Daily Business Report: June 28, 2023
Ford finds California lithium
source — the Salton Sea
By Kevin Clemens
Ford Motor Company and EnergySource Minerals are joining the lithium business together. ESM will supply Ford with lithium hydroxide to produce lithium-ion cells for the car company’s electric vehicle line.
The lithium battery materials will be produced at ESM’s Project ATLis facility in Imperial Valley, which should begin operations in 2025. The operation will separate lithium from a geothermal brine resource contained on location from the Salton Sea.
ESM operates the John L. Featherstone Plant, a geothermal power generating facility in the Salton Sea known as Geothermal Resource Area. Hot, pressurized geothermal brine is brought to the surface from production wells. The brine is then cooled slightly, which releases energy in the form of steam — a process called “flashing.”
The steam is then processed and sent to a turbine generator, whih converts the steam’s energy into electricity. The remaining brine is processed to remove mineral solids such as lithium before being reinjected into the ground.
Photo: The John L. Featherstone plant. (Courtesy of ESM)
Illumina announces multiple rounds of layoffs
By Andrew P. Han | genomeweb
Illumina said on Monday that it began another round of layoffs last week with more to come in the third quarter. It will also move out of a satellite campus in San Diego and is mulling options regarding its presence in the San Francisco Bay Area. The firm disclosed the plans in a filing with the US Securities and Exchange Commission, but it did not provide the number of jobs it plans to eliminate.
Illumina also disclosed plans to exit its i3 satellite campus in San Diego. Moreover, the firm is “evaluating its options with respect to” its Bay Area campus in Foster City, California.
Recently departed CEO Francis deSouza mhad worked primarily out of the Bay Area offices.
In its filing, the sequencing firm said the layoffs were part of its plan to trim more than $100 million from its spending this year but noted that it expects severance and related costs of approximately $25 million to $35 million tied to the cuts. They also follow a round of layoffs in late 2022 that saw Illumina cut approximately 500 employees — 5 percent of its global workforce at the time.
JMI Sports bolsters leadership team
JMI Sports,a leading media rights and venue development company announced two key appointments to its multimedia rights leadership team, Senior Vice President Peter Thuresson, and Vice President Adam Donaldson.
Both will report to JMIS Properties President Paul Archey.
Thuresson will lead national brand sales and oversee all Western properties, including San Diego State University and the Mountain West Conference.
He comes to JMI Sports from KORE, where he was head of brand revenue at the sports data and intelligence company
Donaldson will be responsible for JMI Sports’ business development and oversee the company’s Northeast properties, including the University of Pennsylvania, Columbia University, Harvard University, the Atlantic 10 Conference, the Ivy League and the Patriot League.
U.S. Navy helicopter squadrons
return to San Diego
Helicopter Maritime Strike Squadron (HSM) 73 and Helicopter Sea Combat Squadron (HSC) 6 will return to Naval Air Station North Island today after concluding a seven-month deployment to U.S. 3rd and 7th Fleet areas of operations.
Embarked upon the nuclear-powered aircraft carrier USS Nimitz as part of Carrier Air Wing 17, HSM-73 and HSC-6 conducted a multitude of operations in U.S. 7th Fleet including: deterrence and presence operations; multinational exercises; integrated multi-domain training; long-range maritime strike exercises; anti-submarine warfare; information warfare operations and air defense operations.
What you need to know
on the California budget deal
By Sameea Kamal and Alexei Koseff | CalMatters
Just in time for the start of a new fiscal year July 1, Gov. Gavin Newsom and legislative leaders announced Monday night that they have reached a deal on the state budget — a $310 billion spending plan that they say protects core programs and covers a $30 billion-plus deficit without dipping into key reserves.
Despite largely agreeing on the overall structure for weeks, budget negotiations were delayed by the governor’s demands to include a sweeping infrastructure proposal that many lawmakers resisted.The final compromise narrows the types of projects that can take advantage of an expedited approval of permits, leaving out a contentious proposed water conveyance tunnel under the Sacramento-San Joaquin River Delta.
“We are accelerating our global leadership on climate by fast-tracking the clean energy projects that will create cleaner air for generations to come,” Newsom said in a statement.
Senate President Pro Tem Toni Atkins, a San Diego Democrat, said she was “heartened” that the leaders agreed on the infrastructure package, and “in a way that focuses on equity by laying the groundwork to ensure that our most vulnerable communities will be hired first on impactful state infrastructure projects.”
La Jolla Music Society announces
2023-24 55th anniversary winter season
La Jolla Music Society artistic director Leah Rosenthal announced an eclectic lineup of artists and events to celebrate the company’s 55th anniversary winter season opening Oct. 7 continuing through June 2024 at the Conrad Prebys Performing Arts Center in La Jolla.
Two of the artists are Renée Fleming and Herbie Hancock.
In all, the 2023-24 winter season offers 72 events, featuring more than 75 different artists, ensembles, and speakers. Of these, more than 40 are Music Society debuts, with many being San Diego or regional debuts.
As part of the company’s mission to create festival-style events during the winter season, Rosenthal has incorporated a Jazz Piano Mini Festivalto celebrate Jazz Appreciation Month.
The company’s commitment to extending beyond La Jolla and presenting the great artists downtown at off-site venues continues, with four shows held at the Balboa Theatre and two at the Civic Theatre.
Plant Based Foods partners
with Green Spoon Sales
SAN DIEGO — Planet Based Foods, a Company that offers a wide range of hemp-based food alternatives, announced that it will partner with Green Spoon Sales to help stimulate U.S. retail growth. This strategic partnership aims to leverage Green Spoon Sales’ expertise and distribution network to accelerate the presence and availability of the company’s hemp-based food alternatives across the United States, further fueling the company’s growth trajectory.
Cymbiotika’s Inflammatory
Health wins 2023 Mindful Award
SAN DIEGO — Cymbiotika, a leading health and wellness company committed to creating clean, premium nutritional supplements, announced that its product, Inflammatory Health, has been honored as the winner of the prestigious 2023 Mindful Award for Bone and Joint Health Product of the Year. The award recognizes Cymbiotika’s ability to create revolutionary formulas that support bone and joint health and promote overall well-being. Inflammatory Health was launched by Cymbiotika on Jan. 24, 2022.
Trovata and PNC Treasury Management
provide integrated payment processing
SAN DIEGO — Trovata, a global leader in bank APIs and cash management, announced an expanded working relationship with PNC Treasury Management to provide joint customers with integrated payment processing capabilities. The newly enhanced relationship enables PNC’s and Trovata’s business clients to make transfers and send payments via ACH, wire and RTP, using API integrations, thus eliminating the need for a third-party intermediary.
School District launches districtwide
Safety and Security Committee
EL CAJON —The Cajon Valley Union School District launched a districtwide Safety and Security Committee Tuesday. The Cajon Valley School Board authorized a contract with
Educators Cooperative to assist the district in facilitating a districtwide Campus Safety and Security Committee towards the goal of addressing concerns, gathering input, and updating the CVUSD Safety Plan. More detailed information is on the district’s Campus Safety Home Page.
ShowingTime+ launches new
listing experience on Zillow
SAN DIEGO — ShowingTime+ has introduces Listing Showcase, an immersive, AI-powered experience only available on Zillow, which helps listing agents like those in San Diego showcase their brand and listings. “Being a part of Listing Showcase is like having an online billboard for our brand and business,” said Hedda Parashos, CEO of Palisade Realty in San Diego. “From 3D tours to drone photography, the Listing Showcase experience is truly unique and will make our clients’ homes stand out from anything else on the market.”
Play celebrity for a day at SeaWorld
SAN DIEGO — SeaWorld today launched its reimagined, exclusive “Ultimate VIP Tour” at parks across the country, including SeaWorld San Diego. The private VIP Tour allows guests the opportunity to feel like a celebrity for a day with a highly tailored experience. The Tour blends luxurious convenience and exclusivity, with personal VIP Tour guides for each tour armed with expert knowledge of the parks, opening doors to once-in-a-lifetime animal encounters with unprecedented access to enriching marine conservation education where the wonders and curiosity of the sea are explored firsthand.
San Diego’s Jetty Extracts
expands into Colorado
SAN DIEGO — Jetty Extracts, a San Diego-based producer of high-quality cannabis extracts and pioneer of clean vape technology, celebrates its 10th anniversary by expanding its award-winning Solventless product collection into its third U.S. market — Colorado. Jetty disrupts the legacy market as one of the only brands to offer a high-quality, flavorful one-gram Live Rosin Vape devoid of fillers and cutting agents.
VECTA Corporation secures major investments
SAN DIEGO — VECTA Corporation has closed another funding round led by Tech Square Ventures and a syndicate of new and existing investors, such as the leading climate fund Volo Earth, Worley, and Cove Fund. As part of the financing, Bill Nussey, partner at Tech Square Ventures, Engage author and Freeing Energy podcast host, will join VECTA’s Board of Directors.
Prebys Foundation awards $8.1 million
in grants to 18 local clinics
SAN DIEGO — The Conrad Prebys Foundation announced its first set of grants to 18 clinics across the region, totaling $8.1 million as part of the Strengthening Health Access, Resources, and Excellence (SHARE) Initiative. The Foundation launched the SHARE Initiative in April, which will provide two-year, unrestricted grants of up to $250,000 per year to health clinics that effectively serve communities needing improved health services – especially Indigenous, immigrant, and border residents. List of grants
ATX showcases expanded
edge compute capabilities
SAN DIEGO — ATX Networks, a global leader in broadband access and media distribution solutions, will demonstrate multiple uses and applications for the Visium MD edge compute platform at HITEC, the hospitality industry’s annual exhibition and conference that takes place in Toronto June 26-29. Adding new functionality to the Visium MD, a market-leading commercial video services gateway, expands the number and range of services that communications service providers can offer their business customers.
