliver the next generation of CRM this month with Vault CRM Suite to connect sales, marketing, and medical – a first for the industry.”
Fiscal 2025 Third Quarter Results:
Revenues(1): Total revenues for the third quarter were $699.2 million, up from $616.5 million one year ago, an increase of 13% year over year. Subscription services revenues for the third quarter were $580.9 million, up from $494.9 million one year ago, an increase of 17% year over year.
Operating Income and Non-GAAP Operating Income(1)(2): Third quarter operating income was $181.4 million, compared to $128.5 million one year ago, an increase of 41% year over year. Non-GAAP operating income for the third quarter was $304.0 million, compared to $234.6 million one year ago, an increase of 30% year over year.
Net Income and Non-GAAP Net Income(1)(2): Third quarter net income was $185.8 million, compared to $135.2 million one year ago, an increase of 37% year over year. Non-GAAP net income for the third quarter was $288.3 million, compared to $218.7 million one year ago, an increase of 32% year over year.
Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the third quarter, fully diluted net income per share was $1.13, compared to $0.83 one year ago, while non-GAAP fully diluted net income per share was $1.75, compared to $1.34 one year ago.
“We delivered results ahead of guidance on all metrics, reflecting our operational discipline and the durability of our model,” said CFO Brian Van Wagener. “With a clear product strategy, focused execution, and large market opportunity we are well positioned for strong growth and profitability for many years to come.”
Recent Highlights:
Leading in CRM with Innovation, Execution, and Customer Success Focus – Leadership in CRM continued with a focus on customer success and product excellence. More than 30 customers are now live on Vault CRM and the seven migrations from Veeva CRM to Vault CRM are on track for completion by year end. In November, the fourth top 20 biopharma committed to Vault CRM as its commercial foundation. And as planned, this month the latest release of Vault CRM will include the full functionality of Veeva CRM and additional new capabilities, marking the availability of the next generation of CRM for the industry.
New AI Capabilities Coming to Commercial – Veeva announced three new AI innovations planned for availability in late 2025. Coming in Vault CRM is CRM Bot, a GenAI assistant, and Voice Control, a voice interface leveraging Apple Intelligence. The company also announced MLR Bot for Vault PromoMats, which uses a Veeva-hosted large language model to speed review and approval by checking quality and content of promotional materials.
Long-term Focus on the Major Quality Opportunity – With the addition of more than 25 customers in the quarter, now more than 600 customers have selected at least one of the seven Vault Quality Suite applications available today. This milestone, along with the continued expansion of current customers with additional Quality applications, is the result of Veeva’s long-term view to building clear leadership in large markets through product excellence and customer success.
Financial Outlook:
Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2025 as follows:
Total revenues between $696 and $699 million.
Non-GAAP operating income of about $275 million(3).
Non-GAAP fully diluted net income per share of approximately $1.57(3).
Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows:
Total revenues between $2,722 and $2,725 million.
Non-GAAP operating income of about $1,120 million(3).
Non-GAAP fully diluted net income per share of approximately $6.44(3).
Conference Call Information
Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva’s investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, December 5, 2024, and a replay of the call will be available on Veeva’s investor relations website.
What:
Veeva Systems Fiscal 2025 Third Quarter Results Conference Call
When:
Thursday, December 5, 2024
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I86021395
Webcast:
ir.veeva.com
___________
(1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the third quarter of fiscal 2024.
(2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.
(3) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the fourth fiscal quarter ending January 31, 2025 or the fiscal year ending January 31, 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.
Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of December 5, 2024, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia’s invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 36 and 37 in our filing on Form 10-Q for the period ended July 31, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.
Investor Relations Contact:
Media Contact:
Gunnar Hansen
Maria Scurry
Veeva Systems Inc.
Veeva Systems Inc.
267-460-5839
781-366-7617
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
October 31,
2024
January 31,
2024
Assets
Current assets:
Cash and cash equivalents
$ 1,044,511
$ 703,487
Short-term investments
4,018,475
3,324,269
Accounts receivable, net
255,817
852,172
Unbilled accounts receivable
45,472
36,365
Prepaid expenses and other current assets
82,885
86,918
Total current assets
5,447,160
5,003,211
Property and equipment, net
55,695
58,532
Deferred costs, net
22,515
23,916
Lease right-of-use assets
60,325
45,602
Goodwill
439,877
439,877
Intangible assets, net
48,527
63,017
Deferred income taxes
322,652
233,463
Other long-term assets
56,102
43,302
Total assets
$ 6,452,853
$ 5,910,920
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 31,845
$ 31,513
Accrued compensation and benefits
34,634
43,433
Accrued expenses and other current liabilities
30,906
32,980
Income tax payable
10,803
11,862
Deferred revenue
739,657
1,049,761
Lease liabilities
9,156
9,334
Total current liabilities
857,001
1,178,883
Deferred income taxes
475
2,052
Lease liabilities, noncurrent
62,545
46,441
Other long-term liabilities
31,429
38,720
Total liabilities
951,450
1,266,096
Stockholders’ equity:
Common stock
2
2
Additional paid-in capital
2,248,890
1,915,002
Accumulated other comprehensive loss
(6,459)
(10,637)
Retained earnings
3,258,970
2,740,457
Total stockholders’ equity
5,501,403
4,644,824
Total liabilities and stockholders’ equity
$ 6,452,853
$ 5,910,920
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Revenues:
Subscription services(4)
$ 580,850
$ 494,912
$ 1,676,082
$ 1,380,095
Professional services and other(5)
118,357
121,593
349,651
352,960
Total revenues
699,207
616,505
2,025,733
1,733,055
Cost of revenues(6):
Cost of subscription services
82,638
74,435
239,577
213,179
Cost of professional services and other
91,751
93,247
279,068
290,184
Total cost of revenues
174,389
167,682
518,645
503,363
Gross profit
524,818
448,823
1,507,088
1,229,692
Operating expenses(6):
Research and development
172,411
161,278
511,551
465,466
Sales and marketing
98,695
96,773
297,524
282,269
General and administrative
72,359
62,283
195,001
187,887
Total operating expenses
343,465
320,334
1,004,076
935,622
Operating income
181,353
128,489
503,012
294,070
Other income, net
60,937
42,187
171,239
111,260
Income before income taxes
242,290
170,676
674,251
405,330
Income tax provision
56,482
35,518
155,738
27,023
Net income
$ 185,808
$ 135,158
$ 518,513
$ 378,307
Net income per share:
Basic
$ 1.15
$ 0.84
$ 3.21
$ 2.36
Diluted
$ 1.13
$ 0.83
$ 3.15
$ 2.32
Weighted-average shares used to compute net income per share:
Basic
161,987
160,768
161,707
160,344
Diluted
164,979
163,761
164,838
163,129
Other comprehensive income:
Net change in unrealized (loss) gain on available-for-sale investments
$ (738)
$ (2,637)
$ 5,576
$ (6,100)
Net change in cumulative foreign currency translation loss
(146)
(518)
(1,398)
(309)
Comprehensive income
$ 184,924
$ 132,003
$ 522,691
$ 371,898
(4) Includes subscription services revenues from the following product areas:
Veeva Commercial Solutions
$ 278,377
$ 251,167
$ 811,503
$ 733,921
Veeva R&D Solutions
302,473
243,745
864,579
646,174
Total subscription services
$ 580,850
$ 494,912
$ 1,676,082
$ 1,380,095
(5) Includes professional services and other revenues from the following product areas:
Veeva Commercial Solutions
$ 45,855
$ 47,899
$ 139,695
$ 140,082
Veeva R&D Solutions
72,502
73,694
209,956
212,878
Total professional services and other
$ 118,357
$ 121,593
$ 349,651
$ 352,960
(6) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services
$ 1,696
$ 1,604
$ 4,892
$ 4,857
Cost of professional services and other
12,929
12,943
38,640
39,881
Research and development
48,014
45,711
138,741
129,909
Sales and marketing
21,214
23,460
67,928
67,084
General and administrative
34,006
17,508
71,945
53,109
Total stock-based compensation
$ 117,859
$ 101,226
$ 322,146
$ 294,840
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
October 31,
2024
2023
Cash flows from operating activities
Net income
$ 518,513
$ 378,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
29,451
24,000
Reduction of operating lease right-of-use assets
8,348
8,885
Accretion of discount on short-term investments
(20,442)
(19,298)
Stock-based compensation
322,146
294,840
Amortization of deferred costs
11,507
12,843
Deferred income taxes
(91,231)
(80,132)
(Gain) loss on foreign currency from mark-to-market derivative
(880)
841
Bad debt expense
415
630
Changes in operating assets and liabilities:
Accounts receivable
595,940
446,921
Unbilled accounts receivable
(9,107)
37,337
Deferred costs
(10,106)
(751)
Prepaid expenses and other current and long-term assets
1,354
(6,806)
Accounts payable
424
(5,502)
Accrued expenses and other current liabilities
(10,240)
(9,572)
Income taxes payable
(1,059)
1,614
Deferred revenue
(321,090)
(228,120)
Operating lease liabilities
(7,131)
(4,263)
Other long-term liabilities
3,695
1,796
Net cash provided by operating activities
1,020,507
853,570
Cash flows from investing activities
Purchases of short-term investments
(2,206,521)
(2,142,068)
Maturities and sales of short-term investments
1,537,874
1,170,881
Long-term assets
(15,799)
(18,461)
Net cash used in investing activities
(684,446)
(989,648)
Cash flows from financing activities
Proceeds from exercise of common stock options
65,104
52,184
Taxes paid related to net share settlement of equity awards
(59,800)
(57,888)
Net cash provided by (used in) financing activities
5,304
(5,704)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,346)
(973)
Net change in cash, cash equivalents, and restricted cash
340,019
(142,755)
Cash, cash equivalents, and restricted cash at beginning of period
706,670
889,650
Cash, cash equivalents, and restricted cash at end of period
$ 1,046,689
$ 746,895
Supplemental disclosures of other cash flow information:
Excess tax benefits from employee stock plans
$ 5,160
$ 68,575
Non-GAAP Financial Measures
In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.
Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.
Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.
Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.
There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.
VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
(Unaudited)
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Net cash provided by operating activities on a GAAP basis
$ 164,117
$ 82,598
$ 1,020,507
$ 853,570
Excess tax benefits from employee stock plans
(898)
(3,275)
(5,160)
(68,575)
Net cash provided by operating activities on a non-GAAP basis
$ 163,219
$ 79,323
$ 1,015,347
$ 784,995
Net cash used in investing activities on a GAAP basis
$ (298,226)
$ (73,324)
$ (684,446)
$ (989,648)
Net cash provided by (used in) financing activities on a GAAP basis
$ 12,960
$ (6,889)
$ 5,304
$ (5,704)
Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Cost of subscription services revenues on a GAAP basis
$ 82,638
$ 74,435
$ 239,577
$ 213,179
Stock-based compensation expense
(1,696)
(1,604)
(4,892)
(4,857)
Amortization of purchased intangibles
(1,043)
(1,126)
(3,265)
(3,343)
Cost of subscription services revenues on a non-GAAP basis
$ 79,899
$ 71,705
$ 231,420
$ 204,979
Gross margin on subscription services revenues on a GAAP basis
85.8 %
85.0 %
85.7 %
84.6 %
Stock-based compensation expense
0.3
0.3
0.3
0.3
Amortization of purchased intangibles
0.1
0.2
0.2
0.2
Gross margin on subscription services revenues on a non-GAAP basis
86.2 %
85.5 %
86.2 %
85.1 %
Cost of professional services and other revenues on a GAAP basis
$ 91,751
$ 93,247
$ 279,068
$ 290,184
Stock-based compensation expense
(12,929)
(12,943)
(38,640)
(39,881)
Amortization of purchased intangibles
(139)
(139)
(412)
(411)
Cost of professional services and other revenues on a non-GAAP basis
$ 78,683
$ 80,165
$ 240,016
$ 249,892
Gross margin on professional services and other revenues on a GAAP basis
22.5 %
23.3 %
20.2 %
17.8 %
Stock-based compensation expense
10.9
10.6
11.1
11.3
Amortization of purchased intangibles
0.1
0.2
0.1
0.1
Gross margin on professional services and other revenues on a non-GAAP basis
33.5 %
34.1 %
31.4 %
29.2 %
Gross profit on a GAAP basis
$ 524,818
$ 448,823
$ 1,507,088
$ 1,229,692
Stock-based compensation expense
14,625
14,547
43,532
44,738
Amortization of purchased intangibles
1,182
1,265
3,677
3,754
Gross profit on a non-GAAP basis
$ 540,625
$ 464,635
$ 1,554,297
$ 1,278,184
Gross margin on total revenues on a GAAP basis
75.1 %
72.8 %
74.4 %
71.0 %
Stock-based compensation expense
2.1
2.4
2.1
2.6
Amortization of purchased intangibles
0.1
0.2
0.2
0.2
Gross margin on total revenues on a non-GAAP basis
77.3 %
75.4 %
76.7 %
73.8 %
Research and development expense on a GAAP basis
$ 172,411
$ 161,278
$ 511,551
$ 465,466
Stock-based compensation expense
(48,014)
(45,711)
(138,741)
(129,909)
Amortization of purchased intangibles
(29)
(29)
(85)
(85)
Research and development expense on a non-GAAP basis
$ 124,368
$ 115,538
$ 372,725
$ 335,472
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Sales and marketing expense on a GAAP basis
$ 98,695
$ 96,773
$ 297,524
$ 282,269
Stock-based compensation expense
(21,214)
(23,460)
(67,928)
(67,084)
Amortization of purchased intangibles
(3,544)
(3,555)
(10,558)
(10,550)
Sales and marketing expense on a non-GAAP basis
$ 73,937
$ 69,758
$ 219,038
$ 204,635
General and administrative expense on a GAAP basis
$ 72,359
$ 62,283
$ 195,001
$ 187,887
Stock-based compensation expense
(34,006)
(17,508)
(71,945)
(53,109)
Amortization of purchased intangibles
(57)
(57)
(170)
(169)
Litigation settlement
—
—
(5,000)
—
General and administrative expense on a non-GAAP basis
$ 38,296
$ 44,718
$ 117,886
$ 134,609
Operating expense on a GAAP basis
$ 343,465
$ 320,334
$ 1,004,076
$ 935,622
Stock-based compensation expense
(103,234)
(86,679)
(278,614)
(250,102)
Amortization of purchased intangibles
(3,630)
(3,641)
(10,813)
(10,804)
Litigation settlement
—
—
(5,000)
—
Operating expense on a non-GAAP basis
$ 236,601
$ 230,014
$ 709,649
$ 674,716
Operating income on a GAAP basis
$ 181,353
$ 128,489
$ 503,012
$ 294,070
Stock-based compensation expense
117,859
101,226
322,146
294,840
Amortization of purchased intangibles
4,812
4,906
14,490
14,558
Litigation settlement
—
—
5,000
—
Operating income on a non-GAAP basis
$ 304,024
$ 234,621
$ 844,648
$ 603,468
Operating margin on a GAAP basis
25.9 %
20.8 %
24.8 %
17.0 %
Stock-based compensation expense
16.9
16.4
15.9
17.0
Amortization of purchased intangibles
0.7
0.9
0.8
0.8
Litigation settlement
—
—
0.2
—
Operating margin on a non-GAAP basis
43.5 %
38.1 %
41.7 %
34.8 %
Net income on a GAAP basis
$ 185,808
$ 135,158
$ 518,513
$ 378,307
Stock-based compensation expense
117,859
101,226
322,146
294,840
Amortization of purchased intangibles
4,812
4,906
14,490
14,558
Litigation settlement
—
—
5,000
—
Income tax effect on non-GAAP adjustments(7)
(20,160)
(22,612)
(57,598)
(123,070)
Net income on a non-GAAP basis
$ 288,319
$ 218,678
$ 802,551
$ 564,635
Diluted net income per share on a GAAP basis
$ 1.13
$ 0.83
$ 3.15
$ 2.32
Stock-based compensation expense
0.71
0.62
1.95
1.81
Amortization of purchased intangibles
0.03
0.03
0.09
0.09
Litigation settlement
—
—
0.03
—
Income tax effect on non-GAAP adjustments(7)
(0.12)
(0.14)
(0.35)
(0.76)
Diluted net income per share on a non-GAAP basis
$ 1.75
$ 1.34
$ 4.87
$ 3.46
________________________
(7)
For the three and nine months ended October 31, 2024 and 2023, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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SOURCE Veeva Systems
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Technology
Changan Group Advances Global Strategy with “1+4+4+5” Framework, Targeting RMB 600 Billion in Revenue by 2030
Published
28 minutes agoon
April 22, 2026By
The Group sets out Six Major Leaps and five doubling targets, with RMB 600 billion in revenue and 1.5 million overseas sales in its sights for 2030.
CHONGQING, China, April 22, 2026 /PRNewswire/ — Changan Group held its Global Strategy Launch and Global Partner Conference in Chongqing on April 21, 2026, presenting its “1+4+4+5” strategic framework to around 700 delegates. The strategy reinforces and advances the Group’s Vast Ocean Plan, with a clear ambition: to enter the global automotive top ten and reach RMB 600 billion in revenue by 2030.
The “1+4+4+5” strategy is built around one vision: to build a world-class automotive group with global competitiveness and homegrown core technologies. It consists of four business pillars: vehicles, components, services, and next-generation ecosystem industries; and four transformation priorities: intelligence, green development, globalization, and integration.
Guided by a two-step, ten-year roadmap, the Group targets five doublings by 2030: new energy vehicle (NEV) sales, overseas vehicle sales, total revenue, total profit, and brand value. Specific 2030 goals include 2.4 million NEV sales, 1.5 million overseas vehicle sales, RMB 600 billion in revenue, and RMB 200 billion in brand value, earning Changan a place among the world’s Top 500 Influential Brands.
“Today we are entering a remarkable new era shaped by profound change and unprecedented opportunity. Every transformation creates the conditions for a new generation of world class enterprises. Changan Group will stay committed to co-development and shared prosperity, working with our industry partners with one purpose and one direction, side by side as we move forward.”
— Zhu Huarong, Chairman, Changan Group
Six Major Leaps
To drive the strategy, Changan defined Six Major Leaps, each representing a measurable shift:
The Experience Leap marks a shift from single-domain smart driving to full-vehicle intelligence powered by SDA Intelligence.
The Power Leap moves from traditional energy to green and high-efficiency solutions, striving for carbon peak by 2027.
The Scale Leap expands multi-source growth by doubling NEV and overseas sales.
The Ecosystem Leap upgrades from “large industry, small ecosystem” to “large industry, large ecosystem.”
The System Leap shifts from traditional management to modern global governance.
The Value Leap pushes full transition to an intelligent, low-carbon mobility technology company.
Globalization: Three Major Plans
Under the strategy, Changan advances three key plans: the Green Plan, the Intelligent Plan, and the Vast Ocean Plan. Together, they accelerate its evolution into a leader in intelligent, low-carbon mobility technologies.
The Green Plan strengthens core NEV technologies and embeds sustainability across the vehicle lifecycle. The Intelligent Plan delivers ultra-safe intelligent mobility solutions.
The Vast Ocean Plan pushes for comprehensive brand and industrial globalization, guided by long-term development, localization, systematization and integrated ESG principles.
Foundations
The strategy rests on strong foundations. In 2025, Changan Group sold 2.913 million vehicles, up 8.5% year-on-year, with NEV sales exceeding 1.1 million units. It has ranked first in China’s National Enterprise Technology Center assessment for 14 consecutive years. Its 24,000-strong global R&D team holds 20,935 patents (71% invention patents) and contributed to 408 industry standards.
Changan operates in 118 countries through 1,124 outlets, with 22 overseas manufacturing bases and 350,000 units of annual capacity. In March 2026, it achieved monthly overseas sales of over 100,000 units for the first time. With solid progress and clear goals, Changan Group is moving steadily toward its 2030 global ambitions.
Website: www.globalchangan.com
X (Twitter): @globalchangan
Instagram, Facebook, Youtube and TikTok: @changanautomobile
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SOURCE Chongqing Changan Automobile Co., Ltd.
Technology
Global Absorption Chiller Market to Reach USD 2.98 Billion by 2036 as Waste Heat Utilization and District Cooling Drive Sustainable Cooling Adoption
Published
28 minutes agoon
April 22, 2026By
NEWARK, Del., April 22, 2026 /PRNewswire/ — According to the latest analysis by Future Market Insights, the global absorption chiller market is witnessing steady and structurally significant growth, driven by increasing demand for energy-efficient cooling solutions, expanding district cooling infrastructure, and rising adoption of waste heat recovery systems. As industries and commercial facilities prioritize decarbonization and operational efficiency, absorption chillers are emerging as a strategic alternative to conventional electric cooling technologies.
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Quick Stats: Absorption Chiller Market (2026–2036)
Market Size (2026): USD 1.88 BillionForecast Value (2036): USD 2.98 BillionCAGR (2026–2036): 4.7%Incremental Opportunity: USD 1.10 BillionLeading Technology Segment: Double-Stage (85.4% share)Dominant Absorber Type: Lithium Bromide (92.5% share)Key Growth Regions: India, China, Middle East, North AmericaPrimary Applications: District Cooling, Industrial Process Cooling, Commercial Buildings
Market Size, Forecast & Growth Outlook
The absorption chiller market was valued at USD 1.80 billion in 2025 and is projected to reach USD 1.88 billion in 2026, expanding further to USD 2.98 billion by 2036 at a CAGR of 4.7%.
Growth is primarily fueled by increasing integration of thermal energy systems, where waste heat, solar thermal energy, or cogeneration exhaust is utilized as a low-cost energy source for cooling.
India leads growth with a CAGR of 5.4%, driven by district cooling mandates and industrial energy efficiency initiativesChina follows at 4.6%, supported by infrastructure expansion and energy efficiency targetsCanada (4.2%) and Japan (4.0%) reflect stable adoption in mature markets
This trajectory highlights the market’s transition toward energy-integrated cooling systems that align with global sustainability goals.
Demand Drivers: Decarbonization, Waste Heat Utilization & Regulatory Push
The absorption chiller market is strongly influenced by environmental regulations and energy optimization strategies.
Primary Growth Drivers
Building Energy Efficiency Mandates: Increasing regulatory pressure to reduce energy consumption and carbon emissionsDistrict Cooling Expansion: Rising investments in centralized cooling infrastructure, particularly in high-temperature regionsWaste Heat Recovery Adoption: Industrial facilities leveraging exhaust heat to generate cooling capacityLow-GWP Refrigerant Transition: Compliance with global agreements promoting eco-friendly refrigerants
Absorption chillers offer a compelling value proposition by utilizing waste heat instead of electricity, significantly reducing operational costs and emissions.
Technology Landscape: Efficiency and Sustainability at the Core
The market is defined by technology configurations optimized for performance and energy utilization:
Double-Stage Absorption Chillers (85.4% share):
Lead the market due to higher efficiency and better performance at elevated temperaturesLithium Bromide Systems (92.5% share):
Dominate due to superior absorption efficiency and reliability in large-scale applicationsEmerging Trend:
Increasing adoption of solar-thermal-driven absorption systems in high-insolation regions
These systems are particularly effective in applications where continuous thermal energy availability aligns with cooling demand.
Supply Chain Dynamics: Integrated Energy Ecosystem
Upstream
Heat source providers (cogeneration systems, industrial exhaust, solar thermal)Component manufacturers (heat exchangers, pumps, control systems)
Midstream (OEMs)
Key manufacturers include:
Thermax LtdShuangliang Eco-Energy Systems Co. Ltd.Carrier CorporationTrane Inc.Johnson Controls
These companies focus on system integration, efficiency optimization, and lifecycle services.
Downstream
District cooling developersIndustrial facilitiesCommercial real estate developers
Pricing Trends & Value Proposition
Absorption chillers operate within a value-based pricing model:
Higher upfront costs compared to electric chillersSignificantly lower lifecycle costs when waste heat is availableIncreasing ROI driven by energy savings and regulatory compliance
The key purchasing decision factor is total cost of ownership (TCO) rather than initial capital expenditure.
Access the Complete Report in PDF Format: https://www.futuremarketinsights.com/reports/brochure/rep-gb-1584
Segment Analysis: High-Efficiency Systems Drive Demand
By Technology
Double-stage systems dominate due to superior coefficient of performanceSingle-stage systems cater to smaller or lower-temperature applications
By Absorber Type
Lithium bromide leads due to high efficiency and reliabilityAmmonia-based systems serve niche industrial applications
By Application
District cooling and commercial buildings lead adoptionIndustrial process cooling is a fast-growing segment
Regional Analysis: Growth Anchored in Energy Transition
Asia Pacific (High Growth)
India and China drive demand through infrastructure and industrial expansionStrong adoption of district cooling and waste heat recovery
North America
Growth supported by data center expansion and sustainability initiatives
Japan
Mature market with established cogeneration infrastructure
Middle East
High adoption driven by extreme climate conditions and district cooling projects
Competitive Landscape: Efficiency, Integration & Service Define Leadership
The market is moderately consolidated, with competition based on:
Efficiency at varying thermal inputsIntegration with district cooling systemsAftermarket services and maintenance capabilities
Key Players
Thermax LtdShuangliang Eco-Energy Systems Co. Ltd.Carrier CorporationTrane Inc.Johnson Controls
Companies are increasingly investing in R&D, renewable integration, and advanced control systems to enhance competitiveness.
Risks & Market Constraints
High initial capital investmentComplex integration with thermal energy infrastructureCompetition from advanced electric chillersMaintenance requirements and operational complexity
Investment Opportunities & Future Outlook
The absorption chiller market presents long-term opportunities in:
Solar-powered absorption cooling systemsIndustrial waste heat recovery integrationDistrict cooling infrastructure expansionSmart energy management and hybrid cooling systems
Buy Report: Unlock 360° insights for strategic decision making and investment planning: https://www.futuremarketinsights.com/checkout/1584
Future Outlook (2036)
By 2036, absorption chillers will become a critical component of integrated energy systems, particularly in regions prioritizing decarbonization and energy efficiency. The market will increasingly align with renewable energy integration and circular energy utilization models.
Strategic Takeaway for Decision-Makers
The absorption chiller market is not just an HVAC segment—it is an energy strategy solution. Organizations that integrate cooling systems with thermal energy infrastructure will unlock significant cost and sustainability advantages.
As global industries move toward low-carbon, energy-efficient operations, absorption chillers will play a pivotal role in shaping the future of sustainable cooling.
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Technology
Chulalongkorn University’s Engineering Prepares for “SMRs”–Newer, Safer Small Nuclear Power Plants for Clean Energy in Thailand
Published
28 minutes agoon
April 22, 2026By
BANGKOK, April 21, 2026 /PRNewswire/ — Chulalongkorn University aims for carbon neutrality, promotes knowledge in nuclear energy and Small Modular Reactor (SMR) technology, safer small-scale nuclear power plants with zero carbon emissions, preparing personnel to drive the nation toward energy security and enhance future economic competitiveness.
Many countries around the world are accelerating their transition toward carbon neutrality while simultaneously strengthening energy security. Solar, wind, and hydropower are clean energy sources that have attracted significant attention, with continuous advancements in technology. Another indispensable high-efficiency clean energy source that does not emit greenhouse gases is nuclear power.
Today, the global nuclear energy trend is moving toward small nuclear power plants, or Small Modular Reactors (SMRs), which feature more advanced technology, enhanced safety, and greater flexibility in deployment. At present, there are two operational SMRs in the world, located in China and Russia. However, within the next five years, additional SMRs are expected to be developed in several countries, including China, Russia, Canada, and the United States.
For Thailand, the latest draft of Power Development Plan (PDP) 2024 mentions the consideration of SMRs as a future energy option. Thailand has long demonstrated readiness in terms of personnel and nuclear expertise, developed over several decades by the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, the only institution in Thailand that offers education in nuclear engineering.
Half a Century of Thailand’s Nuclear Energy
Nuclear energy is not new to Thai society; rather, it has been around for over half a century. Assoc. Prof. Nares Chankow, a lecturer in the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, explained that Thailand began discussing nuclear energy as early as 1966. In 1967. A ten-member subcommittee was formed to conduct a feasibility study in various aspects, including personnel training.
“Early preparations for nuclear energy were carried out seriously and systematically. Several potential sites were surveyed, and the conclusion was to designate Ao Phai in Si Racha District, Chonburi Province, as the location for Thailand’s first nuclear power plant. This plan was approved by the Atoms for Peace Committee, which was chaired by the Prime Minister at that time,” he said.
This project is also regarded as the starting point for the establishment of the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University.
“In 1970, Chulalongkorn University established the Nuclear Engineering School, initially focusing on training personnel from the Office of Atoms for Peace. In 1971, professors from the United States assisted in developing the curriculum. By 1972, the university launched a Graduate Diploma program and a Master of Engineering program in Nuclear Technology. In the early period, before a formal department existed, the program was administratively housed within the Department of Sanitary Engineering—now known as the Department of Environmental Engineering and Sustainability. It was not until 1974 that the Department of Nuclear Technology was officially established, marking the beginning of nuclear engineering education in Thailand. The department was later renamed the Department of Nuclear Engineering to align with other departments within the Faculty of Engineering,” Assoc. Prof. Nares said.
Over the past 50 years, the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, has played a key role in producing skilled personnel and continuously advancing knowledge in the field, even during periods when nuclear power plant projects were put on hold.
“The key factor that first led to the slowdown of the project was the discovery of natural gas resources in the Gulf of Thailand around 1977. At the time, it was estimated that these natural gas reserves would last for at least 40 years, and even today, nearly 50 years later, they are still being utilized. As a result, the government decided to postpone nuclear power projects. Discussions about nuclear power plants tend to resurface periodically during times of energy crises.”
In addition to the availability of natural gas, another major obstacle to nuclear power development has been public understanding and acceptance. This challenge has been intensified by news of major accidents at large-scale nuclear power plants, such as the Chernobyl nuclear reactor explosion in Ukraine in 1986, or more recently, the Fukushima Daiichi nuclear disaster in Japan in 2011, which was triggered by a tsunami. Such events heightened public fear and uncertainty, leading to stronger opposition to the construction of nuclear power plants.
“Every time we are about to move forward with a project, an incident occurs that makes nuclear energy look bad—whether it’s Chernobyl or Fukushima. These events frighten people and cause projects to stall,” Assoc. Prof. Nares said, drawing a parallel with the criticism surrounding the Chula Tunnel, which has now been in use for over 40 years. “When the tunnel was first built, there was heavy criticism—people said it would be dangerous, that it would flood, that the road would collapse. Anything new, unfamiliar, or not well understood naturally causes fear. What we need to do is communicate accurate information about nuclear energy to the public as clearly as possible.”
Small Modular Reactors (SMR): The Future of Energy Security
Efforts by many countries around the world to achieve Net Zero targets have brought nuclear energy back into focus. This time, however, attention is not on large-scale nuclear power plants, such as those associated with past disasters and media headlines, but rather on a new hope for the global energy sector: Small Modular Reactors (SMRs).
“SMRs are modern nuclear power plants with a generating capacity of no more than 300 megawatts, which is much smaller than conventional nuclear power plants that typically have a capacity of around 1,000 megawatts,” explained Assoc. Prof. Dr. Somboon Rassame, Head of the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University.
At present, there are only two SMR facilities in actual operation worldwide. The first is in Russia, where the reactors are installed on a ship with a total generating capacity of 2 × 35 megawatts and have been in operation since 2020. The second is in China, with a generating capacity of approximately 210 megawatts, supplying electricity to the public since 2021.
“At present, there are several SMR power plant projects under construction. China, for example, is building one additional unit, which is expected to be completed by the end of this year. Canada has begun construction on four units, and the United States is preparing multiple sites for future construction,” Assoc. Prof. Dr. Somboon Rassame said. He anticipates that by the end of 2030, several SMRs will be in operation worldwide.
As for Thailand, after signing the NDC 3.0 (Nationally Determined Contribution), a commitment to reduce carbon dioxide emissions to achieve carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065, nuclear power projects have once again become a prominent topic in national development planning.
In the country’s energy security master plan—the latest 2024 draft of Thailand’s Power Development Plan (PDP) prepared by the Energy Policy and Planning Office (EPPO)—small nuclear power plants (Small Modular Reactors: SMRs) are being considered as a potential future option. The plan includes two SMR units, each with a capacity of approximately 300 megawatts, to be located in the northeastern and southern regions of Thailand, with operations expected to begin by 2037.
“Due to pressure from the global community regarding carbon emissions, Thailand has very limited options. In the future, everyone will be closely scrutinized over where their electricity comes from; if it is still generated from carbon-emitting sources, additional carbon taxes will be imposed,” Assoc. Prof. Dr. Somboon Rassame said. “Relying solely on renewable energy may not yet be sufficient and poses risks to the country’s electricity security. Wind and solar power have limitations in terms of continuity, while the use of battery storage increases costs. Natural gas and coal still emit large amounts of carbon. As a result, Thailand must now turn to alternative energy sources that can ensure safety and produce no carbon emissions.”
SMRs: A Leap Forward of Nuclear Technology for Enhanced Safety
Assoc. Prof. Dr. Somboon noted that SMRs offer several advantages, the first of which is flexibility. “If a large nuclear power plant is built, we must be confident that the area has sufficiently high electricity demand. However, SMRs can be built in medium-sized communities, on islands, or in industrial estates. Most importantly, SMRs allow additional generating units to be added in line with growing demand. For example, a project could begin with 100 megawatts in the first five years, and when demand increases, another 200 megawatts can be added. This offers greater flexibility and better supports economic growth than large power plants, which require a massive one-time investment.”
The most significant advantage of SMRs is their newly developed safety systems. Assoc. Prof. Dr. Somboon explained that nearly all SMR designs feature self-reliant safety systems that do not depend on external power supplies. Even in the event of a disaster or emergency where the plant will automatically shut down, the SMR’s safety systems will operate independently to safely bring the reactor to a halt. Emergency cooling in SMRs is also designed to be simpler and more self-sustaining, relying on natural cooling principles such as fluid circulation and gravity, rather than large volumes of coolant or water as required by large-scale plants. This significantly reduces the risk of reactor core meltdown and the release of radioactive materials into the environment, as occurred during the Fukushima nuclear accident in Japan in 2011.
3 Key Advantages of SMRs and Issues Requiring Careful Preparation
Assoc. Prof. Dr. Somboon Rassame outlined the advantages of SMRs in three main points as follows:
Safety: All 3 nuclear power plant accidents that have occurred worldwide involved plants built in the 1970s—more than 50 years ago. Since then, nuclear technology has advanced significantly. SMRs are equipped with passive safety systems that operate automatically without relying on external power sources. Even in the event of a disaster or power outage, the reactor can safely shut itself down. In addition, the smaller size of SMRs makes them easier to control and manage. Economics: The initial investment required for SMRs is lower than that for large-scale power plants, and they offer high flexibility. SMRs can be installed in remote areas, on islands, or in industrial estates that large power plants cannot easily reach. Moreover, generating units can be added according to demand, eliminating the need for a massive one-time investment. Environment: SMRs do not emit significant amounts of carbon dioxide throughout the operational lifetime of the plant. This helps Thailand achieve its Net Zero goals more quickly and effectively, while also providing a more reliable energy source than other forms of renewable energy.
Although SMRs are smaller than conventional nuclear power plants, they still raise the same issue of radioactive waste. Therefore, Thailand needs to develop concrete plans for managing radioactive waste in the future in accordance with international standards, while also building public confidence that the country has safe, transparent, and verifiable systems for the storage and disposal of waste from SMRs.
SMRs: Costs and Cost-Effectiveness
One of the questions the public is most interested in is, “If SMRs are introduced, will electricity prices become cheaper?”
Assoc. Prof. Dr. Somboon Rassame addressed this issue by saying, “SMRs are like any new product—much like when new smartphone models are first released. Naturally, the price will not be low at the beginning, but as more people use them, prices should decrease according to market mechanisms.”
Importantly, he emphasized that cost-effectiveness should not be assessed based on price alone, but should also take into account several key advantages, including:
Energy security – SMRs can generate electricity continuously 24 hours a day and are not dependent on weather conditions, unlike solar and wind energy. Carbon-free electricity generation – This helps the country avoid carbon taxes and maintain its competitiveness in terms of economic growth and investment. Flexibility – SMRs can be installed in remote areas and allow generating capacity to be expanded in line with demand.
ASEAN Moves Toward Nuclear Energy: Where Does Thailand Stand?
“At present, there are only two SMRs in operation worldwide, with another four to five projects beginning construction. Thailand does not plan to deploy SMR nuclear power plants this year or next year; according to current plans, implementation would be around 12 years from now. By that time, it is expected that SMR adoption will have increased globally, leading to lower costs and more reasonable pricing, making them more competitive with other types of power plants.”
Several neighboring countries are moving forward with nuclear energy projects in earnest. Assoc. Prof. Dr. Somboon Rassame noted that Vietnam has made more progress in developing nuclear power plants than Thailand, largely due to strong government support and direct endorsement from its leader. Indonesia is also advancing seriously, having built a solid research foundation related to nuclear power over many years. The country has developed its own nuclear fuel and plans to commission its first nuclear power plant by 2032. Meanwhile, the Philippines has plans to construct nuclear power plants, including SMRs, by 2033–2034.
“It is clear that many countries in this region are about 5 years ahead of Thailand. Therefore, if Thailand delays its decision to move forward with such projects, it will lose its competitive edge. This competition is not only about technology but also about the ability to attract investment. Countries that can produce clean, carbon-free energy are more likely to attract investors, especially in industries such as AI and data centers, which consume enormous amounts of electricity and require clean energy,” Assoc. Prof. Dr. Somboon explained.
Chula as a Knowledge and Workforce Hub: Preparing for SMRs
Establishing a nuclear power plant is not a simple undertaking, especially for countries that have never had one before. Assoc. Prof. Dr. Somboon Rassame explained that, according to International Atomic Energy Agency (IAEA) standards, countries without prior experience in nuclear power must spend at least 10–12 years on preparation. This readiness process must cover 19 key areas, such as: 1) human resources – sufficient numbers of well-trained engineers and experts; 2) laws and regulations – appropriate legal frameworks for regulation and oversight; 3) management planning – emergency preparedness plans and spent fuel management plans; 4) financing – clear financial support from the government.
“Having a nuclear power plant is not easy—it’s not something you decide today and purchase tomorrow. A country must demonstrate its capabilities and gain acceptance from the international community, nuclear power plant businesses, and IAEA, showing that it is truly ready to implement an SMR nuclear power project. The Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, has long played a key role in preparing the country in the nuclear field, particularly through the development of skilled human resources.”
“Whether or not there is a nuclear power plant project, the department continues to offer courses and conduct research. If we were to close the department or suspend teaching and research, the body of knowledge and expertise in nuclear engineering would be disrupted, and restarting would not be easy. Chulalongkorn University is a key institution for producing engineers, researchers, and specialists specifically in nuclear engineering. At present, many universities are beginning to show interest in establishing nuclear engineering programs, and Chulalongkorn University is ready to provide guidance and support in developing curricula to strengthen the country’s capacity for workforce development in nuclear power,” he said.
At present, the department is involved in preparing the country for nuclear engineering readiness through multiple channels.
Training programs – Short-term training courses of 18 hours are offered to the Electricity Generating Authority of Thailand (EGAT) and several private energy companies. This year, approximately 3-4 courses have already been conducted, with about 50 participants per cohort. Graduate production – The department has offered bachelor’s, master’s, and doctoral degree programs in nuclear and radiation engineering since 1972. To date, several hundred students have graduated at the master’s and doctoral levels. Academic services – The department provides consultation to private companies and government agencies on site selection, suitability assessments, project planning, and the selection of appropriate technologies.
Nuclear in Daily Life
Whether or not nuclear power plants are built, nuclear and radiation technologies have long been part of everyday life. Assoc. Prof. Nares explained this with several interesting examples, such as:
Medical applications – King Chulalongkorn Memorial Hospital is equipped with a proton therapy machine that uses radiation to treat cancer. This technology can deliver highly precise radiation to targeted areas, minimizing damage to surrounding organs compared with conventional radiation therapy. Food and pharmaceutical industries – Gamma irradiation is used to sterilize a wide range of products, from herbal inhalers that are currently gaining popularity to fermented pork, fruits, exported animal feed, syringes, and saline IV tubes used in hospitals. All of these products must undergo irradiation to eliminate pathogens. Quality control – In beverage manufacturing plants, radiation is used to measure liquid levels in bottles to ensure consistent volumes. In military weapons factories, X-rays are used for quality inspection. Even some brands of toothpicks undergo irradiation to prevent contamination.
“The Department of Nuclear Engineering at Chulalongkorn University has produced a large number of professionals who work across various industries. Therefore, even without nuclear power plants, nuclear knowledge is highly beneficial to society,” stated Assoc. Prof. Nares.
Rare Earth Elements and Nuclear Technology
Assoc. Prof. Nares further explained that another interesting dimension is the relationship between nuclear technology and rare earth elements, which are critical raw materials for modern technologies such as smartphones, electric vehicles, computer equipment, drones, and various electronic devices.
“Rare earth elements often contain traces of radioactive materials, so nuclear techniques can be used for exploration and analysis. In addition, there are many nuclear-based techniques that can be applied to survey, identify, and quantify rare earth elements. In the past, the Office of Atoms for Peace had a rare earth minerals project and even designed a processing plant, but the project was halted. It is not too late to resume development, as rare earth minerals are extremely important for high-tech industries,” he said.
Public Acceptance Is the Key to Success
Although SMRs offer many advantages and align well with energy security needs and Net Zero goals, they also present challenges that must be addressed. These include the country’s clarity and commitment in moving forward with such projects, the establishment of regulatory organizations and legal frameworks, and the development of qualified personnel—particularly as current enrollment in nuclear engineering programs remains insufficient. Most importantly, public acceptance is a critical factor.
The Fukushima nuclear power plant accident in 2011 may have reduced public acceptance of nuclear energy. However, Assoc. Prof. Dr. Somboon Rassame observed that over the past 3-4 years, as more information about SMRs has been disseminated, public opinion on social media has begun to shift. Many people now view SMRs as a newer, more advanced, and safer technology, with younger generations in particular showing a growing willingness to accept this form of energy.
“The role of educational institutions is to provide the public with clear and straightforward information about what this technology is, how it has been developed and improved, and how likely accidents are compared with nuclear power plants in the past. Institutions must present both the advantages and the limitations in a comprehensive manner. Once the public has been fully informed, the decision belongs to the people, and we must all accept the outcome,” Assoc. Prof. Dr. Somboon concluded.
“I would like to urge national leaders to allow qualified experts in nuclear engineering and nuclear technology to lead and manage the country’s key nuclear agencies, including the Office of Atoms for Peace (OAP) and the Thailand Institute of Nuclear Technology (TINT). This would allow our country to fully enter an era in which nuclear technology can be applied to national development across many sectors—energy, industry, agriculture, the environment, materials, and beyond,” Assoc. Prof. Nares added in closing.
Small Modular Reactors (SMRs) represent a significant opportunity that Thailand should prepare for. With greatly advanced technology, superior safety systems, installation flexibility, and, most importantly, carbon-free electricity generation, SMRs offer strong potential. Backed by more than half a century of accumulated commitment, knowledge, and experience, the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, stands ready to play a role in advancing the country’s opportunity to achieve sustainable energy security.
In approximately 12 years, Thailand plans to begin operating its first SMR capable of actual electricity generation. Clean energy for a new era is within reach, and Thailand is preparing to move confidently toward that future.
Find more information on the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, on Facebook: Nuclear Engineering, Chulalongkorn University
Continue reading a full article on the website: https://www.chula.ac.th/en/highlight/286177/
About Chulalongkorn University
Chulalongkorn University has made the world’s top 50 university list for employment outcomes, which reflects both the high employment rate and work ability of Chula graduates. The university is also listed as the best in Thailand for the 15th Consecutive Year (since 2009), according to the newly released QS World University Rankings 2024, putting Chula at 211th in the world, up from 244th last year.
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SOURCE Chulalongkorn University
Changan Group Advances Global Strategy with “1+4+4+5” Framework, Targeting RMB 600 Billion in Revenue by 2030
Global Absorption Chiller Market to Reach USD 2.98 Billion by 2036 as Waste Heat Utilization and District Cooling Drive Sustainable Cooling Adoption
Chulalongkorn University’s Engineering Prepares for “SMRs”–Newer, Safer Small Nuclear Power Plants for Clean Energy in Thailand
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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
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