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How U Power (NASDAQ: UCAR) Is Addressing Key Concerns For Widespread EV Adoption – Including Range Anxiety And Charging Times

Benzinga

By Meg Flippin, Benzinga Electric vehicles are growing in popularity as the world seeks a greener future. That’s true around the world with electric cars accounting for 18% of vehicles sold last year, up from just 2% five years ago. That growth could be even greater, but large-scale adoption of these emissions-free cars and trucks is proving elusive – something that is true in many countries. Range anxiety is a big reason. The fear of running out of battery life is too great for some consumers and fleet operators to overcome. Then there’s charging. It can take time to get the vehicle powered up, depending on the system and demand. U Power (NASDAQ: UCAR), the Nasdaq-listed EV power solution company, believes it has the solution to overcome those challenges and spur greater EV adoption across the globe. It is betting that UOTTA – its proprietary battery-swapping technology – can overcome range fears and eliminate any wasted time waiting for a vehicle to charge. This battery-swapping model is appealing because customers only need to pay for the vehicle when purchasing a vehicle through the battery bank. After that, they pay a monthly rental fee for the battery. Not only does this reduce the procurement cost of EVs but the rental and service fees for battery swapping during daily operations are 30% to 50% cheaper than fast charging. Since batteries are swapped out, it extends the lifespan of the batteries and protects the environment since the dismantling and recycling of the batteries after retirement complies with environmental policies. Speed Is Power With U Power’s advanced technology, consumers and fleet operators can replace dead EV batteries with fully charged ones in under five minutes. That removes the time challenges, and with swapping stations eventually located around the world, it eliminates the fear of running out of battery life. U Power isn’t your run-of-the-mill EV battery-swapping player, either. The company started out in 2013 as a vehicle-sourcing services company focused on lower-tier cities in China. Since then, U Power has forged partnerships with leading automotive manufacturers. Utilizing a distinctive financial model coupled with customized vehicle offerings, the company has filled the market gap beyond the 4S dealership network, establishing over 800 operational outlets across China. In 2017, U Power emerged as one of the earliest entrants into the new energy electric vehicle sales market. Leveraging market insights and accumulated experience, U Power pioneered the UOTTA battery-swapping technology in 2019. Collaborating with automotive manufacturers, the company introduced various models of battery-swapping vehicles for commercial use, successfully penetrating the market. Moreover, U Power is also a key contributor to the drafting of China's battery-swapping standards. With its industry influence and advantages, U Power achieved a milestone in 2023 by becoming the world's first publicly listed company specializing in electric vehicle battery-swapping technology. Since then, the company has been busy churning out new technology, securing 14 patents and 24 pending patent applications in China. Last year, it sold and delivered six battery-swapping stations to four customers. All told it has already sold eleven battery-swapping stations, and its solutions include UOTTA-powered EVs, battery-swapping stations and a data management platform synchronizing real-time data. U Power is also forging partnerships with Chinese automobile manufacturers to jointly develop commercial-use UOTTA-powered EVs, such as ride-hailing passenger EVs, small logistics EVs and light electric trucks. Major Collaborations Spurring Growth The company’s efforts towards forging partnerships were also on display recently with U Power inking a deal with Dutch electric vehicle company UNEX t o provide battery-swapping vehicles and swapping station services to Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (ANTRAL), the association representing public passenger road transport companies operating light vehicles designated as taxis in Portugal. ANTRAL will use U Power’s UOTTA technology and battery swapping station model. Through the collaboration, the two aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union's decarbonization targets and Portugal's regulatory requirements for taxi vehicles. Combining U Power’s battery-swapping station model and UNEX’s extensive network and market know-how, U Power said the goal is to sell the taxi industry EVs and install charging and battery-swapping stations. The first phase of the agreement is expected to provide two swapping stations and 120 battery-swapping taxis. ANTRAL operates more than 1,000 taxis, covering over 80 million kilometers annually, with carbon emissions reaching 1,440 tons and fuel costs close to €10 million. By adopting UOTTA battery swapping services, U Power said related costs are expected to be reduced by 30-50%, aligning with the EU's goal of achieving 30 million "zero-emission" electric vehicles by 2030. "This collaboration between UNEX and ANTRAL that utilizes our UOTTA technology marks a significant stride towards promoting sustainable transportation and reducing emissions. By combining our battery-swapping expertise with their commitment to decarbonization, we aim to facilitate the transition of taxi fleets from fossil fuels to electric mobility,” said Jia Li, Chairman and CEO of U Power. “This partnership highlights the global taxi industry's shift towards electrification, which will lead to reduced operational costs, increased driver earnings, and lower carbon footprints.” About 50,000 to 60,000 European taxis are expected to transition to electric vehicles in the next three to five years, presenting a big opportunity, reports U Power. Collaborations like that are behind the company’s revenue growth of 153.5% from fiscal year 2022 to fiscal year 2023. As U Power collaborates with more and more customers, it is building a brand and reputation in the market, which the company expects will drive further growth in the future. It is a big opportunity. The market size for battery swapping and electric commercial vehicles is projected to reach RMB 176,615.1 million in 2026, growing at a CAGR of 68.1% from now until then, according to a report by Frost & Sullivan, cited by U Power. Setting Its Sights Internationally Beyond its deal with ANTRAL, U Power is making inroads in other areas of its international expansion, including in Hong Kong, Southeast Asia and Peru. The company is focused on electrifying the commercial vehicle sector, particularly targeting urban taxis, buses, logistics vehicles, and transportation vehicles in mines. A crucial aspect of U Power's strategy is to collaborate with local industry-specific clients, integrating successful experiences from China with the specific demands of these clients. This approach involves systematizing the output of battery swapping stations, swapping vehicles, and battery banks, facilitating the rapid development of battery swapping services. In Peru, U Power just embarked on a collaborative pilot test with a Peruvian mining firm to evaluate electric heavy-duty vehicles on an established haulage route. This venture aims to identify an efficient substitute for traditional fuel-powered trucks, offering the potential to cut energy use and reduce operational costs, reports U Power. Then there’s its deal with Cornerstone Technologies Holdings Limited, a leading EV charging solution provider and charge point operator based in Hong Kong with an increasing presence across Southeast Asia. Under their memorandum of understanding, the two are jointly exploring and developing a strategic business relationship. “Through this collaboration, we believe our battery swapping stations will gain increased visibility in our target markets. We look forward to building a successful relationship that delivers sustainable value for our shareholders,” said Li. Even business with U Power’s existing customers is growing, underscoring the quality and innovative nature of its technology. Earlier this month, U Power announced it received a follow-on purchase order for its advanced dual-mode intelligent battery swapping stations from a major taxi operator in Jilin, China. These dual-mode intelligent battery swapping stations feature separate robotic guided vehicles (RGVs) for battery removal and installation. The use of robotics reduces the battery swapping time from between three to five minutes to two to three minutes. What’s more, U Power said the maintenance cycle of the swapping stations has been optimized, reducing weekly maintenance time by around six hours and enhancing operational efficiency by approximately 15%. As U Power transitions from a vehicle-sourcing business to providing comprehensive battery-swapping solutions based on its proprietary UOTTA technology, it is going beyond just selling battery-swapping equipment and vehicles, offering customers big and small an ecosystem of greener vehicle technology. The company is betting its technology and offering will play a pivotal role in making the world greener one fleet at a time. Featured photo by Ernest Ojeh on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

June 12, 2024 02:00 PM Eastern Daylight Time

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Pyxis Tankers chairman and CEO on market outlook and growth strategies

Pyxis Tankers Inc

Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, talked with Proactive about the recent Posidonia shipping event and its impact on the shipping industry. Valentis shared his insights on the optimistic outlook for shipping sectors despite global headwinds. He highlighted that industry players are leveraging substantial cash balances to pay down debt, renew fleets, and make significant shareholder distributions. Valentis noted the strong chartering environment for product tankers, influenced by tighter inventories and changing trade patterns due to geopolitical conflicts. Discussing market conditions, Valentis provided an update on product tankers and dry bulk sectors. He mentioned the positive near-term outlook supported by refinery additions and OPEC+ supply cuts. Additionally, Valentis shared Pyxis Tankers' recent performance, including Q1 2024 financial results, fleet expansion, and new acquisitions. He also outlined the company's shareholder value enhancement initiatives, such as share buyback programs and reducing convertible preferred shares. Valentis said the favourable prospects for both sectors and its existing capital resources allow Pyxis to actively pursue value-enhancing investment opportunities. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

June 11, 2024 11:40 AM Eastern Daylight Time

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NOVUS INK Advisors and Solidus Capital Group Team-up to Serve Growing Transatlantic Commercial Interests of Mid-Market Enterprises

NOVUS INK Advisors

NOVUS INK Advisors and Solidus Capital Group signed a services agreement today to provide integrated senior advisory and execution services to small-and mid-market enterprises amid thriving commercial interests between the United States and Europe. The two firms aim to accelerate client services by combining expertise and resources to support growth into new markets, encompassing management counsel, valuation, performance tracking, board advisory, marketing, communication, public and government affairs. The collaboration will enable NOVUS INK Advisors and Solidus Capital Group to meet the unique needs of global small-and mid-market enterprise clients operating across business-to-consumer, business-to-business, and business-to-government segments. The transatlantic economy is proving remarkably robust in the face of global economic and geopolitical disruptions. No two other regions in the world are as deeply integrated as the United States and Europe, according to the 2024 Transatlantic Economy Report from the U.S. Chamber of Commerce, AmCham EU, Johns Hopkins SAIS and the Transatlantic Leadership Network. The report states: "the $8.7 trillion transatlantic economy employs more than 16 million workers in mutually onshored jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for half of total global personal consumption and close to one-third of world GDP in purchasing power. Ties are solid in foreign direct investment, portfolio investment, banking claims, trade and affiliate sales in goods and services, digital links, energy, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services." The services agreement will be overseen by a committee chaired by Pia De Lima and Daniel Diaz, NOVUS INK Advisors' Managing Partners, and Andreas Dal Santo, Solidus Capital Group's Managing Director. NOVUS INK Advisors is based in Miami. Solidus Capital Group, affiliated with Atlantic Business Labs, is based in New York. NOVUS INK Advisors is a communication, public and government affairs lobbying firm. NOVUS INK Advisors' practice areas include Corporate, Band and Product Reputation, Business Strategy, Crisis and Reputation Risk, Financial Services, Investor Relations, Mergers & Acquisitions, Brand and Product Marketing Communications Strategy, and Public and Government Affairs. NOVUS INK Advisors is a registered lobbying firm. To learn more, visit: www.NovusInk.com. Solidus Capital Group specializes in management consulting, business valuation, and board advisory services for firms expanding into North America, Latin America, and Europe. It is spearheading an ecosystem of companies, consultants, and subject matter experts with experience from different industries and regions to support corporate and institutional clients' global strategies and growth into new markets. To learn more, visit www.solidus-capital.com. CONTACTS: NOVUS INK Advisors: client.services@NovusInk.com Solidus Capital Group: client.services@Solidus-Capital.com Contact Details NOVUS INK Advisors Client Services client.services@NovusInk.com Company Website https://www.novusink.com/about

June 11, 2024 09:30 AM Eastern Daylight Time

On The Horizon: How One Company Plans To Use Its Innovative Aircraft Design To Revolutionize Regional Air Travel

Benzinga

By James Blacker, Benzinga Investment in Regional Air Mobility (RAM) is on the rise, driven by innovative flight technologies that promise to transform short-haul travel and improve connectivity between small cities and rural areas. As the demand for efficient, sustainable and flexible transportation increases, companies like New Horizon Aircraft (NASDAQ: HOVR) are positioning themselves to capitalize on a global market that could grow to $115 billion by 2035, with some 300 to 700 million passengers annually. Rising Demand For RAM In the United States, regional airports are underutilized, partly because most airlines use hub-and-spoke networks that require passengers to transit at larger hubs. Most Americans therefore choose to either drive to their final destination or fly from a larger airport, even if it is further away. The idea of RAM is to use smaller aircraft to connect regions that are underserved by traditional airline routes. It brings the convenience and speed of air travel to everyone, wherever they are located across the country. A NASA-funded study carried out by the Georgia Institute of Technology’s School of Aerospace Engineering predicts a resurgence in demand for regional flying. Based on door-to-door travel costs and travel-time savings, the researchers identified how many people taking journeys of more than 100 miles would choose to fly if they could do so from a nearby regional airport. Technological Advances In Aviation McKinsey & Company notes that innovations in propulsion, aircraft design, manufacturing, navigation and control are making small aircraft more viable. These technological advances promise to push down operational costs and reduce the environmental impact. In the future, we could even see fully autonomous aircraft, which would cut costs even further as labor accounts for around 20%-30% of small aircraft operating costs. According to McKinsey, more than 50 companies are developing battery-electric, hybrid, or hydrogen small aircraft. Players working on new aircraft designs include Airbus and Embraer (NYSE: ERJ). eVTOL For Regional Mobility? Another player looking to tap into the RAM market is New Horizon Aircraft (NASDAQ: HOVR), a developer of electric Vertical Take-Off and Landing (eVTOL) aircraft. While eVTOL aircraft are typically designed for very short flights within urban areas, Horizon’s Cavorite X7 uses a patented wing design that allows it to fly further and carry heavier loads, making it suitable for the regional air mobility market. New Horizon’s Cavorite X7 is a next generation hybrid-electric eVTOL aircraft that can move people and cargo across distances of between 50 and 500 miles at speeds of up to 250 mph. It is a seven-seater aircraft that can take off and land vertically, like a helicopter. However, once it reaches a safe altitude, the Cavorite X7 reconfigures and flies like a normal plane, allowing it to fly faster and further than a helicopter. With a hybrid electric power system, the Cavorite X7 can also recharge mid-flight. In addition to passenger travel for the RAM market, New Horizon envisages that the X7 will also be used in various sectors, including medical evacuation, natural disaster response, emergency surveillance and search and rescue. A Promising Horizon Recent investment in the RAM market represents the start of a seismic shift to more efficient and sustainable short-haul travel. New Horizon Aircraft is at the forefront of this transformation, offering an innovative product that addresses the growing demand for regional connectivity. For investors, this could present a compelling opportunity to be part of a market poised for substantial growth. Featured photo courtesy of New Horizon Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

June 06, 2024 08:45 AM Eastern Daylight Time

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Ocean Power Technologies Secures Contract for WAM-V to Offshore Contractor in Sub-Saharan Africa

Ocean Power Technologies Inc

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to announce that the company has secured a contract to deliver a WAM-V (Wave Adaptive Modular Vessel) to an Offshore Construction Contractor. The contract entails providing a spare vehicle system that can be assembled onsite. This WAM-V will be utilized to provide survey services for an offshore dredging project in Sub-Saharan Africa. Stratmann highlighted that this award builds on the recent commercial success of OPT’s vehicles in the offshore construction and energy industries. The contract also supports the company's recent expansion into Latin America, a region with a vibrant offshore energy industry. Additionally, the company is exploring the potential for ocean security applications. This contract marks a significant milestone for Ocean Power Technologies, reinforcing its position in the global offshore market and demonstrating the growing demand for its innovative WAM-V technology. The company's strategic focus on expanding its geographical footprint and diversifying its applications underscores its commitment to driving growth and delivering advanced solutions for offshore operations. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

June 05, 2024 01:39 PM Eastern Daylight Time

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Shareholder Proposal Seeks Reevaluation of Exec. Incentives for EVs at GM

NLPC

On June 4, National Legal and Policy Center will present a shareholder proposal at the General Motors Company advocating for GM’s board of directors to reevaluate the electric vehicle expansion targets included in its executive compensation packages. The proposal, identified as Item No. 5 on the 2024 proxy ballot, argues that GM’s focus on electric vehicles is misaligned with both the market demand for EVs and the economic realities the company faces. Last month NLPC filed a proxy memo with the Securities and Exchange Commission that explains its rationale for the proposal. GM, like many in energy-intensive sectors, has increasingly aligned its corporate strategies with a poorly substantiated, government-subsidized, and corporate media-amplified “scientific consensus” that carbon emissions will result in catastrophic effects to the planet, and to humans. These scenarios are increasingly unlikely, yet the corporate media continues to portray them as the default. Supposedly, this climate crisis can only be averted if governments and consumers adopt environmentally friendly technology, such as electric vehicles, en masse. However, electric vehicles aren’t good for the environment. Even with government subsidies, they’re expensive and unprofitable. Further, consumers don’t want to make the switch. Luke Perlot, Associate Director of NLPC's Corporate Integrity Project, stated, “Our proposal encourages a reassessment of GM’s current executive compensation incentives, which overly prioritize electric vehicle production without adequate consideration of the associated economic, environmental, and ethical risks. Instead, the company should remove these incentives and give its executive team the opportunity to pursue growth strategies without political bias.” Key Details of the Proposal: Misalignment with Market Realities: Despite substantial investments and executive incentives, the anticipated demand for EVs has not materialized at the projected scale. An open letter to President Biden signed by over 5,000 auto dealerships warned of lack of demand for EVs. Economic Viability and Subsidy Dependence: GM's profitability in the EV sector is heavily reliant on government subsidies, which are subject to political changes and could be repealed as early as 2025. Without these subsidies, the division’s path to achieving positive pre-tax earnings, currently projected for no sooner than 2025, appears increasingly precarious. Environmental and Ethical Challenges: The extraction and processing of rare-earth elements, crucial for these batteries, are predominantly concentrated in regions with poor environmental and labor standards. This not only leads to severe ecological damage, but also involves significant human rights abuses, including forced labor. Further, these elements are primarily processed in China, a geopolitical adversary of the United States. “Consumers still want internal combustion engine vehicles,” Perlot added, “and GM’s competitors are making substantial investments to meet their demand. The company cannot afford to be left behind because of misguided incentives.” Founded in 1991, the National Legal and Policy Center promotes ethics in public life through research, investigation, education and legal action. Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 drene@nlpc.org Company Website http://www.nlpc.org

June 03, 2024 11:45 AM Eastern Daylight Time

New Horizon Aircraft (NASDAQ: HOVR) Announces Key Technical Updates On Development Of eVTOL Prototype

Benzinga

By James Blacker, Benzinga The world is on the cusp of a new era of more sustainable and efficient transportation with the advent of electric Vertical Take-Off and Landing (eVTOL) aircraft. These potentially revolutionary vehicles are designed to take off and land vertically, making them ideal for congested urban environments and remote areas where runway space is limited. They have a long list of use cases, from faster medical service to global crisis relief. The global advanced air mobility market, estimated at $8.15 billion in 2022, is projected to expand at a compound annual growth rate of 24.6% from 2023 to 2035, driven by advancements in electrical propulsion systems and demand for faster, more efficient transportation. New Horizon Aircraft: A Differentiated eVTOL Product Among the companies developing eVTOL technology is New Horizon Aircraft Ltd. (NASDAQ: HOVR). Its prototype, the Cavorite X7, is a hybrid electric eVTOL that features a patented wing system allowing it to convert to a conventional airplane configuration after taking off vertically. The company claims it can, therefore, go faster, farther, and carry more useful load than other eVTOL aircraft, such as those developed by Lilium (NASDAQ: LILM), Archer Aviation (NYSE: ACHR), Joby Aviation (NYSE: JOBY), and EHang Holdings (NASDAQ: EH). The Cavorite X7 also differs from its competitors in that it uses a hybrid electric main power system allowing it to recharge its battery array in flight and after landing. Technical Milestones In a recent press release, Horizon announced a number of promising technical updates on the development of its prototype, notably including the validation of its patent-pending yaw control system. This system is a crucial component of Horizon’s patented HOVR Wing tech, enabling the Cavorite X7 to remain stable even in strong crosswinds. It offers a smoother and more comfortable ride for passengers while improving control for pilots. Another significant announcement is the start of production and testing of the aircraft’s core vertical lifting fan technology. This milestone was reached thanks to the completion of the detailed design and aerodynamic analysis. The scale prototype of the Cavorite X7 is currently undergoing a rigorous flight-testing program, with important “transition” flight tests on schedule to be completed by mid-summer where the aircraft will complete the transition from hover to full wing-borne flight – something few companies in this space have achieved. Horizon stated that the aircraft is demonstrating stability and control as expected. “Over the past several months, Horizon has made incredible progress. I am continually amazed with the technical aptitude of our team as it clears one engineering hurdle after another. The transition flight testing program has taken significant strides forward, with the aircraft demonstrating impressive stability and control all the way from hover to approaching transition speed,” said Horizon Chairman and CEO Brandon Robinson. Horizon’s unique hybrid eVTOL architecture sets it apart from its all-electric competitors, making the company one to keep an eye on in this space. Learn more about the company here. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

May 31, 2024 08:30 AM Eastern Daylight Time

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NAFA’s Second Annual Fleet Safety Symposium: Uniting Fleet Professionals for Safer Roads

NAFA Fleet Management Association

Safety is critical in the fleet industry, and NAFA Fleet Management Association (NAFA), the vehicle fleet industry’s largest membership association, is dedicated to advancing safety standards across the board. In support of this commitment, NAFA is hosting its second annual Fleet Safety Symposium, "Enhancing Fleet Safety: An Interactive Fleet Safety Event," from June 24-26 at Oakton Community College in Chicago, IL. “The Fleet Safety Symposium is a cornerstone of NAFA’s commitment to promoting safety in fleet management. This event is designed to provide our members with practical strategies and tools to implement effective safety practices within their operations,” said Bill Schankel, CAE, CEO of NAFA. “We look forward to seeing the collaborative efforts of our participants as they work together to enhance safety standards across the industry.” Building on last year’s success, this year’s symposium introduces new, cutting-edge content aimed at addressing the evolving challenges in fleet operations. Participants will engage in interactive sessions focused on enhancing safety awareness, mitigating risks and fostering a culture of safety excellence. Jerry Curl, Chief Operating Officer at G&D Trucking Inc./Hoffman Transportation LLC, will help lead the symposium, guiding attendees through the event and driving insightful discussions. Fleet Safety Symposium Highlights and Key Features: Interactive Sessions: Engage in dynamic discussions designed to enhance safety awareness and mitigate risks. “Trip Up the Expert” Session: Challenge industry experts to uncover blind spots and develop innovative solutions to safety challenges. Expert-Led Discussions: Participate in thought-provoking conversations and real-world case studies. Hands-On Activities and Group Exercises: Experience practical training that fosters a proactive approach to safety management. Focus Areas: Safety Planning Safety Culture Safety Tools and Technologies Safety Policy Implementation This event will provide attendees with the tools, strategies and insights needed to drive positive change within their fleet operations, ensuring the safety and well-being of drivers, vehicles and communities. For more information and to register, please visit https://www.nafa.org/events/fleetsafetysymposium/ NAFA Fleet Management Association is the membership organization for professionals who manage the mobility requirements of vehicle fleets that include commercial, public safety, trucks, and buses of all types and sizes, and a wide range of military and off-road equipment for corporations, governments, universities, utility fleets, and law enforcement in North America and across the globe. NAFA’s members are responsible for the specification, acquisition, maintenance, repair, fueling, risk management, and remarketing of more than 4.8 million vehicles that drive an estimated 84 billion miles each year. NAFA’s members control assets and services well above $122 billion each year. For more information, please visit www.nafa.org, and communicate with NAFA on LinkedIn, Facebook, and X. Contact Details Keaveny Hewitt +1 919-622-5276 khewitt@onwrdupwrd.com Company Website https://www.nafa.org/

May 30, 2024 02:52 PM Eastern Daylight Time

Halving of BTFS Storage Rewards

BitTorrent

Singapore, May 28, 2024 – To sustain the growth and success of the BitTorrent ecosystem, BTFS is set to implement a halving on the next round of rewards for storage miners on the BTFS network. From 00:00 (UTC) June 25, 2024, the daily rewards for storage miners on the BTFS network will be halved from 15 billion BTT to 7.5 billion BTT. The BitTorrent File System (BTFS) is a decentralized file storage system that utilizes blockchain technology and peer-to-peer transmission. It allows users to store their files across multiple nodes in a distributed manner, enhancing file security and reliability. BTFS also offers rapid file transfer and access, giving users greater convenience in managing and sharing files. By integrating key features of the BitTorrent Chain (BTTC), such as cross-chain connectivity and multichannel payment options, BTFS significantly enhances user experience. Currently, the BTFS network is experiencing rapid growth with over 8 million nodes across the network, including more than 6 million super miners, according to BTFS SCAN. To support the efficient operations of these nodes, BTFS initiated a rewards program and has provided an aggregate of 25 trillion BTT since the launch of BTFS Mainnet in 2019. Every two years, the BTFS rewards halving will occur causing the rewards for all storage miners across the network to be cut in half. (Halving roadmap) Moreover, halving will also prompt miners to improve node performance by optimizing node operation and reducing waste. In addition, an upgrade of the official website for the BTFS technical community and the release of BTFS v3.0 Mainnet will be scheduled in sync with the halving. These developments are expected to improve the efficiency of the BTFS protocol, expand the user base, and enhance its overall functionality. Looking ahead, BTFS is committed to continuously refining its storage rewards strategies. The goal is to expand the network of nodes participating in file storage on BTFS, providing developers with an efficient, secure, and reliable storage solution boosting both the capacity and the transaction efficiency of the BTTC network. About BTFS The BitTorrent File System (BTFS) is both a protocol and a web application that provides a content-addressable peer-to-peer mechanism for storing and sharing digital content in a decentralized file system, as well as a base platform for decentralized applications (Dapp). The BTFS team has been working on the latest network operations and BTT market sentiment, etc., to make a series of dynamic adjustments such as upload prices and airdrop reward schemes. About BitTorrent Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc. is a consumer software company based in San Francisco. Its protocol is the largest decentralized P2P network in the world, driving 22% of upstream and 3% of downstream traffic globally. Its flagship desktop and mobile products, BitTorrent and µTorrent, enable users to send large files over the internet, connecting legitimate third-party content providers with users. With over 100 million active users, BitTorrent products have been installed on over 1 billion devices in over 138 countries worldwide. Since November 2018, TRON (TRX), Binance (BNB), and Bitcoin (BTC) holders have the opportunity to purchase one-year subscriptions of BitTorrent or µTorrent products, including Ads Free and Pro for Windows. Pro includes anti-virus and anti-malware screening, file converting and playability in HD. Users can visit bittorrent.com or utorrent.com to learn more. Website | Telegram | Medium | X | Media Contact John Chen press@bittorrent.com Contact Details John Chen press@bittorrent.com

May 28, 2024 07:53 PM Eastern Daylight Time

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