Welcome to our dedicated page for Synex news (Ticker: SYITF), a resource for investors and traders seeking the latest updates and insights on Synex stock.
Synex International, Inc. (SYITF) delivers renewable energy solutions through hydroelectric and wind power projects across North America. This news hub provides investors and industry stakeholders with essential updates on corporate developments, financial performance, and clean energy initiatives.
Access timely press releases covering earnings reports, regulatory filings, and operational milestones. Our curated collection includes updates on hydro facility expansions, wind power licenses, and engineering service contracts that demonstrate Synex's technical expertise in sustainable energy.
Key content categories include quarterly financial results, project commissioning announcements, strategic partnerships, and environmental compliance updates. Bookmark this page to monitor Synex's progress in developing run-of-river hydro projects and expanding its renewable energy portfolio.
Synex Renewable Energy (TSX: SXI) announced the closing of its previously disclosed sale of the Bouleau Mountain Wind Project in British Columbia, Canada. The transaction, executed through its subsidiary Sea Breeze Power Corp., has a purchase price of approximately $4.7 million, contingent on securing an electricity purchase agreement (EPA), plus a 1% royalty on the project's gross revenue.
Upon closing, the buyer made an initial cash payment of $400,000. The remaining balance will be paid as the project reaches specific milestones, including obtaining an EPA with BC Hydro and commencing commercial operations. The project has been submitted to the BC Hydro Call for Power 2024 RFP, with expectations of achieving commercial operations within the next four to seven years.
Synex Renewable Energy (TSX: SXI) has released its financial results for Q4 2024, ending June 30, 2024. The company reported a decrease in revenue to $643,194 from $713,649 in Q4 2023. Electricity sales dropped to $584,140, down from $731,698 in the previous year, primarily due to lower precipitation. The company recorded a net loss of $482,192, compared to a $209,980 loss in Q4 2023, mainly attributed to reduced power generation caused by unfavorable weather conditions.
Synex invested $648,566 in developing investigative wind licenses at Sea Breeze Power Corp. The company's unrestricted cash balance decreased to $117,362 from $318,663 year-over-year, largely due to fixed asset upgrades and maintenance work. Total loan principal outstanding was $13,080,196 as of June 30, 2024, down from $13,715,388 the previous year.
Synex Renewable Energy (TSX: SXI) has announced the sale of its Bouleau Mountain Wind Project in British Columbia, Canada, through its subsidiary Sea Breeze Power Corp. The project will be sold to a leading renewable energy company for approximately $4.7 million, subject to an electricity purchase agreement (EPA) with BC Hydro, plus a 1% royalty on gross revenue.
The transaction includes an initial payment of $0.4 million upon closing, with the remaining balance paid as the project achieves specific milestones. Synex expects the deal to close in Q3 2024, subject to regulatory approvals. This sale is part of Synex's strategic review to enhance shareholder value and showcases the potential of their wind license portfolio acquired in 2021.
Synex Renewable Energy reported its financial and operational results for Q3 2024, ending March 31, 2024. Revenue increased to $929,547, up from $864,645 in Q3 2023. Electricity sales rose to $915,276 from $839,053 in the previous year. Net loss narrowed to $58,898, compared to $213,803 in Q3 2023. Net loss per share decreased to $0.01 from $0.05. The company spent $563,262 on developing wind licenses from Sea Breeze Power Corp. Unrestricted cash rose to $451,091, driven by higher sales and a private placement. Restricted cash was $766,476, and term deposits were $230,000. Total loans payable decreased to $13.42 million from $13.72 million in June 2023.
