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TOTAL PLAY ANNOUNCES 16% GROWTH IN EBITDA TO Ps.5,483 MILLION IN THE FOURTH QUARTER OF 2024

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2 years ago

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—EBITDA margin of 49%, highest level since the company issues public debt—

—Capex for the quarter was equivalent to 29% of the company’s revenue, compared to Capex equivalent to 36% of revenue a year ago—

 —The EBITDA balance, net of Capex and interest, reached Ps. 816 million in the quarter and totaled Ps. 2,763 million for the full year—

MEXICO CITY, Feb. 26, 2025 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the fourth quarter of 2024 and full year 2024.

“The company’s strict financial discipline, solid operational efficiency initiatives, and the strategy to moderate subscriber base growth, significantly strengthened our profitability during the period,” commented Eduardo Kuri, CEO of Total Play. “Higher revenues, combined with cost reductions, led to double-digit EBITDA growth and a five-percentage-point increase in the EBITDA margin, to 49% — the highest level since the company issues public debt. The higher EBITDA, along with Capex that accounted for 29% of quarterly revenue, generated cash flow — defined as EBITDA less Capex and interest paid — of Ps. 816 million this period, marking the fourth consecutive quarter of solid cash generation.”

“Regarding the balance sheet, the Company announced on February 7 that it successfully completed the exchange of US$821 million, representing 94.3% of its exchange offer of up to US$870 million. The agreement involved exchanging US$566 million of existing notes due 2028 for new secured notes due 2032, along with the subscription of an additional US$255 million in cash. This transaction extends our maturity profile and enhances Total Play’s liquidity, further strengthening our capital structure,” added Mr. Kuri.

Fourth quarter results

Quarterly revenue totaled Ps. 11,176 million, a 5% increase from Ps. 10,674 million in the same period last year. Total costs and expenses were Ps. 5,693 million, down 4% from Ps. 5,938 million in the prior year.

As a result, Total Play’s EBITDA increased 16% to Ps. 5,483 million from Ps. 4,736 million a year ago. The EBITDA margin for the quarter reached 49%, five percentage points higher than the same period of 2023. The company reported operating income of Ps. 973 million, compared to Ps. 605 million a year earlier.

Total Play reported a net loss of Ps. 1,519 million, compared to a loss of Ps. 1,024 million in the same quarter of 2023.

   Q4 2023 

   Q4 2024 

  Change 

Ps. 

%

Revenue from services 

$10,674

$11,176

$502

5 %

EBITDA  

$4,736

$5,483

$747

16 %

Operating income 

  

Net result 

$605 

 

$(1,024) 

$973

  

$(1,519) 

$368 

 

$(495) 

61% 

 

(48)% 

Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.

Revenue from services

The company’s revenue grew by 5%, driven by an 8% increase in the residential segment revenue, partially offset by a 12% decline in enterprise revenue.

Totalplay Residencial’s revenue increased to Ps. 9,655 million, up from Ps. 8,945 million a year ago, driven by a 9% rise in the number of subscribers compared to the same quarter last year. The total subscriber base reached 5,219,782 this period, including 68,996 small and medium-sized businesses. The company attributes this growth to its ability to provide technologically advanced internet services with superior stability and speed, continuous innovation in its entertainment platform, and excellence in customer service.

Compared to the previous quarter, the subscriber base grew by 95,349 users, in line with Total Play’s strategy of moderating its subscriber base growth.

The average revenue per user (ARPU) for the quarter was Ps. 607, compared to Ps. 616 a year ago.

At the end of the period, Total Play had passed 17,599,524 homes in Mexico, a minor change from 17,556,755 homes a year earlier. This is part of the company’s strategy to refrain from expanding geographic coverage, focusing instead on further strengthening its cash flow generation.

Penetration — the proportion of homes passed by Total Play that have subscribed to the company’s telecommunications services — reached 29.7% at the end of the quarter, up from 27.2% a year ago.

Revenue from the enterprise was Ps. 1,521 million, down from Ps. 1,729 million a year ago. This decrease is attributed to the completion of projects with predetermined duration, scheduled to conclude this quarter.

Costs and expenses

Total costs and expenses decreased 4%, driven by a 17% reduction in service costs, partially offset by a 3% increase in general expenses.

The decrease in costs, from Ps. 2,064 million last year to Ps. 1,708 million this year, is mainly due to lower content costs and the completion of business projects during the quarter, partially offset by higher link and membership costs.

The increase in expenses, from Ps. 3,874 million to Ps. 3,985 million, reflects higher maintenance expenses as the company’s operations grow, partially offset by lower advertising and personnel expenses.

EBITDA and net result

Total Play’s EBITDA was Ps. 5,483 million, a 16% increase compared to Ps. 4,736 million in the previous year.

The key variations below EBITDA were as follows:

A Ps. 379 million increase in depreciation and amortization, primarily due to user acquisition costs, telecommunications equipment, labor, and installation expenses.

A Ps. 228 million increase in interest expense, consistent with a higher financial debt balance, driven by the depreciation of the exchange rate on foreign currency-denominated debt and the issuance of Certificados Bursatiles, as well as an increase in the cost of debt.

A foreign exchange loss of Ps. 817 million this quarter, compared to a foreign exchange gain of Ps. 613 million in the same period last year. This was due to net liability monetary position in foreign currency, along with the depreciation of the peso against the basket of currencies in which the company’s monetary liabilities are denominated, in contrast to the appreciation of the peso in the previous year.

Total Play reported a net loss of Ps. 1,519 million, compared to a loss of Ps. 1,024 million in the same period of 2023.

Balance sheet

As of December 31, 2024, the company’s debt with cost was Ps. 56,278 million, up from Ps. 52,199 million a year ago. This increase reflects the impact of the exchange rate depreciation on foreign currency-denominated debt and the issuance of Certificados Bursatiles during the period.

Lease liabilities were Ps. 4,490 million, 21% less in comparison to Ps. 5,665 million a year ago.

The balance of cash and cash equivalents, including restricted cash held in trusts, was Ps. 5,743 million, compared to Ps. 5,754 million a year ago. As a result, the company’s net debt was Ps. 55,025 million, up from Ps. 52,110 million in the prior year.

The debt ratio — Net Debt/EBITDA for the last two annualized quarters — was 2.53x.

Total Play’s fixed assets — including accumulated investments in fiber optics, telecommunications equipment, and subscriber acquisition costs, among other assets — was Ps. 61,504 million in comparison to Ps. 61,946 million a year ago.

In a subsequent event, on January 7, the company announced an exchange offer for holders of the US$600 million Senior Notes due 2028, with interest rate of 6.375%, for New Senior Secured Notes due 2032 with interest rate of 11.125%. The agreement included a 45% additional cash subscription by Senior Notes holders, exchanged for the New Senior Secured Notes. On February 7, the company announced that it successfully completed the US$821 million exchange, which included the exchange of US$566 million in Senior Notes and the subscription of an additional US$255 million in cash.

Twelve-month results

Total revenue for 2024 was Ps. 44,530 million, a 10% increase from Ps. 40,503 million a year ago, driven by an 8% rise in residential revenue and a 19% growth in enterprise revenue.

Total costs and expenses grew 6% to Ps. 23,574 million from Ps. 22,142 million, reflecting a 4% increase in service costs and an 8% rise in expenses.

Total Play reported EBITDA of Ps. 20,956 million, up 14% from Ps. 18,361 million in the prior year, with the EBITDA margin increasing two-percentage points to 47%. Operating income grew to Ps. 3,844 million, compared to Ps. 2,316 million in 2023.

The company recorded a net loss of Ps. 7,504 million, compared to a loss of Ps. 3,147 million a year earlier.

2023

2024

   Change

Ps.

%

Revenue from services

$40,503

$44,530

$4,027

10 %

EBITDA      

$18,361

$20,956

$2,595

14 %

Operating income

 

Net result     

$2,316

 

$(3,147)

$3,844

 

$(7,504)

$1,528

 

$(4,357)

66%

 

—-

Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.

About Total Play

Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.

Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.

Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.

Investor Relations:

Bruno Rangel

Rolando Villarreal

+ 52 (55) 1720 9167

+ 52 (55) 1720 9167

jrangelk@totalplay.com.mx

rvillarreal@totalplay.com.mx

Press Relations:

Luciano Pascoe
Tel. +52 (55) 1720 1313 ext. 36553
lpascoe@gruposalinas.com.mx

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I.  DE C.V. AND SUBSIDIARIES

CONSOLIDATED QUARTERLY INCOME STATEMENTS

(Millions of Mexican pesos)

4Q23

4Q24

Change

$

%

$

%

$

%

Revenue from services

10,674

100 %

11,176

100 %

502

5 %

Cost of services

(2,064)

(19 %)

(1,708)

(15 %)

356

17 %

Gross profit

8,610

81 %

9,468

85 %

858

10 %

General expenses

(3,874)

(36 %)

(3,985)

(36 %)

(111)

(3 %)

EBITDA

4,736

44 %

5,483

49 %

747

16 %

Depreciation and amortization

(4,131)

(39 %)

(4,510)

(40 %)

(379)

(9 %)

Operating profit 

605

6 %

973

9 %

368

61 %

Financial cost:

Interest revenue

53

0 %

67

1 %

14

26 %

Change in fair value of financial instruments

(135)

(1 %)

25

0 %

160

119 %

Accrued interest expense

(1,461)

(14 %)

(1,689)

(15 %)

(228)

(16 %)

Other financial expenses

(33)

(0 %)

(194)

(2 %)

(161)

n.m. 

Foreign exchange gain (loss) – Net

613

6 %

(817)

(7 %)

(1,430)

n.m. 

(963)

(9 %)

(2,608)

(23 %)

(1,645)

(171 %)

Loss before income tax provisions

(358)

(3 %)

(1,635)

(15 %)

(1,277)

n.m. 

Income tax provision

(666)

(6 %)

116

1 %

782

117 %

Net loss for the period

(1,024)

(10 %)

(1,519)

(14 %)

(495)

(48 %)

 

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED ACCUMULATED INCOME STATEMENTS

(Millions of Mexican pesos)

Accumulated

Accumulated

12M23

12M24

Change

$

%

$

%

$

%

Revenue from services

40,503

100 %

44,530

100 %

4,027

10 %

Cost of services

(7,801)

(19 %)

(8,108)

(18 %)

(307)

(4 %)

Gross profit

32,702

81 %

36,422

82 %

3,720

11 %

General expenses

(14,341)

(35 %)

(15,466)

(35 %)

(1,125)

(8 %)

EBITDA

18,361

45 %

20,956

47 %

2,595

14 %

Depreciation and amortization

(16,045)

(40 %)

(17,112)

(38 %)

(1,067)

(7 %)

Operating profit

2,316

6 %

3,844

9 %

1,528

66 %

Financial cost:

Interest revenue

191

0 %

302

1 %

111

58 %

Change in fair value of financial instruments

(463)

(1 %)

(1,099)

(2 %)

(636)

(137 %)

Accrued interest expense

(5,528)

(14 %)

(6,345)

(14 %)

(817)

(15 %)

Other financial expenses

(506)

(1 %)

(271)

(1 %)

235

46 %

Foreign exchange gain (loss) – Net

3,384

8 %

(4,443)

(10 %)

(7,827)

n.m. 

(2,922)

(7 %)

(11,856)

(27 %)

(8,934)

n.m. 

Equity interest in net results of non-controlling entities

(19)

(0 %)

–

0 %

(19)

(100 %)

Loss before income tax provisions

(625)

(2 %)

(8,012)

(18 %)

(7,387)

n.m. 

Income tax provision

(2,522)

(6 %)

508

1 %

(3,030)

(120 %)

Net loss for the period

(3,147)

(8 %)

(7,504)

(17 %)

(4,357)

(138 %)

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Millions of Mexican pesos)

As of December 31,

2023

2024

Change

$

%

$

%

$

%

Assets

CURRENT ASSETS

Cash and cash equivalents

2,377

3 %

3,355

4 %

978

41 %

Restricted cash in trusts

3,377

4 %

2,388

3 %

(989)

(29 %)

Customers – net

4,426

5 %

3,319

4 %

(1,107)

(25 %)

Other accounts receivable

183

0 %

–

0 %

(183)

(100 %)

Derivative financial instruments

–

0 %

451

1 %

451

n.a.

Recoverable taxes

4,141

5 %

3,719

4 %

(422)

(10 %)

Related parties

367

0 %

251

0 %

(116)

(32 %)

Inventories

2,926

3 %

2,708

3 %

(218)

(7 %)

Prepaid expenses

529

1 %

499

1 %

(30)

(6 %)

Total current assets

18,326

21 %

16,690

20 %

(1,636)

(9 %)

NON-CURRENT ASSETS

Related parties

237

0 %

284

0 %

47

20 %

Property, plant and equipmente – Net

61,946

71 %

61,504

73 %

(442)

(1 %)

Rights-of-use assets -Net

4,780

5 %

3,184

4 %

(1,596)

(33 %)

Trademarks and other assets

2,099

2 %

2,458

3 %

359

17 %

Total non-current assets

69,062

79 %

67,430

80 %

(1,632)

(2 %)

Total assets

87,388

100 %

84,120

100 %

(3,268)

(4 %)

Liabilities and Stockholders’ Equity

SHORT-TERM LIABILITIES

Financial debt

4,573

5 %

7,846

9 %

3,273

72 %

Lease liabilities

2,338

3 %

2,508

3 %

170

7 %

Trade payables

13,373

15 %

13,746

16 %

373

3 %

Reverse factoring

2,234

3 %

1,590

2 %

(644)

(29 %)

Other payables and payable taxes

1,416

2 %

1,672

2 %

256

18 %

Related parties

1,012

1 %

1,216

1 %

204

20 %

Liabilities from contracts with customers

994

1 %

720

1 %

(274)

(28 %)

Interest payable

316

0 %

259

0 %

(57)

(18 %)

Derivative financial instruments

175

0 %

–

0 %

(175)

(100 %)

Total short-term liabilities

26,431

30 %

29,557

35 %

3,126

12 %

LONG-TERM LIABILITIES

Financial debt

47,626

54 %

48,432

58 %

806

2 %

Lease liabilities

3,327

4 %

1,982

2 %

(1,345)

(40 %)

Derivative financial instruments

1,442

2 %

–

0 %

(1,442)

(100 %)

Employee benefits

74

0 %

93

0 %

19

26 %

Deferred income tax

5,253

6 %

5,401

6 %

148

3 %

Total long-term liabilities

57,722

66 %

55,908

66 %

(1,814)

(3 %)

Total liabilities

84,153

96 %

85,465

102 %

1,312

2 %

STOCKHOLDERS’ EQUITY

3,235

4 %

(1,345)

(2 %)

(4,580)

(142 %)

Total liabilities and stockholders’ equity

87,388

100 %

84,120

100 %

(3,268)

(4 %)

 

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Millions of Mexican pesos)

12th months period ended

December 31,

2023

2024

Operating activities:

Loss before income tax provision

(625)

(8,012)

Items not requiring the use of resources:

Depreciation and amortization

16,045

17,112

Employee benefits

16

23

Items related to investing or financing activities:

Accrued interest income

(191)

(302)

Accrued interest expense and other financial transactions

6,497

7,715

Unrealized exchange (gain) loss

(3,420)

4,077

Non-controlling participation

19

–

18,341

20,613

Resources (used in) generated by operating activities:

Customers and unearned revenue

1,087

832

Other receivables

52

183

Related parties, net

388

244

Taxes to be recovered

(330)

422

Inventories

(584)

218

Advance payments

379

30

Trade payables

2,403

560

Other payables

(1,021)

248

Cash flows generated by operating activities

20,715

23,350

Investing activities: 

Acquisition of property, plant and equipment

(15,627)

(12,146)

Other assets

19

(44)

Collected interest

191

302

Cash flows (used in) investing activities

(15,417)

(11,888)

Financing activities:

Loans received

6,034

(460)

Leasing cash flows

(2,650)

(2,284)

Restricted Cash in Trusts

(1,389)

988

Reverse factoring

(457)

(643)

Derivative financial instruments

(1,000)

(2,038)

Interest payment

(5,349)

(6,047)

Cahs flows used in financing activities

(4,811)

(10,484)

Net increase in cash and cash equivalents

487

978

Cash and cash equivalents at the beginning of the year 

1,890

2,377

Cash and cash equivalents at the end of the year 

2,377

3,355

 

View original content:https://www.prnewswire.com/news-releases/total-play-announces-16-growth-in-ebitda-to-ps5-483-million-in-the-fourth-quarter-of-2024–302386723.html

SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.

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Seatrium and Karpowership Sign Contract for a Series of Whale Class Powership Conversion and Integration Projects

Published

9 minutes ago

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October 23, 2026

By

SINGAPORE, Oct. 23, 2026 /PRNewswire/ — Seatrium Limited and its strategic partner, floating power leader Karpowership, have strengthened their longstanding collaboration with the award of a contract for the development, major conversion and integration of Karpowership’s third-generation hydrogen-ready Whale Class Powerships, reinforcing both companies’ commitment to delivering reliable, flexible and sustainable energy solutions to meet growing global electricity demand.

Under the contract, Seatrium will undertake the major conversion work and integration of five Whale Class Powerships. Seatrium’s scope of work encompasses equipment integration, mechanical completion and pre-commissioning works. Engineering activities are currently underway – both parties are working closely to advance the project’s execution phase progressively, with the first vessel in the series targeted for arrival in Seatrium Tuas Boulevard Yard in December 2027.

Powerships are floating power plants equipped with hydrogen-ready multi-fuel generation systems and integrated onboard substations that connect directly to national electricity grids. Leveraging Karpowership’s plug-and-play design, they can begin generating electricity in as little as 30 days. The next-generation Whale Class offers Karpowership’s highest capacity, engineered to deploy up to 600 MW of immediate, grid-ready power using an ultra-efficient footprint optimised for seamless, continuous fuel supply.

By combining advanced power generation technologies with maritime engineering excellence, these vessels will enhance energy security while providing the flexibility to support diverse market requirements.

Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium, said, “This significant milestone marks Seatrium’s first major conversion work and integration of Karpowership’s Whale Class Powerships. We are proud to support Karpowership’s drive to pioneer innovative floating power solutions and the next phase of its fleet development, bringing our capabilities in complex vessel integration and offshore engineering to the project. We thank Karpowership for the continued trust and look forward to advancing cutting-edge floating solutions that bolster energy resilience worldwide.”

Building on a strategic relationship established in 2018, Seatrium and Karpowership share an ambition to deepen their partnership and shape the next generation of energy infrastructure, strengthening energy resilience in Singapore and worldwide.

Mr Gokhan Kocak, Chief Technical Operations Officer, Karpowership, said, “Karpowership has transformed global power generation with its innovative Powership model, delivering fast-track and dependable electricity solutions to millions worldwide. The next-generation Whale Class Powerships demonstrate our continued commitment to innovation, operational excellence and energy security. We are pleased to build on our strong partnership with Seatrium, whose proven expertise in complex vessel integration make them an ideal partner.”

The contract marks the next step following an earlier Letter of Intent (LOI) signed in August 2025, solidifying the long-term partnership between the two companies. The LOI had provided for three FSRU conversions and the potential integration of up to six new-generation Powerships. Since 2018, Seatrium has successfully delivered seven FSRU conversion projects to Karpowership, with the eighth and ninth FSRU conversion projects secured this year.

View original content to download multimedia:https://www.prnewswire.com/news-releases/seatrium-and-karpowership-sign-contract-for-a-series-of-whale-class-powership-conversion-and-integration-projects-302917514.html

SOURCE Karpowership

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Scage Future Announces Effective Date for ADS Ratio Change

Published

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October 23, 2026

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NANJING, China, Oct. 22, 2026 /PRNewswire/ — Scage Future (“Scage Future” or the “Company”) (Nasdaq: SCAG), a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions, today announced the effective date and new CUSIP number for the previously announced change in the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares (the “ADS Ratio”), from the current ADS Ratio of one (1) ADS to one (1) ordinary share to a new ADS Ratio of one (1) ADS to fifteen (15) ordinary shares (the “ADS Ratio Change”). The ADS Ratio Change will be effective on October 27, 2026 (the “Effective Date”).

For Scage Future’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-fifteen reverse ADS split. On the Effective Date, holders of ADSs will be entitled to receive one (1) new ADS for every fifteen (15) existing ADSs then held, and the exchange will occur automatically, with the then-held ADSs being cancelled and new ADSs being issued by Citibank, N.A., as the depositary bank for the Company’s ADS program (the “Depositary Bank”). Holders of ADSs will not be required to take any action in connection with the ADS Ratio Change.

No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Depositary Bank, and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary Bank.

The change in the ADS Ratio will have no impact on Scage Future’s underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio. Scage Future’s ADSs will continue to be traded on the Nasdaq Global Market under the symbol “SCAG.” In connection with the ADS Ratio Change, the CUSIP number for the ADSs will change from 80590A105 to a new CUSIP number of 80590A204, effective as of the Effective Date.

As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than fifteen times the ADS trading price before the change.

About Scage Future

Scage Future is a leading zero-emission technology provider in China, dedicated to decarbonizing global commercial transportation through its portfolio of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic partnerships with top-tier vehicle manufacturers and a strong quality control framework, the Company delivers intelligent, high-performance NEVs addressing the transport needs across logistics, mining and port operations. The Company has a proven track record in the design, production, and testing of next-generation heavy-duty NEVs, including the Dragon II plug-in hybrid dump truck, Galaxy II plug-in hybrid truck, and autonomous tractor trailer.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the completion of the ADS Ratio Change on the Effective Date, the anticipated effects of the ADS Ratio Change on the trading price of the Company’s ADSs, and the Company’s expectations regarding the treatment of fractional ADS entitlements and the exchange of existing ADSs for new ADSs. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequently occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Scage Future
Investor Relations
Emily Wang
Head of Investor Relations
Email: scageIR@scagefd.com

 

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SOURCE Scage Future

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Technology

Hanwha Power Receives ABS Approval in Principle for 1,700 TEU Battery-Powered Containership Design

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9 minutes ago

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October 23, 2026

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Fully electric propulsion design featuring approximately 151 MWh of energy storage strengthens capabilities in zero-carbon maritime transportIntegrated solution combines electric propulsion, and containerized battery energy storage systemsExpanded eco-friendly marine propulsion portfolio lays the groundwork for entry into the next-generation zero-carbon vessel market

SEOUL, South Korea, Oct. 23, 2026 /PRNewswire/ — Hanwha Power announced that it had received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its design of a 1,700 TEU battery-powered containership.

The certificate presentation ceremony took place on October 22, local time, at the MHE (Maritime Hybrid, Electric & Hydrogen Fuel Cells) Conference & Exhibition 2026 in Bergen, Norway. Jong-kyu Hwang, Vice President, Technology Solutions at Hanwha Power, attended the ceremony alongside senior representatives from ABS. The event runs from October 21 to 23 at the Scandic Hotel Bergen City.

The newly approved design concept features a fully electric container vessel powered by a large-scale 151 MWh Energy Storage System (ESS). Electrical energy stored in containerized battery units serves as the vessel’s primary propulsion source, enabling operation without direct carbon emissions through the use of port charging infrastructure.

The use of containerized batteries, which can be handled and stowed like standard cargo containers, enhances space efficiency, maximizes cargo capacity, and optimizes overall vessel performance. This approach also supports flexible battery replacement and scalable operation, offering a practical pathway for the decarbonization of short-sea and regional container transport.

The AiP strengthens Hanwha Power’s capabilities in fully electric vessel design using large-scale battery energy storage and expands its portfolio of marine propulsion solutions. The company plans to build on this achievement to pursue opportunities in the next-generation zero-carbon maritime transport market.

Alongside the approval, Hanwha Power has also completed the basic design of a 1,000 TEU battery-powered container vessel. Building on its expertise in vessel design across multiple ship classes, the company aims to develop a comprehensive lineup of electric-propulsion vessels tailored to a wide range of operating conditions and customer needs.

“This AiP from ABS marks an important step in extending Hanwha Power’s marine technology capabilities to fully electric vessels powered by large-scale battery systems,” said Jong-kyu Hwang, Vice President, Technology Solutions at Hanwha Power. “We will address the needs of the next-generation zero-carbon maritime transport market with integrated solutions that combine electric propulsion and containerized battery system technologies.”

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