Tritium’s charging technology will be used to expand Osprey’s UK network with over 100 rapid chargers across 40 new charging destinations.
BRISBANE, Australia--(BUSINESS WIRE)--The United Kingdom (UK) is expected to require 10 times more charge points than are currently installed, by the year 2030, according to a recent study by the Competition and Markets Authority into the UK’s electric vehicle (EV) charging availability and reliability. To help meet this challenge, Tritium, a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), will supply 110 rapid chargers to Osprey Charging Network, one of the fastest growing UK-wide networks of rapid EV charging points.
Aimed at increasing access to rapid and reliable charging infrastructure in car parks, retail locations and along major transit routes, the 110 chargers are expected to be added to 40 new charging destinations, increasing Osprey’s network by 25%.
“It’s incredibly exciting to see the UK transitioning to electric transportation in a big way. This past September, about 15% of all British car sales were electric, setting a new record for the country and a strong indicator of the UK’s technology switch,” said Jane Hunter, Tritium CEO. “We’re so pleased to be working with Osprey to increase access to rapid charging and ease drivers’ transition to EVs through a fast, reliable and convenient charging experience.”
This announcement comes on the heels of the expansion of London’s ultra-low emissions zone, which covers most of greater London and is a crucial step towards the Mayor’s ambitions to tackle the climate emergency and put London on the path to be a net zero carbon city by 2030. Many of the new charging destinations will be located within greater London to increase access to rapid charging for drivers and businesses transitioning to electric transportation.
“It’s a race to meet the ever-growing demand for EV charging in the UK, and we aim to be Britain’s rapid charging network of choice,” said Ian Johnston, Osprey Charging Network CEO. “To achieve our goal, we required a cutting edge and reliable technology partner, and Tritium is a perfect fit. Easy and intuitive user experiences are key to EV uptake, and Tritium excels in developing products that are not only relevant to the market, but also so easy to use. And, with their modular and scalable charging technology, Osprey gets market-leading reliability and the flexibility to easily increase charger power.”
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
As announced on May 26, 2021, Tritium has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions, including approval of DCRN’s stockholders, and is currently expected in January 2022.
For more information, visit tritiumcharging.com
About Osprey Charging Network
Osprey Charging Network is a UK-wide, rapid electric vehicle charging network. Osprey fund, install and manage their network on behalf of landlord and local authority partners. The Osprey network is built to be reliable and easy to use. All Osprey chargers accept contactless card payments, App payments, RFID payments and payment through all major third-party payment methods including fleet cards. Every charging point is also powered by 100% renewable electricity. In 2019, Osprey installed London’s first rapid charging hub in partnership with Transport for London (TfL), at Stratford International Station car park.
More information on Osprey can be found at https://ospreycharging.co.uk
Tritium Media Contact
Jack Ulrich
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Tritium Investors Contact
Caldwell Bailey
ICR, Inc.
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Osprey Media Contact
Toby Dye
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THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced a general rate increase (GRI) of 4.9 percent applicable to rates established under the existing ODFL 559, 670, and 550 tariffs, effective January 3, 2022.
Todd A. Polen, Old Dominion’s Vice President – Pricing Services, commented, “At Old Dominion, we are committed to delivering our premium value proposition of on-time, claims-free service at a fair price. To satisfy our customers’ expectations and deliver on the promises we have made, we must continue to enhance our high-quality service network and systems. This GRI will affect our class tariffs and is intended to partially offset the rising costs of real estate, new equipment, technology investments, and competitive employee wage and benefit packages. Although the GRI will impact each customer differently based on specific shipment lanes and distance traveled, it is consistent with our long-term yield management philosophy and the overall impact of the increase is anticipated to be approximately 4.9 percent. The GRI also provides for a nominal increase in minimum charges with respect to intrastate, interstate and cross border lanes.”
For more information about Old Dominion, visit www.odfl.com or call (800) 432-6335.
About Old Dominion Freight Line, Inc.
Old Dominion Freight Line, Inc. is one of the largest North American less-than-truckload (“LTL”) motor carriers and provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. The Company also maintains strategic alliances with other carriers to provide LTL services throughout North America. In addition to its core LTL services, the Company offers a range of value-added services including container drayage, truckload brokerage and supply chain consulting.
Todd A. Polen
VP – Pricing Services
(336) 822-5160
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp. (NASDAQ: CLNE) announced additional fuel and infrastructure contracts to meet the growing demand for renewable natural gas (RNG), a sustainable fuel that provides an immediate and significant carbon reduction in transportation.
In the Ports of Los Angeles and Long Beach, Clean Energy’s Adopt-a-Port program with Chevron continues to gain momentum, with more fleets switching to RNG. Chevron has committed to provide a total of $28 million of financing to trucking companies serving the ports region as well as owner-operators to purchase new RNG heavy-duty trucks. So far, over 200 heavy-duty trucks have been contracted through the program and over 400 more are being processed, which will help to clean the air in and around the ports and significantly reduce greenhouse gas emissions.
A leader in the move to meet clean air standards in California, Pacific Green Trucking continues to expand its clean fleet in the port region, signing a fueling agreement with Clean Energy for an estimated 1 million gallons of RNG to power 61 new natural gas trucks.
“Reducing our carbon emissions and improving air quality near the ports is a top priority for Pacific Green and we’re doing it one truck at a time,” said Vicente Zarate, president, Pacific Green Trucking. “RNG is the most immediate and cost-efficient way to make the necessary environmental changes for the trucking industry.”
Also deploying another 46 RNG-fueled trucks through the Adopt-a-Port program are NGL Logistics, TDS Logistics, Mortimer & Wallace, Pacific 9, Cota Capital American Pacific Forwarders, Arete Logistics, Paul Suh, Sang’s Express, Pacifica Trucks, Pacific Expressway, Yanxiu Li, IML Transport, Supra National Express, and Atlas Marine.
“Renewable natural gas creates a pathway for our customers to dramatically reduce their carbon emissions and turn their sustainability goals into reality,” said Chad Lindholm, vice president, Clean Energy. “As the demand for RNG accelerates, more clean natural gas trucks are hitting the roads in the Port of Los Angeles and elsewhere, and we’ll be there to provide both the fuel and infrastructure to help fleets realize immediate and significant carbon reduction.”
Republic Services has signed an agreement with Clean Energy for an expansion project in Huntington Beach, CA. The first phase includes expanding an existing RNG fueling station to accommodate more refuse vehicles, as well as adding new fast-fill capabilities for their growing private fleet and transfer truck operations. In the second phase of the expansion, Clean Energy will construct a new station at an adjacent address to fuel 30 additional RNG trucks.
In addition to these projects, Clean Energy has been contracted for a major expansion of the Republic Services RNG fueling facility in Anaheim, CA, that will provide 52 additional fueling bays for refuse trucks.
Harrison Industries in Ventura, CA has signed an agreement for a station upgrade and fueling contract for an anticipated seven million gallons of RNG to fuel 80 natural gas solid waste trucks.
Golden Empire Transit in Bakersfield, CA has signed a maintenance agreement with Clean Energy for its fueling station, which will provide an expected 2 million gallons of RNG during the term to power over 100 transit buses.
Salem Area Mass Transit District (SAMTD) in Oregon, which has operated natural gas buses for more than 20 years, has signed a $1.6 million contract with Clean Energy for a station upgrade to accommodate its 64 transit buses.
Clean Energy has signed an agreement with MV Transit in Long Beach, CA, for an anticipated 700,000 gallons of RNG to fuel municipal buses.
The County of Sacramento has signed a maintenance contract for an expected 900,000 gallons of compressed natural gas (CNG) to fuel 50 refuse trucks.
Clean Energy continues its historic partnership with Dallas Area Rapid Transit (DART), signing a maintenance agreement for the transit agency’s stations for an approximate 27 million gallons of natural gas which serves 700 transit buses.
Blue Diamond Disposal, a refuse and recycling company located in Mount Arlington, NJ has renewed a maintenance agreement with Clean Energy. The station will dispense an expected 2.5 million gallons of CNG during the term to fuel 50 refuse trucks.
The Atlantic County Utilities Authority (ACUA) has signed a contract with Clean Energy to continue maintenance services for the Egg Harbor Township, NJ refuse and recycling company. The station will provide an anticipated 1.6 million gallons of CNG to fuel 58 refuse trucks over the contract term.
The City of Tacoma, WA has signed a maintenance agreement with Clean Energy for an estimated 700,000 gallons of CNG to fuel 50 waste trucks.
The Portage Area Regional Transportation Authority (PARTA) in Ohio is continuing to add CNG vehicles to its fleet.
“We’re excited to be able to provide this new transportation option for our riders. These vehicles combine the character of early 20th century trolleys with leading-edge green technology,” said Claudia Amrhein, PARTA General Manager and CEO. “The fact that PARTA’s new trolley buses are powered by CNG fuel moves us closer to our goal of lowering our carbon footprint. That’s a win for our riders, PARTA, and the wider community.”
Long-time Clean Energy customer, Atlantic City Jitney Association, which operates shuttle buses out of Egg Harbor Township, NJ, has extended its contract for an estimated 900,000 gallons of CNG to power its fleet.
Green Path Logistics, a large nationwide carrier in Dallas, TX, has signed a fueling agreement with Clean Energy for 900,000 gallons of fuel for its fleet of 100 heavy-duty trucks.
The City of Temple, TX has inked a maintenance contract with Clean Energy for its station with an expected 576,000 gallons of fuel over the term for 30 sanitation trucks.
In Canada, the City of London, Ontario, has inked a fueling agreement with Clean Energy for an expected 476,000 gallons of fuel for 28 refuse trucks. The City has been operating six CNG-powered refuse trucks for more than a year at the London Flying J truck stop and has added the 28 new trucks to support the City's new "Green Bin" program expansion.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about amounts of RNG and CNG expected to be consumed, numbers of vehicles expected to be deployed or financed, the Adopt-a-Port initiative, the benefits of Clean Energy’s fuels, the timing and scope of construction and maintenance projects and the value of contracts. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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Redesigned app boasts new features and customization options aimed at streamlining user experiences and increasing network utilization
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today unveiled the all-new EVgo mobile app. The app’s modern design, convenient new features and enhanced performance provide a streamlined driver experience, giving customers more reliable and personalized charging services while on the go. Customers can charge with EVgo and our roaming partners in just three easy steps: plug in, tap to start, and charge up.
The new app supports EVgo’s goal to make charging simple, delivering an industry-leading user experience that makes switching to an EV more inviting. EV drivers utilizing EVgo’s charging network, comprised of more than 1500 public fast chargers and 1,200+ L2 chargers across 68 metropolitan areas and 35 states, can enjoy a highly personalized experience through the app. Built with the EV driver in mind and to help quickly identify what stations are best for their vehicle, the app allows drivers to add their vehicles to their “garage” by easily scanning their Vehicle Identification Number (VIN), creating a customized vehicle profile that can be used to filter the map based on the vehicle's specific connector types. The app also seamlessly integrates the EVgo Rewards™ loyalty program so drivers can save money the more they charge with EVgo.
In addition to increased options for personalization, the new app boasts enhanced search capabilities, enabling drivers to search by business or location name, charger name, points of interest, location, and more, as well as view key charging site details such as parking information, pricing, and power levels. Featuring a redesigned map – with real-time station level availability per charger – EVgo app users can also get turn-by-turn directions to available EV chargers nearby.
“We’ve updated the EVgo app to accommodate the EV-enabled lifestyle of our current customers and the millions more who will be driving EVs over the next few years,” said Cathy Zoi, CEO of EVgo. “Drivers can customize the app to serve their unique charging needs, whether it’s through learning more about EVs and EV charging, searching for high powered 350 kWh stations or EVgo chargers with integrated Tesla connectors, or reserving a charger ahead of time, our new app serves as an EV driver’s concierge for charging experiences.”
The new EVgo app enables users to manage their account within the app, as well as find answers to frequently asked questions, receive assistance from the new Help Center, and access 24/7 support from the EVgo Charging Crew. In select locations across the U.S., users can reserve a charger at any time and view upcoming reservations with EVgo Reservations™. Drivers can even access chargers located within gated facilities—including free entry for the duration of their charging session—by scanning a QR code. In addition to this increased accessibility, users may also receive coupons and store discounts from participating business located near charging stations directly within the app with EVgo Advantage™. The EVgo app will be available today for download on iOS devices and will be available on Android devices next week.
For more information about the EVgo app and EVgo’s charging network, visit www.evgo.com.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943
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Investing in over 75 impact-driven companies reaching nearly 17 million clients in developing countries
STAMFORD, Conn.--(BUSINESS WIRE)--Developing World Markets (“DWM”), a U.S.-based investment manager with more than two decades of experience, announced today its 2021 Annual Impact Report, which outlines the positive social and environmental impact of investments over the previous year. The report unveils both challenges and opportunities in identifying investible solutions that sustainably address the social, environmental, and economic needs of the developing world.
DWM is a proud signatory of the Operating Principles for Impact Management (OPIM), demonstrating its commitment to a global standard for managing investments for impact. In March 2021, DWM released its first-ever independent verification of alignment with OPIM. DWM was also named to the top ImpactAssets 50 list of impact fund managers globally for the seventh year and became a signatory to the Net Zero Asset Managers Initiative in 2021.
As of this year, DWM’s current aggregate portfolio of investments in financial inclusion contains 66 microfinance institutions and 10 small and medium enterprise lenders that provide financial services to underbanked clients in emerging and frontier countries. This demographic includes women and minority-owned businesses across impact sectors including sustainable agriculture, education, housing, health, renewable energy, displacement and water and sanitation. The portfolio also included three solar operating companies.
“Now more than ever, it’s increasingly important for investors to really look under the hood to see whether the methods used to measure the results of impact investments are both accurate and meaningful enough to tell us if we’re on track to achieving our goals,” said Hannah Schiff, newly appointed Director of Impact at DWM. “As an industry, we can concretely move the needle if investment managers seeking to make an impact are able to document progress in a measurable and efficient way.”
The 2021 Impact Report includes details on DWM’s impact strategies, new strategic partnerships, financial commitments, and client protection initiatives. Tangible measurements of DWM’s direct impact throughout 2020 include the following:
“As we look ahead to 2022, we see financial inclusion playing an increasingly important role in helping people in developing economies regain their financial footing and improve their lives and livelihoods,” said Edward Marshall, Co-Managing Partner of DWM. “We see particular opportunities in 2022 for financial inclusion to support underserved communities such as those forcibly displaced by conflict and climate change, and we’re developing strategies to make that happen.”
Click here to view the full report.
About DWM
Founded in 1994, Developing World Markets (DWM) seeks investible solutions that sustainably address the social, environmental, and economic needs of the developing world. DWM began impact investing in 1999 and shifted exclusively to impact in 2007. DWM has over two decades of experience in emerging and frontier markets. Through DWM Asset Management, LLC, the firm’s SEC-registered investment adviser, DWM has originated and managed over $2.2 billion of private debt and private equity in impact-oriented enterprises, including over 900 loan disbursements and 25 private equity stakes in more than 70 emerging and frontier countries.
As a non-EU AIFM, with vehicles regulated by Luxembourg’s CSSF and Germany’s BAFIN, longstanding partnerships in the Netherlands, Germany, and now the Nordic region, and relations with institutional investors across the continent, DWM is dedicated to serving its European investor partners, with a shared commitment to impact.
Media
Maggie McCuen
BackBay Communications
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(617) 686-5705
MSC World Europa is the first solid oxide fuel-cell powered cruise liner, paving the way for decarbonization of the maritime industry
SAN JOSE, Calif. & SAINT-NAZAIRE, France & GENEVA, Switzerland--(BUSINESS WIRE)--$BE--Bloom Energy Corporation (NYSE: BE), Chantiers de l’Atlantique (CdA), and the cruise division of MSC Group today announced plans to launch the first cruise ship operating on solid oxide fuel cell (SOFC) technology. The MSC World Europa, a new state-of the-art cruise liner currently under construction at the CdA shipyard, will be fitted with 150 kilowatts of Bloom fuel cells. Bloom will provide auxiliary power to the ship through liquefied natural gas (LNG), one of the cleanest marine fuels available today.
Bloom’s fuel-flexible platform is designed to generate electricity 20 to 30 percent more efficiently through a non-combustion electrochemical process when utilizing LNG compared to traditional marine combustion-based propulsion and auxiliary engines. When running on LNG, Bloom Energy’s technology reduces carbon equivalent emissions up to 60 percent compared to incumbent propulsion sources, such as dual fuel diesel electric, and emits virtually zero harmful air pollutants like sulfur oxides, nitrogen oxides, and particulate matter.
“The installation of SOFC technology onboard the MSC World Europa reflects the success of our proactive and challenging collaboration with our partners and suppliers to identify solutions to help us reach our 2050 net zero emissions target,” said Pierfrancesco Vago, executive chairman, cruise division, MSC Group. “This is one of the many projects we are working on, and we will be relentless in our pursuit of the best solutions to reach this key objective for us. As part of this project, the crew of MSC World Europa will be specifically trained to operate this innovative technology and their participation will greatly contribute to the future development of SOFC technology for our industry. We hope to be able to install this technology on board our future new builds at a much larger scale to bring us ever closer to zero emissions.”
With more than 100 cruise ships requiring over four gigawatts of power commissioned for construction by 2027 across the cruise line industry, Bloom’s fuel cells unlock a viable pathway to decarbonization while ensuring cruise ship passengers and coastal communities with heavy maritime traffic enjoy cleaner air. As an added benefit for cruise ship passengers, noise pollution and mechanical vibrations are substantially reduced when Bloom’s fuel cells are used as a power source aboard ships.
“The emergence of LNG as a viable, lower carbon fuel combined with the adaptability of Bloom’s fuel cells will support the maritime industry’s ambitious climate goals, such as the International Maritime Organization’s mandate to halve greenhouse emissions in coming years,” said Tim Schweikert, senior managing director, international business development, Bloom Energy. “Notably, as the hydrogen economy matures and supply becomes more widely available, Bloom’s fuel-flexible platform will help power marine vessels with net-zero emissions.”
CdA is a world leader in designing and delivering breakthrough, innovative ships, bringing cutting-edge technologies, concepts and processes to its maritime customers across the globe. In 2019, CdA and the cruise division of MSC Group unveiled Blue Horizon; a ground-breaking initiative that integrates SOFC technology on LNG-powered cruise ships to decarbonize the maritime industry. Blue Horizon for MSC World Europa has received approval from the classification company Bureau Veritas.
“Our collaboration with Bloom Energy to implement their technology on the MSC World Europa highlights our dedication to bringing the latest and most environmentally friendly technology aboard the ships we build,” said Laurent Castaing, general manager, Chantiers de l’Atlantique. “With its groundbreaking green technologies, the MSC World Europa truly represents the future of the maritime industry. We’re excited that Bloom Energy is a part of this vision.”
This deployment of Bloom’s solid oxide technology onboard the MSC World Europa is part of a broader strategy for the cruise division of MSC Group; the world’s third largest ship brand. MSC Group has long been committed to environmental stewardship with a goal to achieve net zero emissions for its operations by 2050. The company is a significant investor in next-generation environmental marine technologies like SOFC, with the objective to support their accelerated development and availability industry-wide.
The collaboration is the most recent in Bloom Energy’s ongoing efforts to decarbonize the maritime industry. This summer, Bloom Energy’s initial design for an engineless, fuel cell-powered LNG carrier in conjunction with Samsung Heavy Industries received Approval in Principle from DNV, a premier international maritime classification society. Bloom Energy also received verification as an alternative power source for vessels as part of the American Bureau of Shipping’s New Technology Qualification.
Sea trials for the MSC World Europa are expected to commence in the second half of 2022. Larger fuel cell installations are anticipated on additional ships in collaboration with CdA in the future.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements Related to Bloom Energy Corporation
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, timing of the launch of the first cruise ship operating on SOFC technology; statements regarding Bloom technology benefits to passengers and ability to unlock decarbonization; Bloom’s ability to power marine vessels with net-zero emissions; statements regarding the technology used for maritime vessels; timing of trials; and statements regarding future installations. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including timing of market adoption of Bloom SOFC technology by the maritime industry, successful trials of Bloom technology on maritime vessels, and those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
Chantiers de l’Atlantique
Thanks to the expertise of its teams and its network of subcontractors, associated with a first-rate industrial facilities Chantiers de l'Atlantique is a key leader in the fields of design, integration, testing and turnkey delivery of cruise ships, naval vessels, electrical substations for offshore wind farms and services to the fleets. The company is at the heart of the challenges of tomorrow, designing and building today ships whose environmental performance exceeds the most drastic standards, as well as equipment for offshore wind power that make it a major player in the energy transition. For more information, visit www.chantiers-atlantique.com.
About the Cruise Division of MSC Group
The Cruises Division of MSC Group, the leading privately held Swiss-based shipping and logistics conglomerate with over 300 years of maritime heritage, is headquartered in Geneva, Switzerland, and has two distinct brands within its structure - the contemporary and luxury brands.
MSC Cruises, the contemporary brand, is the world’s third largest cruise brand as well as the leader in Europe, South America, the Gulf region and Southern Africa with more market share in addition to deployed capacity than any other player. It is also the fastest growing global cruise brand with a strong presence in the Caribbean, North America and the Far East markets.
Its fleet comprises 19 modern vessels combined with a sizeable future global investment portfolio of new vessels and is projected to grow to 23 cruise ships by 2025 with options for six more vessel orders in place through 2030.
MSC Cruises offers its guests an enriching, immersive and safe cruise experience inspired by the Company’s European heritage, where they can enjoy international dining, world-class entertainment, award-winning family programs and the very latest user-friendly technology on board. To learn more about contemporary brand’s itineraries and experience on board its ships please see here.
Meanwhile the luxury brand, Explora Journeys, is set to start operating in 2023 with a fleet with the latest and most advanced environmental and maritime technologies available. The first of which will have a gross tonnage of 63,900 GT and feature 461 of the largest suites at sea, all with ocean front balconies or terraces. These luxury ships will introduce to the luxury segment a broad range of new guest experiences and other activities as well as generous ratios of public spaces, in addition to showcasing highly innovative design. For further information about Explora Journeys please see here.
MSC’s number one priority across all its operations has always been the health and safety of its guests and crew, as well as the communities at the destinations its ships serve. In August 2020, MSC Cruises implemented a new comprehensive and robust health and safety protocol to become the first major line to return to sea. To learn more about MSC Cruises’ health & safety protocol please see here.
MSC has long been committed to environmental stewardship with a long-term goal to achieve net zero emissions for its operations by 2050. The Company is also a significant investor in next-generation environmental marine technologies, with the objective to support their accelerated development and availability industry-wide. To learn more about the Company’s environmental commitment please see here.
Finally, to learn more about the MSC Foundation, MSC Group’s own vehicle to lead, focus and advance its conservation, humanitarian and cultural commitments please see here.
MEDIA CONTACTS:
Bloom Energy
Jennifer Duffourg
+1 480 341-5464
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Chantiers de l’Atlantique
Philippe Kasse
+33 (0)2 51 10 90 37
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MSC Cruises
Giles Read
+41 (0)79797 33 51
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INVESTOR RELATIONS:
Bloom Energy
Edward Vallejo
(267) 370-9717
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has executed its inaugural offtake agreement for at least 31 GWh of low-carbon battery cells with an undisclosed, leading global publicly listed manufacturer and provider of energy storage systems (“ESS”). The two companies have agreed to jointly develop innovative technology solutions for the fast-growing global ESS market based on battery cells manufactured by FREYR.
“Announcing our first significant offtake agreement is a major milestone. This development advances us towards a final investment decision, the start of construction on our initial Gigafactories, and industrial-scale commercialization of FREYR’s clean battery cells,” said Tom Jensen, the CEO of FREYR.
Highlights
“Battery-based energy storage solutions are key to accelerating the decarbonization of worldwide power systems, and the rapidly growing global ESS market represents a multi-billion-dollar commercial opportunity for FREYR,” said Tom Jensen. “The combination of FREYR’s next-generation clean battery production and our new partner’s deep ESS project expertise should provide industrial and utility customers with differentiated, integrated solutions in the battery storage markets globally.”
A recent industry research report by Goldman Sachs estimates that the annual total addressable market for battery storage applications will grow to $33 billion by 2030, when total installed capacity is projected to reach 950 GWh. FREYR is progressing commercial discussions with additional potential significant offtake customers in the global ESS market, in addition to the EV and marine segments.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the parties’ joint ability to develop innovative technology solutions for the fast-growing global ESS market, the construction of FREYR’s initial Gigafactories, the industrial-scale commercialization of FREYR’s clean battery cells, FREYR's ability to deliver at least 31 GWh of battery cells from 2023 to 2028 from its Norwegian manufacturing facilities, FREYR’s total potential revenues from this agreement, the parties' ability to drive standardization and cost optimization in the utility space, battery-based energy storage solutions’ ability to accelerate the decarbonization of global power systems, the provision of differentiated, integrated solutions in the battery storage markets globally, the growth of the annual total addressable market for battery storage applications, the development and commercialization of 24M’s technology (and any intended benefits thereof) and the status of FREYR’s commercial discussions with any potential offtake customers are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161
Media contact:
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Tel: (+47) 9920 54 570
Harold Hamm and Continental Resources donate $50 million to create transformational center focused on securing America’s energy future
OKLAHOMA CITY--(BUSINESS WIRE)--The Harold Hamm Foundation and Continental Resources announced today a combined $50 million gift creating the Hamm Institute for American Energy at Oklahoma State University.
The Hamm Institute’s mission is to educate the next generation of energy leaders — in Oklahoma, the United States and from around the world — cementing Oklahoma’s legacy as a global energy leader.
“The generous gifts from Harold Hamm and Continental Resources to establish the Hamm Institute for American Energy will have a transformative impact on OSU and the energy sector worldwide. With a state-of-the art lab featuring wells drilled below the building, an auditorium, and classrooms, this building is fit for purpose,” OSU President Kayse Shrum said. “Mr. Hamm’s and Continental’s generosity will bring together the brightest minds and future energy sector leaders from around the world, all with a goal of solving one of society’s most pressing concerns. Together, we will change the trajectory of energy security in the United States.”
The initial funding for the institute and project will be a gift of $50 million dollars — $25 million from the Harold Hamm Foundation and $25 million from Continental Resources. The Hamm Institute will be located in what was formerly known as OSU Discovery, 300 NE 9th St. in the Oklahoma City Innovation District, and will become the primary and permanent occupant of the building.
The Hamm Institute will become the center of all things American energy. It will host symposiums, authors, speakers, energy summits and global energy leadership conversations. The building will eventually house the Oklahoma Hall of Energy Legends Interactive Museum, a public exhibit highlighting the history and storied legacy of Oklahoma’s great energy leaders.
Hamm, a native Oklahoman and founder and chairman of Continental Resources, began his career in oil and gas over five decades ago, starting out with a single oil service truck and a dream. His incredible journey, entrepreneurial spirit and will to change the world for the better have inspired countless others, and his latest philanthropic push aims to elevate the state to both new and familiar heights.
Hamm is recognized as a national leader and staunch advocate of America’s domestic oil and natural gas industry. He has spent over five and a half decades in the industry, from starting his own oil services business to founding one of America’s most dynamic and innovative exploration and production companies, Continental Resources. His efforts have contributed to the well-being of every American and are helping secure the nation’s energy and economic security. The Hamm Institute will ensure America leads the world when it comes to advancing innovation and technology while responsibly producing the energy we need for decades to come.
“It’s time, once again, for Oklahoma to become a global energy leader. It’s my hope the world will look to us for the best ideas when it comes to energy stewardship, research, and education. This gift is about investing in our shared future — the future of our country and the state and people I love,” Hamm said. “I see the Institute as a game changer — a place where the best and the brightest will come together to responsibly solve the world’s energy challenges. A third of the world lives in energy poverty. We need to fix that. And we need to make sure Americans will always have an abundance of reliable, affordable energy for generations to come.”
“Oklahoma is an energy state and Harold is our energy icon. This collaboration between one of our great universities and one of our most innovative and successful energy companies and entrepreneurs will raise the bar for American energy innovation,” said Oklahoma Gov. Kevin Stitt.
In acknowledgement of Continental’s contributions, the building’s concourse and auditorium will be named as the Continental Resources Concourse and Continental Resources Auditorium. The program fund supporting the institute also will be named in recognition of Continental.
“The Hamm Institute belongs here in Oklahoma. It is part of the Continental mission – to find, nurture and inspire the next generation of energy leaders. We envision the Hamm Institute for American Energy to be the epicenter of learning, research and energy innovation for decades to come,” said Bill Berry, Continental Resources CEO.
PHOTOS/VIDEO: A multimedia package including b-roll, soundbites and photos is available for media use here: okla.st/hamm.
REBROADCAST: View the rebroadcast of this announcement at insideosu.com.
Oklahoma State University is a modern land-grant university that prepares students for success. OSU has more than 34,000 students across its five-campus system and more than 24,000 on its combined Stillwater and Tulsa campuses, with students from all 50 states and around 100 nations. Established in 1890, OSU has graduated more than 275,000 students to serve the state of Oklahoma, the nation and the world.
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DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Foundation Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, Rock & Anchor, and Others); Application (Onshore and Offshore)" report has been added to ResearchAndMarkets.com's offering.
The global wind turbine foundation market is expected to grow from US$ 6,958.35 million in 2021 to US$ 15,868.94 million by 2028; it is estimated to grow at a CAGR of 12.5% during 2021-2028.
Continuous rise in the global population and disposable income in developing countries are driving energy consumption. To meet the energy needs, energy sources such as fossil fuels, nuclear energy, and renewable energy are being utilized in various quantities. The increased amount of renewable energy sources in the global energy mix has spurred industry expansion, resulting in high wind towers. However, the demand for increased power generation and improved development activities, in most countries are focusing on providing inexpensive, dependable, and secure energy, which is projected to boost the expansion of the wind turbine foundation market. The World Bank Group has unveiled a new program to help developing countries adopt offshore wind energy more quickly. In association with the International Finance Corporation (IFC), the group will support emerging nations in assessing their offshore wind potential by aiding technical assistance in developing a growing pipeline of projects that are worth investment.
China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline. State-owned energy businesses are in charge of the majority of projects. In 2019, European corporations, Electricite de France (EDF) and Equinor entered the market via collaborations with CHN energy and SPIC. Jiangsu Zhugensha H1 Offshore Wind Farma US$ 600 million project, built on China's first foreign-backed wind farm, was completed in December 2019. EDF and China Energy Investment Corporation collaborated on the first project-the 300 MW Dongtai IV wind farm. Phase 2, dubbed Dongtai V, will add 200 MW of power to the Dongtai in Jiangsu province.
Further, by 2040, Japan plans to construct 4 GW of capacity, to account for 7% of total power generation in that year. Japan's Akita Noshiro Offshore Wind Farm Project "The Akita Offshore Wind Farm Corporation" is constructing a 54.6 MW wind farm in Akita Port. MHI Vestas has been selected as the manufacturer of the 13 turbines for this project. Another 20 MHI Vestas turbines will be used in the nearby project in Noshiro Port. Commercial operations would commence in 2022, with 130,000 houses being served. Thus, the quickly expanding wind energy installation capacity and falling wind turbine prices worldwide are expected to propel the global wind turbine foundation market forward during the forecast period.
The COVID-19 pandemic in Europe has had a diverse impact on various nations, since only a few nations have seen an increase in the number of cases, consequently imposing stringent, long-term lockdown or social isolation measures. However, Western European nations such as Germany, France, Russia, and the UK witnessed a only a slight decline in their growth activities owing to their excellent healthcare systems. The governments of these countries have invested significant resources in improving the efficiency and efficacy of the detection and treatment of COVID-19. Following the relaxation of limitations, all wind turbine and component manufacturing plants in Europe are now open. To ensure full compliance with regulatory requirements, sanitary measures are reinforced within locations. As a result, the European wind turbine foundation market is expected to grow significantly in the coming years.
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GridPoint rolls out its technology Enterprise-wide to 345 Wendy’s locations to reduce energy use and support sustainability goals
RESTON, Va.--(BUSINESS WIRE)--#energy--GridPoint, a leader in energy and sustainability solutions, today announced the deployment of its technology platform across 345 restaurant locations for one of the largest Wendy’s franchise entities, Meritage Hospitality Group.
GridPoint’s work with Meritage Hospitality Group began in February 2021 with a five-site pilot and a goal to reduce energy use by a minimum of 10% and provide detailed reporting and analytics on energy and equipment operations. The pilot was successful, with one site in Florida achieving 23% energy savings. GridPoint will continue to expand across the remaining 340 locations over the first quarter of 2022.
“During our pilot with GridPoint our locations saw an immediate reduction of energy consumption and we discovered a correctable equipment issue causing excess, avoidable energy costs,” said Greg Corr, Executive Vice President at Meritage Hospitality Group. “They helped us optimize HVAC run-times and electrical demand to make our restaurants more efficient while also ensuring comfort for our customers and employees. Ultimately our partnership with GridPoint results in lower energy and operational costs, more resilient buildings, and more sustainable franchise to support continued growth of the Wendy’s brand.”
GridPoint’s innovative technology platform delivers energy efficiency and resiliency to both businesses and the power grid. The smart building solution provides visibility into where and how energy is being used as well as where other operational inefficiencies and potential savings can be found. Powered by deep data and powerful analytics at the building-level, GridPoint’s platform enables customers to automate and control assets at their sites, making energy and building optimization simple. GridPoint provides additional revenue-generating opportunities by empowering customers to participate in grid-stability by making their sites grid-interactive. Collectively, small energy reductions across commercial buildings can be aggregated and leveraged as an energy resource to support utilities on-demand and ease the energy supply and demand challenges of today.
GridPoint’s technology is installed across many other Wendy’s franchise and corporate locations and GridPoint has been recognized as a key partner of Wendy's global brand in its first Sustainability Report, published in 2020.
“We are thrilled to add Meritage Hospitality Group to our Wendy’s portfolio,” says Mark Danzenbaker, CEO at GridPoint. “Energy-conscious businesses, like Meritage Hospitality Group, are key to establishing energy security today and a more sustainable future.”
About GridPoint
GridPoint’s mission is to accelerate the world’s transition to a sustainable energy future by creating a network of grid-interactive buildings. By transforming the way commercial businesses use energy through hardware and AI software, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. The technology platform harnesses power and potential within a building to deliver energy, operational, and resiliency benefits. Networked together, these buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. GridPoint’s network includes Fortune 500 enterprises, utilities, government organizations and industrial complexes.
About Meritage Hospitality Group
Meritage Hospitality Group (OTCQX:MHGU) is one of the nation’s premier restaurant operators, currently with 345 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 11,000 employees. Meritage is comprised of 6 concepts – Wendy’s, Morning Belle, Stan’s Tacos, Twisted Rooster and Freighters Eatery & Taproom. Each concept delivers a distinctive dining experience for its guests, a work environment with opportunity for its team members and optimum results for its shareholders. The Company’s public filings can be viewed at www.otcmarkets.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
Liz Crumpacker, Antenna
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Katie O’Shea, GridPoint
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AKRON, Ohio--(BUSINESS WIRE)--$BW #blockchain--Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has signed a cooperation agreement with Dallas-based Applied Blockchain, Inc. (Applied Blockchain) (PINK: APLD) to identify and explore opportunities to develop, supply, construct and operate baseload power and clean energy projects in the next three years to support cryptocurrency mining operations.
These projects could result in up to 1.5 gigawatts of electrical generation capacity and will be a platform for using B&W’s solutions such as renewable waste-to-energy, BrightLoopTM carbon capture and hydrogen production, solar generation and long-duration energy storage to provide baseload power and clean energy to support Applied Blockchain’s power needs in North America.
“The global demand for cryptocurrency mining has been growing substantially and we’re excited to play a key role in helping our partner, Applied Blockchain, develop the infrastructure necessary to power this technological revolution in a sustainable and economic way,” said B&W Vice President, Corporate Development & Investor Relations, Megan Wilson. “Clean energy technologies, including solar, hydrogen and long-term energy storage, will play a pivotal role in providing the electrical capacity needed to power cryptocurrency mining, and B&W is well-positioned to be a solutions provider to support this growing need.”
“B&W has more than 150 years of experience in the U.S. energy industry providing innovative solutions to meet customers’ unique power needs, making us well-positioned to develop these types of projects for diverse and novel energy users,” Wilson said. “Applied Blockchain is a dynamic, forward-thinking company and we’re excited to team with them to pursue multiple clean energy and baseload power projects.”
B&W’s clean energy capabilities include its ClimateBrightTM suite of decarbonization technologies – including BrightLoop, which can use multiple fuels to produce clean hydrogen – as well as waste- and biomass-to-energy technologies and solar installation services. In addition, B&W industry-leading thermal energy generation and environmental technologies round out a diverse and flexible array of options to power cryptocurrency mining using virtually any fuel.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
About Applied Blockchain
Applied Blockchain, Inc. (PINK: APLD) is a leading provider in the growth and development of Blockchain Infrastructure by delivering high-performance crypto mining, hosting, and pooling solutions to customers around the globe. The Company has partnered with the most recognized names in the industry to develop, deploy, and scale its business. The Company is backed by some of the largest family offices and institutional investors in the U.S. Find more information at www.appliedblockchaininc.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of an agreement to explore the development of power generation projects for Applied Blockchain, Inc. and potential commercial opportunities in the U.S. market. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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BOSTON--(BUSINESS WIRE)--#ClimateAction--Schneider Electric, the leader in the digital transformation of energy management and automation, has announced that two of its leaders were named to the 2021 Environment+Energy Leader (E+E) 100 Honoree List: Samantha Childress, Solutions Architect Manager, Microgrids and Susan Uthayakumar, President, Sustainability Business Division. The annual Environment+Energy Leader 100 recognizes those who make an impact in the industry through creating new solutions, programs, platforms, best practices and products to help companies achieve greater success in commercial and industrial environment and energy management.
Samantha Childress – E+E 100 Honoree
Childress is recognized for her impactful work with the Footprint Project, an organization that builds mobile solar generators to bring clean power to communities during disaster response events such as hurricanes and wildfires, and United Solar Initiative, a non-governmental organization which serves the power and electrical needs of many underdeveloped communities in need of grid stability around the world. Childress worked with the Footprint Project to leverage clean energy technologies, like solar, and battery storage to disaster responses more sustainable, economical, and resilient in the wake of inevitable climate-related events, most recently with recovery response to Hurricane Ida. As a member of the Board of Directors, Childress also led efforts with United Solar Initiative to deliver a new solar and battery storage microgrid system to support the Matongo Birthing Clinic, a women’s maternity hospital in Kisii County, Kenya, where maternal death and stillbirth rates are a major public health concern.
At Schneider Electric, Childress leads a team of cross-functional solution architects who develop solutions for microgrid and distributed energy resource projects, especially those that leverage clean energy technologies such as solar, wind, and battery storage.
Susan Uthayakumar – E+E 100 Honoree
Uthayakumar is recognized for her role in transforming Schneider Electric to a digital power and automation technology company driving sustainability, efficiency, and resiliency. Uthayakumar currently leads the Sustainability Business Division at Schneider Electric and is responsible for managing the Global Energy Sustainability Services as well as the sustainability consulting organization to deliver climate mitigation action to enterprise customers. Under Uthayakumar’s leadership, Schneider Electric launched the first of its kind Climate Change Advisory Services focused on enabling holistic solutions to tackle the climate crisis, accelerate action toward corporate carbon reduction goals, and build business resilience. Today, Schneider Electric is the largest energy manager in the world by volume, managing more than €30B in global energy spend every year on behalf of our clients; In 2020, we saved 134 million tons of C02 on behalf of our clients, and we aim to take out 800 million tons of CO2 from our client’s operations by 2025. We also recently crossed a significant cleantech milestone, supporting our clients with the procurement of more than 10,000 MW of renewable energy via PPAs since 2014.
Susan continues to lead with passion and empathy, and her leadership is not limited to driving business results. She is a champion of weaving diversity, equity, and inclusion (DEI) into the Schneider Electric company fabric through her active membership on the company’s D&I board, and is a strong advocate for the UN Women Empowerment Principles. Susan believes in using her work and her platform to drive impact both in business and in her community, championing innovation, advocating for women in science, technology, engineering, and math (STEM), and building the leaders of tomorrow.
“The Honorees on the annual list show groundbreaking work and dedication to the field of sustainability and energy management,” says Paul Nastu, President of Environment+Energy Leader. “We’re thrilled to recognize this year’s Honorees and congratulate all who made the list.”
The honoree list is selected by Environment+Energy Leader and can be found here: https://www.environmentalleader.com/ee-100-honorees/.
About Environment+Energy Leader
For fifteen years, Environment + Energy Leader (www.environmentenergyleader.com) has provided news, best practices and research that has influenced environment, energy and sustainability conversations–and powered decision-making. We have a wide range of professional resources, including our website, newsletters, awards programs, webinars, reports, white papers and conferences to help you tackle environment and energy management challenges in order to reduce costs, increase efficiency and minimize resource waste. Environment + Energy Leader is published by Business Sector Media LLC.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Hashtags: #LifeIsOn #Sustainability #ClimateAction #Leadership
Thomas Eck
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917-797-4974
Acquisition to combine two software-focused renewable energy companies leading the energy transition
Accretive transaction expected to accelerate Stem’s growing, recurring software revenue and increase margins
Underscores Stem’s focus on expanding global reach and delivering high-margin software products to front-of-meter and commercial & industrial customers
Expands assets under management by 32.5 GW and international presence to 50+ countries
SAN FRANCISCO & BOULDER, Co.--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, and Also Energy Holdings, Inc. (“AlsoEnergy”), a global leader in solar asset management software, announced today that the companies have entered into a definitive agreement whereby Stem will acquire AlsoEnergy, in a stock and cash transaction.
Under the terms of the agreement, Stem will acquire, on a cash-free debt-free basis, all the outstanding shares of AlsoEnergy for an aggregate purchase price of $695 million, consisting of approximately 75 percent of the total consideration in cash and approximately 25 percent in Stem common stock.
Acquisition Overview
The transaction will combine Stem’s unique storage optimization capabilities with AlsoEnergy’s market-leading solar asset performance monitoring and control software to deliver a compelling one-stop-shop solution for renewable energy projects. In addition, Stem will offer its smart energy storage solutions to AlsoEnergy’s existing front-of-meter and commercial & industrial customers, who generally have limited storage attachment to their solar assets today. AlsoEnergy will gain earlier visibility into solar plus storage projects through Stem’s extensive customer and partner network.
Founded in 2007, AlsoEnergy is headquartered in Boulder, Colorado and is a global leader in performance, analytics, monitoring, and control solutions with 32.5 gigawatts (GW) of solar assets under management (AUM) across more than 50 countries. AlsoEnergy contracts with and serves multiple stakeholders in the solar ecosystem, including developers, asset owners, operations and maintenance (O&M) contractors, commercial customers, and utilities. In the twelve months ended December 31, 2020, AlsoEnergy generated approximately $49 million in revenue and 60% gross margin across its software, grid edge monitoring, controls, and services businesses. Of AlsoEnergy’s assets under management, on both a site and capacity basis, only a minimal amount currently has energy storage attached.
Management Commentary
John Carrington, Chief Executive Officer of Stem, remarked, “Through this immediately accretive transaction, a combined Stem and AlsoEnergy will bring the unique software, controls, and analytics capability to accelerate the energy transition to a renewable, decarbonized future. As the battery storage and solar industries continue to experience tremendous global growth, developers, asset owners, and utilities will increasingly look to our combined software capabilities to provide a unified platform for energy intelligence that improves project performance. The combined company will deliver an AI-driven software offering that we expect will simplify our customers’ asset management, boost their project returns, and accelerate our own growth trajectory. Importantly, this acquisition is expected to be immediately accretive to both gross margin and EBITDA before realizing any commercial synergies, which we believe are significant and compelling. This acquisition underscores our focus on expanding Stem’s global reach and delivering high margin, market-leading software products to our customers.”
Robert Schaefer, Chief Executive Officer of AlsoEnergy, said, “Combining our business with Stem will unlock tremendous value for customers as they increasingly focus on integrating solar and energy storage assets to optimize financial performance. The software, access to data, and technical capabilities of our combined companies will bring the next level of control and optimization to AlsoEnergy’s leading monitoring offerings, enabling a single vendor for software services across the solar and storage landscape. We are thrilled to be joining the Stem team, and together, believe our combined software offering will become a critical element to creating the future of the grid.”
Strategic & Financial Highlights
Select Transaction Details
The number of shares issued for the stock portion of the transaction consideration will be based on the simple average of the volume weighted average price of Stem’s common stock for each trading day in December 2021. The cash portion of the transaction consideration, which is subject to customary working capital adjustments, will be paid entirely from existing cash on Stem’s balance sheet.
The stock portion of the consideration will be issued in reliance upon the exemption from registration under the Securities Act of 1933, as amended, provided by Section 4(a)(2) thereof, and will be subject to a minimum six-month lock-up period.
The transaction is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the first quarter of 2022.
Nomura Greentech served as financial advisor to Stem and Gibson, Dunn & Crutcher LLP served as legal advisor to Stem. William Blair served as financial advisor to AlsoEnergy and Goodmans LLP served as legal advisor to AlsoEnergy.
Management Conference Call Information
Stem will hold a conference call to discuss this transaction on Thursday, December 16, 2021, at 8:30 a.m. Eastern Time. The conference call may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (877) 705-6003, or for international callers, by dialing (201) 493-6725 and referencing Stem. A replay of the conference call will be available shortly after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671. The passcode for the replay is 13725741. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for one month after the call.
About Stem, Inc.
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
About AlsoEnergy
AlsoEnergy provides complete advanced solutions for control, monitoring, and management of solar PV and solar plus storage assets. This includes integrated software and hardware systems for DAS, SCADA, and power plant control, along with services covering the project lifecycle from system design and engineering through installation, commissioning, and support. AlsoEnergy provides technology solutions for more than 30GW of production in over 50 countries worldwide, providing regional expertise in all world markets using sales and service offices in Germany, Japan, and India along with US headquarters. For more information, visit www.alsoenergy.com.
Cautionary Statement regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, expected timetable for completing the proposed transaction, benefits and synergies of the proposed transaction, future opportunities for the combined company and products, future financial performance and any other statements regarding future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws. Stem can give no assurance that such expectations will prove to have been correct. These statements are subject to various risks and uncertainties, among which are, the satisfaction of the closing conditions to the transaction; the timing to consummate the proposed transaction; the risk that the contemplated transaction does not occur; negative effects from the pendency of the transaction; failure to retain key management and employees of AlsoEnergy and its subsidiaries; issues or delays in the successful integration of AlsoEnergy’s operations with those of the Company, including incurring or experiencing unanticipated costs or delays or difficulties, which could result in additional demands on the Company’s resources, systems, procedures and controls, disruption of its ongoing business and diversion of management’s attention from other business concerns; difficulties or delays in the successful transition from the information technology systems of AlsoEnergy to those of the Company as well as risks associated with other integration or transition of the operations, systems and personnel of AlsoEnergy; failure or inability to implement growth strategies in a timely manner; unfavorable reactions to the contemplated transaction from customers, competitors, suppliers or employees; the possibility that certain assumptions with respect to AlsoEnergy’s business or the contemplated transactions could prove to be inaccurate; and other risk factors that are discussed in Stem’s most recent 10-K as well as its other filings with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov). If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Industry and Market Data
In this release, Stem relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable, including reports by market research firms. The Company has not independently verified the accuracy or completeness of any such third-party information. This release may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners.
Stem Media Contacts
Cory Ziskind, ICR
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Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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Headquartered in Austin, Texas, new firm’s team will continue to advise on all energy investments made at Trilantic North America
AUSTIN, Texas--(BUSINESS WIRE)--Trilantic North America, a leading, growth-focused private equity firm, announced today the spinout of its energy team and formation of a new, independent firm called Greenbelt Capital Partners (“Greenbelt”).
Greenbelt will formally launch on January 1, 2022, and will be headquartered in Austin, Texas, while maintaining an additional presence in New York. The firm, named after the outdoor recreational parkland in Austin, will be led by Chris Manning, who currently serves as one of the Managing Partners of Trilantic North America. Chris will be joined by Glenn Jacobson, Andy Hopping, Chris Murphy, Sam Graham, and the rest of the Trilantic North America energy team. Trilantic North America will continue to support all of Greenbelt’s operational functions.
“Our senior team members have been working together since the early 2000s, and we have continually evolved our focus areas within the broader energy complex,” said Chris Manning, CEO of Greenbelt. “As technologies have developed and renewable power has become more affordable, we have found many more investable opportunities beyond traditional energy, including subsectors such as industrial and residential solar, battery storage, vehicle electrification and software required to meet the needs of energy customers. We look forward to further exploring these avenues while working closely alongside our existing portfolio companies.”
Glenn Jacobson, Managing Partner, added, “We are thrilled to keep building on the tenets we started with at Lehman Merchant Banking 20 years ago and believe our strong value creation processes will help us continue to identify attractive risk-reward opportunities.”
“Chris and the team have done a tremendous job establishing a premier energy investing franchise with notable transactions in the oil and gas industry, midstream infrastructure and, more recently, energy transition landscape,” said Charlie Ayres, Chairman and Managing Partner of Trilantic North America. “We are proud to support this exciting next step for the energy team and look forward to working together.”
About Trilantic North America
Trilantic Capital Management L.P. ("Trilantic North America") is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America's primary investment focus is in the business services and consumer sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine’s 2021 list of Top Founder-Friendly Investors and has been named one of Growthcap’s 2021 Top 25 Private Equity Firms for Growth Companies. For more information, visit www.trilanticnorthamerica.com.
About Greenbelt Capital Partners
Greenbelt Capital Partners is a growth-focused middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development. The senior team at Greenbelt has committed approximately $4.6 billion of equity capital across multiple portfolio companies and consummated over $58 billion of M&A and financings in over 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.
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DUBLIN--(BUSINESS WIRE)--The "Global Horizontal Directional Drilling Market Size, Share & Trends Analysis Report by Machine Type, by Parts (Rigs, Pipes, Bits, Reamers), by Application, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global horizontal directional drilling market size is estimated to reach USD 14.86 billion by 2028, expanding at an estimated CAGR of 6.7% from 2021 to 2028.
Companies Mentioned
The rising emphasis on minimizing the environmental impact of drilling and boring activities, rapid urbanization, and the inconvenience caused to the public due to the increased open-cut utility installations are some of the key factors driving the Horizontal Directional Drilling (HDD) market growth.
Rising environmental concerns have contemplated regulatory bodies worldwide to create regulations that require organizations to minimize ecosystem exploitation. For instance, the U.S. Environmental Protection Agency (EPA) and Occupational Safety and Health Administration (OSHA) require that unconventional oil and gas exploration companies abide by the specified safety standards to minimize environmental damages, avoid occupational hazards, and ensure the management of wastewater and other wastes. Furthermore, increasing government investments in underground installations in utility and telecommunication sectors have increased the deployment of horizontal directional boring services. Subsequently, the complex data requirements, combined with the need for collaborative work operations at offshore and onshore sites, necessitate the high reliance of operators on robust telecommunications services. The rising need to offer better broadband connectivity and the demand for cloud-based services is compelling telecom operators to up their investments in modernized infrastructure, thereby contributing to the market growth.
The COVID-19 pandemic severely impacted the horizontal directional drilling machines industry due to workforce shortages and practical difficulties in implementing social distancing at equipment production sites. The consumption of diesel and petroleum products also reduced significantly in 2020 due to stringent movement restrictions, reducing the demand for upstream oil & gas activities. However, government bailouts are expected to help revive the oil and gas industry, which is one of the leading contributors to the global economy. This is expected to create a sluggish recovery trajectory of the pandemic-fed depression on the market over the years to come.
Horizontal Directional Drilling Market Report Highlights
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.2 Market Definitions
3.3 Global HDD Market Size and Growth Prospects
3.4 Industry Value Chain Analysis
3.5 Market Dynamics
3.5.1 Market driver analysis
3.5.2 Market restraint/challenges analysis
3.6 Penetration & Growth Prospect Mapping
3.6.1 PORTER'S five forces analysis
3.6.2 PEST analysis
Chapter 4 HDD Machine Type Estimates and Trend Analysis
Chapter 5 HDD Machine Parts Estimates and Trend Analysis
Chapter 6 HDD Rigs Type Estimates and Trend Analysis
Chapter 7 HDD Rigs Sales Estimates and Trend Analysis
Chapter 8 HDD Machines Regional Estimates and Trend Analysis
Chapter 9 HDD Services Application Estimates and Trend Analysis
Chapter 10 HDD Services End Use Estimates and Trend Analysis
Chapter 11 HDD Services Regional Estimates and Trend Analysis
Chapter 12 Competitive Analysis
12.1 Recent Developments And Impact Analysis, By Key Market Participants
12.2 Company Categorization
12.3 Vendor Landscape
12.3.1 Key company analysis
12.3.2. Company market positioning analysis
Chapter 13 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/dbd2p8
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Partnership advances Voltus’s mission to be the technology platform that fulfills the promise of the energy transition
SAN FRANCISCO & OAKLAND--(BUSINESS WIRE)--Voltus, Inc., the leading distributed energy resource (DER) software technology platform, announces today its partnership with energy technology solutions provider WattTime. With access to WattTime’s cutting-edge technology, Voltus can now offer customers visibility into the avoided emissions impact of their DER program participation. Access to emissions data will identify new ways for customers to leverage load curtailment and ideally, automated load shifting, to directly impact environmental challenges and maximize emissions reductions.
“Curtailing load in support of grid reliability often results in meaningful levels of avoided emissions by decreasing energy demand during peak hours, when the grid can be powered by dirtier resources,” explains Gavin McCormick, Co-founder and Executive Director at WattTime. “We’re excited to partner with Voltus and evaluate how their customers’ curtailment strategies can be further optimized to deliver the most impactful emissions reductions.”
Gregg Dixon, Voltus’s CEO and Co-Founder explained, “Our mission at Voltus is to be the technology platform that fulfills the promise of the energy transition. Quantifying our customers’ emissions impact and empowering them to utilize their load flexibility to contribute to a cleaner grid is a crucial piece of this. WattTime’s data shows, for example, that one of our large New York real estate customers has avoided 136 metric tons of carbon dioxide by participating in DER programs with Voltus. This is equivalent to 150,000 pounds of coal burned. We are eager to leverage WattTime’s data across our entire portfolio in order to maximize the emissions reduction benefits of our customers’ DERs.”
About Voltus, Inc.
Voltus, Inc. (“Voltus”) is the leading platform connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and grid services partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.
Voltus previously announced an agreement for a business combination with Broadscale Acquisition Corp. (“Broadscale”) (Nasdaq: SCLE), which is expected to result in Voltus becoming a public company listed on the Nasdaq in the first half of 2022, subject to customary closing conditions.
About WattTime
WattTime is an environmental tech nonprofit that empowers all people, companies, policymakers, and countries to slash emissions and choose cleaner energy. Founded by UC Berkeley researchers, we develop data-driven tools and policies that increase environmental and social good, including Automated Emissions Reduction and emissionality. WattTime is also the convening member and cofounder of the global Climate TRACE coalition. During the energy transition from a fossil-fueled past to a zero-carbon future, WattTime ‘bends the curve’ of emissions reductions to realize deeper, faster benefits for people and the planet. For more information, visit https://watttime.org.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of Voltus, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Broadscale and its management, and Voltus and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Voltus, Broadscale, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of Broadscale or Voltus, or to satisfy other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq's listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Voltus as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Voltus or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Voltus’s estimates of its financial performance; 12) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of Broadscale’s securities; 13) the risk that the transaction may not be completed by Broadscale’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Broadscale; 14) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; 15) inability to complete the PIPE investment in connection with the business combination; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Broadscale’s Form S-1 (File Nos. 333-252449 and 333-253016), Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 and registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of Broadscale, referred to as a proxy statement/prospectus and other documents filed by Broadscale from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Broadscale nor Voltus gives any assurance that either Broadscale or Voltus or the combined company will achieve its expected results. Neither Broadscale nor Voltus undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Use of Projections
This press release may contain financial forecasts of Voltus. Neither Voltus’s independent auditors, nor the independent registered public accounting firm of Broadscale, audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. These projections should not be relied upon as being necessarily indicative of future results. The projected financial information contained in this press release constitutes forward-looking information. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved.
Additional Information and Where to Find It
This press release relates to a proposed transaction between Broadscale and Voltus. Broadscale intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of Broadscale, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all Broadscale stockholders. Broadscale also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Broadscale are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the Securities and Exchange Commission (the “SEC”) in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Broadscale through the website maintained by the SEC at www.sec.gov.
The documents filed by Broadscale with the SEC also may be obtained free of charge at Broadscale’s website at https://www.broadscalespac.com or upon written request to 1845 Walnut Street, Suite 1111, Philadelphia, PA 19103.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Broadscale and Voltus and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed transactions. Broadscale’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Broadscale listed in Broadscale’s registration statement on Form S-4, which is expected to be filed by Broadscale with the SEC in connection with the business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Broadscale’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form S-4 for the proposed business combination, which is expected to be filed by Broadscale with the SEC in connection with the business combination.
No Offer or Solicitation
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Investor Relations Contact – Voltus
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Final Fund Closing and Related Vehicles Reinforce Ares’ Commitment to Accelerating the Transition to a Low Carbon Economy
LOS ANGELES--(BUSINESS WIRE)--Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that it has raised $2.2 billion of dedicated climate infrastructure capital, comprising its inaugural Ares Climate Infrastructure Partners Fund (“ACIP” or the “Fund”) with approximately $1.4 billion in total raised, and $800 million in related transaction vehicles.
Through ACIP, the Ares Infrastructure and Power team provides value-add and flexible capital financing solutions in the climate infrastructure space. The team focuses on supporting the development of high-quality assets and companies across the renewable energy, resource and energy efficiency, energy storage, vehicle electrification and transmission climate sectors. The Fund invests across the capital structure in equity, preferred equity and structured debt of assets and companies that, among other characteristics, are accelerating the transition to a low carbon economy.
Ares has a long and established track record in climate infrastructure with over $2 billion invested or committed since 2015. The Ares Infrastructure and Power team believes its robust sourcing networks, incumbent relationships, structuring expertise, portfolio management and extensive market knowledge are key differentiators for ACIP. The Fund is partnered with Aligned Climate Capital LLC (“Aligned”), which provides a robust Environmental, Social and Governance (“ESG”) screening and reporting framework, as well as support in sourcing investments for the Fund. The deployment of the Fund is well underway with nearly 50% of ACIP’s capital already invested or committed.
“We appreciate the strong support and confidence from our global investor base as we continue to invest in climate infrastructure as a positive, proactive catalyst for the transition to a low carbon economy,” said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “This is an asset class that has demonstrated resiliency across market cycles and is benefitting from significant tailwinds. With our innovative approach to structuring transactions and benefits from the Ares platform, we believe we are a partner of choice in one of the largest and fastest growing opportunity sets in the infrastructure market.”
“Our climate infrastructure strategy is focused on directly originating essential clean energy investments that have a positive impact on our communities,” said Andrew Pike, Partner and Co-Head of Ares Infrastructure and Power. “We have developed differentiated ESG capabilities that we believe provide meaningful value-add across the investment lifecycle. We are proud that our strategy provides the opportunity to align our clients’ investment objectives with their sustainability goals.”
ACIP attracted strong support from a broad and diverse group of investors from North America, Europe, Asia and the Middle East, with nearly 30% of its limited partners new to the Ares platform. ACIP’s global investor base comprises pension funds, sovereign wealth funds, insurance companies, ultra-high net worth individuals, family offices and funds-of-funds.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation’s global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
Ares Infrastructure and Power
Ares Infrastructure and Power has nearly 30 investment professionals with an average of 25 years of experience at the senior level. The team has deep domain experience and has deployed over $9 billion of capital in more than 250 different infrastructure and power assets and companies as of September 30, 2021.
About Aligned Climate Capital
Aligned Climate Capital LLC is an asset manager investing exclusively in the people, companies, and real assets that are decarbonizing the global economy. Founded in 2019, Aligned is a dynamic and mission-driven firm that believes that decarbonization is a unique opportunity to generate strong financial returns, while also achieving meaningful environmental and social impact. The team works at the intersection of finance, technology, and public policy with a particular focus on ESG metrics. For more information, please visit www.alignedclimatecapital.com
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Through this effort between Sunverge, PJM and Delmarva Power, the ELK Neck VPP project will be a real-world demonstration of how aggregated distributed energy resources will function under FERC Order 2222, setting the stage for greater wholesale market participation by DERs.
SAN FRANCISCO--(BUSINESS WIRE)--#DER--Sunverge, the provider of an industry-leading distributed energy resource (DER) control, orchestration, and aggregation platform, and Delmarva Power, an Exelon Company serving customers in Delaware and Maryland, today announced that they have entered into an agreement with PJM Interconnection (PJM) to explore how the Elk Neck Battery Storage Pilot Program will participate in the region’s wholesale market for ancillary services.
The project, a virtual power plant (VPP) with a planned capacity of .55 MW / 2.2 MWh, is anticipated to be fully operational by Q1 2022 and has received the necessary regulatory approvals from the Maryland Public Service Commission. The project will be the first battery energy storage residential VPP to participate in PJM’s wholesale market, providing benefits to both consumers and the grid.
“The local energy grid is an incredible interactive platform connecting our customers and communities to the energy services and clean energy choices they want,” said Doug Mokoid, Delmarva Power region president. “This agreement with PJM and Sunverge is a pivotal step in demonstrating just how dynamic the grid has become and our evolving role as a local energy company in integrating new technologies that directly benefit our customers and the broader regional energy system.”
“The Elk Neck Battery Storage Pilot Project will allow aggregated DER to test the markets under real-world market conditions, providing lessons for PJM and all its stakeholders in alignment with the spirit of FERC Order 2222,” said Eric Hsia, Senior Manager of Applied Innovation at PJM.
The Elk Neck pilot project will be one of the first energy projects that demonstrates the grid of the future including distributed energy resources operating and competing within federally regulated organized markets, providing an invaluable foundation for the market participation of distributed energy resources going forward.
“The Elk Neck VPP project partnership between Sunverge, Delmarva Power and PJM is an innovative approach that will demonstrate the value of Multi-service VPP’s, not only for consumers and utilities, but for the energy market more broadly,” said Martin Milani, CEO of Sunverge. “By participating in PJM’s ancillary wholesale market, Elk Neck project will demonstrate the path forward for Multi-service VPP’s participating in wholesale ancillary markets under FERC Order 2222 and add yet another multifaceted value stream for DERs. The Sunverge platform’s unique ability to simultaneously run multiple services with different priorities allows optimization for different services dynamically, under different grid and market conditions.”
About Sunverge
Energy provides the leading open dynamic platform for Virtual Power Plants (VPP), a grid-aware and dynamic power source built from the aggregation of behind-the-meter DERs (distributed energy resources). The Sunverge real time DER control and aggregation platform is unique in providing dynamic multi-objective optimization of services on both sides of the meter, helping customers with intelligent management of their own renewable energy generation and utilities with greater flexibility in managing their infrastructure investments, reducing generation costs, increasing system reliability, and meeting their renewable energy goals. Together with the Sunverge Infinity edge controller, the Sunverge VPP platform provides intelligent dynamic near real-time control over decentralized energy resources that is efficient, reliable, and responsive to utilities and their customers. For more information please visit http://www.sunverge.com/.
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Spire’s nanosatellite is providing a low-cost platform to test EnerSys® ZeroVolt™ 18650 battery cells in orbit
VIENNA, Va.--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics, and space services, successfully delivered a U.S. Space Force Space Systems Command (SSC) payload to space aboard its 3U LEMUR CubeSat. The satellite has been operating nominally since July 2021 and is performing on-orbit experiments to collect payload performance data. SSC, through their Science and Technology Directorate (SSC/ZAD), awarded Spire this mission under the Small Business Innovation Research (SBIR) program.
Spire modified the power system of the satellite to successfully integrate ZeroVolt™ 18650 battery cells provided by EnerSysⓇ, a global leader in stored energy solutions for industrial applications. On June 30, 2021, a Falcon 9 launch vehicle deployed the nanosatellite into Spire’s on-orbit constellation, where Spire has been successfully conducting power system discharge tests to gather operational performance data on the battery cells and build flight heritage for this novel Lithium-ion technology produced by EnerSys.
“The development of space-as-a-service offerings presents the larger space, science, and technology fields with opportunities to conduct research and development over a significant period of time at low-cost, opening the possibility of space to a wider audience than ever before,” said Theresa Condor, Chief Operating Officer, Spire Global. “Traditional payloads can take years to get into orbit. At Spire, we have the ability to send up customer payloads within a matter of months, providing a fast, reliable, and efficient option for those interested in on-orbit research.”
This mission demonstrates the rapid integration and operation of science and technology experiments through Spire’s space-as-a-service model. In a period of 12 months, Spire integrated the high energy, long life EnerSys ZeroVolt™ Lithium-ion battery cells into the nanosatellite and deployed it on orbit.
“Working with Spire on this mission has provided us with an opportunity to quickly and responsibly place our ZeroVolt battery cells into orbit so that we may conduct testing and gather operational performance data,” said Joseph Troutman, Manager of Business Development at EnerSys. “We will be able to further our battery capabilities and continue to provide satellite and military applications with world-class battery power to support mission success.”
The SBIR program is a highly competitive initiative which awards funding to domestic businesses and aims to stimulate technological innovation, meet federal research and development needs, and more. SSC awarded this SBIR to Spire as a Phase II program. Phase II program funding is based on results achieved in Phase I and the scientific and technical merit and commercial potential of the project proposed in Phase II.
About Spire Global, Inc.
Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Luxembourg, and Singapore. To learn more, visit spire.com.
About EnerSys
EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.
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HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes (NASDAQ: BKR), an energy technology company, has been awarded a contract with Santos, a leading natural gas producer in Australia, to supply turbomachinery equipment for the Moomba Carbon Capture and Storage (CCS) project (“Moomba CCS”). The project will serve a gas processing plant and permanently store 1.7 million tonnes of carbon dioxide annually in depleted natural gas reservoirs in the onshore Cooper Basin in South Australia. Baker Hughes will provide gas turbine, compressor and heat recovery steam generator (HRSG) technologies to compress the carbon dioxide (CO2).
The contract follows a 35+ year history of Baker Hughes providing technology and services to Santos for its operations, including turbomachinery and offshore equipment and services. Moomba CCS further progresses the companies’ relationship as Santos evolves its own operations across the energy transition and leverages Baker Hughes’ comprehensive portfolio of carbon capture, utilization, and storage (CCUS) solutions. Specifically, Baker Hughes will provide PGT25+G4 aeroderivative gas turbine, MCL compressor, and BCL compressor technology, which will enable Santos to compress CO2 captured at Moomba CCS for transportation and subsequent injection for storage.
Baker Hughes’ broader CCUS portfolio features advanced turbomachinery, solvent-based state-of-the-art capture processes, well construction and management for CO2 storage, and advanced digital monitoring and industrial asset management solutions.
“This project exemplifies the range of solutions that energy and industrial companies are seeking across the energy transition and how collaboration is needed to lower emissions and enhance efficiencies from their operations,” said Rod Christie, executive vice president of Turbomachinery & Process Solutions at Baker Hughes. “Through our advanced turbomachinery technology, we are supporting Santos to decarbonize natural gas while providing an opportunity to utilize CO2 as a valuable input for producing reliable energy with advanced blue hydrogen.”
The contract for Baker Hughes’ technology lays a foundation for Santos’ future objectives of decarbonizing natural gas, lowering emissions and ultimately producing hydrogen fuel using stored CO2. A final investment decision on the Moomba CCS project was reached in November 2021.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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