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The Energy Union: from vision to reality

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The fourth report on the State of the Energy Union, adopted today, shows that the Commission has fully delivered on its vision of an Energy Union strategy guaranteeing accessible, affordable, secure, competitive and sustainable energy for all Europeans.

Europe is already a global leader in fighting climate change. European policies implemented over the last five years in all policy areas have put the EU on the right track to fully embrace the clean energy transition, seizing the economic opportunities that it offers, creating growth and jobs and a healthier environment for consumers.

Beyond modernising European energy and climate policy, the Energy Union boosts the clean energy transition of the European economy in key sectors, in line with our commitments under the Paris Agreement, while ensuring a socially fair transition. Building a resilient Energy Union with a forward-looking climate and energy policy has been one of the political priorities of the Juncker Commission. Today we take stock of the successful implementation of what was but a vision in 2014 of a unified, interconnected, secure and sustainable Energy Union. The report is accompanied by two documents showing progress made in renewable energy and energy efficiency. In parallel the Commission is also putting forward a report on the implementation of the strategic action plan on batteries and a communication for more efficient and democratic decision making in EU energy and climate policy.

Vice-President Maroš Šefčovič, in charge of the Energy Union, said: “The Energy Union is Europe at its best: tackling together the big energy security and energy transition we can’t solve within national borders. From the daunting challenge of the energy transition we made an economic opportunity for all Europeans. To do this, we had to truly transform our energy and climate policies: not just tweaks at the margins but systemic change. No Member State could have delivered on its own. Our report shows how all the Energy Union measures combine to make our policy fit for the future. Today, our framework redirects investments into future oriented technologies and solutions. We have also kick-started measures for industry such as battery manufacturing in Europe, while making sure we’re not leaving any European behind in the transition. It is now for each Member State to follow suit and rapidly integrate national measures on energy, climate, mobility and all other related areas, so Europe leads the way towards climate neutrality by mid-century.”

Commissioner for Climate Action and Energy Miguel Arias Cañete said: Europe has now in place the world’s most ambitious and advanced climate and energy framework. We agreed all the legislation to meet our 2030 targets, with higher targets for renewables and energy efficiency. But the Energy Union is more than rules and policies: we mobilised record levels of clean energy investments in Europe, we brokered the Paris Agreement and triggered its quick entry into force, we further integrated the European energy market, and we set a long-term vision for climate neutral Europe by 2050. But we still have a long way to go. We need to keep up the deployment of renewable energy across Europe and step up efforts to save more energy. We must embark in a process of transformation with a much greater sense of urgency than I see today. With our climate-neutral strategy by 2050, wehave sketched out how this can be done, and presented a solid analysis of why and how Europe can achieve climate neutrality; why this model can be replicated by other countries in the world; how climate neutrality, economic prosperity and social fairness can and must go together.”

The Energy Union has strengthened the internal energy market and increased the EU’s energy security by investing into new smart infrastructure (including, cross-border), providing a new state-of-the-art market design and introducing a cooperation mechanism between the Member States based on solidarity to respond to potential crises in a more effective and efficient manner.

As the Commission has recently set out in its Communication “A Clean Planet for All”, the energy transition requires a comprehensive economic and societal transformation, engaging all sectors of the economy and society to achieve the transition to climate neutrality by 2050. The Energy Union framework puts Europe on the right path to become a prosperous, modern, competitive and climate neutral economy.

The Juncker Commission has put in place a brand new legislative framework for the Energy Union. The updated legislative framework has enabled the EU to maintain its leadership in climate action by increasing its level of ambition for 2030 in a number of energy related sectors, from increased targets for renewable energy and energy efficiency, to targets on emissions from cars, vans and lorries. In addition to the new legislative framework, the Commission has put in place an enabling framework of supporting measures toensure a smooth transition for European industries, regions and cities. A number of targeted initiatives have been created to guarantee all regions and citizens benefit equally from the energy transition. One of these initiatives is the European battery alliance.

The European battery industry has been identified as a strategic value chain for the EU in the context of a strengthened industrial policy strategy. The Energy Union report is accompanied by a separate report on the implementation of the strategic action plan on batteries.

A second Communication published today calls for a strengthening of the democratic accountability of the decision-making process under the Euratom treaty. The European Commission will establish a High Level Group of Experts to assess the state of play of the Euratom Treaty with a view to considering how, on the basis of the current Treaty, its democratic accountability could be improved.

In the same communication, the Commission asks the European Parliament and the Council to reflect on how energy taxation could better contribute to the EU’s energy and climate policy objectives, and how a move to qualified majority voting (QMV) decision-making amongst Member States could help to unlock progress in this area. This strand of work builds on the Commission’s blueprint for a gradual transition to QMV decision-making in all areas of taxation, first published in January.

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/C O R R E C T I O N — Roborock/

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Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

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