Artificial Intelligence
Orletto Capital II Inc. Announces Agreement For Qualifying Transaction With CHARBONE Corporation
QUEBEC CITY, Aug. 03, 2021 (GLOBE NEWSWIRE) — Orletto Capital II Inc. (TSXV: OLT.P) (the “Corporation” or “Orletto”), a capital pool company listed on the TSX Venture Exchange (the “Exchange”), is pleased to announce that it has entered into a letter agreement dated April 8, 2021 with CHARBONE Corporation (“Charbone”) in respect of a proposed business combination under which Orletto will acquire all of the issued and outstanding shares of Charbone to be effected by way of a three-cornered amalgamation between Orletto, Charbone and a wholly-owned subsidiary of Orletto (the “Proposed Transaction”). It is anticipated that the Proposed Transaction will constitute the “Qualifying Transaction” of Orletto in accordance with Policy 2.4 – Capital Pool Companies of the Exchange. This letter agreement replaces the letter agreement concluded with Enerdro Inc. (“Enerdro”) on January 6, 2021 (the “Enerdro Letter Agreement”).
Charbone had initially intended to transfer its hydropower activities to Enerdro while continuing its development activities in the field of green hydrogen. After a review of the potential markets, Charbone elected to retain and pursue its activities both in the hydroelectricity and green hydrogen market within Charbone and mutually agreed to terminate the Enerdro Letter Agreement, with the approval of Orletto, on April 6, 2021.
About Charbone
Charbone is a corporation incorporated under the Canada Business Corporations Act on April 17, 2019.
Charbone is a clean and sustainable hydroelectric manager of power plants with limited operations and activities. Charbone intends to become a producer of green hydrogen that will provide an environmentally friendly solution for industrial and commercial use.
Charbone, through its wholly-owned subsidiary, CHARBONE Corporation USA, made its first acquisition since incorporation on June 29, 2021, Stuwe and Davenport Partnership, LLC (“Stuwe and Davenport LLC”), a 0.2 MW hydropower plant located in Vermont for $470,000 paid in cash. The Vermont hydropower plant has a 20-year operating agreement with Cabot Hosiery Mills Inc. Stuwe and Davenport LLC is located in the municipality of Northfield where it owns a dam built in 1983 on the Dog River. The powerplant was operated by Gravity Renewables, Inc., a Colorado-based company, from 2015 to 2021.
On July 27, 2021, Charbone announced the execution of a 25-year lease, with a 10-year renewal option, on a 390,686.89 sq. ft land in Sorel-Tracy, for an annual rent of $78,000. Charbone intends to build its first 0.5 MW hydrogen plant by Q4 2021. Furthermore, plans are progressing in order to start production of green hydrogen in Sorel-Tracy by June 2022.
Following the purchase of the Vermont hydropower plant, Charbone plans to pursue the acquisition of 0.2 MW to 25 MW hydropower plants in the USA where the Corporation has identified over 1,500 MW of potential asset to be acquired. Through the acquisition and consolidation of small hydropower plants, the Corporation expects to generate recurring revenues during the deployment of green hydrogen plants throughout North America.
As the hydrogen market evolves, Charbone plans to use its hydropower plants to supply clean energy to its green hydrogen production plants in order to reduce carbon emissions and control production costs. Energy costs are currently a significant component of the hydrogen prices and the ability to control and lower these costs will allow the Corporation to have a more competitive offering when compared to other methods of production of hydrogen.
Buckell Trust, of which the trustee is Dave B. Gagnon, 9029-6799 Québec Inc. owned by Daniel Charette and JURAFE Trust, of which the trustee is Stéphane Dallaire, respectively hold, directly or indirectly, 8,611,343 shares, 7,151,793 shares and 5,692,244 shares in the capital of Charbone, which represent an aggregate of 88.5% of the voting shares of Charbone.
Summary of Financial Information of Charbone
The following table presents selected financial statement information on the financial condition and results of operations for Stuwe and Davenport LLC. Such information is derived from the unaudited financial statements of Stuwe and Davenport LLC for the fiscal years ended December 31, 2020, December 31, 2019 and December 31, 2018. In connection with the Proposed Transaction, Charbone will provide financial statements as of June 30, 2021 on a consolidated basis.
| Fiscal year ended December 31, 2020 (unaudited)(1) |
Fiscal year ended December 31, 2019 (unaudited) |
Fiscal year ended December 31, 2018 (unaudited) |
||||
| Revenues | $10,041 | $281,302 | $343,387 | |||
| Net loss | ($279,115) | ($503,037) | ($393,790) | |||
| Adjustments(2) | ||||||
| +Amortization and depreciation |
$129,746 | $310,801 | $302,127 | |||
| +Interest | $45,735 | $47,822 | $49,827 | |||
| +Management fees | $69,156 | $262,585 | $297,868 | |||
| +Loss on disposal of property, plant and equipment |
$—– | $64,776 | $—– | |||
| Adjusted EBITDA | ($34,478) | $182,947 | $256,032 | |||
(1) Stuwe and Davenport LLC was in operation during only one (1) month in 2020 due to the termination of its contract with Northfield Electric Department. The new interconnect agreement within Cabot Hosiery Mills Inc. was concluded prior to the Charbone acquisition. The agreement has a 20-year term for Stuwe and Davenport LLC where Charbone management expects to restart production of hydropower by the end of September 2021.
(2) Charbone believes that adjusted EBITDA is an important measure when analyzing its operating profitability without being influenced by financing decisions, non-cash items, income tax strategies and management fees that are not necessary to the operation of the business. Comparison with peers is also easier as companies rarely have the same capital and financing structure. Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. The method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of that non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of Charbone’s performance or to cash flows from operating activities as measures of liquidity and cash flows.
Based on the unaudited financial statements of Charbone for the quarter ended March 31, 2021, Charbone had total current assets of approximately $1,400,000 total current liabilities of approximately $130,000 and convertible debentures of $2,000,000. As of December 31, 2020, Charbone had no assets or revenues and expenses of $360,000. With its newly acquired Vermont hydropower plant, Charbone expects to start generating revenues in September 2021.
The Proposed Transaction and Concurrent Financing
Charbone currently has 24,243,367 Class A shares issued and outstanding (the “Charbone Common Shares”) as well as convertible debentures for an amount of $2,395,845 which can be converted on or before December 31, 2023 into Class A shares at a conversion price equal to 75% of the transaction price of Class A shares in the context of a relevant event such as the Proposed Transaction (the “Charbone Existing Debentures”) which will be converted into Charbone Common Shares at the closing of the Proposed Transaction.
In connection with the Proposed Transaction, Charbone will arrange a private placement (the “Charbone Private Placement”) of subscription receipts of Charbone (the “Subscription Receipts”) for a minimum amount of CA$5,000,000 which will be held in escrow by a subscription receipt agent. The price per Subscription Receipt will be determined based on market conditions at the time of closing. Upon satisfaction of the escrow release conditions, which includes completion of the Proposed Transaction, each Subscription Receipt is expected to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for one Charbone Common Share. On July 5, 2021, Charbone entered into a letter agreement with Desjardins Capital Markets to act as agent (the “Agent”) on a “commercially reasonable efforts” basis for the Charbone Private Placement and in connection therewith, shall pay in the event that the Charbone Private Placement is completed, a financing fee upon closing equal to 8% of gross proceeds raised from all investors; as well as a number of warrants equal to 8% of the number of securities issued in the Charbone Private Placement (the “Agent’s Warrants”). Such Warrants shall have an exercise price equal to the price per security issued under the Charbone Private Placement. The term of the Warrants shall be for 24 months from closing of the gross proceeds of the Charbone Private Placement. Charbone shall also pay a fee of CA$100,000 to the Agent, due and payable upon closing of the Charbone Private Placement, paid in securities at the price equal to the price per security under the Charbone Private Placement.
The Proposed Transaction will be completed by way of a three-cornered amalgamation whereby a wholly owned subsidiary of Orletto (“Orletto Subco”), will amalgamate with Charbone pursuant to an amalgamation agreement (the “Amalgamation Agreement”). Orletto will then acquire all of the issued and outstanding Charbone Common Shares by the issuance of Orletto Common Shares which will represent at the closing of the Proposed Transaction and after the conversion of the Existing Charbone Debentures but before the closing of the Charbone Private Placement, 82 % of all the issued and outstanding Charbone Common Shares. The exchange ratio is still subject of discussion with Orletto and Charbone. In addition, all the issued and outstanding Charbone Common Shares after the exercise of the Subscription Receipts will be exchanged for Orletto Common Shares on the same terms and conditions. The Agent’s Warrant issued by Charbone will be exchanged for replacement Agent’s Warrant by Orletto with adjusted terms according to the same ratio as for the issuance of the Orletto Common Shares in exchange for all the issued and outstanding Charbone Common Share.
The amalgamated corporation resulting from the amalgamation of Orletto Subco and Charbone will be wholly owned by Orletto (the “Resulting Issuer”). On completion of the Proposed Transaction, the Resulting Issuer will then change its name to “CHARBONE Corporation” (the “Name Change”) to continue its business.
The completion of the Proposed Transaction remains subject to a number of terms and conditions, including, among other things: the receipt of all necessary consents, orders and approvals, the delivery of audited financial statements of Orletto; the audited financial statements of Charbone for the year ended December 31, 2020; no adverse material change in the business, affairs or operations of Orletto; no adverse material change in the business, affairs or operations of Charbone; the review to the sole satisfaction of Charbone of the financial condition, business, properties, title, assets and affairs of Orletto; the review, to the sole satisfaction of Orletto of the Charbone Assets and of the financial condition and business of Charbone; the approval of the Proposed Transaction by the Board of Directors of each of Orletto and Charbone; the entering into of the definitive agreements in such form and substance satisfactory to the parties; the Exchange’s escrow agreement shall have been entered into; the Board of Directors of Orletto shall consist of five directors; Orletto shall not have undertaken any business, other than in connection with the completion of the Proposed Transaction and the entering into of the Amalgamation Agreement.
There can be no assurance that all of the necessary regulatory approvals will be obtained.
Summary of Proposed Officers of the Resulting Issuer
It is intended that concurrent with the closing of the Proposed Transaction, the board of directors and management of Orletto will be reconstituted. Details regarding the proposed directors of the Resulting Issuer will be provided in a subsequent press release. The proposed directors shall hold office until the first annual meeting of the shareholders of the Resulting Issuer following closing, or until their successors are duly appointed or elected. The key officers of the Resulting Issuer will be Dave B. Gagnon as Chairman and Chief Executive Officer, Stéphane Dallaire as Chief Financial Officer and Head of Corporate Finance, and Daniel Charette as Chief Operating Officer.
Additional biographical information about the proposed directors and officers of the Resulting Issuer is provided below.
Dave B. Gagnon – Chairman and Chief Executive Officer
Dave B. Gagnon has been a climate technology entrepreneur for more than 25 years. With his vision and ability to establish strategic partnerships, he has developed many international businesses by engaging them in high-profile projects with public entities. He was also a pioneer in implementing sustainable development policies that would later become common practice throughout many industries.
In 1998, Mr. Gagnon joined ExportDev, a subsidiary of the Caisse de dépôt et placement du Québec where he assisted other entrepreneurs grow their businesses and where he gained deep knowledge of the financial markets. After having worked for Quebec’s largest pension fund, he returned to his entrepreneurial passion and pursued his vision to start his own business ventures.
In 2000, he founded AAER Inc., a wind turbine manufacturing company. After the acquisition of the business of AAER Inc. by Pioneer Power Solutions Inc. in 2010, Mr. Gagnon founded Tantalex Resources Inc. in 2012, an exploration and development of lithium and tantalum company listed on the Canadian Stock Exchange of which he was the CEO until 2019.
Dave B. Gagnon is currently a significant shareholder and Chairman and Chief Executive Officer of Charbone, a zero-carbon emission energy provider is involved in Green Hydrogen & Hydropower operations.
Stéphane Dallaire – Chief Financial Officer and Head of Corporate Finance
Stéphane Dallaire is an executive level manager with 25 years’ experience leading financial operations, private equity investments, M&A, and asset dispositions in high tech, entertainment, telecom, information technology, solar and energy technologies. He has participated in financial and strategic partnerships at the international level where he played a key role implementing and delivering high growth solutions for large institutions.
Mr. Dallaire has spent many years in the renewable energy sector as an Investment Manager at Hydro-Quebec – Capitech from 2001 to 2002 and as Chief Financial Officer and Executive vice president of Corporate Development at ICP Solar Technologies in 2003. From 2014 to 2018, he was a Managing Partner at Towerlook / Fidenti Global Partners, a boutique investment firm in Montreal as well as Chief Executive Officer of Platinum Corporation (EHR software company). Furthermore, he has demonstrated expertise in financial valuation, venture capital and private equity at Société Générale de Financement du Québec from 1998 to 2001, and then, from 2004 to 2013, he acted as an independent advisor where he has helped companies increase in value and improve corporate performance.
Recognized as an IT-Finance Specialist, Mr. Dallaire has also recently received his certification in Artificial Intelligence from the MIT Sloan School of Management.
Holder of the CFA, CMA, CPA and CPA (USA) designations, Mr. Dallaire also has a B.B.A from HEC Montreal in Finance (1995), an Executive MBA (2003) and a Specialized Graduate degree in Accounting (2007) from University of Quebec. He is also an active member of the CFA Institute, l’Ordre des CPA du Québec, the Illinois Board of Examiners, the Illinois Department of Financial and Professional Regulation.
Daniel Charette – Chief Operating Officer
Daniel Charette is a veteran in renewable energy and an entrepreneur that has been managing many sustainable energy companies for over 30 years. In the early days, when the Canadian wind energy sector started being considered as a viable solution, he became a recognized executive within the renewable energy market.
In 1998, he was appointed Director of Manufacturing by Danish wind turbine manufacturer NEG Micon A/S to set-up the first Canadian wind turbine nacelles assembly plant. From 1999 to 2002, he established Canada’s first regional center for operations and maintenance of wind turbines for America’s largest wind farm. From 2002 to 2005, he acted as NEG Micon A/S’s National Sales for Canada and for Vestas Systems A/S. In 2005, he went on to Brookfield Renewable Partners LP where he acted as Business Development Manager for the Renewable Energy Division.
In 2006, he joined AAER Inc. as Senior Vice-president. AEER Inc. was the first pure play Canadian wind turbine manufacturer. Following the acquisition of AEER Inc. by Pioneer Power Solutions Inc., he became President of Pioneer Wind Energy Systems Ltd. He then went on to the Canadian subsidiary of NRG Systems, Inc. where he became Director of operations for the tall-tower manufacturing and installation division. More recently, he acted as Project Manager at Leader Resources Services Corp. for the construction of wind, solar and storage energy projects.
Mr. Charette has served on various Association Boards & Councils, including the Board of Directors of the Canadian Wind Energy Association for nine years, Association Québécoise des Producteurs d’Énergie Renouvelable for two years and Latin Wind Energy Association for 3 years.
Insiders
The following persons are expected to be insiders of the Resulting Issuer: Dave B. Gagnon, Daniel Charette and Stéphane Dallaire; either directly or indirectly, through their management companies.
Sponsorship of a Qualifying Transaction
Sponsorship of a qualifying transaction is required by the Exchange unless exempt or waived in accordance with Exchange policies. Orletto intends to apply for a waiver from the sponsorship requirements pursuant to the policies of the Exchange, however, there is no assurance that a waiver will be provided.
Other Information relating to the Proposed Transaction
The Proposed Transaction will not constitute a “Non-Arm’s Length Qualifying Transaction” (as such term is defined in the policies of the Exchange) for Orletto. Accordingly, the Proposed Transaction will not require the approval of the shareholders of Orletto.
No finder’s fees are payable in connection with the Proposed Transaction.
The Proposed Transaction will require the approval of the shareholders of Charbone. Charbone intends to hold a shareholder meeting to seek all necessary approvals.
In accordance with the policies of the Exchange, Orletto’s Common Shares are currently halted from trading and will remain so until such time as the Exchange determines, which, depending on the policies of the Exchange, may not occur until completion of the Proposed Transaction.
Further updates, including financial information regarding Charbone and its subsidiary Charbone Corporation USA and details regarding the proposed directors of the Resulting Issuer, will be provided in a subsequent press release. Also, additional information concerning the Proposed Transaction, Orletto, Charbone and the Resulting Issuer will be provided in the Filing Statement to be filed by the Corporation in connection with the Proposed Transaction and which will be available in due course under the Corporation’s SEDAR profile at www.sedar.com.
Cautionary Note
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
All information contained in this news release with respect to Orletto and Charbone was supplied by the parties, respectively, for inclusion herein, and Orletto and its respective directors and officers have relied on Charbone for any information concerning Charbone.
Forward-Looking Information
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements, including statements relating to the completion of the Proposed Transaction, the proposed business of the Resulting Issuer, the completion of the Charbone Private Placement, the proposed officers of the Resulting Issuer, the completion of the Name Change, Exchange sponsorship requirements and intended application for waiver therefrom, shareholder, director and regulatory approvals, and future press releases and disclosure. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of Orletto and Charbone may differ materially from those anticipated and indicated by these forward-looking statements. Although each of Orletto and Charbone believes that the expectations reflected in forward-looking statements herein are reasonable, they can give no assurances that the expectations of any forward-looking statements herein will prove to be correct. Except as required by law, each of Orletto and Charbone disclaims any intention and assume no obligation to update or revise any forward-looking statements herein to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Contacts
For further information, please contact:
| Benoit Chotard | Dave B. Gagnon | |
| President, Chief Executive Officer and Director | Chief Executive Officer and Chairperson of the Board | |
| Orletto Capital II inc | Charbone Corporation | |
| Telephone: 778-996-4676 | Telephone: 450-524-0067 | |
| Email: [email protected] | Email: [email protected] | |
| Stéphane Dallaire | ||
| Chief Financial Officer and Head of Corporate Finance | ||
| Charbone Corporation | ||
| Telephone: 514-234-2544 | ||
| Email: [email protected] |
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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