Latest news with #LPO
The Sun
03-07-2025
- Business
- The Sun
Pangaea Connectivity announced FY2025 Results: Revenue increased 53.8% to HK$2,128,200,000 driven by AI-Optimized Connectivity and Green Energy Technologies
HONG KONG SAR - EQS Newswire - 3 July 2025 - Pangaea Connectivity Technology Limited ('Pangaea' or the 'Company', together with its subsidiaries, the 'Group', stock code: 1473), a key player in the advanced connectivity segment, is pleased to announce its annual results for the fiscal year ended March 31, 2025. The Group achieved a historic milestone with record revenue of HK$2,128,200,000, representing a 53.8% year-on-year growth. This exceptional performance underscores the Group's success of its strategic initiatives and business focus in AI-optimized connectivity, renewable energy technologies, and next-generation wireless solutions, despite persistent global trade challenges. Three Core Technologies Fueling Growth The Group's success stems from three technological pillars: AI-Optimized Optical Connectivity, and High-Power Laser and Next-Gen Wireless Communication. Amid the explosive growth of artificial intelligence (AI) and high-performance computing (HPC), the Group's 800G/1.6T Linear-drive Pluggable Optics (LPO) technology solution has emerged as a game-changer. By eliminating power-hungry digital signal processing (DSP) chips found in traditional optical modules, LPO delivers power savings while maintaining ultra-low latency—making it a critical enabler for AI data center upgrades. The Xi'an Industrial Laser Service Center has developed to be a hub for supporting the innovation in high-power laser processing for solar back-contact (BC) battery manufacturing. Renewable energy technologies are advancing rapidly, particularly in solar BC battery manufacturing where the Group's high-power laser systems deliver unparalleled processing efficiency and precision working alongside the market existing generation of TOPCon (Tunnel Oxide Passivated Contact) and N-type technologies. The Group's early-mover advantage has recognized by leading global energy players. The same high-power laser innovations are also revolutionizing PCB and semiconductor manufacturing through faster, more energy-efficient processing. In wireless connectivity, the Group's pioneering WiFi8 products are expected to deliver multi-gigabit speeds, ultra-low latency, and enhanced network efficiency, making it ideal for smart factories, autonomous vehicles, and immersive digital experiences. By collaborating with leading suppliers and end users, the Group aims to be an early adopter and enabler of this transformative standard. Global Expansion Strengthens Supply Chain Resilience To navigate geopolitical challenges, the Group has expanded its smart logistics hubs in Wuhan and Shenzhen, enabling faster response times and reduced lead times for critical components. Our 24/7 technical support and maintenance services further strengthen customer trust and satisfaction. Southeast Asia represents a key growth market, with Singapore, Malaysia and Vietnam investing heavily in 5G/AI infrastructure, the Group has been engaging with few regional infrastructure developers. Outlook: Leading at the Nexus of AI and Green Energy Looking ahead, Pangaea's commitment to innovation, operational excellence, and supplier/customer collaboration ensures the Group is well-positioned to capitalize on the recent and upcoming trends. The technological expertise of the Gorup in the high-growth sectors - LPO for AI infrastructure, advanced high-power laser applications, and next-gen wireless – well positions the Group for sustainable long-term growth in the evolving tech landscape. Mr. Fung Yui Kong, Chairman, CEO, and Executive Director of Pangaea Connectivity Technology Limited, said, 'Our record performance proves the power of converging AI and green energy technologies, as we enter the 1.6T era for AI infrastructure and the mass adoption of BC solar technology, Pangaea is uniquely positioned to drive sustainable technological transformation.' The chairman emphasized that, 'Global AI data center growth has created unprecedented opportunities. We've actively advanced AI development, recognizing rising demand for AI-enabled communications devices in data centers and HPC environments. Our products meet AI's stringent requirements , and are driving innovation. As AI demand surges, our connectivity solutions play a pivotal role. Moving forward, we'll intensify investment to deliver high-performance, efficient and scalable products, strengthening our market leadership and technological edge.' About Pangaea Connectivity Technology Limited Founded in 1990, Pangaea Connectivity Technology Limited is an innovative technology company. The Company focuses on four major market sectors, namely AI HPC (High Performance Computing), Green Energy (Industrial Lasers), Wi-Fi and IoT Connectivity, and Telecommunication Infrastructure. In recent years, the Company has been actively involved in the field of artificial intelligence (AI) and green initiatives, and is committed to capitalizing on the rapidly evolving generative AI technologies to drive cross-industry transformative outcomes. Meanwhile, as part of its commitment to sustainability and green initiatives, the Company has pioneered the development and utilization of industrial laser processing technology for solar photovoltaic (PV) panels application.
Yahoo
13-06-2025
- Business
- Yahoo
Nordec to deliver structural frame for Oslo's 27-storey office tower project
Nordec has been selected for the structural framing of the Spektrumkvarteret project, a significant development in central Oslo, Norway, which includes a 27-storey office tower and a congress building. The contract involves the design, manufacture, and installation of a prefabricated steel-concrete structure. The Spektrumkvarteret project, set at Sonja Henies plass, is being developed by HENT, with LPO as the architect. Nordec's contract encompasses the creation of 1,450m² of concrete walls for the congress building and 30,000m² of flooring throughout the complex, combining hollow-core alongside slabs. The project's engineering highlights include the use of composite columns, welded beams, and a cantilever section that extends over the street. Installation work is scheduled to commence in February 2026, with a completion target set for October 2026. Nordec senior vice-president Minna Kuusela-Opas said: 'We would like to thank our customer for the trust we have received. We are happy that we can be involved in implementing this important project in such a central location in the city. "This project offers us an opportunity to show our expertise, and we are committed to doing our very best to achieve the goals set for the project. We look forward to working closely with the entire project team to ensure success.' With over four decades of experience, Nordec is a provider of frame structures for buildings, facades, and steel bridges in the Nordic countries. In April 2025, the company won a contract for the Lastaustie 7 project in Jyväskylä, Finland. Additionally, a month earlier, Nordec was chosen by NCC, a Nordic construction company, to design and construct the frame and envelope structures for a new train depot in Stockholm, Sweden. "Nordec to deliver structural frame for Oslo's 27-storey office tower project" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
US energy loan office should fund oil, gas, White House aide says
WASHINGTON (Reuters) -The U.S. Energy Department's loan office should fund oil and gas infrastructure, a White House aide said on Tuesday, as President Donald Trump's administration moves away from supporting projects designed to curb climate change. "One of the big problems is, in the past the ... Loan Program Office has been used for a lot of these renewable projects," Jarrod Agen, a deputy assistant to the president and executive director of the National Energy Dominance Council, said at a Politico conference on energy. The administration is changing the priority of the LPO, meant to help finance emerging energy projects that show promise but face difficulties getting bank loans. "So, yes, we want to invest more and prioritize projects that are oil and gas-related, nuclear-related," Agen said. The Loan Programs Office grew rapidly under former President Joe Biden, thanks to legislation passed during his term. It has hundreds of billions of dollars in loan and loan guarantee capacity. Trump's energy dominance council has focused on increasing already record-high oil and gas output and cutting climate and pollution regulations on fossil fuels. It was not immediately clear what oil and gas projects, which typically have little trouble getting bank financing, Agen was referring to. U.S. Energy Secretary Chris Wright has said LPO financing is one option on the table to support Alaska LNG, a long-shot, expensive project to ship liquefied natural gas from the north of the state to consumers in Asia. In his first term, Trump only used the LPO to finance the Vogtle nuclear plant in Georgia. Wright told a hearing in the House of Representatives he wants to offer LPO financing for nuclear projects, critical minerals and "potentially even geothermal." The White House's fiscal year 2026 budget requests a $750 million credit for the cost of loan guarantees for small modular reactors. Republicans in the House of Representatives have pushed to slash LPO's lending.
Yahoo
10-06-2025
- Business
- Yahoo
US energy loan office should fund oil, gas, White House aide says
WASHINGTON (Reuters) -The U.S. Energy Department's loan office should fund oil and gas infrastructure, a White House aide said on Tuesday. "One of the big problems is, in the past the ... loan program office has been used for a lot of these renewable projects," Jarrod Agen, a deputy assistant to the president and executive director of the National Energy Dominance Council, said at a Politico conference on energy. The Loan Programs Office grew rapidly under former President Joe Biden, thanks to legislation passed during his term, and has hundreds of billions of dollars in loan and loan guarantee capacity. Agen said the administration is changing the priority of the LPO, which is meant to help finance emerging energy projects that show promise but face difficulties getting bank loans. "So, yes, we want to invest more and prioritize projects that are oil and gas-related, nuclear-related," Agen said. President Donald Trump's new energy dominance council has focused on increasing already record-high oil and gas output and cutting climate and pollution regulations on fossil fuels. In his first term, Trump only used the LPO to finance the Vogtle nuclear plant in Georgia. The Trump administration wants to offer tens of billions of dollars in LPO financing over the next two years to projects developing nuclear and geothermal power and minerals used in everything from wind and solar power to weapons systems, according to the White House budget for fiscal 2026. Republicans in the House have pushed to slash LPO's lending. Sign in to access your portfolio
Yahoo
08-06-2025
- Business
- Yahoo
Digging into claims Biden administration 'shoveled' $93 billion in loans out of Energy Department in final months
In May 2025, U.S. Secretary of Energy Christopher Wright repeatedly claimed that the administration of former U.S. President Joe Biden lent or committed $93 billion to companies through the Department of Energy's Loan Programs Office (LPO) in the final 76 days of the administration. It was unclear where Wright got this figure. According to our investigation, the LPO lent or committed anywhere from $68 billion to $77 billion between Nov. 5, 2024, and Jan. 20, 2025. According to the LPO awarded up to 27 loans during this period — around half the 53 the office said it announced during the Biden-Harris administration. Wright also claimed that, before Election Day in November 2024, the LPO had awarded loans worth $43 billion. We did not independently confirm this figure, though the LPO said on its website that it had "financed" a $43.9 billion portfolio by September 2024. This could be the number Wright was referring to. After U.S. Secretary of Energy Christopher Wright testified (archived) at the U.S. Senate Appropriations Committee on May 21, 2025, a claim (archived) circulated alongside a video clip from the hearing that U.S. President Joe Biden gave out $93 billion in loans to businesses during its last 76 days through the Department of Energy. One Facebook post read: "Wasting $93 billion of our hard earned money is criminal and it needs to be handled as such. Thank you Kennedy for exposing this!" The claim also appeared on X (archived), Instagram (archived) and Threads (archived). Snopes users searched our site for information about the claim. However, we found no evidence the Department of Energy's Loan Programs Office (LPO) — which is the office claims are referring to — approved loans worth exactly $93 billion between Nov. 5, 2024 and Jan. 20, 2025. The office awards or guarantees loans to companies to advance clean energy, advanced transportation and Tribal energy projects in the United States. According to the LPO's public news releases, the office announced loan guarantees or conditional commitments worth around $68 billion during this period. According to an open data source of federal spending information, new loans issued by the LPO during that period totaled around $77 billion. On Jan. 17, 2025, the LPO said in its 2024 year-in-review that it had announced "53 deals totaling approximately $107.57 billion" during the entire Biden-Harris administration from January 2021 to January 2025. Though none of these figures corresponded exactly to Wright's claim, according to the LPO awarded 27 of the 53 loans on or after Nov. 5, 2024, indicating a flurry of activity in the administration's final months. We reached out to the Department of Energy to ask how it evidenced Wright's statement. We also reached out to Biden administration Secretary of Energy Jennifer Granholm and Jigar Shah, who was at the time the head of the LPO, to ask if they could confirm the figure. We await replies to our queries. Wright first made the claim during an interview (archived) with Blaze Media's Glenn Beck. Wright has since repeated the claim in an appearance on Fox Business (archived) and while testifying at the Senate Appropriations Committee on May 21, 2025. Wright said during the May 21 hearing while speaking about the LPO (time code 37:43, our emphasis): Christopher Wright: The Loan Programs Office is a key tool. We do need to make sure we have funding available in the Loan Programs Office because, used judiciously, it's a way to leverage private capital to make things happen fast. If your equity investors behind that debt are the six hyperscalers in the United States, they're great credit, the American taxpayers are going to be paid back. Alternatively, in the last administration — the Loan Programs Office in its 15-year history lent $43 billion — Sen. Katie Britt: Wow. CW: — In the 76 days since Election Day to Inauguration Day of the new President, the previous administration lent or committed $93 billion — two and a half times the 15-year total — KB: You're kidding, tell me, tell me that time frame again? CW: — 76 days from Election Day when the B — Biden lost the presidential election to President Trump's inauguration, in 76 days — KB: That is absolute insanity. CW: — they lent or committed $93 billion. So, there is a reason I'm moving slow and I'm doing evaluations of projects, yes, there's a very big reason. Sen. John Kennedy of Louisiana repeated the claim to Wright later in that same hearing (starting around time code 1:38:25). Kennedy asked: "The people running the Department of Energy for President Biden's administration shoveled $93 billion, not million, $93 billion out the door in 76 days and it just happened to be the time between when President Trump was elected and President Biden, their boss, was leaving. Is that right?" While we could not document loan or commitment announcements from the LPO between Nov. 5, 2024 and Jan. 20, 2025 totaling exactly $93 billion, our investigation did find that the office announced a flurry of new activity during this period. During that period the office announced loan guarantees or conditional commitments to 23 new companies totaling $68,836,640,000, according to the LPO's own news releases. The largest was a $15 billion loan guarantee to Pacific Gas & Electric Company (PG&E)'s Project Polaris, a portfolio of projects to expand hydropower in the company's service area. A loan guarantee is a promise by a third party (not the borrower or lender) to repay a loan if the borrower is not able. According to between Nov. 5, 2024, and Jan. 20, 2025, the Department of Energy awarded 27 loans with a combined face value (the amount either lent directly or guaranteed) of $77,150,255,215. This number was likely higher because the LPO might not have publicly announced all the loans or guarantees it made on its website. Though the higher loan total from was in the ballpark of Wright's $93 billion — about $16 billion short — neither figure matched exactly. We await a reply from the LPO about the discrepancy between publicly available data and Wright's statement. According to the Biden-era LPO itself, the office announced "53 deals totaling approximately $107.57 billion" during the Biden-Harris administration. According to the office made 27 of these commitments in its last three months. Therefore, while it was not possible to exactly match Wright's $93 billion figure, data shows the Biden administration did commit to around half the loans or guarantees made through the LPO in its last three months. Then-Secretary of Energy Jennifer Granholm declared the office "open for business" in 2021, after it, according to reports citing Granholm, had been dormant during the first Trump administration. Outlets like Politico, Bloomberg and the Financial Times reported in late 2024 that companies were rushing to finalize loan deals with the LPO amid uncertainty about what then President-elect Donald Trump would do with the office once in power. Alongside his claim about $93 billion in loans given out in the final months of the Biden administration, Wright also claimed that this was "two and a half times the 15-year total" of $43 billion that the office had lent previously. The LPO did likely lend or commit more than $43 billion during its last three months — as listed above, our estimates range up to around $77 billion during this period. The office's website said in May 2025 that by September 2024 the LPO had financed "a $43.9 billion portfolio of innovative clean energy projects and advanced technology vehicle manufacturing facilities across the United States." This could be the figure Wright was referring to, though it would account for 19 years of the LPO's lifetime, not 15, as Wright had said. President George W. Bush founded the office in 2005, so a 15-year lifetime would only count up to 2020. It was unclear whether "financed" on the LPO's website meant obligated or disbursed — and equally unclear whether Wright was referring to either or both of these terms when he said the LPO "lent" $43 billion. The LPO's own annual portfolio status report for fiscal year 2023 (Page 10) showed that the office has consistently obligated more than it has disbursed. For example, in FY23, the office had obligated nearly $40 billion in its lifetime, but disbursed nearly $35 billion. By the end of March 2025, the LPO said on its website it had disbursed $47.3 billion in loans. Ultimately, while it was uncertain where Wright got his figures from, it was clear that the Biden administration finalized a large number of the loans and commitments it made through the LPO after Election Day in November 2024, and that the value of these loans and commitments likely exceeded the office's previous lifetime cumulative total. It remains uncertain what will happen to the $46.95 billion worth of active conditional commitments the LPO made under the Biden-Harris administration as Wright and the Trump Department of Energy turn their attention to the office. Wright said during the May 21 Senate appropriations hearing (time code 01:40:26): "Senator, the one complication in there too is, mixed in there, are good companies doing good things honestly with credible plans." Wright agreed that he was trying to "sort the wheat from the chaff." "That's our job and we're doing it," Wright said. Accelerating Portfolio Growth. Department of Energy Loan Programs Office, An Overview of DOE's Loan Programs Office. U.S. Department of Energy, June 2021, Brady, Jeff. "After Solyndra Loss, U.S. Energy Loan Program Turning A Profit." NPR, 13 Nov. 2014. NPR, Chu, Amanda. "Joe Biden Rushes to Issue Cleantech Loans in Bid to Secure Legacy." Financial Times, 26 Dec. 2024, Daly, Matthew. "AP Interview: DOE Reviving Loan Program, Granholm Says." AP News, 4 Mar. 2021, "December 2024 Monthly Application Activity Report." Accessed 28 May 2025. "DOE Announces $15 Billion Loan Guarantee to Pacific Gas & Electric Company to Expand Hydropower Generation, Battery Energy Storage, and Transmission." 17 Jan. 2025, DOE Loan Programs Office: 2023 Updates, Overview and Key Insights | Insights | Holland & Knight. Accessed 28 May 2025. Energy for America's Future. Accessed 28 May 2025. Forbes Breaking News. "Energy Secretary Chris Wright Testifies Before The Senate Appropriations Committee." YouTube, Accessed 28 May 2025. Friedman, Lisa. "Billions in Clean Energy Loans Go Unused as Coronavirus Ravages Economy." New York Times, 30 Apr. 2025, @glennbeck. "Trump's Energy Dept. Just Discovered Biden Rushed out $93 BILLION in Green Energy Loans in the 3 Months before Trump." X, 8 May 2025, "LPO Year in Review 2024." 21 Jan. 2025, Natter, Ari, and David R. Baker. "With Trump Looming, Biden's Green Bank Moves to Close Billions in Deals." Bloomberg, 13 Dec. 2024. "November 2024 Monthly Application Activity Report." Accessed 28 May 2025. "October 2024 Monthly Application Activity Report." Accessed 28 May 2025. @SecGranholm. "The @Energy Department's Loan Programs Office Is Back in Business! ." X, 3 Mar. 2021, @SecretaryWright. "The Biden Administration Pushed out $93 BILLION in Green Energy Loans in the 3 Months before @POTUS Came into Office." X, 10 May 2025, Storrow, Benjamin, et al. "Biden Inks Billion-Dollar Climate Deals to Foil Trump Rollbacks." POLITICO, 20 Nov. 2025, Accessed 28 May 2025.
