Business

Northvolt battery plant sparks into life, a first for Europe

Published

3 years ago

December 31, 2021

Sweden’s Northvolt said on Wednesday its new gigafactory in northern Sweden has assembled its first battery cell, making it the first European company to design and manufacture a battery on the continent.

The cell is of a prismatic cell format – a variety of thinner and lighter battery – and came off the assembly line on Tuesday.

Northvolt CEO Peter Carlsson had told Reuters that the new factory would produce a battery this year “even if it means the first battery is made on New Year’s Eve”.

“What we did yesterday was taking a few cells through the entire cell assembly process, from start to finish, as part of the commissioning of the machinery,” a spokesman said.

The first batteries will be kept by Northvolt for further testing and validation, and the later on as a trophy, he said.

Commissioning and upscaling of the factory will continue into 2022, when the first commercial customer deliveries will be made, the company said in a statement.

The factory is set in the small, industrial town of Skelleftea in Sweden’s main cluster of mines and mineral resources.

Its history of mining, not least for gold, gave it the nickname of “Gold town”.

The company is aiming for the Skelleftea plant to achieve production capacity of 60 gigawatt hours (GWh) as it aims for at least a 20-25% market share in Europe by 2030.

It has received over $30 billion worth of contracts from customers such as BMW, Fluence, Scania, Volkswagen, Volvo Cars and Polestar.

Northvolt will rival the likes of Tesla and Asian battery makers such as Panasonic, LG Chem and CATL.

(Reporting by Supantha Mukherjee and Helena Soderpalm in Stockholm; editing by Jason Neely and Louise Heavens)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

6 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

6 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

6 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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