ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV #AeroVironment--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced that its wholly owned subsidiary, Telerob, successfully delivered the United States Pentagon Force Protection Agency’s (PFPA) telemax™ EVO HYBRID unmanned ground vehicle (UGV) order in July 2021. Designed to be operated by PFPA explosive ordnance disposal (EOD) and hazardous materials handling (HAZMAT) technicians, the UGV was purchased for deployment by its Hazardous Devices Branch.
"With its strong 6-axis precision manipulator, Tool Center Point Control and automatic tool exchange, the telemax EVO HYBRID enables EOD and HAZMAT units to perform dangerous missions from a safe distance and with precision control, even in the most confined spaces," said Brian Young, AeroVironment vice president and product line general manager for unmanned ground vehicles.
The telemax EVO HYBRID is a versatile UGV with an expansive payload bay and automatic tool exchange that allow operators to take multiple tools, disruptors, or other sensors downrange, eliminating round-trip load-outs. The telemax EVO HYBRID features a 4-track drive system with auto-leveling to easily handle multiple gradients, gaps and terrains, and its onboard IP Mesh radio delivers secure communications in complex urban environments.
To learn more about Telerob’s advanced ground robotic solutions, visit https://www.avinc.com/ugv/unmanned-ground-vehicle-solutions.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.
ABOUT TELEROB, AN AEROVIRONMENT COMPANY
Telerob is a leading manufacturer of defense and homeland security solutions based in Ostfildern near Stuttgart, Germany. The product range includes remote-controlled unmanned ground vehicles for disarming improvised explosive devices and investigating CBRN hazards, fully equipped service vehicles, as well as mobile system solutions ensuring the safety and security of critical infrastructure and people. For more information, visit https://www.telerob.com/en/.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Makayla Thomas
AeroVironment, Inc.
+1 (805) 520-8350
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mark Boyer
For AeroVironment, Inc.
+1 (213) 247-4109
This email address is being protected from spambots. You need JavaScript enabled to view it.
LOS ANGELES--(BUSINESS WIRE)--LPC Ventures, the venture capital arm of national real estate firm Lincoln Property Company, today announced it has joined the Series C funding round for Measurabl, the world’s most widely adopted ESG data management company for commercial real estate. The investment is part of the company’s $50 million funding round designed to support the company’s growth.
The commitment marks another strategic investment by LPC Ventures in an innovative startup, designed to provide tenants with direct access to the latest innovations in property management operations. LPC Ventures invests in cutting-edge technology that benefits clients and partners, expanding innovation initiatives at properties that Lincoln Property Company develops and manages.
“LPC is excited to continue to support Measurabl as the leading ESG data analytics company and continue to put our efforts behind strengthening our clients’ and our own ESG efforts,” said David Binswanger, Senior Executive Vice President of LPC.
Measurabl, the industry-standard platform for measuring, managing, and disclosing real estate ESG performance, serves subscribers across 80 countries and 11 billion square feet of owned and corporate-occupied real estate. The latest round of funding will allow the company to invest in new product lines including data, professional services, and enhancing its platform to address ESG regulation, decarbonization, climate and transition risk, and capital markets activities.
“LPC advocated for and integrated ESG into its real estate platform early and aggressively,” said Matt Ellis, Measurabl’s Founder and CEO. “As a result, we were highly aligned on Measurabl’s vision out of the gate. The fact that Measurabl was already deployed to a number of LPC-managed properties made growing our relationship on the investment side an obvious next step. I look forward to working with LPC to advance ESG best practices and drive action in our industry.”
Lincoln Property Company, one of the largest and most diversified real estate companies in the United States, serves a growing client base in all major markets nationwide, as well as in Europe and Mexico. The company is committed to achieving success in ESG at every level of the organization, in recognition that its decisions have long-term impacts on building occupants and communities in which LPC operates.
“This investment represents an alignment of our corporate ethos and market forecast,” said Abbey Ehman, Head of Sustainability for LPC West. “We are committed to measuring, tracking, and improving our performance on ESG benchmarks, and believe Measurabl is the perfect tool to better calibrate our processes. Transparency in data will be crucial to meaningful climate action, and we expect Measurabl to continue to gain market share and bring more solutions to the market.”
A 2021 survey of commercial real estate professionals conducted by Measurabl found that 81 percent of real estate leaders believe ESG is crucial for driving important business decisions. However, only 63% of those leaders are “moderately-to-significantly confident” they are able to gather ESG data required to make informed business decisions, according to the survey.
The latest round of funding brings Measurabl’s total capital raised to $85 million. It was led by Energy Impact Partners, a top investor in scale-stage energy transformation and decarbonization technologies.
LPC Ventures joined other participants including Starwood Capital, real estate services companies Colliers, and Cushman & Wakefield as well as repeat investors S&P Global, Sway Ventures, Salesforce Ventures, Constellation Technology Ventures and Building Ventures.
LPC Ventures offers a full range of technology services for clients with complex innovation goals. The division includes an investment arm, capital formation group, real estate advisory, and strategy teams, focusing on areas including data platforms, healthcare, innovative operating business models, and sustainability software. Its portfolio features more than a dozen innovative companies.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is one of the largest office owner and managers in the United States. Access www.lpcwest.com for more information.
About Measurabl
Measurabl is the world’s most widely adopted ESG software for commercial real estate. More than 11 billion square feet of commercial property valued in excess of USD $1 trillion across 80 countries use Measurabl to measure, manage, and report environmental, social, and governance performance. ESG data is used to exceed tenant expectations, comply with government regulation, and access capital markets. Learn more at http://www.measurabl.com.
Matt McKinney
This email address is being protected from spambots. You need JavaScript enabled to view it.│(217) 891-4327
Stock and Cash Transaction Represents an Enterprise Value of Approximately $31 Billion
Expected to Create Annualized Synergies of Approximately $1 Billion within Three Years
Historic Combination Enhances Competition, Creates New Options for Customers, and Supports Economic Growth in North America
Companies to Host Investor Conference Call Thursday at 8 a.m. ET
CALGARY, Alberta & KANSAS CITY, Mo.--(BUSINESS WIRE)--Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced they have entered into a merger agreement, under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD$31 billion1, which includes the assumption of $3.8 billion of outstanding KCS debt. The transaction, which has the unanimous support of both boards of directors, values KCS at $300 per share, representing a 34% premium, based on the CP closing price on Aug. 9, 2021, the date prior to which CP submitted a revised offer to acquire KCS, and KCS’ unaffected closing price on March 19, 20212.
“Our path to this historic agreement only reinforces our conviction in this once-in-a-lifetime partnership,” said CP President and Chief Executive Officer Keith Creel. “We are excited to get to work bringing these two railroads together. By combining, we will unlock the full potential of our networks and our people while providing industry-best service for our customers. This perfect end-to-end combination creates the first U.S.-Mexico-Canada rail network with new single-line offerings that will deliver dramatically expanded market reach for CP and KCS customers, provide new competitive transportation options, and support North American economic growth.”
“We are glad to be partnering with CP to create a railroad that is able to compete by providing the best value for the transportation dollar,” said KCS President and Chief Executive Officer Patrick J. Ottensmeyer. “The CP-KCS combination will not only benefit customers, labor partners, and shareholders through new, single-line transportation services, attractive synergies and complementary routes, it will also benefit KCS and our employees by enabling us to become part of a growing and truly North American continental enterprise.”
While remaining the smallest of six U.S. Class 1 railroads by revenue, the combined company would have a much larger and more competitive network, operating approximately 20,000 miles of rail, employing close to 20,000 people, and generating total revenues of approximately $8.7 billion based on 2020 actual revenues. The CP-KCS combination is expected to create jobs across the joined network. Additionally, the companies expect efficiency and service improvements to achieve meaningful environmental benefits.
Transaction to Expand Options and Efficiencies for Customers
A CP-KCS combination would provide unprecedented reach via new single-line hauls across a combined network, offering:
Importantly, customers would not experience a reduction in independent railroad choices as a result of the transaction. CP-KCS have committed to keep all existing freight rail gateways open on commercially reasonable terms, while simultaneously competing aggressively to attract traffic via new single-line north-south lanes between Canada, the Upper Midwest and the Gulf Coast, Texas, and Mexico.
A CP-KCS combination would preserve the six-railroad structure of the North American Class 1 rail network: two in the west, two in the east and two in Canada, each with access to the U.S. Gulf Coast. The two companies once combined would remain the smallest of the Class 1 carriers.
Improving Highway Traffic, Environmental Sustainability, and Safety
The new single-line routes made possible by the transaction are expected to shift trucks off crowded U.S. highways, lowering emissions and reducing the need for public investments in road and highway bridge repairs. Rail is four times more fuel efficient than trucking, and one train can keep more than 300 trucks off public roads and produce 75 percent less greenhouse gas emissions. The synergies created by this combination are expected to take tens of thousands of trucks off the highways annually.
CP is committed to sustainability and is currently developing North America’s first line-haul hydrogen-powered locomotive. Additionally, the combined company would maintain both CP and KCS’ pledges to improve fuel efficiency and lower emissions in-line with the Paris Agreement to support a more sustainable North American supply chain.
Creating Value for KCS and CP Shareholders
Following the closing into a voting trust, common shareholders of KCS will receive 2.884 CP shares and $90 in cash for each KCS common share held. Preferred shareholders will receive $37.50 in cash for each KCS preferred share held. The fixed exchange ratio implies a price for KCS of $300 per share, representing a 34% premium, based on the CP closing price on August 9, 2021 and KCS’ unaffected closing price on March 19, 20213.
Immediately following the closing into trust, KCS common shareholders are expected to own 28 percent of CP’s outstanding common shares, providing the ability to participate in the upside of both companies’ growth opportunities. Following final regulatory approval by the U.S. Surface Transportation Board (“STB”), KCS shareholders would also reap the benefits of synergies resulting from the combination.
The combined growth strategies of the two fastest-growing Class 1s will result in new efficiencies for customers and improved on-time performance under their respective Precision Scheduled Railroading programs. The combined company is expected to create annualized synergies of approximately $1 billion over three years.
The combination is expected to be accretive to CP’s adjusted diluted EPS4 in the first full year following CP’s acquisition of control of KCS, and is expected to generate double-digit accretion upon the full realization of synergies thereafter.
To fund the stock consideration of the merger, CP will issue 44.5 million new shares. Consistent with the previously announced transaction, the cash portion will be funded through a combination of cash-on-hand and raising approximately $8.5 billion in debt, for which financing has been committed. As part of the merger, CP will assume approximately $3.8 billion of KCS’ outstanding debt. Following the closing into trust, CP expects that its outstanding debt will be approximately $20 billion.
Pro forma for the transaction, CP estimates its leverage ratio against 2021E street consensus EBITDA to be approximately 3.9x with the assumption of KCS debt and issuance of new acquisition-related debt. In order to manage this leverage effectively, CP will continue to temporarily suspend its normal course issuer bid program, and expects to produce approximately $7 billion of levered free cash flow (after interest and taxes) over the next three years. CP estimates its long-term leverage target of approximately 2.5x to be achieved within 24 months after closing into trust. The combined company will remain committed to maintaining strong investment grade credit ratings while continuing to return capital for the benefit of shareholders.
Strong Stakeholder Support for CP-KCS
More than 1,000 stakeholders – including railroad labor unions, shippers, and community leaders – have written letters to the STB supporting CP's proposed combination with KCS. These letters emphasize the enhanced competition and unsurpassed levels of service, safety and economic efficiency that the transaction will bring for shippers and communities across the U.S., Mexico, and Canada that a CP-KCS combination offers.
Clear Path to Complete Transaction and Merger
On May 6, 2021, the STB approved the use of a voting trust for a planned CP-KCS merger, and the pertinent circumstances surrounding this new agreement between CP and KCS have not changed relative to those underlying the STB’s decision approving a trust. To close into voting trust, the transaction requires approval from shareholders of both companies along with satisfaction of customary closing conditions, including Mexican regulatory approvals. CP would then acquire KCS and place the KCS shares into the voting trust, at which point KCS shareholders would receive 2.884 CP shares and $90 in cash for each KCS common share held. The companies expect the transaction to close and KCS shareholders to receive their consideration in Q1 2022.
CP’s ultimate acquisition of control of KCS’ U.S. railways is subject to the approval of the STB. In April, the STB decided that it would review the CP-KCS combination under the merger rules in existence prior to 2001 and the waiver granted to KCS in 2001 to exempt it from the 2001 merger rules. In August, the STB reaffirmed that the pre-2001 rules would govern its review of the CP-KCS transaction.
The STB review of CP’s proposed control of KCS is expected to be completed in the second half of 2022. Upon obtaining control approval, the two companies will be integrated fully over the ensuing three years, unlocking the benefits of the combination.
Board, Management, and Headquarters
Following STB approval of the CP’s control of KCS, Mr. Creel will serve as the Chief Executive Officer of the combined company. The combined entity will be named Canadian Pacific Kansas City (“CPKC”).
Calgary will be the global headquarters of CPKC, and Kansas City, Missouri will be the U.S. headquarters. The Mexico headquarters will remain in Mexico City and Monterrey. CP’s current U.S. headquarters in Minneapolis-St. Paul will remain an important base of operations.
Four KCS Directors will join CP’s expanded Board at the appropriate time, bringing their experience and expertise in overseeing KCS’ multinational operations.
Advisors
BMO Capital Markets and Goldman Sachs & Co. LLC are serving as financial advisors to Canadian Pacific. Sullivan & Cromwell LLP, Bennett Jones LLP and the Law Office of David L. Meyer are serving as legal counsel. Creel, García-Cuéllar, Aiza y Enríquez, S.C. are serving as Mexican legal counsel to Canadian Pacific. Evercore is serving as the Canadian Pacific Board's financial advisors and Blake, Cassels & Graydon LLP is serving as the Board's legal counsel.
BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Kansas City Southern. Wachtell, Lipton, Rosen & Katz, Baker & Miller PLLC, Davies Ward Phillips & Vineberg LLP, WilmerHale, and White & Case, S.C. are serving as legal counsel to Kansas City Southern.
Conference Call for Investment Community
CP and KCS will host a joint investor conference call Thursday, Sept. 16, at 8 a.m. ET to discuss this announcement. A live webcast of the call and the replay will be available on the CP website at https://investor.cpr.ca/events and the KCS website at https://investors.kcsouthern.com/events-calendar. Supporting materials will be posted on www.FutureForFreight.com. To listen to the live conference call, dial (877) 830-2586 in the U.S. or (785) 424-1734 internationally, passcode 74335.
A conference call replay will be available for one week following the call and can be accessed by dialing (800) 753-5212 (no passcode needed).
For information on the benefits of a CP-KCS combination, visit FutureForFreight.com.
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release includes certain forward looking statements and forward looking information (collectively, FLI) to provide CP and KCS shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, including each company’s management’s respective assessment of CP, KCS and their respective subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI.
Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the timing and completion of the transaction, including receipt of regulatory and shareholder approvals and the satisfaction of other conditions precedent; interloper risk; the realization of anticipated benefits and synergies of the transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the transaction and other disruptions arising from the transaction; changes in business strategy and strategic opportunities; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; potential changes in the CP share price which may negatively impact the value of consideration offered to KCS shareholders; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and Mexico; North American and global economic growth; industry capacity; shifts in market demand; changes in commodity prices and commodity demand; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; sufficiency of budgeted capital expenditures in carrying out business plans; services and infrastructure; the satisfaction by third parties of their obligations; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and Mexico; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de Mexico, S.A. de C.V.’s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.
We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP and KCS with Canadian and U.S. securities regulators, including any proxy statement, prospectus, material change report, management information circular or registration statement to be filed in connection with the transaction. Reference should be made to “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward Looking Statements” in CP’s and KCS’s annual and interim reports on Form 10-K and 10-Q. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.
Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.
ABOUT CANADIAN PACIFIC
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit www.cpr.ca to see the rail advantages of CP. CP-IR
ABOUT KCS
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.
ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
CP will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the shareholders of KCS. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada and the management proxy circular will be sent to CP shareholders. INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF KCS AND CP ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, AS APPLICABLE, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KCS, CP, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by CP and KCS with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus, management proxy circular and other documents which will be filed with the SEC and applicable securities regulators in Canada by CP online at investor.cpr.ca and www.sedar.com, upon written request delivered to CP at 7550 Ogden Dale Road S.E., Calgary, Alberta, T2C 4X9, Attention: Office of the Corporate Secretary, or by calling CP at 1-403-319-7000, and will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by KCS online at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
You may also read and copy any reports, statements and other information filed by KCS and CP with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 or visit the SEC’s website for further information on its public reference room. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
NON-GAAP MEASURES
Although this news release includes forward-looking non-GAAP measures (adjusted diluted EPS and earnings before interest, tax, depreciation and amortization (EBITDA)), it is not practicable to reconcile, without unreasonable efforts, these forward-looking measures to the most comparable GAAP measures (diluted EPS and Net income, respectively), due to unknown variables and uncertainty related to future results.
Canadian Pacific
Media
Patrick Waldron
Tel: 403-852-8005
This email address is being protected from spambots. You need JavaScript enabled to view it.;
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investment Community
Chris De Bruyn
Tel: 403-319-3591
This email address is being protected from spambots. You need JavaScript enabled to view it.
Kansas City Southern
Media
C. Doniele Carlson
Tel: 816-983-1372
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investment Community
Ashley Thorne
Tel: 816-983-1530
This email address is being protected from spambots. You need JavaScript enabled to view it.
Engineering Design Synthesis leader OmniQuest™ to empower KTON global battery safety test, verification, and certification initiative
NOVI, Mich. -- at The Battery Show--(BUSINESS WIRE)--#Automotive--OmniQuest™ and KTON announce their partnership to streamline the global mobility industry transition from internal combustion engine to battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) through a global standard of battery safety testing.
“You can feel the momentum building for BEV and PHEV offerings,” said Mr. Fred Lee, CEO KTON. “We have a once-in-a-lifetime opportunity to get out ahead of the BEV and PHEV juggernaut to define and deploy global standards for battery safety testing. OmniQuest™ partnership adds to our esteemed roster of KTON partners,” Lee said.
On top of 3 million in 2020, in March 2021, International Energy Agency projected 145 million electric cars, buses, vans, and heavy trucks on roads by 2030 (a 47% CAGR) and up to 230 million (a 54% CAGR) with governments ramping up efforts to meet international energy and climate goals. This massive growth fueled by battery technology substituting for petroleum products lacks the century-long knowledge and experience combined with standards enjoyed by diesel fuel and gasoline.
"Electric vehicle growth rate is on track to exceed historical new technology adoptions and coincides with the transition to 5G, itself the fastest-growing wireless mobile technology in history,” said Stewart Skomra, CEO OmniQuest. “These dynamics share a foundation of battery technology for which there is no global safety testing standard nor independent verification and certifying entity. Through the KTON partnership, we will work to bring lessons learned from global computing and communications to bear for the benefit of the electric vehicle industry,” Skomra said.
“KTON has assembled an all-star roster of battery development and battery safety testing technology and is diligently recruiting new team members to build an unparalleled team turning the vision of global battery safety testing into reality,” continued Fred Lee. “OmniQuest brings the longest and deepest history in engineering design synthesis through numerical optimization to our team along with extensive history in information technology standards that will serve our efforts well,” Lee concluded.
About KTON
KTON LLC brings full-service EV battery testing technology and know-how to the USA by way of business and technology partners in APAC. KTON is headquartered in the Greater Chicago area with an office in Seoul and key technology partners in Korea, China, and Japan. Our strength lies in our many partnerships and our networking reach in automotive in the US, APAC, and Europe.
For more information visit www.KTON.us, email This email address is being protected from spambots. You need JavaScript enabled to view it., or call (847) 219-7200.
About OmniQuest™
OmniQuest is the leading developer and supplier of software to assist engineers in automotive, aerospace, and heavy equipment industries in achieving optimized product designs.
In its fifth decade, privately held OmniQuest has evolved into a premier software company, developing and marketing design optimization tools, professional services, training, and engaging in ongoing advanced research.
For more information visit www.OmniQuest.world, email This email address is being protected from spambots. You need JavaScript enabled to view it., or call (248) 596-1611.
OmniQuest Contact:
Cianna Reider
+1 (719) 473-4611
This email address is being protected from spambots. You need JavaScript enabled to view it.
KTON Contact:
Seiji Oyasu
847-219-7200
This email address is being protected from spambots. You need JavaScript enabled to view it.
San Antonio solar installer looks to new Tigo Energy products to meet energy needs of Texans
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced a partnership with Advanced Solar and Electric, among the largest solar energy providers in Southern Texas. Advanced Solar and Electric is currently the lead customer for a new solar offering from Tigo Energy that will help service the large and growing renewable energy market in Texas.
Advanced Solar and Electric is an innovator in the residential energy field, with more than 4,000 satisfied customers in the South Texas area. Since 2017, the company has implemented a unique Power Generation Guaranty for homeowners. This guarantee takes the guesswork out of the process for homeowners and provides the peace of mind and security for the first three years of system ownership. The service is made possible by the high-quality design, installation, and electrical work provided by the in-house team of expert solar professionals at Advanced Solar. As the only contractor in San Antonio that offers a warranty on installation and energy production, Advanced Solar strives to support installation value and success.
“Advanced Solar is the ideal type of partner for Tigo and our newest product families,” said Jurgen Krehnke, chief commercial officer, at Tigo Energy. “The combination of high-quality workmanship, solar energy expertise, and unsurpassed customer service matches the value propositions of the forthcoming Tigo products as we enter this exciting market together.”
“Tigo Energy has always been an entrepreneurial company, and we are excited about this new set of products,” said Don Dickey, founder and owner and chief operating officer, at Advanced Solar and Electric. “We are proud to be the first installer in the world to offer a new solution from Tigo to our customers in South Texas.”
Tigo Energy is meeting with its installer customers and partners during the week of September 20, 2021, to deliver product and technical briefings about the Company’s innovative new solar solution. To schedule a meeting to learn about the new product offering, please go to the Tigo Website. A formal product announcement is planned prior to the end of September 2021.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
John Lerch
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on September 24, 2021 based on the Trust’s calculation of net profits generated during July 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.0 million. Revenues from the Developed Properties were approximately $3.0 million, lease operating expenses including property taxes were approximately $1.8 million, and development costs were approximately $0.3 million. The average realized price for the Developed Properties was $70.89 per Boe for the Current Month, as compared to $70.39 per Boe in June 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to July 2020. The cumulative net profits deficit amount for the Developed Properties declined slightly, to approximately $24.8 million in the Current Month versus approximately $25.5 million in the prior month.
The Current Month’s calculation included approximately $84,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $68.20 per Boe in the Current Month, as compared to $67.59 per Boe in June 2021. The cumulative net profits deficit for the Remaining Properties increased by approximately $54,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $90,000, together exceeded the payment of approximately $84,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $102,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $102,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,734,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
42,716 |
1,378 |
$70.89 |
|
Remaining Properties (b) |
17,130 |
553 |
$68.20 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $27.5 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first and second quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $4.6 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $227,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production has improved from the prior month, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
- Cybersecurity awards to recognize organizations and individuals using Insider Risk Management technology in innovative ways to protect IP, trade secrets and sensitive data
- Award entries open through Nov. 30, 2021
MINNEAPOLIS--(BUSINESS WIRE)--#insiderrisk--Today, the Insider Risk Summit team announced a call for entries for the first annual Insider Risk Excellence Awards. The cybersecurity awards recognize organizations and individuals who have implemented Insider Risk Management (IRM) solutions in innovative ways. They are protecting their IP and sensitive company data while supporting modern workforces to collaborate and elevate productivity without heavy-handed security measures hindering operations and legitimate work.
The Insider Risk Excellence Awards are open for submission and the call for award entries closes on Nov. 30, 2021. The award winners will be announced the week of Feb. 7, 2022.
As cloud-based collaboration tools continue to rise in popularity within the enterprise, so have insider data theft and leaks, which contribute to losses up to 20% of revenue annually. Research further highlights the breadth of the insider risk challenge – on average, organizations can attribute 13 data exposure events per day to each of their users. It’s no surprise when looking ahead that 59% of security leaders expect insider risks to increase in the next two years.
Organizations and security leaders who are acting in progressive ways to protect their source code, product plans, personnel and customer information are eligible for the Insider Risk Excellence Awards in the following categories:
The Insider Risk Excellence Awards are being selected by a judging committee made up of security industry leaders from technology providers, advisory firms and channel organizations. The awards judges include:
About The Insider Risk Summit
The Insider Risk Summit, the industry’s leading conference on Insider Risk Management (IRM), brings together security leaders and practitioners and industry experts to learn, interact and share best practices in the IRM space. More than just one moment in time – the Insider Risk Summit is a community of organizations and security professionals that understand collaboration, productivity and enablement of users while meeting data security challenges. In its inaugural year in 2020, more than 2,000 security professionals registered for the event, which is held annually in September during Insider Threat Awareness month. For the most up-to-date news about the Insider Risk Summit and the IRM community, go to www.insiderrisksummit.com or follow along on Twitter.
© 2021 Code42 Software, Inc. All rights reserved. All marks are properties of their respective owners.
Kristin McKenzie
Public Relations Principal, Code42
This email address is being protected from spambots. You need JavaScript enabled to view it.
844-333-4242
DENVER--(BUSINESS WIRE)--Today Xcel Energy Executive Chairman Ben Fowke met with President Joe Biden during his visit to the National Renewable Energy Lab in Colorado. Congressional leaders and Colorado Governor Jared Polis were also on hand. Fowke released the following statement after the event:
“We thank President Biden for visiting the National Renewable Energy Lab in Colorado to see first-hand the innovative, collaborative work being done to deliver a clean energy future in our state.
We appreciate that President Biden recognizes the leadership role Xcel Energy is playing in transforming the energy grid as the first major U.S. power provider to announce a vision of providing 100% carbon-free electricity to our customers by 2050.
To reach our carbon goals, and the goals of the nation, it’s going to take the kind of collaboration we see here at NREL, work that is integral to developing the technologies that will give our customers the carbon-free future we envision.
Our industry is eager to work on this clean energy transition, and Xcel Energy is doing so with our employees and communities in mind. Our partnership with our employees and the International Brotherhood of Electrical workers is critical as we continue to move toward clean energy resources.”
Xcel Energy is more than halfway to achieving our goal, having reduced carbon emissions 51% across our electric system. We’re on track to reduce carbon emissions 80% by 2030 with more than 65% of the energy to customers company-wide coming from wind and solar.
While Xcel Energy’s goals rely on renewable energy, the company also needs generating resources that are carbon-free and available 24/7 to ensure customers always receive reliable and affordable service.
The company looks forward to continuing to engage with the President, his Administration and Congress, the Governor and other state leaders to develop the policies needed to help create a clean energy future.
Xcel Energy Media Relations
(303) 294-2300
www.xcelenergy.com
ATLANTA--(BUSINESS WIRE)--PIC Group, a global power and energy service provider with renewable energy experience, has been awarded the support services staffing agreement for multiple renewable energy projects by a leading provider of clean renewable power in the US, with one of the largest renewable asset bases of any company in the world. PIC Group will provide a range of highly qualified project personnel to supplement the construction and engineering organization for as many as 20 solar and wind generation projects across more than 10 states through 2024.
PIC Group’s global staffing and recruiting services ensure a rapid response in accurately matching the specific technical skill sets with highly qualified personnel that can adapt to keep pace and respond promptly for all of the customer’s renewable energy project needs as well as eliminating the cost of scaling up or down thru transitional periods.
“PIC Group looks for ways to create incremental value above and beyond the provision of experienced and qualified personnel,” said Frank Avery, President and CEO at PIC Group. “It is our view that PIC Group should utilize our expertise in forming top-performing project teams to ensure a level of quality and productivity that exceeds project expectations and enables our customers to achieve their goals and objectives across multiple projects.”
About PIC Group
Founded in 1988, PIC Group, Inc. is dedicated to delivering value by providing global energy services to facilities across four continents – North America, South America, Asia and Africa. PIC provides O&M Services (Care, Custody and Control), Commissioning and Startup, Documentation & Training and Staffing services and serves the power generation, oil and gas, petrochemical, pulp and paper and manufacturing industries.
PIC Group, Inc. is a wholly owned subsidiary of Marubeni Corporation, a Fortune Global 500 Company. Marubeni is a major Japanese sogo shosha (international trading company) and the third largest global independent power producer (IPP).
About Marubeni
Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business including consumer products, food, agriculture, chemicals, energy and metals and power business machinery and infrastructure.
Douglas Shuda, Marketing Director
678-627-4142
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today that Quintin V. Kneen, President, CEO and Director will present at Pareto Securities’ 28th Energy Virtual Conference on Thursday, September 16, 2021, at 3:40 a.m. Central Time (4:40 a.m. Eastern Time). Upon completion of the presentation, the Company will file a Form 8-K with the SEC that will include a copy of the slides presented, as well as have the presentation available on the Investor Relations section of the Company’s website at investor.tdw.com.
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
West P. Gotcher
Vice President Finance & Investor Relations
+1.713.470.5285
This email address is being protected from spambots. You need JavaScript enabled to view it.
BOSTON--(BUSINESS WIRE)--Customer-sited solar is a major untapped opportunity, which could see 167 million households and 23 million businesses worldwide hosting their own clean power generation by 2050, according to a joint report by research firm BloombergNEF (BNEF) and Schneider Electric. These deployments will unlock major decarbonization benefits, but policy and tariff design will be critical to enable them.
The report ‘Realizing the Potential of Customer-Sited Solar’ finds that rapidly falling costs of solar technology have already made it economical for homes and businesses to generate their own power in some markets. In Australia, for example, the payback period for households investing in solar has been favorable, at less than 10 years, since 2013. As a result, adoption has already taken off, with more than 2.5 gigawatts of residential solar added in 2020 alone.
These solar installations can generate economic returns for the hosting homes and businesses, as well as wider benefits in terms of carbon emissions reductions, peak load reductions, and employment opportunities.
“Customer-sited solar is a huge opportunity that’s often completely overlooked. Thanks to falling costs and policy measures, it’s already being rapidly deployed in some markets. Its massive scale up is very likely,” said Vincent Petit, Head of the Schneider Electric TM Sustainability Research Institute, and SVP of Global Strategy Prospective & External Affairs at Schneider Electric. “This is vital for decarbonizing the power sector and offers huge additional consumer benefits. It’s time to embrace this transformation.”
Kick-starting the market
Experience shows that solar adoption mainly occurs when there is an economic case for the households and businesses investing in the technology, usually in the form of high internal rates of return (IRR) or short payback periods. In regions where the economics have not yet reached such tipping points, policy makers are introducing targeted incentives to create favorable market conditions and bring forward deployment.
One such example is France, where existing incentives mean that residential solar can earn internal rates of return of around 18.5% (a five-year payback), and commercial installations achieve 10.4% IRR (or a nine-year payback). This has stimulated gradual growth in the market, to about 500 megawatts of installations in 2020.
A key consideration at the early stage of market development is to avoid an unsustainable boom. Policy designs should account for the fact that solar costs will continue to fall over time, and moderate support to reflect these changing dynamics.
Solar for new-build homes and businesses
The economic case for adding solar during construction of new buildings is particularly strong. This is because so-called ‘soft costs’, such as marketing and sales costs, as well as labor and construction costs, can be reduced, while the benefits remain the same. In California, the economic case for adding residential solar on existing homes is already good at 20% IRR, but the new report estimates that this figure is twice as high, at 40% IRR, when solar is added at the point of construction. In France, the IRR for residential solar could be boosted to 28% when added during new construction.
Introducing energy storage and flexibility
As solar markets develop and mature, policy makers and regulators must gradually shift their emphasis toward unlocking flexibility and encouraging the adoption of energy storage. This is because high levels of solar adoption can lead to excess energy production during the day, while also possibly destabilizing the power grid. At this stage, the addition of energy storage becomes valuable, as it allows the renewable electricity to be stored for use during evening hours.
“The evolution of customer-sited solar is to add some form of flexibility, which has the ability to unlock a much higher penetration of solar,” said Yayoi Sekine, BNEF’s Head of Decentralized Energy. “The most obvious form of flexibility is batteries, but energy storage will come in many forms, including shifting demand and using electric vehicles.”
Tools to encourage energy storage include adjusted export rates (the payments offered to solar owners when they export energy to the grid), time-of-use retail electricity rates (which reflect the lower generation costs of solar during the daytime), enabling payments for storage to provide grid services (sometimes called aggregation payments), and implementation of demand charges (primarily for business customers). These levers are generally meant to make rates more reflective of generation and grid costs but are also likely to encourage energy storage.
In California, for example, reducing export rates to 35% of retail tariffs, while it would damage the economics of solar overall, would shift the emphasis over to solar systems paired with storage, which would still generate a 13% IRR. For commercial and industrial installations, adding so-called aggregation payments for batteries would boost IRRs to 22.8%, making solar-plus-storage a more attractive option than solar alone.
The report investigates these mechanisms in depth, and provides individual use case analysis for France, Spain, Australia, California (U.S.) and New Jersey (U.S.), as example of markets at different stages of maturity. The full report is available via the following link.
About BloombergNEF
BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/company or request a demo.
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.
Schneider Electric Media Relations – Thomas Eck, This email address is being protected from spambots. You need JavaScript enabled to view it.
BloombergNEF Contact – Veronika Henze, +1-646324-1596, This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (Paris: FTI) (the “Company”) announced today the results as of 5:00 p.m., New York City time, on September 14, 2021 (the “Early Tender Time”) of its previously announced cash tender offer (the “Tender Offer”) to purchase up to $250 million aggregate principal amount (the “Maximum Tender Amount”) of its 6.500% Senior Notes due 2026 (the “Notes”).
As of the Early Tender Time, $164,113,000 aggregate principal amount of the Notes had been validly tendered and not validly withdrawn. These Notes are being accepted by the Company today without proration. Holders of Notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer are receiving today, for each $1,000 principal amount of such Notes, the “Total Consideration” of $1,075, which includes an “Early Tender Premium” of $30.00. In addition to the Total Consideration, such Holders are also receiving, in respect of such Notes, accrued and unpaid interest from August 1, 2021 (the last interest payment date for the Notes) to, but not including, today.
Additionally, the Company announced today that the Early Tender Premium of $30.00 shall apply to Notes validly tendered from the date hereof to at or before the Expiration Time. The terms and conditions of the Tender Offer, including the withdrawal deadline, which was 5:00 p.m., New York City time, on September 14, 2021, otherwise remain unchanged and are set forth in an Offer to Purchase (the “Offer to Purchase”), dated August 31, 2021. Accordingly, tendered Notes may no longer be withdrawn.
The Tender Offer will expire at 11:59 p.m., New York City time, on September 28, 2021 (the “Expiration Time”), unless extended or earlier terminated. Holders of Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be eligible to receive $1,075 for each $1,000 principal amount of such Notes. Following this announcement, such amount shall also be referred to as the “Tender Offer Consideration”.
In addition to the Tender Offer Consideration, such Holders will also receive, in respect of such Notes, accrued and unpaid interest from the last interest payment date for the Notes to, but not including, the settlement date for such Notes. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time.
If more than the Maximum Tender Amount of Notes are validly tendered, and Notes are accepted for purchase, the amount of Notes that will be purchased will be prorated as described in the Offer to Purchase. Only Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be subject to possible proration. The Company reserves the right, but is not obligated, to increase the Maximum Tender Amount in its sole discretion. The Company will return any Notes not accepted for purchase promptly after the Expiration Time.
The Company has engaged Citigroup Global Markets Inc. and BofA Securities, Inc. to act as the dealer managers for the Tender Offer. The Information Agent for the Tender Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and related offering materials are available by contacting the Information Agent at (866) 470-3700 (toll-free) or (212) 430-3774. Questions regarding the Tender Offer should be directed to Citigroup Global Markets, Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect) and BofA Securities, Inc. at (980) 388-3646 (collect) or This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is not an offer to purchase or a solicitation of an offer to sell any securities. The Tender Offer is being made solely pursuant to the terms of the Offer to Purchase. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
United Kingdom
The communication of this press release and any other documents or materials relating to the Tender Offer is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (1) those persons who are existing members or creditors of the Company or other persons within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and (2) to any other persons to whom these documents and/or materials may lawfully be communicated.
European Economic Area (EEA)
In any European Economic Area (EEA) Member State (the “Relevant State”), this press release is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “Prospectus Regulation”). Each person in a Relevant State who receives any communication in respect of the Tender Offer contemplated in this press release will be deemed to have represented, warranted and agreed to and with each Dealer Manager and the Company that it is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Wind Turbine Inspection Drones Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2026" report has been added to ResearchAndMarkets.com's offering.
The research report on Saudi Arabia wind turbine inspection drones market is a customer intelligence and competitive study of the Saudi Arabia market.
Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the Saudi Arabia market. Also, factors that are driving and restraining the wind turbine inspection drones market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market.
Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of wind turbine inspection drones market in Saudi Arabia.
Highlights of the Report
The report provides detailed insights into:
The report answers questions such as:
Key Topics Covered:
1. Report Overview
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
2. Executive Summary
3. Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. PEST-Analysis
3.4. Porter's Diamond Model for Saudi Arabia Wind Turbine Inspection Drones Market
3.5. Growth Matrix Analysis
3.6. Competitive Landscape in Saudi Arabia Wind Turbine Inspection Drones Market
4. Saudi Arabia Wind Turbine Inspection Drones Market by Product Type
4.1. Fixed Wings Drones
4.2. Rotary Wing Drones
4.3. Others
5. Saudi Arabia Wind Turbine Inspection Drones Market by Application
5.1. Offshore Wind Energy
5.2. Onshore Wind Energy
6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/yx3wrk
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
ORTONA, Italy--(BUSINESS WIRE)--Regulatory News:
Ontex [Euronext: ONTEX] today broke ground for a large solar installation at the site of its factory in Ortona, Abruzzo region, Italy. The new solar installation will produce 11.6 GWh of electricity per year, equivalent to the yearly consumption of more than 3,500 households.
Ontex’s factories in Italy and eight other European countries run on 100% electricity from renewable sources. The company is installing solar power installations in Europe and the Americas to produce more energy on-site.
Annick De Poorter, Ontex’s Executive Vice President for R&D and Sustainability, said: “As demand for sustainably produced electricity is expected to increase, we prefer to have direct access to electricity that is produced on-site in a sustainable way. We can now produce more than a quarter of the electricity we need to manufacture essential hygiene goods at our factory in Italy. This is another step towards our goal to have carbon neutral operations by 2030. We will reach this goal through on-site renewable energy production, energy savings, purchasing energy from renewable sources, and carbon offsets via reforestation projects.”
The solar system was developed and financed by the company Menapy, who also installed Ontex’s solar power in Eeklo, Belgium and Segovia, Spain. Federico Dotto, country manager, Menapy Italia srl, said: “This project marks an important milestone for Menapy in the Italian market. It crystallizes our long-term experience in industrial rooftop and solar projects in Europe and it confirms that our ‘Solar as a Service’ can bring important added value to high-consuming industries in Italy. Ontex has clear and ambitious goals in sustainability and saving on energy costs, and with this project we help them achieve both, without the investment.”
Construction is expected to take around 6 months. Construction is scheduled to end during the first months of 2022, allowing for the production of personal hygiene products with solar power from the spring of 2022.
Antimo Bovenzi, Ontex Ortona plant manager said: “Having access to our own green electricity is great. It makes us less dependent on price fluctuations of the green electricity market. It will also top off the peaks of our electricity demand, providing homeowners and businesses around our factory with a more robust power grid.“
Since 2017, 100% of Ontex’s European factories run on electricity from renewable sources, or 75 % percent of Ontex’s manufacturing plants worldwide. Ontex plants purchase renewable electricity via Energy Attribute Certificates (EAC’s) and some also produce their own energy. Large rooftop solar capacity is installed at Ontex plants in Eeklo, Belgium and Segovia, Spain.
About Ontex
Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex’s innovative products are distributed in more than 110 countries through Ontex brands such as BBTips, BioBaby, Pompom, Bigfral, CanBebe, CanPed, iD and Serenity, as well as leading retailer brands.
Employing some 10,000 people all over the world, Ontex has a presence in 21 countries, with its headquarters in Aalst, Belgium. Ontex is listed on Euronext Brussels and is part of the Bel Mid®. To keep up with the latest news, visit ontex.com or follow Ontex on LinkedIn, Facebook, Instagram and YouTube.
About Menapy
Menapy develops, finances and operates on-site corporate solar power solutions using roofs, ground and parking (PV carports). We serve high-consuming multinational companies all over Europe , with offices in Belgium, France, Spain and Italy. As impact investors, the company creates optimized flexibility and quality by staying independent from installers or component manufacturers.
www.menapy.com, LinkedIn, YouTube
ONTEX PRESS ENQUIRIES
Maarten Verbanck
+32492724267
This email address is being protected from spambots. You need JavaScript enabled to view it.
Ufficio stampa Ontex Serenity:
Stefania Bambini Alessandra Greco
+39 02 22198652 +39 388 8275139 +390222198652
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
MENAPY PRESS ENQUIRIES
Tom Pollyn
Managing Partner
+32 477 062 247
Federico Dotto
Country Manager Menapy Italia,
+39 377 3994 457
ONTEX INVESTOR ENQUIRIES
Philip Ludwig
+32 53 333 730
This email address is being protected from spambots. You need JavaScript enabled to view it.
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, today announced that its joint venture offshore wind project, Vineyard Wind 1, has become the first commercial-scale offshore wind project in the United States to reach financial close. The project has closed on an aggregate of approximately $2.3 billion of construction and term loan financing with nine global lending banks.
“Today’s milestone demonstrates the financial community’s confidence in Vineyard Wind 1 and AVANGRID’s sustainability strategy, and more broadly, the U.S. offshore wind industry,” said Dennis V. Arriola, CEO of AVANGRID. “We are proud to pioneer this new industry and demonstrate that offshore wind can be a sound investment, while creating jobs, combating climate change and powering the economies of our coastal communities.”
Financial close enables the 800 megawatt (MW) project to commence construction this fall in order to begin delivering clean electricity to Massachusetts in 2023.
In May, the U.S. Bureau of Ocean Energy Management issued a favorable Record of Decision (ROD), the major federal permit required for construction. Since receiving the ROD, the project has successfully received all necessary permits and entered into a Project Labor Agreement (PLA) with the Massachusetts Building Trades for construction. The PLA will support fair, family-supporting wages and workplace protections for the workers building Vineyard Wind 1.
Located 15 miles off the coast of Martha’s Vineyard, Vineyard Wind 1 is expected to provide enough electricity to power more than 400,000 homes in the Commonwealth of Massachusetts, create 3,600 Full Time Equivalent (FTE) job years, reduce electricity rates by approximately $1.4 billion over the first 20 years of operation and reduce carbon emissions by more than 1.6 million metric tons per year.
Avangrid Renewables, a subsidiary of AVANGRID, is a leading developer of onshore wind and solar and is pioneering the development of offshore wind in the U.S. In addition to Vineyard Wind 1, Avangrid Renewables is a partner on Park City Wind, an 804 MW project that will serve the state of Connecticut, as well as on additional lease areas off the coast of Massachusetts and Rhode Island to deliver up to 3,500 MW. In the mid-Atlantic, Avangrid Renewables is also developing Kitty Hawk Offshore Wind that has the potential to deliver 2,500 MW of clean energy into Virginia and North Carolina.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
Forward Looking Statements
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation: the future financial performance, anticipated liquidity and capital expenditures; actions or inactions of local, state or federal regulatory agencies; the ability to recruit and retain a highly qualified and diverse workforce in the competitive labor market; changes in amount, timing, success and ability to complete capital projects; litigation or administrative proceedings, the outcome or settlement of which could adversely affect our business, financial condition, timing or success of development projects, and reputation; adverse developments in general market, business, economic, labor, regulatory and political conditions including, without limitation, the impacts of inflation, deflation, and changing prices and labor costs; the impacts of climate change, fluctuations in weather patterns and extreme weather events; technological developments; the impact of extraordinary external events, such as any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, civil or social unrest, natural disasters, pandemic health events or other similar occurrences; the impact of any change to applicable laws and regulations affecting the ownership and operations of renewable energy generation facilities, respectively, including, without limitation, those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting; the COVID-19 pandemic, its impact on business and economic conditions and the pace of recovery from the pandemic; the implementation of changes in accounting standards; adverse publicity or other reputational harm; and other presently unknown unforeseen factors.
Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC, and we encourage you to consult such disclosures.
Media Contact:
Susan Millerick
This email address is being protected from spambots. You need JavaScript enabled to view it.
860.690.1624
24/7 Media Hotline
833.MEDIA.55 (833.633.4255
LAGOS, Nigeria--(BUSINESS WIRE)--As part of its drive to address Africa’s vulnerability to climate risk, Africa Finance Corporation (AFC) has created an independent asset management arm, AFC Capital Partners, with a debut offering: the Infrastructure Climate Resilient Fund (ICRF).
AFC Capital Partners plans to raise US$500m in the next twelve months and US$2 billion over the next three years. The ICRF will act as a direct investor and a co-investment fund to enhance the quality of African ports, roads, bridges, rail, telecommunications, clean energy, and logistics in the face of rising temperatures and sea levels due to climate change.
“AFC Capital Partners will enhance our firepower in driving integrated infrastructure solutions that are core to Africa’s development in the post-Covid era,” said Samaila Zubairu, President and CEO of Africa Finance Corporation. “The Infrastructure Climate Resilient Fund will enable us to support climate adaptation as well as projects that reduce carbon emissions and catalyse our continent to build back better, with more climate-resilient and sustainable infrastructure. And we are delighted to welcome Ayaan Zeinab Adams as CEO of AFC Capital Partners. She brings a wealth of experience to AFC and will enable investors to access meaningful exposure in Africa’s infrastructure market.”
As the former leader of the private sector arm of the Green Climate Fund under the UN Framework Convention on Climate Change, as well as a former CIO and Senior Manager of the World Bank Group’s IFC, Ayaan brings 27 years of experience in climate response and investment to her new role.
The continent that has contributed the least to climate change is the most exposed because of housing, transport, industrial, and energy structures ill equipped to survive storms, floods, droughts, wildfires, and other hazards from extreme weather patterns. According to the UN Office for Disaster Risk Reduction, without urgent intervention, the cost of structural damage caused by natural disasters will increase to US$415 billion a year by 2030 from between US$250-300 billion now. Damage to rail tracks, roads, bridges, seaports, and power grids will add to an infrastructure deficit currently at US$130–170 billion per year. The UN Conference on Trade and Development estimated that a total of US$2.3 trillion worth of infrastructure is needed across Africa.
AFC Capital Partners forms a core part of the Corporation’s five-year strategy, as set out in 2018 to expand its suite of pragmatic and innovative funding solutions by mobilising capital to drive the development of infrastructure that is resilient to the impact of climate change.
“Significant financing is urgently required to build physical infrastructure that will survive the forces of climate change,” said Ayaan. “The good news is that much of this investment is compatible with competitive returns for investors through leveraging the expertise, relationships, and blended finance models that have been tried and assessed for many years by Africa Finance Corporation.”
Ayaan played a key role in building the mandate of the Green Climate Fund Private Sector Facility and rapidly scaled its portfolio within three years to US$2.1 billion invested across Africa, Asia-Pacific, Latin America, and the Caribbean. She previously also served as UK-based CDC Group’s Managing Director of Africa Funds.
The mandate of AFC Capital Partners is aligned to AFC’s in offering attractive investment opportunities to the global development finance and commercial investor community seeking long-term returns through structures that protect African built infrastructure from climate risks. The newly created fund, incorporated in Mauritius, will employ traditional project finance and private equity structures, supported by a blend of concessional finance, grants and “soft equity.”
“Our objective is to stay true to AFC’s track record, competency and investor interest without compromising on the ability to provide timely exits and a seamless entry by new investors on an arm’s length basis,” said Ayaan.
Ends
About AFC Capital Partners
AFC Capital Partners is a 100% owned subsidiary of Africa Finance Corporation, with a Board and Executive Committee independent of the Corporation. Its collective investment vehicles are guided by specific investment themes that mobilize third party funds for financing of infrastructure. AFC Capital Partners seeks to leverage the scale and breadth of Africa Finance Corporation’s experience across the investment lifecycle to enhance value-add for investors and offer unique access to impactful co-investment opportunities
About AFC:
AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. The Corporation has invested over US$8.7 billion in projects in 35 countries across Africa since inception.
Media enquiries:
Marlynie Moodley
SVP Communications
Africa Finance Corporation
Mobile : +27(0) 82 564 2457
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
The company joins Business Ambition for 1.5°C and the Science Based Target Initiative (SBTi)
SÃO PAULO--(BUSINESS WIRE)--Suzano, the world's leading eucalyptus pulp and paper producer and a global benchmark in the manufacture of bioproducts developed from eucalyptus, has joined the ‘Business Ambition for 1.5°C’ campaign and the ‘Science Based Target Initiative’ (SBTi), a movement that seeks to promote the reduction of greenhouse gas emissions and resulting transition to a low-carbon economy. By joining these initiatives, Suzano is also taking part in the United Nations-supported “Race to Zero” campaign, which rallies for a zero carbon recovery.
“It is fantastic to see Suzano joining the Race to Zero Campaign. They have shown true leadership in understanding how the forestry sector can contribute to our global effort of combatting climate change. We are proud to have Suzano as a partner that will engage with other companies and governments to achieve our unified 1.5C target,” says Gonzalo Muñoz, COP26 High-Level Climate Champion.
Suzano has already made voluntary commitments to reduce its emissions and expand its efforts to remove greenhouse gases from the atmosphere, which make up the “Commitments to Renew Life”, a set of 14 long-term public goals established by Suzano.
In addition to these, Suzano will establish goals aligned with the SBTI’s 1.5°C emission reduction target scenarios within the next two years, as stipulated by the initiative, covering both their own emissions and value chain emissions.
The company will also engage with other actors in supporting SBTi to promote the improvement of methodologies related to the planted forest, pulp and paper sector.
“We are developing new products from planted trees that can replace materials derived from fossil fuel sources and our efforts are already contributing directly to the capture of carbon from the atmosphere. But we want to go further. By joining the Business Ambition for 1.5°C campaign, the SBTi and the 'Race to Zero' campaigns, we will work to bring together more actors, whether from the private sector or the public sphere, to discuss and agree how we can move towards a low carbon economy,” says Walter Schalka, CEO of Suzano.
Suzano is committed to further expanding its ambitions and the speed of its decarbonization journey. To this end, Suzano will continue to invest in various initiatives such as product innovation, reductions in fossil fuel consumption, and renewable energy.
Suzano
André Magnabosco
This email address is being protected from spambots. You need JavaScript enabled to view it.
Hawthorn Advisors
Lorna Cobbett / Zinka MacHale
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, announced today that it has further extended its market penetration with the installation of new charging stations at Giant Food in Virginia. The exact address of these charging stations is 10653 Braddock Rd, Fairfax, Virginia 22032.
Founded on the premise that the electrification of mobility is likely to be a transformational shift, Volta builds and operates a nationwide EV charging network that has among the best utilization per station in the EV charging industry for the United States. Centered around capturing new spending habits expected to result from the shift to electric vehicles, Volta seeks to transform the fueling industry by building open-network charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail locations.
The new charging stations at Giant Food further Volta’s mission to build convenient, simple and delightful charging infrastructure that is seamlessly incorporated into a driver’s everyday experience.
About Volta
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Sabrina Strauss
Goodman Media International, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
The MISO Central solar development asset is the third project transaction between Galehead and EDF Renewables.
BOSTON--(BUSINESS WIRE)--Galehead Development, an independent Boston-based energy development platform, recently closed on the sale of a 270 megawatt (MWdc) solar development project in the MISO Central region to EDF Renewables (EDFR). EDF Renewables is a leading independent power producer and service provider with 35 years of expertise in renewable energy. When completed the solar project will serve increasing demand from MISO utilities for low-cost energy resources and growing commitments to renewables by corporations throughout the region.
The transaction marks the third renewable development asset sale between Galehead and EDFR. In total, Galehead has delivered a 520 MWdc pipeline to EDFR spanning the MISO and PJM energy markets and targeting commercial operations beginning between 2023-2024. Each acquisition has paired Galehead’s market strategies and greenfield development scope with EDFR’s power marketing capabilities and capacity for long-term project ownership. Galehead executed on its market strategies by siting projects with its proprietary LandCommand™ software, assembling and achieving site control, conducting feasibility studies and surveys, and securing cost-effective interconnection positions. Following the acquisitions, EDFR will manage all remaining downstream development scope through commercial operations.
“We are thrilled to build on our track record of successful project sales to EDF Renewables. We look forward to supporting their continued development of the projects and the addition of a half-gigawatt of new renewable resources to the grid by 2025 through this relationship,” said Galehead CEO Matt Marino.
About Galehead:
Galehead Development is a technology, greenfield development, and asset management platform for Impact Infrastructure investments. Since 2016 Galehead has originated and developed a 8 GWdc pipeline of renewable projects either sold to or presently under joint development with third-party IPPs, including 5 GW in MISO and 2 GW in PJM. The company is based in Boston, MA and has 28 full-time employees. Learn more at www.galeheaddev.com.
Patrick Martin, COO
617-681-4SUN
This email address is being protected from spambots. You need JavaScript enabled to view it.
Partnership integrates project44 analytics into Google Cloud’s new Supply Chain Twin solution to improve transportation efficiency and inventory management for world’s most progressive supply chains
CHICAGO--(BUSINESS WIRE)--project44, the leader in real-time supply chain visibility and a Google Premier Visibility Provider, today announced a new partnership with Google Cloud to provide customers with better, real-time visibility into their supply chains. Under this partnership, project44 will be the first strategic partner for real-time transportation visibility to integrate its capabilities into Google Cloud’s Supply Chain Twin solution to provide joint customers with a view into the supply chain network, including data across all modes, existing integrations at scale, and strong relationships with other partners included in the offering.
“We’re excited to team up with project44 as the first strategic partner for real-time visibility in Google Cloud’s Supply Chain Twin solution. project44’s broad visibility network, workflow automation and predictive analytics enable collaboration across all facets of the supply chain,” said Hans Thalbauer, managing director, global supply chain and logistics industry solutions for Google Cloud. “project44’s incredible expertise in transportation provides customers with the technology needed to greatly improve insight into shipments and orders across their supply chain.”
Google Cloud supply chain solutions, particularly the Supply Chain Twin, deliver end-to-end visibility by bringing together data from various business systems such as enterprise resource planning (ERP), transportation management systems (TMS), and warehouse management systems (WMS), as well as data from the operational systems of the customer and those of their partners. The increased transportation visibility and reporting provided by project44 will provide customers with visibility into data relating to shipments once they have left suppliers, as well as when inventory is moving between warehouses and manufacturing plants, and into customers’ hands.
The project44 Platform currently supports more than 680 global shippers and logistics service providers, providing visibility into a network of more than 113,500 multimodal carrier integrations and 2.6M assets – the largest carrier network available in a single platform today.
“It’s incredibly validating to be selected as the first strategic visibility partner for Google Cloud and its new Supply Chain Twin solution,” said Jett McCandless, CEO and founder of project44. “Taking an integrated, data-first approach to solving the world’s most complex supply chain challenges will have significant benefits for customers who rely on accurate, real-time data to deliver outstanding experiences for their own customers.”
A Partnership for Growth
project44 is the fastest growing SaaS platform for real-time, end-to-end transportation visibility. Integrating with Google Cloud’s Supply Chain Twin is the latest step in project44’s aggressive plans which focus on organic growth, strategic acquisitions and partnerships, and geographic expansion. Having project44 data on Google Cloud’s BigQuery builds on their shared vision of highly available access to data and data-led decision making to improve operations as both customer expectations and supply chain disruptions keep rising.
Named as a Leader in the 2021 Gartner Magic Quadrant for Real-time Transportation Visibility, project44 continues to invest in platform, ecosystem and data science capabilities that deliver the most complete end-to-end supply chain visibility. The company announced record growth in Q2, including enterprise net dollar retention of 129% and 123% year-over-year growth in ARR. Already the largest visibility platform company as measured by ARR, customer count, and carriers, project44’s ARR in Q2 was more than the sum of the next top six visibility companies combined for the same quarter.
For more information on the Google Cloud Supply Chain Twin powered by project44, click here.
About project44
project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional experience to their customers. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit project44.com.
Rebecca Selby
Corporate Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.