#Mercom Capital Group

[map-solar-group]

Corporate Funding for Battery Energy Storage Companies Was Up 136% at $6.6 Billion in 2020

Corporate Funding for Battery Energy Storage Companies Was Up 136% at $6.6 Billion in 2020

Total corporate funding (including venture capital funding, public market, and debt financing) for the battery storage, smart grid, and energy efficiency sectors in 2020 was up 112% at $8.1 billion in 2020 from $3.8 billion in the previous year, according to Mercom Capital Group’s latest report. Meanwhile, global venture capital (VC) funding (venture capital, private equity, and corporate venture…

[climatesamurai]

Solar sector sees huge drop in corporate funding in H1 2020 to USD 462 mn: Report

#Solar sector sees huge drop in #CorporateFunding in H1 2020 to USD 462 mn: Report #ClimateSamurai #Solar #SolarEnergy #SolarPower

Total corporate funding in India’s solar energy sector dropped 76 per cent to USD 462 million (about Rs 3,474 crore) in the first half of 2020, a report said. Corporate funding includes venture capital funding, public market, and debt financing.

As per the report by Mercom Capital Group, a global clean energy communications and consulting firm, total worldwide corporate funding in the solar…

[nasiknews]

Funding and M&A Roundup: Solar System Recycling Platform SOLARCYCLE Raises $6.6 Million

Funding and M&A Roundup: Solar System Recycling Platform SOLARCYCLE Raises $6.6 Million

From: Mercom Capital Group SOLARCYCLE, a tech-driven solar system recycling platform, has raised $6.6 million in growth funding from renewable energy investors, including SolarCity founders Peter and Lyndon Rive, former CEO/CTO of Sunpower Corporation Systems Tom Dinwoodie, Urban Innovation Fund, and Closed Loop Partners. Bluefield Solar Income Fund, which focuses on acquiring and managing…

[yesterdaysdreams]

Report: India’s solar installations more than tripled in 2021

India added 2,835 MW of solar in the third quarter of 2021, up 14% compared to 2,488 MW installed in the second quarter. Year-over-year installations rose 547%, according to a new report by Mercom India Research.

In the first nine months of 2021, India added more than 7.4 GW of solar, a 335% increase compared to the 1.73 GW installed in the same period in 2020.

Increased raw materials costs, “severe volatility” in module availability and price, curtailment of power in several Indian states, and high freight charges all added to difficulties for project developers, the report said.

Newly installed power capacity additions in India in the first nine months of 2021 (Source: Mercom India Research).

“Despite supply challenges, the Indian solar market is headed towards one of best years on record,” said Raj Prabhu, CEO of Mercom Capital Group. He said he expects a strong 2022 despite continued high prices for components and uncertainties surrounding a transmission issue in Rajasthan.

The report said there was a steep rise in the average selling prices of solar modules during the third quarter. Prices of mono PERC modules rose more than 15% from the second to the third quarter, with supply constraints occurring after major manufacturers started cutting output in China. Freight charges peaked at around $9,000 per container in the quarter.

The report said that manufacturing capacity ramp-up continued at a “brisk pace” as domestic producers look to take advantage of the 40% basic customs duty scheduled to be imposed beginning in April 2022. In the second quarter of next year, Prabhu said he expects to see procurement strategies starting to “change drastically as imports become expensive.”

According to the report, module prices have increased for six consecutive quarters, a trend not seen in the past 10 years.

The third quarter also recorded the largest quarter-over-quarter increase in large-scale system costs, which grew by more than 10% due to increased raw material and component prices.

Rajasthan is now the top solar state in India in terms of cumulative installed capacity, overtaking Karnataka, which had held the position since 2018 according to data from the report. As of September, the top 10 states accounted for about 96% of the country’s cumulative large-scale solar installations.

Rajasthan has been the top solar installer for three consecutive quarters by contributing about 63% of the total large-scale solar installations in the country this quarter, followed by Gujarat with 19%.

According to the report, India added close to 11.6 GW of power capacity during the first nine months of the year. Solar dominated capacity additions, accounting for close to 60%, followed by thermal power, which contributed 21%. Renewables (including large hydro) made up 79% of total power capacity additions.

from https://ift.tt/3oCRZDO

[koliasa]

Solar Investment Activity Boomed in H1 2021

https://koliasa.com/solar-investment-activity-boomed-in-h1-2021/ Solar Investment Activity Boomed in H1 2021 - https://koliasa.com/solar-investment-activity-boomed-in-h1-2021/ Mercom Capital Group’s second-quarter/first-half 2021 report on funding and ...

[climatesamurai]

India to add just 5000 MW solar capacity in 2020: Mercom

#India to add just 5000 MW #SolarCapacity in 2020: #Mercom #ClimateSamurai #Solar #SolarIndia #SolarEnergy #Solar

A recent report from Mercom India notes that -with project timelines getting extended due to the COVID-19 pandemic, India is expected to add only 5,000 MW of solar capacity in 2020, nearly 32 per cent lower than last year.

India added 1,080 MW solar capacity in the first quarter of 2020, which is the lowest in a quarter since October-December (Q4) 2016, industry tracker Mercom said in a report.

[solarliving]

5 largest solar VC deals so far in 2021

Follow @EngelsAngle <p>Corporate funding of the solar industry -- including venture capital, public market, and debt financing -- increased 190% globally through the third quarter of 2021, <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noreferrer noopener">according to new analysis by Mercom Capital Group. <p>The report details 112 deals worth $22.8 billion in total corporate funding in the first nine months of 2021. There were 72 deals worth $7.9 billion over the same period last year. <hr class="wp-block-separator is-style-wide"/> <p><strong><em>Read more: <a href="https://www.renewableenergyworld.com/solar/10-largest-solar-projects-completed-in-the-u-s-so-far-in-2021/" target="_blank" rel="noreferrer noopener">10 largest solar projects completed in the U.S. so far in 2021 <hr class="wp-block-separator is-style-wide"/> <p>"This will end up as one of the best years for solar financing since 2010," said Mercom Capital Group CEO Raj Prabhu. "As the push toward the energy transition picks up speed worldwide, solar – one of the mature renewable energy resources – is benefitting enormously. Solar project acquisitions in the first nine months of 2021 have already surpassed all of 2020." <div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" src="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25.png" alt="" class="wp-image-322505" width="578" height="456" srcset="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25.png 399w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-300x237.png 300w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-253x200.png 253w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-200x158.png 200w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-100x79.png 100w" sizes="(max-width: 578px) 100vw, 578px" /> <p>Global VC funding of solar decreased slightly in Q3, but is up 224% year-over-year with $593 million across 13 deals. <h2>5 largest solar VC deals through Q3 2021 <p>5. <meta charset="utf-8">Fourth Partner Energy $125 million <p>4. Intersect Power $127 million <p>3. Nexamp $240 million <p>2. <meta charset="utf-8">Aurora Solar $250 million <p>1. Loanpal $800 million <div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" src="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24.png" alt="" class="wp-image-322504" width="684" height="495" srcset="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24.png 514w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-300x218.png 300w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-276x200.png 276w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-200x145.png 200w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-100x73.png 100w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-324x235.png 324w" sizes="(max-width: 684px) 100vw, 684px" /> <p>Public market financing of the solar sector also increased through the first nine months of 2021: $6.3 billion across 23 deals compared to $2 billion in 10 deals over the same period last year. There were seven IPO and SPAC deals announced in 9M 2021, according to Mercom. <p><strong><a href="https://www.renewableenergyworld.com/newsletters-2/" target="_blank" rel="noreferrer noopener">Subscribe to Renewable Energy World’s free, weekly newsletter for more stories like this from Renewable Energy World https://ift.tt/3DNzIsb via <a href="http://milleniumseo.com/">Solar Energy Marketing Blog

[the-breakfast-chub]

5 largest solar VC deals so far in 2021

Follow @EngelsAngle <p>Corporate funding of the solar industry -- including venture capital, public market, and debt financing -- increased 190% globally through the third quarter of 2021, <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noreferrer noopener">according to new analysis by Mercom Capital Group. <p>The report details 112 deals worth $22.8 billion in total corporate funding in the first nine months of 2021. There were 72 deals worth $7.9 billion over the same period last year. <hr class="wp-block-separator is-style-wide"/> <p><strong><em>Read more: <a href="https://www.renewableenergyworld.com/solar/10-largest-solar-projects-completed-in-the-u-s-so-far-in-2021/" target="_blank" rel="noreferrer noopener">10 largest solar projects completed in the U.S. so far in 2021 <hr class="wp-block-separator is-style-wide"/> <p>"This will end up as one of the best years for solar financing since 2010," said Mercom Capital Group CEO Raj Prabhu. "As the push toward the energy transition picks up speed worldwide, solar – one of the mature renewable energy resources – is benefitting enormously. Solar project acquisitions in the first nine months of 2021 have already surpassed all of 2020." <div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" src="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25.png" alt="" class="wp-image-322505" width="578" height="456" srcset="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25.png 399w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-300x237.png 300w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-253x200.png 253w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-200x158.png 200w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-25-100x79.png 100w" sizes="(max-width: 578px) 100vw, 578px" /> <p>Global VC funding of solar decreased slightly in Q3, but is up 224% year-over-year with $593 million across 13 deals. <h2>5 largest solar VC deals through Q3 2021 <p>5. <meta charset="utf-8">Fourth Partner Energy $125 million <p>4. Intersect Power $127 million <p>3. Nexamp $240 million <p>2. <meta charset="utf-8">Aurora Solar $250 million <p>1. Loanpal $800 million <div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" src="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24.png" alt="" class="wp-image-322504" width="684" height="495" srcset="https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24.png 514w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-300x218.png 300w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-276x200.png 276w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-200x145.png 200w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-100x73.png 100w, https://images.renewableenergyworld.com/wp-content/uploads/2021/10/image-24-324x235.png 324w" sizes="(max-width: 684px) 100vw, 684px" /> <p>Public market financing of the solar sector also increased through the first nine months of 2021: $6.3 billion across 23 deals compared to $2 billion in 10 deals over the same period last year. There were seven IPO and SPAC deals announced in 9M 2021, according to Mercom. <p><strong><a href="https://www.renewableenergyworld.com/newsletters-2/" target="_blank" rel="noreferrer noopener">Subscribe to Renewable Energy World’s free, weekly newsletter for more stories like this from https://ift.tt/3DNzIsb

[climatesamurai]

India added 7.3GW of solar power across the country in 2019: Report

#India added 7.3GW of #SolarPower across the country in 2019: Report #ClimateSamurai #RaysPowerExperts #CleanMaxSolar #SolarNews #SolarIndia #RenewableEnergy

According to a recent report India installed 7.3 gigawatt (GW) of solar power across the country in 2019 (CY19), consolidating its position as the third-largest solar market in the world.

India also had a robust pipeline of utility-scale under-development projects of 23.7 GW capacity by the end of CY19, with 31.5 GW capacity tenders pending under auctions, added the report.

“The solar…

[moneycafe]

Corporate funding to solar sector grew 24% globally in 2020: Mercom Capital

Corporate funding to solar sector grew 24% globally in 2020: Mercom Capital

In 2020, announced debt financing came to $8.3 billion, a 6.4% increase year on year. Corporate funding to the solar sector globally, including venture capital (VC) private equity (PE) debt financing, and public market financing, totalled $14.5 billion in 2020 — a 24% increase compared to $11.7 billion in 2019, a Mercom Capital Group report said. The clean energy communication and consulting firm…

[vivanls]

New Post has been published on Vivan Life Sciences

New Post has been published on https://www.blog.vivanls.com/solar-energy-making-pharma-industry-greener/

Solar Energy making Pharma Industry Greener !

Adoption of solar energy can be a game-changer for the pharma sector, however, only proper implementation will bring in the desired results.

The pharmaceutical sector in India is one of the largest producers of generic drugs in the world, however, it also happens to be a major contributor to pollution in and around areas where the facilities are located.

As Raj Prabhu, CEO, Mercom Capital Group informs, “Power costs and unreliable power supply are some of the biggest challenges for industries in India, for pharma. Also, the power consumed today by the industry is mostly from dirty polluting coal.”

Many pharma companies have taken to adopting renewable forms of energy, especially solar to curb pollution and bring in more savings.

And, as the industry wakes up to the role of sustainability in business strategies as well, solar energy has emerged as a good alternative to thermal power resources.

In the pharma sector, all the processes are power intensive. So, it requires uninterrupted and extensive energy flow in the manufacturing units for the production process. Solar energy can provide both. It can be used in various applications such as blending, granulation, milling, coating, tablet pressing, filling, water heating etc. At the same time, it is a power resource which is more cost-efficient and resource-efficient in the long run. Also, installing solar panels has led to the conservation of electricity bills and hence some relief to the balance sheet. Moreover, it also helps to become a more environment-conscious organisation. However, there is a need to build consumer awareness about the technology, raise understanding about its economics and its right usage. The pharma sector can garner a lot of benefits provided they understand its utility. Lastly, government subsidies can help pharma companies adopt this green energy and reduce pollution to a significant extent.

Reference: Express Pharma

[olgagarmash]

Innovaccer Inc.’s Series D funding round has propelled it to unicorn status.

The healthcare technology company gained $105 million in its latest funding round, which pushed its valuation to $1.3 billion. The total investment in the company jumped to $225 million, up from $120 million at the end of its Series C round last February.

Tiger Global Management led the new financing round, which also included existing investors Steadview Capital, Dragoneer and M12 — Microsoft’s Venture Fund — and new investor OMERS Growth Equity.

The company offers a proprietary Data Activation Platform that connects healthcare data across systems and settings. With the new funds, it plans to add to its product suite.

The company will launch the Innovaccer Health Cloud, a platform that is designed to help healthcare organizations gain a unified view of the patient, said Abhinav Shashank, co-founder and CEO of Innovaccer, in an email.

The cloud platform aggregates and normalizes data from disparate healthcare systems, including EHR, lab, claims and pharmacy systems.

“Without a complete patient picture, gaps in care, gaps in communication, medication use, referrals for additional services and follow-up appointments can fall to the wayside, which in turn can lead to poor clinical outcomes and negative patient experiences,” said Shashank.

Further, the platform includes an application suite with services and tools that enable healthcare organizations and third-party developers to create interoperable apps that leverage patient records.

“Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology,” said John Curtius, a partner at Tiger Global, in a news release. “Innovaccer is poised to capture a disproportionate share of spending as customers leverage its platform to unify the patient experience, move more of their IT to the cloud, and focus on orchestrating improved clinical and business processes.”

Competition in the healthcare data analytics market is fierce — especially given the popularity of the market, which drew $1.8 billion in funding in 2020, according to a report from Mercom Capital Group.

But Innovaccer’s solutions often complement, rather than compete with, the other systems a provider, payer or life sciences company may already be using, said Shashank.

For example, the Innovaccer Health Cloud “provides a unified data fabric that sits on top of other systems of record,” he said. It is also complementary to horizontal clouds like Amazon Web Services and Microsoft Azure.

Innovaccer joins the approximately 30 other healthcare technology unicorns in the United States, including insurtech startup Sidecar Health, which became a part of the unicorn club in January.

Picture: Feodora Chiosea, Getty Images

via Wealth Health

[electric-car-parts-company]

We live in a highly electrified world, one that is only expanding on the penetration of electrification. It should come as no surprise then, that in an electric world, the value of #batteries and their vast potential cannot be understated.

Investors are taking notice of the potential of batteries too, a fact outlined by the Mercom Capital Group, which has released its H1 and Q2 2019 Funding and M&A report on #batterystorage, smart grid, and efficiency.

The focus is really on battery storage, with VC funding in Battery Storage companies hitting an insane growth of 139%. This 139% represents $1.4 billion over 17 deals compared to the $543 million over 30 deals in 1H 2018.

#LithiumBatteries #EnergyStorage

https://pv-magazine-usa.com/2019/07/25/the-billion-dollar-battery-boom-renewable-energys-hottest-new-investment/

[pharmaphorumuk]

Digital pharmacy MYRX365 buys RealTime Clinic

MYRX365, a technology-based pharmacy company, has bought RealTime Clinic to gain access to its set of digital patient management tools.

Based in New York, MYRX365 uses consumer data and pharmacy technology to improve adherence and patient engagement for prescription drugs.

It aims to link patients, providers and pharmacies, putting patients in charge of their prescription management.

MYRX365 has an automated suite of software and fulfilment tools, and serves patients 365 days a year backed by delivery teams, and a single place of storage for patients’ health and medication histories.

RealTime Clinic offers both physician and patient-centred engagement tools designed to improve health outcomes.

Its technology platform enables patients to gather information by connecting existing devices, activity trackers, and other health related apps to their personal dashboards to track and assess progress, and access medical records and clinical notes.

Mohammad Ali, MYRX365’s CEO, said: “At MYRX365 we are singularly focused on improving access to medication and health information for all, while we manage costs and help our patients better their lives through actionable data.”

Nehal Swami, RealTime Clinic’s CEO, said: “We look forward to building upon the vision set forth by MYRX365 to bring patients, physicians and pharmacy together to improve adherence and health outcomes.”

No financial details were disclosed.

RealTime Clinic is part of the StartUp Health Academy, which began in 2011 as a 25-year programme to achieve a range of health “moonshots”.

These include access to care, cost to zero, ending cancer, ending addiction, brain health, and mental health and happiness.

The programme is backed by notable investors such as Chiesi Group, Esther Dyson, Brad Feld, Kaiser Permanente Ventures, Masimo, Novartis, Otsuka, Ping An Group, and SeventySix Capita.

StartUp Health has the world’s largest digital health portfolio with more than 280 companies spanning six continents and 23 countries.

News of this latest M&A activity follows figures from Mercom Capital Health earlier this month, that showed digital health acquisitions almost ground to a halt in Q1.

The post Digital pharmacy MYRX365 buys RealTime Clinic appeared first on Pharmaphorum.

from Pharmaphorum https://pharmaphorum.com/news/digital-pharmacy-myrx365-buys-realtime-clinic/

[un-enfant-immature]

Startups Weekly: Zoom CEO says its stock price is ‘too high’

When Zoom hit the public markets Thursday, its IPO pop, a whopping 81 percent, floored everyone, including its own chief executive officer, Eric Yuan.

Yuan became a billionaire this week when his video conferencing business went public. He told Bloomberg that he actually wished his stock hadn’t soared quite so high. I’m guessing his modesty and laser focus attracted Wall Street to his stock; well, that, and the fact that his business is actually profitable. He is, this week proved, not your average tech CEO.

I chatted with him briefly on listing day. Here’s what he had to say.

“I think the future is so bright and the stock price will follow our execution. Our philosophy remains the same even now that we’ve become a public company. The philosophy, first of all, is you have to focus on execution, but how do you do that? For me as a CEO, my number one role is to make sure Zoom customers are happy. Our market is growing and if our customers are happy they are going to pay for our service. I don’t think anything will change after the IPO. We will probably have a much better brand because we are a public company now, it’s a new milestone.”

“The dream is coming true,” he added. 

For the most part, it sounded like Yuan just wants to get back to work.

Want more TechCrunch newsletters? Sign up here. Otherwise, on to other news…

  IPO corner

You thought I was done with IPO talk? No, definitely not:

Pinterest completed its IPO this week too! Here’s the TLDR: Pinterest popped 25 percent on its debut Thursday and is currently trading up 28 percent. Not bad, Pinterest, not bad.

Fastly, a startup I’d admittedly never heard of until this week, filed its S-1 and displayed a nice path to profitability. That means the parade of tech IPOs is far from over.

Uber… Surprisingly, no Uber IPO news this week. Sit tight, more is surely coming.

$1B for self-driving cars

While I’m on the subject of Uber, the company’s autonomous vehicles unit did, in fact, raise $1 billion, a piece of news that had been previously reported but was confirmed this week. With funding from Toyota, Denso and SoftBank’s Vision Fund, Uber will spin-out its self-driving car unit, called Uber’s Advanced Technologies Group. The deal values ATG at $7.25 billion.

Robots!

The TechCrunch staff traveled to Berkeley this week for a day-long conference on robotics and artificial intelligence. The highlight? Boston Dynamics CEO Marc Raibert debuted the production version of their buzzworthy electric robot. As we noted last year, the company plans to produce around 100 models of the robot in 2019. Raibert said the company is aiming to start production in July or August. There are robots coming off the assembly line now, but they are betas being used for testing, and the company is still doing redesigns. Pricing details will be announced this summer.

#TCRobotics pic.twitter.com/Vf4kUWH0fR

— Lucas Matney (@lucasmtny) April 19, 2019

Digital health investment is down

Despite notable rounds for digital health businesses like Ro, known for its direct-to-consumer erectile dysfunction medications, investment in the digital health space is actually down, reports TechCrunch’s Jonathan Shieber. Venture investors, private equity and corporations funneled $2 billion into digital health startups in the first quarter of 2019, down 19 percent from the nearly $2.5 billion invested a year ago. There were also 38 fewer deals done in the first quarter this year than last year, when investors backed 187 early-stage digital health companies, according to data from Mercom Capital Group.

Startup capital

Byton loses co-founder and former CEO, reported $500M Series C to close this summer Lyric raises $160M from VCs, Airbnb Brex, the credit card for startups, raises $100M debt round Ro, a D2C online pharmacy, reaches $500M valuation Logistics startup Zencargo gets $20M to take on the business of freight forwarding Co-Star raises $5M to bring its astrology app to Android Y Combinator grad Fuzzbuzz lands $2.7M seed round to deliver fuzzing as a service

Extra Crunch

Hundreds of billions of dollars in venture capital went into tech startups last year, topping off huge growth this decade. VCs are reviewing more pitch decks than ever, as more people build companies and try to get a slice of the funding opportunities. So how do you do that in such a competitive landscape? Storytelling. Read contributor’s Russ Heddleston’s latest for Extra Crunch: Data tells us that investors love a good story.

Plus: The different playbook of D2C brands

And finally, for the first of a new series on VC-backed exits aptly called The Exit. TechCrunch’s Lucas Matney spoke to Bessemer Venture Partners’ Adam Fisher about Dynamic Yield’s $300M exit to McDonald’s.

#Equitypod

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and I chat about rounds for Brex, Ro and Kindbody, plus special guest Danny Crichton joined us to discuss the latest in the chip and sensor world.