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As the Trump administration gets under way, it can sometimes feel like the phrase “conflict of interest” has lost all meaning whatsoever. Trump’s nominee for Attorney General used to be his personal lawyer . Dr. Oz (yes, that Dr. Oz), Trump’s nominee to head the Center for Medicare and Medicaid Services, is said to have invested in some of the businesses that he will be tasked with regulating. And then there’s Elon Musk, who, despite being investigated by a slew of regulatory agencies, is now overseeing many of those agencies via his newly created Department of Government Efficiency (or, DOGE). Critics have argued that DOGE also provides Musk with an opportunity to unfairly privilege his own businesses—many of which rely on federal loans and contracts—ahead of his competitors. On Monday, Vivek Ramaswamy, Musk’s DOGE colleague, did little to disavow critics of that impression when he chose to blast recently announced federal loans to two electric car makers, notable rivals of Musk’s company Tesla. On Monday, the Biden administration announced a $7.5 billion federal loan to a company called StarPlus Energy LLC, which has been contracted to build two electric vehicle battery plants in Kokomo, Indiana. Those plants will be utilized as part of a joint venture between EV maker Stellantis and car battery maker Samsung SDI. ABC reports that, at full capacity, the plants could produce enough batteries to power approximately 670,000 cars annually. You’d think that, in the eyes of the ostensibly nativist Trump administration, homegrown manufacturing jobs would be a good thing. There’s a problem, however: Stellantis is notably a rival of Tesla . Characterizing it as a last-minute “spending spree” by the outgoing Biden administration, Ramaswamy vowed to investigate the loan to the electric car maker. “Biden’s midnight spending spree is illegitimate & should be rescinded,” Ramaswamy wrote on X, a platform also owned by Musk. “The Department of Energy just announced a staggering $7.5BN loan to StarPlus, a JV that includes Stellantis (whose CEO resigned just yesterday).” In the same post, Ramaswamy also took aim at Rivian, another electric car company that rivals Tesla. “This $7.5BN splurge to StarPlus comes less than a week after the Energy Department shamefully announced a $6.6BN “loan” to a failing Rivian plant in Georgia, and just weeks after Americans voted decisively to end the wasteful spending of the Biden-Harris administration,” he posted. “DOGE will carefully scrutinize every one of these questionable 11th-hour transactions, starting on Jan 20,” Ramaswamy concluded. Do Ramaswamy’s comments represent a blatant targeting of Musk’s competitors? Well, no, not yet—not really. But if DOGE ends up recommending the Stellantis and Rivian deals be nixed, the corruption would be pretty clear. Call it an effort to cut government waste if you want, but the net effect will be a win for Tesla, which is operating its own U.S.-based EV battery factory . Ramaswamy, a MAGA-pilled former pharma bro, has seemed like a savvy political opportunist ever since he first stepped into the national spotlight with an ill-fated run for President last year. Ramaswamy spent most of his campaign complimenting Trump and, since his withdrawal from the race, has parlayed that very loud support into a prominent administration role. So far, however, DOGE has served as little more than a platform by which Musk and Ramaswamy can broadcast their political views, badmouth their enemies, and promote Trump’s agenda. It’s unclear what sort of work the organization will actually end up doing.ARLINGTON, Va., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) ("Fluence” or the "Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its intention to offer, subject to market and other conditions, $300.0 million aggregate principal amount of convertible senior notes due 2030 (the "Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act”), to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Fluence also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $45.0 million aggregate principal amount of the Notes. The Notes will be senior, unsecured obligations of Fluence, will accrue interest payable semi-annually in arrears and will mature on June 15, 2030, unless earlier repurchased, redeemed or converted. Before March 15, 2030, noteholders will have the right to convert their Notes in certain circumstances and during specified periods. From and after March 15, 2030, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Fluence will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock ("Class A common stock”) or a combination of cash and shares of its Class A common stock, at Fluence's election. The Notes will be redeemable, in whole or in part (subject to certain partial redemption limitations), at Fluence's option at any time, and from time to time, on or after December 20, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if (i) the Notes are "freely tradable”, and all accrued and unpaid additional interest, if any, has been paid in full, as of the date of the related redemption notice, and (ii) the last reported sale price per share of Fluence's Class A common stock exceeds 130% of the conversion price for a specified period of time. The final terms of the Notes, including the interest rate, initial conversion rate and certain other terms of the Notes, will be determined at the pricing of the offering. If certain events that constitute a "fundamental change” occur, then, subject to a limited exception, noteholders may require Fluence to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the applicable repurchase date. In connection with the pricing of the Notes, the Company intends to enter into privately negotiated capped call transactions (the "capped call transactions”) with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (the "counterparties”). The capped call transactions will cover, subject to customary adjustments, the number of shares of the Company's Class A common stock that will initially underlie the Notes. The Company anticipates that the cap price of the capped call transactions will initially represent a premium over the last reported sale price of the Company's Class A common stock on the pricing date of the offering of the Notes. The capped call transactions are generally expected to offset the potential dilution to the Class A common stock and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such offset subject to a cap, as the case may be, as a result of any conversion of the Notes. If the initial purchasers exercise their option to purchase additional Notes, the Company expects to enter into additional capped call transactions with the counterparties. In connection with establishing their initial hedge of these capped call transactions, the Company has been advised that the counterparties (i) may enter into various over-the-counter cash-settled derivative transactions with respect to the Class A common stock and/or purchase the Class A common stock in secondary market transactions concurrently with, or shortly after, the pricing of the Notes; and (ii) may enter into or unwind various over-the-counter derivatives and/or purchase the Class A common stock in secondary market transactions following the pricing of the Notes. These activities could have the effect of increasing or preventing a decline in the price of the Class A common stock concurrently with or following the pricing of the Notes and under certain circumstances, could affect the ability to convert the Notes. In addition, we expect that the counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions and/or purchasing or selling the Class A common stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to maturity of the Notes (and are likely to do so (x) during any observation period related to a conversion of the Notes or following any redemption or fundamental change repurchase of the Notes, (y) following any other repurchase of the Notes if the Company unwinds a corresponding portion of the capped call transactions in connection with such repurchase and (z) if the Company otherwise unwinds all or a portion of the capped call transactions). The effect, if any, of these transactions and activities on the market price of the Class A common stock or the Notes will depend in part on market conditions and cannot be ascertained at this time, but any of these activities could adversely affect the value of the Class A common stock and the value of the Notes, and potentially the value of the consideration that a noteholder will receive upon the conversion of the Notes and could affect a noteholder's ability to convert the Notes. Fluence intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions. If the initial purchasers exercise their option to purchase additional Notes, Fluence expects to use a portion of the net proceeds from the sale of additional Notes to fund the cost of entering into additional capped call transactions. Fluence intends to transfer the remaining net proceeds of the offering directly to purchase an intercompany subordinated convertible promissory note issued by Fluence Energy, LLC, the proceeds of which Fluence Energy, LLC intends to use for working capital needs, upgrading one of its battery cell production lines from 305 amp hour cells to 530 amp hour cells, and general corporate purposes. The offer and sale of the Notes and any shares of Class A common stock issuable upon conversion of the Notes have not been, and will not, be registered under the Securities Act or any other securities laws, and the Notes and any such shares cannot be offered or sold except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes or any shares of Class A common stock issuable upon conversion of the Notes, nor shall there be any sale of the Notes or any such shares, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum. There can be no assurances that the offering of the Notes will be completed as described herein or at all. About Fluence: Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our future results of operations and financial position, operational performance, anticipated growth and business strategy, future revenue recognition and estimated revenues, future capital expenditures and debt service obligations, projected costs, prospects, plans, and objectives of management for future operations, including, among others, statements regarding expected growth and demand for our energy storage solutions, services, and digital application offerings, relationships with new and existing customers and suppliers, introduction of new energy storage solutions, services, and digital application offerings and adoption of such offerings by customers, assumptions relating to the Company's tax receivable agreement, expectations relating to backlog, pipeline, and contracted backlog, current expectations relating to legal proceedings, and anticipated impact and benefits from the Inflation Reduction Act of 2022 and related domestic content guidelines on us and our customers as well as any other proposed or recently enacted legislation, are forward-looking statements. In some cases, you may identify forward-looking statements by terms such as "may,” "will,” "should,” "expects,” "plans,” "anticipates,” "could,” "seeks,” "intends,” "targets,” "projects,” "contemplates,” "grows,” "believes,” "estimates,” "predicts,” "potential”, "commits”, or "continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Among those risks and uncertainties are market conditions and the satisfaction of the closing conditions related to the offering of the Notes and the consummation of the capped calls transactions. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. These forward-looking statements are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; barriers arising from current electric utility industry policies and regulations and any subsequent changes; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers' ability to finance energy storage systems and demand for our energy storage solutions; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; changes in the global trade environment; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a "controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC's ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and the factors described under the headings Part I, Item 1A. "Risk Factors” and Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. We qualify all forward-looking statements contained in this press release by these cautionary statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. CONTACT: Contacts: Analyst Lexington May, Vice President, Finance & Investor Relations +1 713-909-5629 Email: [email protected] Media Email: [email protected]
Syrian government services come to a 'complete halt' as state workers stay home after rebel takeoverSAN DIEGO , Dec. 5, 2024 /PRNewswire/ -- BSD Builders, Inc. today announced it has received seismic certification from California's OSHPD/HCAi for its state-of-the-art Microgrid Solutions. Developed in partnership with 2G Energy Inc., the BSD Special Seismically Certified (SSC) Microgrid product is set to revolutionize energy resilience and efficiency for all types of buildings. The BSD SSC Microgrid system, consisting of a cogeneration power plant and fuel storage, was initially designed to support California skilled nursing facilities' compliance with California Assembly Bill 2511, which California Governor Gavin Newsom signed into law on September 29, 2022 . This bill requires these facilities to have an alternative power source to protect resident health and safety for at least 96 hours during any type of power outage. This microgrid power solution is a self-contained electrical system that can operate independently from the main power grid. With the seismic certification, it is now available for any type of building that needs uninterruptable power. "At BSD Builders, we're passionate about creating solutions that make a difference in people's lives. We have developed a proprietary solution that not only meets but exceeds California's stringent seismic requirements while providing a reliable and efficient source of power, especially during unexpected power loss or natural disasters," said Jeff Blair , CEO of BSD Builders, Inc. "This solution offers long-term benefits not only by lowering utility costs, it can also help to improve the stability of the regional electric grid and reduce carbon emissions." Key features of the BSD SSC Microgrid Solution include: Continuous Parallel Operation and Island Mode : The system is capable of operating continuously in parallel with utility power, as well as in island mode, providing seamless energy transition and reliability. Reduced Utility Costs: The system can reduce utility costs by managing electrical peak demand, preventing spikes that lead to higher charges, and promoting more efficient energy use. Fuel Versatility : The microgrid can be fueled by various energy sources, including hydrogen, natural gas, compressed natural gas, LNG, biogas, renewable natural gas, propane, and syngas, offering unparalleled flexibility and sustainability. Thermal Energy Recovery : The system includes thermal energy recovery, which provides hot water for the facility and enhances overall energy efficiency. Designed for Natural Disasters: The system is seismically certified (California OSHPD/HCAi OSP-0826) and rated for hurricane wind loads up to 150 mph. "2G Energy is proud to partner with BSD on the BSD SSC Microgrid System designing it for a wide range of applications, providing a reliable and cost-effective energy solution for skilled nursing facilities, hospitals, data centers, pharmaceutical labs, research facilities, cold storage units, data centers, and more," stated Darren Jamison , Managing Director of 2G Energy North America. "The design utilizes proprietary technologies to offer clients reduced utility costs and increased reliability. It is designed for continuous parallel operation with the utility as well as stand-alone island mode," concluded Jamison. For more information about the BSD SSC Microgrid System or to schedule a consultation, please visit bsdbuilders.com. About BSD Builders, Inc . - BSD Builders, Inc. is a leading general contractor specializing in the healthcare industry. Focusing on exceeding industry standards and delivering exceptional value to clients, BSD Builders, Inc. continues to set the benchmark for excellence in the construction and energy sectors. About 2G Energy – 2G Energy is a globally recognized leader in the development and production of combined heat and power (CHP) systems. With a commitment to sustainability and innovation, 2G Energy provides cutting-edge solutions that optimize energy efficiency and environmental performance. View original content to download multimedia: https://www.prnewswire.com/news-releases/bsd-builders-inc-advanced-microgrid-solutions-receives-california-seismic-certification-for-uninterruptible-power-supply-302324334.html SOURCE BSD Builders, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Related Articles Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70US President-elect Donald Trump has threatened to demand control of the Panama Canal be returned to Washington, complaining of “unfair” treatment of American ships and hinting at China’s growing influence. Here are five things to know about the waterway connecting the Pacific and Atlantic oceans. – Panamanian operated – The 80-kilometer (50-mile) interoceanic waterway is operated by the Panama Canal Authority, an autonomous public entity. The Central American nation’s constitution describes the canal as an “inalienable heritage of the Panamanian nation” that is open to vessels “of all nations.” The United States is its main user, accounting for 74 percent of cargo, followed by China with 21 percent. Panama’s government sets the price of tolls based on canal needs and international demand. Rates depends on a vessel’s cargo capacity. “The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power,” Panama’s President Jose Raul Mulino said Sunday as he dismissed Trump’s threat. All vessels, including warships and submarines, are given a Panama Canal pilot. – National history – Panama’s independence from Colombia in 1903 is linked to the canal. Following the failure of French count Ferdinand de Lesseps to open a channel through the isthmus, the United States promoted the separation of the province of Panama and signed a treaty with the nascent country that ceded land and water in perpetuity to build it. After 10 years of construction and an investment of $380 million, the canal was inaugurated on August 15, 1914 with the transit of the steamer Ancon. Some 25,000 deaths from disease and accidents were recorded during its construction. The canal “is part of our history” and “an irreversible achievement,” Mulino said. – American enclave – Washington’s establishment of a “Canal Zone” — an enclave with its own military bases, police and justice system — gave rise to decades of demands by Panamanians to reunify the country and take control of the waterway. In 1977, Panamanian nationalist leader Omar Torrijos and US president Jimmy Carter signed treaties that allowed the canal to be transferred to Panama on December 31, 1999. “Any attempt to reverse this historic achievement not only dishonors our struggle, but is also an insult to the memory of those who made it possible,” former president Martin Torrijos, the general’s son, wrote on social media. Under the treaties, supported by more than 40 countries, the canal is deemed neutral and any ship can pass through. The only conditions are that ships must comply with safety regulations and military vessels from countries at war must not pass through at the same time. – System of locks – Unlike Egypt’s Suez Canal, the Panama Canal operates using freshwater stored in two reservoirs. A drought led to a reduction in the number of transits in 2023, but the situation has since normalized. The canal, which has a system of locks to raise and lower vessels, transformed global shipping. Crafts can travel between the two oceans in about eight hours without having to sail all the way around Cape Horn, the southern tip of the Americas. The canal allows a ship to shave 20,300 kilometers off a journey from New York to San Francisco. – Cash cow – Five percent of world maritime trade passes through the canal, which connects more than 1,900 ports in 170 countries. By the early 21st century, it had become too small, so it was expanded between 2009 and 2016. Today, the canal can accommodate ships up to 366 meters long and 49 meters wide (1,200 feet by 161 feet) — equivalent to almost four football pitches. It generates six percent of Panama’s national economic output and since 2000 has pumped more than $28 billion into state coffers. More than 11,200 ships transited the canal in the last fiscal year carrying 423 million tons of cargo. With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. 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