Latest news with #MSR
Business Wire
2 days ago
- Business
- Business Wire
TWO Announces Second Quarter 2025 Common and Preferred Stock Dividends
NEW YORK--(BUSINESS WIRE)-- TWO (Two Harbors Investment Corp, NYSE: TWO), an MSR-focused REIT, today declared a dividend of $0.39 per share of common stock for the second quarter of 2025. The second quarter dividend is payable on July 29, 2025 to common stockholders of record at the close of business on July 3, 2025. The common stock dividend is a function of several factors, including sustainability, earnings and return potential of the portfolio, taxable income, impact to book value and the market environment. "We remain tremendously excited about the opportunities available for mortgage companies like TWO, and our paired strategy of MSR and MBS specifically." Share 'The 13% reduction in the dividend this quarter is consistent with the reduction in our book value resulting from the contingency accrual of $198.9 million that we have deemed probable and estimable in connection with the ongoing litigation related to our internalization in 2020. The reduced dividend reflects our projected static returns in future quarters as we adjust our portfolio in light of this accrual,' stated Bill Greenberg, TWO's President and Chief Executive Officer. 'While this litigation remains ongoing and involves claims unrelated to the accrual that are not yet probable or estimable, we think lowering the dividend on a pro rata basis at this time is a prudent action and positions us to take advantage of future market opportunities. Most importantly, this dividend reduction does not reflect our positive momentum, and we remain tremendously excited about the opportunities available for mortgage companies like TWO, and our paired strategy of MSR and MBS specifically.' TWO also declared today the following preferred stock dividends for the second quarter of 2025: (1) The Series C Cumulative Redeemable Preferred Stock accrue dividends at a floating rate, as determined on each dividend determination date, equal to the Three-Month CME Term SOFR plus 0.26161% plus 5.011%. The Series A, Series B and Series C preferred dividends are payable on July 28, 2025 to the applicable preferred stockholders of record at the close of business on July 11, 2025. About TWO TWO (Two Harbors Investment Corp., NYSE: TWO), a Maryland corporation, is a real estate investment trust that invests in mortgage servicing rights, residential mortgage-backed securities and other financial assets. TWO is headquartered in St. Louis Park, MN. Additional Information Stockholders of TWO and other interested persons may find additional information regarding the company at at the Securities and Exchange Commission's internet site at or by directing requests to: TWO, 1601 Utica Avenue South, Suite 900, St. Louis Park, MN 55416, (612) 453-4100.
Yahoo
3 days ago
- Science
- Yahoo
China completes monumental task using declassified US documents: 'We mastered every technique in the literature — then pushed further'
Scientists in China have achieved a major milestone in clean energy generation. According to Interesting Engineering, scientists from the Chinese Academy of Sciences have built the world's first working thorium molten salt reactor (MSR). The big breakthrough came when they successfully loaded fresh fuel into the working reactor. Up to this point, uranium has been used in nuclear power. The use of uranium creates long-lived nuclear waste that's not only highly radioactive, but it can also be used to manufacture some of the most dangerous weapons on the planet. Besides that, if something goes wrong at a nuclear facility, the results can be catastrophic. Thorium, on the other hand, creates less nuclear waste that's less radioactive, has a shorter lifespan, and is more difficult to weaponize. MSRs are also safer because the molten salt acts as a coolant. On top of that, thorium is incredibly abundant. Construction on the reactor in the Gobi Desert, which has a two megawatt output, began in 2018, but research started decades earlier halfway around the world. American researchers built and tested MSRs in the 1960s but moved on to focus on uranium-based technology. The research was made public, and that's where the Chinese researchers took on the mantle. Xu Hongjie, the chief scientist on the project, and his team studied the American research and recreated the old experiments before further developing the technology. "We mastered every technique in the literature — then pushed further," Xu said. Fission technology, which thorium MSR uses, is a cheaper way to generate energy compared to sources like coal and natural gas — savings that would presumably be passed on to consumers. It also doesn't release planet-warming pollution like those dirty energy sources. China is already in the process of building a much larger thorium MSR that will generate 10 megawatts. It's scheduled to be operational by 2030. But it's not stopping there. China has announced plans to manufacture container ships that will be powered by thorium, as well, which will go a long way toward reducing the country's carbon pollution output. Chinese container ships, domestic and international, are responsible for nearly 80 million tons of carbon pollution annually. These are just a couple of examples of how China is diversifying its clean energy infrastructure. It's currently the world leader in clean energy development. China recently unveiled the world's largest floating wind turbine and plans to build an even bigger one. China also boasts the world's two largest solar farms, with another even larger solar farm currently in development. The easiest way for consumers to take advantage of clean energy tech is to install solar panels. In the U.S., EnergySage provides a free service that allows consumers to compare quotes from local installers and potentially save thousands of dollars. Should the U.S. invest more in battery innovations? Absolutely Depends on the project We're investing enough We should invest less Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Ottawa Citizen
12-06-2025
- Business
- Ottawa Citizen
Ottawa council votes to support new battery facility
Article content A motion on Wednesday from Kanata North Coun. Cathy Curry called for proponents of the South March BESS facility to 'provide proof of municipal support to the IESO prior to Jan. 26, 2026 in order for the project proponents to meet their contractual obligations with the IESO and for the project to proceed… given the long history of this project it is appropriate for council to provide certainty to the proponents of the South March BESS facility now as to whether they will meet their contractual requirements with the IESO.' Article content Curry's motion said key economic sectors rely on 'predictable and consistent access to energy,' and a rejection of the MSR for the South March BESS 'could result in a loss of hundreds of millions of dollars of direct and indirect investment in Ottawa.' Article content The province, the IESO and local hydro utilities have 'recognized and affirmed the critical role that battery energy storage systems will play in ensuring energy certainty and reliability as electricity demands in the Ottawa region will continue to exponentially grow over the next 20 years,' Curry said. Article content Article content BESS systems 'are essential to meeting the growing electricity demands of both the city of Ottawa and the province as new infrastructure is built and transition to a more resilient low-carbon energy future,' the motion stated. Article content If the project moves ahead, the South March BESS would reside in the West Carleton ward, and Kelly said council rejected a similar proposal for Fitzroy Harbour over the 'same concerns I'm hearing today.' Article content 'The community most impacted by this installation has reached out in overwhelming numbers to demonstrate they remain uncomfortable with what is being proposed and where it is being proposed, and not one single other municipality in Ontario has been put in this position we find ourselves in today,' Kelly said. Article content 'My community is not a bunch of NIMBYs or rural residents who are resistant to change. We understand that for a multitude of reasons we must diversify our sources of energy and strengthen our grid with technologies such as battery energy storage.' Article content Article content Kelly cited the concerns raised at last week's committee meeting over 'fire and emergency response location, well water contamination and some deep disappointment in the consultation process.' Article content Kelly said many of his constituents feel 'like their voice doesn't matter and that the consultation process is meaningless.' Article content Mayor Mark Sutcliffe acknowledged the provincial initiative puts the city in an 'uncomfortable' position. Article content 'This is a provincial jurisdiction, the provincial government provides the opportunity for a municipal support resolution, but the provincial government also makes it clear that it wants to see these kinds of projects go ahead,' Sutcliffe said. 'So it puts us in an uncomfortable position of having to be a part of a process over which we don't have the ultimate jurisdiction.'
Canada Standard
12-06-2025
- Business
- Canada Standard
Update: Ottawa City Council Backs Rural West Battery Project on 20-3 Vote
A proposed 250-megawatt battery storage installation in Ottawa's rural west won a resounding vote of confidence Wednesday as Ottawa City Council approved a municipal support resolution (MSR) for the project on a 20-3 vote. Just six days earlier, the city's Agriculture and Rural Affairs Committee (ARAC) had unanimously rejected the Marchurst Battery Energy Storage System (BESS). But after that vote, The Energy Mix reported exclusively that project supporters expected a closer margin at council-with the possibility that at least two ARAC members would change their votes. In the end, that's exactly what happened, with only ward councillor Clarke Kelly (West Carleton-March), ARAC Chair David Brown (Rideau-Jock), and councillor Wilson Lo (Barrhaven East) voting against, CTV reports. "Energy is the new gold," said councillor Cathy Curry (Kanata North), who moved the motion in favour of the MSR. Curry cited the city's light rail expansion, acquisition of electric buses, and moves to electrify its own vehicle fleet as factors driving up local demand for electricity. The motion stressed that an MSR is "not a planning approval, and if approved would not commit Council to any future land use decisions with respect to the facility," CTV writes. In a statement, Gatineau, Quebec-based Evolugen, the subsidiary of Brookfield Asset Management that proposed the project, called the MSR approval "a significant milestone for the project" and acknowledged the "thoughtful engagement and consideration demonstrated by council and staff throughout this process." View our latest digests Evolugen already had a contract from Ontario's Independent Electricity System Operator to build the project on a 4.5-hectare site, about 30 kilometres west of downtown Ottawa, conditional on an MSR from the city. After the vote, the company pledged to "continue working closely with city staff, local residents, the public at large, and other stakeholders to ensure transparency and collaboration as the project moves forward." On Wednesday, Kelly said the voices of Ottawa's rural residents were being ignored, CTV writes. "The community most impacted by this installation has reached out in overwhelming numbers to demonstrate they remain uncomfortable with what is being proposed and where it is being proposed," he said. "If West Carleton was its own municipality, this project would not get an MSR for this location." But at least two ARAC members with large numbers of rural constituents changed their votes at council, after initially opposing the municipal support resolution in committee. At the 10-hour ARAC meeting last Thursday, councillors heard 68 public delegations before denying official backing for the project, CBC reported. But while the ARAC vote "was unanimous at face value," some committee members were "very conflicted", a committee observer told The Mix , with one councillor comparing the introduction of battery storage to the arrival of the motor car in a horse and buggy community. "I believe that BESS is a good technology, and this, on its merits, may actually be a good project," said Councillor Matthew Luloff (Orleans East-Cumberland), according to a segment of an unofficial meeting transcript viewed by The Energy Mix . While Luloff said his committee vote was meant to respect Kelly's wishes, as a vehemently opponent of the project in his ward, "I reserve the right to make my own decision at Council, where this matter will come forward again for further discussion." Luloff added: "I will be taking the lessons I learned here today at that vote. Let this also be a lesson on consultation, it is not a box to be checked but a fundamental part of decision-making. Community education is incredibly important, and we must continue to do better... in how we inform." After the ARAC vote, Angela Keller-Herzog, executive director of Community Action for Environmental Sustainability (CAFES), said the community adjacent to the Marchurst site "needs to come together" in order to negotiate with Evolugen for local benefits from the project. But at the moment, "avowed opponents... distrust information offered up by the project proponent company," she wrote in an email. "The anti-BESS group is talking about 'raising pitchforks' and the local Facebook group ejects anyone who has positive things to say about the project." [Disclosure: CAFES is a partner of the Green Resilience Project , a joint community listening effort hosted by Energy Mix Productions and the Basic Income Canada Network.] The Energy Mix could not verify the content of the private West Carleton BESS Facebook group. Courtney Argue, a leading project opponent who lives about 400 metres from the site, said "it really depends" how visitors are treated when they join the group. "People get deleted if they are being disruptive or we have a suspicion that they have ties to Evolugen or their potential or confirmed partners," she told The Mix in an email. "You try your best. Sometimes you get it right and sometimes you get it wrong." As for the comment about pitchforks, "we hold our pitchforks in our hearts when it comes to protecting our land, wildlife, and way of life," Argue wrote. "Rural folk are not violent folk. We handle things together. We show up in the masses at town halls, we help neighbours. In this fight, we cannot leave any stone unturned." While the group is meeting neighbours who support sustainable energy solutions-Argue said she'd "love to add solar to our farm to help sustain our operations"-she maintained that most of the people she's heard from oppose the BESS project. Keller-Herzog said the local community newspaper, West Carleton Online, which has covered the issue extensively over the last two years, recently estimated that "the community was pretty evenly split but that the anti-BESS voices consistently tried to present a picture as everybody against." In spite of the furor and the "significant coverage" it has received, "there is probably a majority of busy working families that are not tuned in to the local news and have no engagement on the issue," she said. "The real problem? Our community lacks a calm and credible space to talk things through," Keller-Herzog wrote in a mid-May opinion piece for West Carleton Online. "Many thoughtful West Carleton residents, who might offer balance or ask good questions, have simply gone silent, understandably reluctant to wade into a conversation that has become conflictive and dominated by a few loud voices." Prior to Wednesday's vote, she said Evolugen "now appears hesitant to engage further, perhaps understandably, given how strident the misinformation has become." Yet there are "other BESS conversations that affirm of course residents and businesses in Ottawa want the lights to stay on, want the grid to be stable, want power to be affordable, want the jobs, investment, taxes paid and local community benefits from a safe, non-polluting energy infrastructure solution." In an email Tuesday morning, Evolugen's Canadian head of development, Geoff Wright, told The Mix the company is "eager to move to the next phase of the development approvals process and submit our application for a fair and robust technical evaluation by city and provincial staff. We believe that review by independent, qualified experts will provide the comfort that residents are looking for, while taking into account the benefits that this infrastructure provides for the city, region and province. Source: The Energy Mix
Ottawa Citizen
11-06-2025
- Business
- Ottawa Citizen
Dunrobin resident finds prior 'misconduct' by engineer on new battery project
An engineer who presented safety data about battery energy storage systems to the city's Agricultural and Rural Affairs Committee last week had his registration with a professional body yanked in February after he 'admitted that he demonstrated professional misconduct.' Article content Stephen Ramsay, an engineer with a PhD from Cambridge University, spoke to the committee on June 5. He was one of 60-plus speakers with a five-minute time slot to address a controversial proposal to build a six-hectare battery energy storage system (BESS) facility on Marchurst Road near Dunrobin. Article content Article content Article content Brookfield Renewable Power Inc., through Evolugen, a Canadian company, was seeking a Municipal Support Resolution (MSR), an instrument introduced by the provincial government to gauge a municipality's interest in building new energy projects. Article content Article content BESSes are needed as Ontario grapples with increased demand for energy, say proponents of the $650 million project. But one of the most contentious issues around BESSes, which use lithium-ion batteries to store electricity during off-peak periods in order to release it during peak demand periods, is the possibility of fire. Article content Ramsay told the committee he was speaking on the scope of the work that was done by Calvin Consulting in support of the Evolugen application. Article content 'We were responsible for modelling the consequences of potential fires from the BESS facility and the consequences in terms of the emission of hazardous gasses, particularly focusing on hydrogen fluoride,' said Ramsay. Article content Article content BESS Systems have transitioned to ones that use the LFP chemistry, which is used in the current application, he said. (LFP batteries are also known as lithium iron phosphate batteries.) Article content Article content 'This is a process which has occurred over many years during which we have been actively involved in this aspect of BESS projects,' Ramsay told the committee. 'The motivation for this, of course, was to try to improve the safety by reducing the incidences of thermal runaway and the consequences resulting from fires.' Article content In response to questions from Orléans East-Cumberland Ward Coun. Matt Luloff asking him to simplify his comments, Ramsay responded: 'Basically what we're saying is that as we've changed from the old chemistry, which seemed to be essentially inherently dangerous, to the one which is LFP, which we are beginning to see is much, much safer.'
