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World News

Tidal energy undertaking in Canada secures assist of Japanese companies

Tidal power project in Canada secures support of Japanese firms

Laszlo Podor | Moment | Getty Images

Two Japanese companies have entered into a joint development agreement with Ireland-based DP Energy to work on the initial stages of a tidal energy project in Canada.

In statements released earlier this week, Chubu Electric Power and Kawasaki Kisen Kaisha, or “K” Line, said the agreement related to the Uisce Tapa Tidal Energy project. The development is located at the Fundy Ocean Research Center for Energy in the Bay of Fundy, a bay between the Canadian provinces of New Brunswick and Nova Scotia.

Both Chubu Electric Power and “K” Line called it “the first tidal power project that a Japanese company will participate in overseas”.

According to DP Energy, the first phase of Uisce Tapa – Irish for “fast water” – revolves around three 1.5 megawatt turbines. The second aims to increase the capacity of the project to 9 MW.

Uisce Tapa is backed by a 15-year power purchase agreement with Nova Scotia Power Incorporated, which amounts to Canadian dollars 530 (approximately $ 422) per megawatt hour. It also benefits from a grant of approximately $ 30 million Canadian dollars from Natural Resources Canada.

In its announcement on Wednesday, DP Energy described the Bay of Fundy as “home to some of the highest tides in the world”. At the highest surface speed, the tidal currents are “capable of exceeding 10 knots” or 5 meters per second, he added.

Fisheries and Oceans Canada said the project is being considered for approval by Chubu Electric Power and “K” Line. If everything goes according to plan, the first turbine would go into operation in 2023, followed by two more in 2026.

The news comes the same week that tidal energy company Nova Innovation said it was able to move ahead with a project focused on increasing the production of tidal turbines after receiving funding from the Scottish government.

The £ 2 million ($ 2.77 million) funding increase announced on Thursday will be used to support the Volume Manufacturing and Logistics for Tidal Energy project, also known as VOLT.

According to Nova, VOLT will “develop the first European assembly line for the mass production of tidal turbines” and also “test innovative techniques and tools to ship, deploy and monitor turbines around the world”.

Last week, another company, Orbital Marine Power, announced that its O2 turbine had started producing electricity on-grid at the European Marine Energy Center in Orkney, an archipelago north of mainland Scotland.

The 2 megawatt O2 is known as the “strongest tidal turbine in the world”, weighs 680 tons and is 74 meters long.

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Health

White Home secures offers for 200 million extra doses

White House secures deals for 200 million more doses

President Joe Biden speaks during a visit to the National Institutes of Health (NIH) in Bethesda, Maryland, on February 11, 2021.

Saul Loeb | AFP | Getty Images

President Joe Biden announced Thursday that his administration had signed contracts for an additional 200 million doses of Covid-19 vaccine, bringing the US total to 600 million.

“We just signed the final contracts for 100 million more Moderna and 100 million more Pfizer vaccines just this afternoon,” said Biden on Thursday during a tour of the National Institutes of Health in late July.

The Washington Post reported the news first. Previously, White House Chief of Staff Ron Klain appeared to confirm the news and retweet the Post story from his official White House Twitter account.

Since both Pfizer and Moderna approved vaccines require two doses three to four weeks apart, a total of 600 million doses would be enough to vaccinate 300 million people.

Biden is trying to accelerate the pace of vaccination in the US after a slower-than-expected rollout under the administration of former President Donald Trump. Around 34.7 million out of around 331 million Americans have received at least their first dose of a Covid vaccine, according to the Centers for Disease Control and Prevention. And 11.2 million of those people have already got their second shot.

The schedule for delivering the additional doses was not immediately clear.

Each company will leverage US-based manufacturing capabilities to “fill, finish, and ship vials while the bulk goods are manufactured,” according to a separate statement from the Department of Health and Human Services.

Pfizer has already signed a contract with the US to supply 200 million cans. The company announced earlier this month that it plans to complete these shipments by May, earlier than originally forecast in July. Moderna also has a US contract for 200 million cans.

States have complained that the demand for vaccines is exceeding supply. The government previously stated that it is using the Defense Manufacturing Act to help Pfizer meet its manufacturing goals for its vaccine.

In addition to securing more doses for states, the Biden government is using the military to aid in the administration of doses and establishing mass vaccination centers in the United States.

On Wednesday, the government announced it would work with Texas officials to build three new community vaccination centers in Dallas, Arlington and Houston. A few days earlier, the government had announced that it would send troops on active duty to California to help vaccination centers for Covid-19 employees.

U.S. officials also hope vaccine supplies will increase after Johnson & Johnson’s Covid-19 vaccine is emergency approved by the Food and Drug Administration, which could happen as early as this month. The FDA scheduled a meeting of its Advisory Committee on Vaccines and Related Biological Products on February 26th to discuss the vaccine. The US could approve the vaccine the next day.

The Department of Health and Human Services announced in August that it had signed a deal with Janssen, J & J’s pharmaceutical subsidiary, worth approximately $ 1 billion for 100 million doses of its vaccine. The deal gives the federal government the opportunity to order another 200 million cans, according to the announcement.

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Business

COVAX international Covid vaccine program secures almost 2 billion doses for UNICEF distribution

COVAX global Covid vaccine program secures nearly 2 billion doses for UNICEF distribution

A pharmacist prepares a dose of the Pfizer-BioNTech Covid-19 vaccine on Wednesday, December 16, 2020 at the UCI Medical Center in Orange, California, United States.

Bing Guan | Bloomberg | Getty Images

The global alliance, which aims to provide coronavirus vaccines to poor nations, announced Friday that it has supply agreements to provide nearly 2 billion doses and could ship them in the first quarter of its approval.

There are 190 countries and territories participating in COVAX, which is jointly managed by the World Health Organization Gavi, the Vaccine Alliance and the Coalition for Epidemic Preparedness Innovation. The facility said it could secure the cans through additional supply agreements with AstraZeneca and Johnson & Johnson.

COVAX plans to begin first shipments in the first quarter of 2021, when the drugs are approved. Enough doses should be given in the first half of next year to protect health and social workers in participating economies, the Alliance said. COVAX plans to ship at least 1.3 billion doses to 92 low and middle-income countries that will participate in the facility sometime next year.

“The arrival of vaccines gives us all a glimpse into the light at the end of the tunnel,” said Dr. Tedros Adhanom Ghebreyesus, director general of the World Health Organization, in a statement. “But we will only really end the pandemic if we end it everywhere at the same time. That means that it is important to vaccinate some people in all countries, rather than all people in some countries.”

UNICEF announced on Friday that up to 850 tons of Covid-19 vaccines per month could be shipped to middle- to low-income countries over the next year. Commercial airlines will be able to deliver the vaccines to almost all of the 92 countries participating in COVAX, a UNICEF statement said.

The United Nations Children’s Fund is a United Nations agency that provides humanitarian aid to children around the world. UNICEF will work with the Pan American Health Organization (PAHO) to coordinate vaccine procurement and support dispensing of the doses, said Gavi.

The humanitarian organization said the shots will likely be shipped primarily via existing passenger and cargo flights, although some charter flights or alternative modes of transportation will be required for hard-to-reach countries.

However, the world’s poorest countries are still facing a budget gap of $ 133 million for the distribution and storage of the cans, UNICEF said. According to the organization, which assesses global air cargo capacity and routes, the airline’s deliveries would cost the airline up to an estimated $ 70 million.

Countries will face additional challenges once the cans arrive, UNICEF said.

The temperature requirements for the vaccines being developed are range and require cold chain supply lines, trained medical staff and stronger contact efforts, said Henrietta Fore, executive director at UNICEF, in a statement released Friday.

“This is a mammoth and historic endeavor,” Fore said in a statement. “The scale of the task is huge and the stakes have never been higher, but we are ready to take on this.”

UNICEF said it would take $ 410 million to help countries deliver the vaccines and purchase therapeutic drugs and diagnostic tools over the next year. Funding has been a problem for the COVAX facility, which according to a Reuters report on Wednesday, citing internal documents, faces a “very high” risk of default due to lack of funds, delivery risks and complex contractual arrangements.

Categories
Business

AMC secures $100 million funding however chapter issues nonetheless loom

AMC secures $100 million investment but bankruptcy concerns still loom

Street performers in Minnie Mouse costumes walk past an AMC movie theater in New York’s Times Square at night on October 15, 2020.

Amir Hamja | Bloomberg | Getty Images

The world’s largest theater chain just got a $ 100 million shot in the arm.

On Friday, AMC announced that Mudrick Capital Management had agreed to invest the amount to help the financially troubled cinema chain survive the ongoing coronavirus pandemic.

The cinema chain will need at least $ 750 million in additional cash to fund its cash needs through 2021.

“Given the uncertainty surrounding our ability to raise significant amounts of additional liquidity, and the
Uncertainty about when visitor numbers might normalize, there are significant doubts about the company’s ability to continue as a business for a reasonable period of time, “AMC said in a filing for approval.

The company’s shares fell 1% on the Friday before trading.

The company estimated its cash and cash equivalents as of November 30th at approximately $ 320 million. Without additional liquidity, the available means of payment will be used up in January next year.

“A significant increase in coronavirus cases, as well as delays in major movie releases or the direct or simultaneous release of movie titles in the home video or streaming markets in lieu of theatrical shows have resulted in theater closings and preventing cinemas from opening in large numbers.” Markets and markets have had a significant negative impact on theater attendance and our business in the future, “said AMC.

The cinema chain directly cited Warner Bros.’s recent decision to release its entire 17 films on its streaming service HBO Max and in theaters at the same time as a major concern. It was also feared that other studios would follow suit.

AMC currently operates around 400 of its almost 600 theater locations with limited seating capacity and limited opening hours. Theaters in New York City and parts of California will remain closed.

The company reported that from October 1 to November 30, attendance at US theaters decreased 92% year over year.

AMC is in the process of renegotiating its rental payments with landlords and is seeking cuts, cuts and deferrals.

Should the company be unable to secure additional sources of liquidity, it reiterated that it may have to go into bankruptcy.