Palm Beach, FL – November 7, 2023 – FinancialNewsMedia.com News Commentary – The Energy Storage market has been growing in recent years and is projected to continue for the coming decade. It is a key to reversing the use of fossil fuels for a clean energy future. A recent report from Research Nester said the global energy storage system market is expected to expand at about 6% CAGR between 2023 and 2035 and the market is expected to garner a revenue of USD 80 billion by the end of 2035, up from a revenue of approximately USD 43 billion in the year 2022, owing to the increasing need for energy storage solutions that can store energy efficiently and effectively, as well as the growing demand for these systems that can be used in various applications such as residential, commercial, industrial, and transportation. Moreover, renewable energy sources, such as wind and solar, are unpredictable and require energy storage systems to store and release electricity as needed. The report said: “Smart grids are also increasingly being adopted to manage energy demand more efficiently, and energy storage systems are needed to effectively manage the load. As such, government initiatives to promote the use of renewable energy sources and rising investments in smart grids are further expected to drive energy storage system market growth. In 2019, a total of USD 270 billion was spent on smart grids, with power equipment accounting for USD 120 billion of that total. Smart meters cost an estimated USD 20 billion. Smart grids are connected to a large number of distributed energy sources, such as solar and wind, and require energy storage to balance out the variability of these sources. Energy storage systems allow for the storage of energy when it is available and the release of energy when it is needed, thus providing a more reliable and efficient energy system.” Active companies in the markets this week include: Homerun Resources Inc. (OTCQB: HMRFF) (TSX-V: HMR), U.S. Silica Holdings, Inc. (NYSE: SLCA), Atlas Energy Solutions Inc. (NYSE: AESI), Ferroglobe PLC (NASDAQ: GSM), Smart Sand, Inc. (NASDAQ: SND).
Research Nester continued: “The energy storage system market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, backed by the increasing energy consumption across the region. For instance, the consumption of energy in China in 2022 increased by 3.5% over 2021, reaching 8,635 TWh. Moreover, the production of electricity in China also increased in 2022, reaching an estimated 8,400 TWh. Countries in the Asia-Pacific region have been experiencing rapid population growth, which has subsequently resulted in an increase in energy consumption. This has prompted countries to invest in energy storage systems to help combat the rising energy demands. Government initiatives to provide electricity in remote areas, coupled with the economic development of the region, are expected to create a need for reliable energy storage systems. Additionally, the increasing adoption of renewable energy in the region is expected to spur the demand for energy storage system in the coming years.”
Homerun Resources Inc. (OTCQB: HMRFF) (TSX-V: HMR): COOPERATIVE RESEARCH AND DEVELOPMENT AGREEMENT WITH U.S. DEPARTMENT OF ENERGY’S NATIONAL RENEWABLE ENERGY LABORATORY – Homerun Resources Inc. (“Homerun” or the “Company”) is pleased to announce that the Company has signed a Multi-Party Shared Resource/Funds-In Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and Babcock & Wilcox (“B&W”).
Cooperative Research and Development Agreement (“CRADA”) – The general purpose of the CRADA will be to jointly evaluate the integration of the process upgrading of Homerun’s silica sand within the Enduring Energy Storage Application. NREL, Homerun and Babcock & Wilcox have recognized the potential of using the novel energy storage technology to upgrade silica sand while providing clean reliable energy. This initiative supports Homerun’s goal of refining silica sand to serve various industrial purposes.
The project will support this advanced energy solution in long duration energy storage using particle-based thermal energy storage and overcome market hurdles for using this technology in broad decarbonization applications. It will help realize the technology commercialization that currently lacks first-of-its-kind use. The technology development will enhance U.S. manufacturer and U.S. industry and manufacturing jobs. If the particle thermal energy storage is realized by this collaboration, it will train U.S. workers on working on this energy solution for long term economic competitiveness. Additionally, particle thermal storage improves energy security and resilience with its low-cost and long-duration ability to overcome blackouts or weather events that may crumple local electric grids.
In conjunction, NREL will test Homerun silica sand to determine the composition and suitability for use in energy storage and assess other applications of silica purification for photovoltaic (PV) glass, PV silicon or glass substrate for perovskite PV cells, and silicon anode for Li-ion batteries. The Parties will analyze the economic benefits of using Homerun’s silica sand for energy storage, including energy arbitrage from energy storage and grid service, processing of the silica sand by using low-cost electricity in energy storage, and generating potential income from processed materials after its use for energy storage (e.g., high-purity silica sand for renewable materials).
Enduring Energy Storage – Path to Decarbonization – Energy storage is key to decarbonizing the economy and reversing the use of fossil fuels for a clean energy future. Long-duration stationary energy storage is becoming a need in improving the resiliency of the grid, integrating more intermittent renewable energy resources such as wind and solar, and providing reliable energy supply to grid or industrial processes.
NREL led technology development using particle-based thermal energy storage is aimed at enabling a low-cost technology for long-duration thermal energy storage (“LDES”). This technology is poised to have far-reaching impacts; it has applications in grid storage for renewable integration, and ultimately aims to compete with natural gas.
The ENDURING project led by NREL and collaborated with industry partners has developed key components in the storage system and verified their operation mechanism through laboratory prototypes testing and modeling of the component and system performance. The development supports designs of an electric-charging particle heater, a fluidized bed heat exchanger driving a power cycle, and a particle storage design for storing hot particles at 1200°C. An integrated storage system was designed and analyzed for performance and cost to verify the technoeconomic goals of LDES applications. CONTINUED… Read this full press release and more news for Homerun Resources at: https://homerunresources.com/news-releases/
Other recent developments in the markets of note include:
U.S. Silica Holdings, Inc. (NYSE: SLCA), a diversified industrial minerals company and the leading last-mile logistics provider to the oil and gas industry, recently announced its third quarter results for the period ended September 30, 2023.
“During the third quarter, we continued to advance our two-pronged growth strategy of expanding our Industrial & Specialty Products segment while strengthening our financial foundation,” said Bryan Shinn, the Company’s Chief Executive Officer. “We generated healthy cash flow from operations and Adjusted EBITDA, driven by strong customer demand compared to historical averages and supported by our lean cost structure. We also repurchased and extinguished an additional $25 million of debt, improving our balance sheet and leverage profile.
“In our Oil & Gas segment, the sequential decrease in drilling and completions activity drove lower demand for our products and services across all basins. Despite this, our financial results were strong compared to historical averages as pricing remained attractive and our cost reduction efforts helped to maintain high margin levels. Additionally, our new, patent-pending Guardian frac fluid filtration system is performing well and gaining momentum in the market. Frac companies that have trialed the Guardian are achieving positive outcomes through increased pump uptime and improved pump efficiency, with lower repair and maintenance costs.”
Atlas Energy Solutions Inc. (NYSE: AESI) recently reported financial and operating results for the third quarter of 2023. Third Quarter 2023 Highlights Were: Total sales of $157.6 million; Net income of $56.3 million (36% Net Income Margin); Adjusted EBITDA of $84.1 million (53% Adjusted EBITDA Margin); Net cash provided by operating activities of $55.4 million; Adjusted Free Cash Flow of $68.5 million (43% Adjusted Free Cash Flow Margin); Dune Express construction remains on-time and on-budget; New Kermit facility wet plant commissioning activities are underway; and Maintained quarterly dividend of $0.20 per share ($0.15 per share fixed, $0.05 per share variable), payable November 16, 2023
Bud Brigham, Founder, Executive Chairman and CEO, commented, “This was another strong quarter for the Company. We generated $84.1 million in Adjusted EBITDA and converted 81.5% of that Adjusted EBITDA to Adjusted Free Cash Flow.”
Ferroglobe PLC (NASDAQ: GSM), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, recently announced the acquisition of a strategic, high-purity quartz mine in South Carolina, U.S. The purchase price was approximately $11 million in cash with an additional $4 million expected in capital expenditures to build out the infrastructure, including rail access, loadout, and a processing facility.
High-purity quartz is the key raw material in the supply chain and is required for the production of high-purity silicon metal, which is used in applications for solar and advanced battery technologies. These end markets are expected to experience dramatic growth in the coming years, driven by secular trends in the market. In addition, the U.S. is making significant investments in its solar value chain and advanced battery technologies, evidenced by the Department of Energy’s addition of silicon to its critical materials list. This acquisition helps ensure that Ferroglobe has access to this critical material, enabling it to meet the increasing demand for high-purity silicon metal.
Smart Sand, Inc. (NASDAQ: SND) recently announced that it will release its third quarter financial results after the market closes on Tuesday, November 7, 2023. The Company will hold a conference call for investors on Wednesday, November 8, 2023, at 10:00 a.m. Eastern Time to discuss recent events and the results. Chuck Young, the Company’s chief executive officer, Lee Beckelman, the Company’s chief financial officer, John Young, the Company’s chief operating officer, and Christopher Green, vice president of accounting and principal accounting officer will host the call.
Investors are invited to join the conference call by dialing (412)-317-0790 or 1-877-870-4263 and you requesting that the operator connect you to the Smart Sand call. Additionally, the call may also be streamed via webcast by following this link: https://app.webinar.net/WB7mo3Ab3NO.
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