Customers can earn above-industry average savings rates while leveraging their deposits to fight climate change.
BERKELEY, Calif.--(BUSINESS WIRE)--#banking--Atmos Financial, a climate fintech company leveraging bank deposits to finance the clean energy transition, launched a groundbreaking checking account today that empowers customers to use their cash deposits to reverse global warming.
Bank deposits are among the largest source of capital for loans — some $17 trillion in the U.S. alone. Yet most banks — even those pledging to take climate action — do not distinguish whether their loans are worsening the planet’s climate crisis.
Atmos Financial is upending this approach: The digital bank guarantees that all of its customers’ deposits only go toward those projects that are achieving measurable, climate-positive impacts. In short, Atmos Financial is uniquely empowering individuals to take direct, meaningful action on climate change.
Joining Atmos Financial takes less than two minutes. And while climate action is too often associated with sacrifice — or, conversely, high costs — Atmos Financial has purpose-built its products to ensure consumers do well by doing good, from industry-leading savings rates to competitive cash-back offers and its no-minimum checking account.
The full suite of climate-positive financial products, including those available through the Atmos Financial mobile app, includes:
“Banks, and the loans they fund with consumers’ deposits, finance our buildings, our cities, our infrastructure — and all of this has a carbon impact. And because banks are the ones who decide who gets funding and who doesn’t, they have among the largest carbon impacts of any sector,” said Atmos co-founder Peter Hellwig. “By launching our checking accounts and debit cards, Atmos is arming millions of Americans with the power to take immediate, direct action on climate change.”
With deposits insured through the FDIC-insured Evolve Bank & Trust, Atmos’ lineup of consumer banking products guarantees that its customers’ deposits are used exclusively to reduce collective emissions by funding clean energy, electrification or regenerative agriculture. Returns from these loans will then be used to offer its above-industry average savings rates — as well as additional cash back on purchases from sustainable brands and a fee-free donation platform to climate-focused nonprofits.
“Every dollar that we divert away from extractive industries like fossil fuels and toward clean energy is critical to achieving our mission of financing the rapid transition to a clean economy for all,” said Atmos co-founder Ravi Mikkelsen.
Atmos is now accepting applications for their checking account, alongside savings and debit products. Sign up for a new, climate-positive checking account in less than two minutes at JoinAtmos.com.
About Atmos Financial
Atmos Financial is a climate fintech bank leveraging deposits to finance the equitable transition to a regenerative economy. Launched in January 2021 in Berkeley, Calif., with a high-yielding, online savings account, Atmos offers FDIC-insured financial products for consumers that exclusively invest in clean energy, regenerative agriculture, and energy transition projects.
Jennifer Fletcher
Silverline Communications
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609-468-2373
Australian Dream will utilize Pattern’s ecommerce acceleration platform to sell globally.
SALT LAKE CITY & CAMPTON, Ky.--(BUSINESS WIRE)--#20yearanniversary--Today, Pattern announced a strategic partnership with Nature’s Health Connection, Inc.—owner of the Australian Dream brand of topical pain relief products—to accelerate the long-term growth of the Australian Dream brand worldwide.
Pattern will assist Nature’s Health Connection in enhancing the Australian Dream brand innovation, including the creation of dedicated, inclusive upskilling and brand enforcement programs for the Australian Dream brand. As part of the partnership, Nature’s Health Connection will also use Pattern’s unique ecommerce acceleration platform to modernize components of its ecommerce infrastructure, fostering the agility, security, cost efficiency, and performance required to support its future business goals.
“Pairing excellent products with Pattern's leading ecommerce acceleration platform is a winning combination," said Pattern Chief Revenue Officer John LeBaron. “We’re excited to work with Nature’s Health Connection to accelerate the growth of the Australian Dream family of products around the world."
“The decision for us to join Pattern was simple,” said Australian Dream Co-Founder, CEO, and President Phillip Maddox. “Pattern shares the same dedication to quality customer service as we do. Partnering with Pattern’s innovative and best-in-class service was key in our decision-making process.”
“The partnership between Pattern and Nature’s Health Connection is the perfect way to commemorate Australian Dream’s twenty-five-year anniversary,” said Australian Dream Co-Founder, EVP, and Vice President of Sales Mike Maddox. “We feel so blessed to be able to work with the Pattern team as they help us expand across the world. We are excited that our uniquely American company will be able to sell its Australian Dream brand in Australia, New Zealand, Canada, The United Kingdom, China, Japan, and elsewhere.”
About Nature’s Health Connection
Nature’s Health Connection offers its Australian Dream pain relief products in CVS, Walmart, Walgreens, Rite Aid, Kroger, Amazon, and many other retailers.
About Pattern
Pattern is the premier partner for global ecommerce acceleration — helping brands command their maximum share of the exploding $6 trillion global ecommerce market. Pattern’s ecommerce acceleration platform leverages proprietary technology and industry experts to help brands attain profitable ecommerce growth on their websites and on hundreds of global marketplaces — including Amazon, Walmart, eBay, Google, Tmall, JD, and MercadoLibre. To learn more, visit pattern.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Nature’s Health Connection and Australian Dream:
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Pattern:
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OVERLAND PARK, Kan.--(BUSINESS WIRE)--TortoiseEcofin, through its family of registered investment advisers, focuses on essential assets and services indispensable to the economy and society, continues its client-first approach with the addition of an experienced new team member dedicated to institutional sales and facilitating relationships.
Mr. Whit Porter joined the firm on September [13], 2021, as a director of institutional sales, where he is responsible for developing and managing relationships across the institutional investor base. Previously, Mr. Porter worked at Merrill Lynch Alternative Investments Group and prior, was a founding member and investment committee member of RBC Asset Management Infrastructure Investment Group. Throughout his career, he held a variety of sales, marketing and investor relations roles at Centerpoint Capital Management, Macquarie Capital, Inc. and State Street Global Advisors. Mr. Porter earned a Bachelor of Arts in political science from the University of Vermont in Burlington, VT and holds Series 7, 24, 63, and 65 licenses. He lives in Boston, MA and is active in coaching youth sports.
Managing Director, Michael McKeigue, commenting on his appointment, said: “Whit’s extensive background in infrastructure related asset management business development as well as his experience in positioning a wide variety of investment structures will provide strong support in connection with clients’ investment needs and developing innovative investment solutions.”
About TortoiseEcofin
TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.
TortoiseEcofin’s family of registered investment advisers includes: Tortoise Capital Advisors, L.L.C., TIS Advisors, Ecofin Advisors, LLC and Ecofin Advisors Limited.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
For more information contact Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Revenue growth hits 60% outside the Canadian market
CALGARY, Canada--(BUSINESS WIRE)--$BLN #connectedsafety--Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology with a hardware-enabled software-as-a-service (HeSaaS) business model, announced its eighteenth consecutive quarter of year-over-year quarterly revenue growth, achieving $12.7M total revenue in the fiscal quarter ending July 31, 2021. Product revenue grew 91% from the prior year’s quarter with recurring service revenue up 11% to $7.4M from $6.7M, driven by a 19% increase in software services revenue.
“We are proud to deliver record quarterly revenue growth of $12.7M, while also reaching the $5M product revenue threshold for the first time since the pandemic started,” said Cody Slater, CEO and Chairman at Blackline Safety. “Although this represents strong growth, the quarter was still impacted by delays in major procurement decisions as customers reacted to the uncertainty of the COVID-19 Delta variant.”
“Since the onset of the pandemic five quarters ago, we have seen our overall quarterly revenue grow by 50% globally and 74% excluding the commodity-impacted Canadian market. This demonstrates how Blackline is playing an integral part in keeping workers safe, while contributing to digital transformation efforts. Despite the continued presence of COVID throughout the world, we’ve started to see a return to more normal business operations across our customer base as evidenced by four major contract wins announced at the start of Q4.”
Recent G7 and G7 EXO product sales and strong retention and renewal activity has resulted in service-level increases, which contributed growth of $0.9M in the quarter. This increase was offset by customers who renewed fewer active devices due to workforce reductions of $0.4M and only $0.02M from customers who declined to renew this quarter. Overall, total service revenue was up 11% for the quarter over the prior year quarter with software services revenue up 19%.
Service margin improved to 70%, and although gross margin for the quarter was negatively impacted by global supply chain shortages, causing increased costs of inputs for the Company’s manufactured devices, the Company maintained product gross margin of 13%. Blackline closed the third quarter with a solid working capital position including cash and short-term investments of $33.1M.
The Company continued to build on its strategic acquisition of Wearable Technologies Ltd. (“WTL”), investing $1.9M in the company focused on the product development road map and development of the sales team to accelerate our entry into the construction and light industrial markets.
Despite the challenging operating environment during the global pandemic, Blackline has managed to maintain strong growth and momentum in product adoption and revenue. The continued investments in innovation and sales expansion have positioned Blackline well to fuel our strong growth trajectory as the world navigates through the pandemic.
Third quarter highlights
Post-quarter highlights
Financial highlights
The subsequent values in this release are in thousands, except for percentages and per share data.
|
Quarter Ended July 31 |
Nine-Months Ended July 31 |
||||||||||||||
|
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|
|||||||||
|
$ |
$ |
% |
$ |
$ |
% |
|
|||||||||
Revenue |
12,693 |
9,437 |
35 |
35,046 |
26,827 |
31 |
||||||||||
Gross Margin |
5,859 |
4,961 |
18 |
17,376 |
13,678 |
27 |
||||||||||
Gross Margin Percentage |
46% |
53% |
(7) |
50% |
51% |
(1) |
||||||||||
Net Loss |
(10,257) |
(1,762) |
(482) |
(23,699) |
(6,217) |
(281) |
||||||||||
Net Loss per Share |
(0.19) |
(0.04) |
(414) |
(0.44) |
(0.13) |
(236) |
||||||||||
Adjusted EBITDA |
(4,569) |
1,448 |
(416) |
(6,443) |
3,356 |
(292) |
||||||||||
Adjusted EBITDA per Share |
(0.08) |
0.03 |
(367) |
(0.13) |
0.07 |
(286) |
||||||||||
Key Financial Information
Overall, third quarter revenue was $12,693, an increase of 35% from $9,437 in the comparable quarter of the prior fiscal year.
Service revenue during the third quarter was $7,411, an increase of 11% compared to $6,665 in the same quarter last year. Retention rates of our existing customers across geographic regions and industry sectors remained robust. However, the velocity of growth in service revenue during the third quarter was negatively impacted by COVID-19 and the Delta variant. This has caused delays in deployments by new customers as well as current customers renewing fewer active devices after experiencing workforce reductions.
Blackline’s product revenue was $5,282, an increase of 91% compared to $2,772 in the prior year, as we saw the beginning of a return to more normal procurement processes, particularly in the United States and Europe. Notably, product revenue for the quarter was Blackline’s second highest ever and marking the second consecutive quarter of greater than 115% in European product sales growth. The increase also reflects the Company’s investment in its expanded sales network across North America, Europe and other geographies over the last twelve months. Blackline continued strong sales of its new G7 EXO area gas monitor which contributed $1,766 to sales during the quarter.
Service margin of 70% was a 1% increase quarter-over-quarter due to higher overall service volumes as well as lower carrier costs for the connectivity of the Company’s devices. Product margin was flat at 13% due to increased margin from G7 EXO sales being offset by increased material, supply and freight costs resulting from global supply chain challenges. Overall gross margin percentage for the third quarter was 46%, a 7% decrease to that achieved in the comparable quarter of the prior year driven by a heavier product versus service mix.
Adjusted EBITDA was ($4,569) for the second quarter compared to $1,448 in the comparable quarter of the prior year. The decrease in the Adjusted EBITDA for the quarter was attributable to $998 related to operating costs for the Company's new subsidiary WTL, an increase in general and administrative expenses and selling and marketing expenses, primarily as a result of higher salaries expense from additional new hires and reduced funding of $1,177 from the Canadian Emergency Wage Subsidy. Adjusted EBITDA was also impacted as the Company incurred increased recruiting expenses of $380 in the quarter to support its growth strategy in sales and marketing.
Blackline’s unaudited consolidated interim financial statements and management’s discussion and analysis on financial condition and results of operations for the period ended July 31, 2021 (including the reconciliation of non-GAAP measures) are available at www.sedar.com. All results are reported in Canadian dollars.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safely each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations with coverage in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 158 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to, among other things, Blackline Safety's expectation to realize potential from its intended investment in organic growth opportunities in 2021, Blackline's intention to expand its product offerings to total workplace connectivity and management's expectation that Blackline will continue to focus on its comprehensive approach to connected devices, live monitoring, consulting and integration services. Blackline provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time, including expectations and assumptions concerning business prospects and opportunities, customer demands, the availability and cost of financing, labor and services and the impact of increasing competition. Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks discussed in Blackline's Management's Discussion and Analysis. Blackline's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
INVESTOR/ANALYST CONTACT
Cody Slater, CEO
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MEDIA CONTACT
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SAN RAMON, Calif.--(BUSINESS WIRE)--During its Energy Transition Spotlight, Chevron Corporation (NYSE: CVX) announced plans to invest more capital to grow lower carbon energy businesses.
“Chevron intends to be a leader in advancing a lower carbon future,” said Michael Wirth, Chevron’s chairman and CEO. “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
Establishes Growth Targets for Lower Carbon Businesses
Building on its strengths, the company set the following 2030 growth targets for new energy businesses:
To achieve this scale, the company expects to invest more than $10 billion between now and 2028, including $2 billion to lower the carbon intensity of Chevron’s operations. This is more than triple the company’s previous guidance of $3 billion.
“Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,” said Jeff Gustavson, president of Chevron New Energies. “These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.”
Reaffirms Guidance for High Return Traditional Business While Targeting Faster Growing Lower Carbon Businesses
At a Brent oil price average of $60 per barrel, the company reaffirmed its expectation to earn double-digit return on capital employed by 2025 and generate $25 billion of cash flow, above its dividend and capital spending, over the next five years. The company also reaffirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.
“With the anticipated strong cash generation of our base business, we expect to grow our dividend, buy back shares and invest in lower carbon businesses,” Wirth concluded. “We believe a strategy that combines a high return, lower carbon traditional business with faster growing, profitable new energy ones positions us to deliver long-term value to our shareholders.”
NOTICE
Chevron’s Energy Transition Spotlight with security analysts will take place on Tuesday, September 14, 2021, at 7:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s webcast, additional financial and operating information and other complementary materials will be available prior to the webcast at approximately 3:45 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s energy transition plans and operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; development of large carbon capture and offsets markets; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Braden Reddall -- +1 925-842-2209
Highlights:
LONDON--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) marked 100 years of support for the United Kingdom’s defence and security needs by signing the Armed Forces Covenant, a significant commitment to members of the armed forces community.
The pledge marks a new dimension of L3Harris’s efforts to protect and advance the UK’s interests at home and around the world through ground-breaking capabilities across all military branches and domains.
The Armed Forces Covenant aims to provide employees who are veterans, reservists or military family members with access to important services and opportunities, such as career development, flexibility in leave for training or deployment, and assistance with education, family well-being, healthcare and other areas. In signing the Covenant during the 2021 Defence and Security Equipment International (DSEI) exhibition, L3Harris pledges to be a ‘forces friendly employer’, welcoming the experience, skills and qualities of UK veterans and reservists to its workforce.
“As we mark 100 years in the UK, we are honoured to support the country’s veterans, reservists and broader military community, both as a ‘forces friendly employer’ and a strong advocate for veterans,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer, L3Harris. “As the world grapples with an increasingly volatile geopolitical and military landscape, L3Harris will continue to lead the way in developing technologies and capabilities that protect and advance the UK’s defence and security needs as we have for the past century.”
Simultaneously, L3Harris has committed to a £20,000 donation to Combat Stress, the UK’s leading charity to support the mental health of veterans. L3Harris is also making available scholarships of up to £10,000 to support cadets in pilot training.
L3Harris has served military, security and civil customers in the UK since 1921, with the company’s 1,500 employees now based in 14 locations across the country. It works with nearly 2,500 UK suppliers with a supply chain impact of nearly $170 million as of 2020. The company’s recent investments reflect its commitment to develop and advance the UK’s capabilities, including $100 million in a Farnborough facility to modernise tactical radio communications and $100 million in a Crawley facility for aviation training. The company’s global autonomous maritime development work is based in the UK, generating economic impact and technological innovation that supports the UK’s aspiration for leadership in this area.
The U.S. based company is working closely with the UK to help accelerate the transition toward integrated, platform-agnostic programs that leverage data and information for more effective missions. This effort comes as part of the UK’s commitment to build a more modern, technologically advanced defence force, alongside partners and alliances such as NATO and Five Eyes. This includes driving the shift toward digitisation and artificial intelligence that will be crucial to a future of electronic warfare, cyber-warfare and autonomous engagement, as set forth in the UK Integrated Review in spring 2021. The company is also focused on enhanced systems, networks and sensors to gather, manage, analyse and share information and intelligence to predict changing demands and enable better decision making.
The company’s continued growth and investment in the UK aligns with the broader strategy of international expansion. L3Harris plans to grow its global business outside the United States from its current 20 per cent figure.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about technologies and capabilities, financial commitments and global business growth are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Sara Banda
Media Relations
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Jim Burke
Media Relations
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DUBLIN--(BUSINESS WIRE)--The "Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global refrigerated transport market reached a value of US$ 16.11 Billion in 2020. Looking forward, the publisher expects the market to exhibit moderate growth during 2021-2026.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Refrigerated transport refers to the temperature-controlled freight shipping vehicles, such as refrigerated trucks and shipping containers. These vehicles are equipped with a built-in cooling system that maintains the desired temperature throughout the transportation process. They are commonly used for transporting products such as fruits, meat, seafood, and dairy, along with non-food products such as pharmaceuticals and flowers. These vehicles aid in maximizing the shelf life of the product, while ensuring year-round availability of seasonal products.
The growing food and beverage industry represent as one of the key factors driving the growth of the market. This, along with the growth of the cold chain industry across the globe, is further contributing to the market growth. Furthermore, owing to the growing health-consciousness among consumers, the demand for frozen variants of various fresh products has increased, along with the growing demand for the service from residential as well as foodservice operators, such as quick-service restaurants (QSRs), hotels and other eateries. Since the food products and raw materials require controlled temperatures during transportation for storage and prevention of spoilage, refrigerated transport has become integral to the distribution process. Additionally, the manufacturing of temperature-sensitive pharmaceutical drugs and expanding trade opportunities across the globe, are also providing a thrust to the market growth. Other factors, such as the implementation of favorable government policies and regulations regarding the production, processing, transportation and quality of products, along with the increasing adoption of marine transport vehicles, owing to their cost-effectiveness, are projected to drive the market further.
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Refrigerated Transport Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Mode of Transportation
7 Market Breakup by Technology
8 Market Breakup by Temperature
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/9dfxwd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Scott Balfour, President and Chief Executive Officer of Emera Inc. (TSX: EMA) announces that T.J. Szelistowski will retire as President of Peoples Gas and Helen Wesley, current Chief Operating Officer, will be appointed the next President effective Dec. 1.
“During T.J.’s time as President of Peoples Gas, he has developed an exceptional leadership team focused on driving growth, strong safety performance and outstanding customer service at the utility,” says Balfour. “Helen is a strong energy leader who will build on the momentum and work with the team to advance Peoples Gas’ strategy and continue to deliver for customers in Florida.”
Szelistowski has over 42 years’ experience with Emera’s Florida operations. He has held various leadership roles at both Tampa Electric and Peoples Gas. As President of Peoples Gas since 2016, Szelistowski has led the team responsible for the safe and reliable delivery of natural gas to more than 425,000 customers across Florida.
“Over my career with this organization, I’ve been fortunate to work with so many talented people committed to safety, customer experience and growth,” says Szelistowski. “I’m incredibly proud of what the team at Peoples Gas has accomplished for our customers and community.”
Helen Wesley joined Peoples Gas as Chief Operating Officer in 2020. She currently oversees Engineering and Operations, Marketing and Sales, and Business Development. Over the past year, she has also been deeply involved in developing the next phase of the utility’s growth strategy, focused on residential and commercial customers and investing in emerging energy solutions that continue to position Peoples Gas to play a role in the clean energy transition. Wesley is a senior energy leader with deep corporate experience in the electricity, upstream and downstream oil, and gas and chemicals industries in Canada, the U.S. and internationally.
“It’s an exciting time at Peoples Gas and I’m thrilled to continue to work with our strong team to deliver on our mission to make life better for our communities by delivering safe, resilient, clean, affordable natural gas energy solutions,” says Wesley.
Szelistowski and Wesley will continue to work closely together on a smooth transition. Leadership changes take effect on Dec. 1, 2021.
Peoples Gas System, Florida's largest natural gas distribution utility, serves more than 425,000 customers across the state. Peoples Gas is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
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Integrated Services contract to deliver five wells in Eastern Mediterranean through Halliburton Consulting and Project Management
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced it was awarded an integrated services contract to execute a three to five well drilling and completions campaign for Energean, an independent E&P company focused on developing resources in the Mediterranean and the North Sea. The work follows a successful four well offshore drilling campaign that Halliburton previously executed in the Karish and Karish North gas fields.
Halliburton will collaborate with Energean to economically and safely deliver exploration, appraisal, and development wells offshore Israel. The contract is for three firm and two optional wells to deliver all services including project management, directional drilling, drill bits, drilling fluids, cementing, solids control, wireline, slickline, completions, production enhancement, and subsea services.
Key technologies deployed include the StrataXaminer™ wireline logging solution that helps operators acquire more accurate well data and better evaluate production potential, the 7 3/8” Dash® electrohydraulic subsea safety system, and iCruise® Intelligent Rotary Steerable System to deliver faster and more accurate wells.
“We are excited to build on our strong relationship with Energean and honored to once again be selected to deliver integrated project management services that maximize the value of their offshore Mediterranean wells,” said Ahmed Kenawi, senior vice president of Europe, Eurasia and Sub-Saharan Africa Region. “This campaign will deliver a fully integrated solution using our Halliburton 4.0 digital platform and drilling technologies to optimize well delivery.”
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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—Former FERC Chairman and Former Executives from Major Corporations Tapped to Further Advance Industrial Decarbonization, On-Site Wind, and the C&I Power Grid of the Future—
FINDLAY, Ohio--(BUSINESS WIRE)--#boardleadership--One Energy, an industrial power company that serves large C&I customers including Whirlpool Corporation, Marathon Petroleum, and LafargeHolcim in the U.S., today announced the formation of its Board of Directors.
The Board is comprised of energy and manufacturing experts who will bring proven experience and leadership to guide One Energy’s strategic direction and growth as it helps large C&I customers realize the benefits of industrial decarbonization and the efficiencies of on-site power grids. The Board is comprised of former Chairman of the Federal Energy Regulatory Commission (FERC) Jon Wellinghoff; retired Marathon Petroleum Corporation CFO Don Templin; retired Cooper Tire & Rubber Company Vice President of Treasury & Tax Tom Lause; and Advanced Power CEO Thomas Spang.
“One Energy has reached a milestone in its history where we need a Board of Directors that is ready to help advance the customer-centric power grid of the future,” said Jereme Kent, CEO of One Energy. “As industrial and commercial companies embrace large on-site renewables and rethink the design of current and future factories, we stand ready to help. One Energy enables industrial companies to take control of how their facilities are powered, leverage the efficiencies that behind-the-meter solutions offer, and to integrate the distributed energy resources of today and tomorrow. The leadership, experience and guidance that Jon, Don, Tom, and Thomas bring to the table are indispensable and key to our continued growth as we scale to meet growing customer demand.”
Wellinghoff has more than 40 years of leadership experience in federal, state and local energy policy, regulation, and market development. He served as Chairman of the FERC for nearly five years and served as Commissioner for more than seven years.
"One Energy is one of the most innovative and groundbreaking energy companies I have ever encountered,” said Wellinghoff. “It is exciting to have the opportunity to participate in the future of One Energy."
Templin served in a number of roles at Marathon Petroleum Corporation over the course of a decade, including as: CFO; Executive Vice President, Supply, Transportation and Marketing; and President, Refining, Marketing and Supply.
“Jereme and his team have built a special company,” said Templin. “I am excited to be part of One Energy, and to provide business partners who are serious about reducing their carbon footprint with a unique opportunity to do so.”
Lause spent more than 35 years at Cooper Tire & Rubber Company in several finance and operations roles. He is currently Vice President of Business Affairs and CFO, Treasurer at the University of Findlay.
“Coming from a background with a large manufacturer competing in a global market, I know how critical it is for C&I businesses to have predictable, competitive energy pricing,” said Lause. “Serving as a director for One Energy allows me to share my financial and manufacturing experience. But more importantly, it allows me to support a company that will fundamentally improve energy markets to the benefit of businesses, while at the same time decarbonizing manufacturing.”
Spang is CEO of Advanced Power, a world-class developer and manager of independent power generation and related infrastructure projects. He has more than 25 years of experience in the development, financing, investment and management of electric generating facilities.
“I am excited to join the Board of One Energy, the leader in the industrial decarbonization revolution,” said Spang. “With my experience as a leader in the power industry, I will provide advice, insights, and support to Jereme as he rapidly grows One Energy through Wind for Industry, Managed High Voltage, and other unique energy solutions for industrial energy customers.”
About One Energy
One Energy is an industrial power company that helps large energy users build modern, tailored, on-site power grids for their facilities. In doing so, the company is decarbonizing manufacturing, enabling customer control, and building the customer-centric power grid of the future. As a vertically integrated enterprise, One Energy provides physical solutions including Wind for Industry® and ManagedHV™, as well as analytics and commercial offerings to enable end users to fully customize their energy experience. Everyday items are being produced cleaner and more sustainably thanks to One Energy’s Wind for Industry® projects – from dishwashers, sliced turkey products, and soda cans, to cement and renewable diesel.
Founded in 2009, One Energy is the largest installer and owner of behind-the-meter wind energy in the United States. Learn more about the customer-centric power grid of the future at www.oneenergy.com.
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BRISBANE, Australia--(BUSINESS WIRE)--Tritium Holdings Pty Ltd (“Tritium”), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), today announced the addition of Edward T. Hightower, Managing Director of Motoring Ventures LLC, to the combined company’s Board of Directors following the closing of its business combination with Decarbonization Plus Acquisition Corporation II (“DCRN”) (NASDAQ: DCRN, DCRNW).
Mr. Hightower is an accomplished global automotive senior executive, entrepreneur, and author. He is currently the Managing Director and leader of Motoring Ventures LLC, an investment, growth, strategy, and operations advisory firm focused on driving value and impact in automotive and manufacturing businesses around the world. Mr. Hightower previously led General Motors’ $15 billion global crossovers business as the Executive Chief Engineer and Vehicle Line Executive. In this role, he had profit and loss responsibility, and led cross-functional teams in the United States, China, and South Korea. He has also served in engineering, marketing, strategy, and executive roles at BMW and Ford.
“We are honored to have such a pillar of the automotive business community on our Board,” commented Robert Tichio, Partner and Managing Director at Riverstone Holdings and Chairman of the Board of DCRN. “Edward’s keen insights into the global automotive industry developed from years of top-tier experience will prove invaluable to our Board and Tritium’s shareholders. His vision for sustainable transportation aligns with Tritium’s mission, and we are excited to welcome him.”
Mr. Hightower serves on the Boards of Directors of Temple Steel and HEVO Power, and is an advisor to Kiira Motors. He also serves on not-for-profit boards including the University of Michigan Ross School of Business Advisory Board, and the executive board of the Michigan Council of the Boy Scouts of America. Additionally, Mr. Hightower authored the book Motoring Africa: Sustainable Automotive Industrialization. Building Entrepreneurs, Creating Jobs, and Driving the World’s Next Economic Miracle, published in 2018. Mr. Hightower earned a Bachelor of Science degree in General Engineering from the University of Illinois at Urbana-Champaign and an MBA from the University of Michigan Ross School of Business.
“As we continue to populate our Board of Directors, we are seeking experienced leaders of the very highest caliber, and we are lucky to count Edward among that number,” said Jane Hunter, Chief Executive Officer of Tritium. “Edward’s invaluable automotive and manufacturing sector experience will prove extremely helpful as Tritium continues its growth as a public company.”
“I’m extremely excited to join the Board of such an exciting and dynamic company,” commented Mr. Hightower. “It is clear that the future of the automotive industry lies in electric vehicles, and I am pleased to further advocate for this future by working with Tritium’s management and my fellow Board members to best support the company and its shareholders.”
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
As announced on May 26, 2021, Tritium has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.
For more information, visit tritiumcharging.com
About Decarbonization Plus Acquisition Corporation II
Decarbonization Plus Acquisition Corporation II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors. These include the energy and agriculture, industrials, transportation and commercial and residential sectors. DCRN is sponsored by an affiliate of Riverstone Holdings LLC and represents a further expansion of Riverstone’s 15-year franchise in low-carbon investments, having established industry leading, scaled companies with more than US$5 billion of equity invested in renewables.
No Offer or Solicitation
This document does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This document also does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward Looking Statements
Certain statements made in this document are “forward-looking statements” with respect to the proposed transaction between DCRN, Tritium and Tritium DCFC Limited, an Australian public company limited by shares (“NewCo”), and including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Tritium and the markets in which it operates, and NewCo’s projected future results. These forward-looking statements generally are identified by the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “targets”, “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “future,” “propose,” “strategy,” “opportunity” and variations of these words or similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or are not statements of historical matters are intended to identify forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, guarantees, assurances, predictions or definitive statements of fact or probability regarding future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NewCo’s, Tritium’s or DCRN’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to complete the business combination in a timely manner or at all (including due to the failure to receive required shareholder approvals, or the failure of other closing conditions such as the satisfaction of the minimum trust account amount following redemptions by DCRN’s public stockholders, the waiver or expiration of a Tritium shareholder’s right to acquire Tritium under the shareholder’s deed in relation to Tritium and the receipt of certain governmental and regulatory approvals), which may adversely affect the price of DCRN’s securities; the inability of the business combination to be completed by DCRN’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by DCRN; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the inability to recognize the anticipated benefits of the proposed business combination; the inability to obtain or maintain the listing of NewCo’s shares on a national exchange following the proposed business combination; costs related to the proposed business combination; the risk that the proposed business combination disrupts current plans and operations, business relationships or business generally as a result of the announcement and consummation of the proposed business combination; NewCo’s ability to manage growth; NewCo’s ability to execute its business plan and meet its projections; potential disruption in NewCo’s employee retention as a result of the transaction; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving NewCo, Tritium or DCRN, including in relation to the transaction; changes in applicable laws or regulations and general economic and market conditions impacting demand for Tritium’s or NewCo’s products and services; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in DCRN’s other filings with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statement, and NewCo and DCRN assume no obligation and do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Neither NewCo nor DCRN gives any assurance that either NewCo or DCRN will achieve its expectations.
Additional Information about the Business Combination and Where to Find It
In connection with the proposed business combination, DCRN and NewCo, which will be the going-forward public company, intend to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus, and certain other related documents, to be used at the meeting of stockholders to approve the proposed business combination. INVESTORS AND SECURITY HOLDERS OF DCRN ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TRITIUM, DCRN, NEWCO AND THE BUSINESS COMBINATION. The proxy statement/prospectus will be mailed to shareholders of DCRN as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the Registration Statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.
Participants in Solicitation
DCRN and its directors and executive officers may be deemed participants in the solicitation of proxies from DCRN’s stockholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in DCRN is contained in DCRN’s filings with the SEC, including DCRN’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021, and is available free of charge at the SEC’s web site at www.sec.gov. Additional information regarding the interests of such participants will be set forth in the Registration Statement for the proposed business combination when available. NewCo and Tritium and their respective directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of DCRN in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement for the proposed business combination when available.
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HOUSTON & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) and C3 AI (NYSE:AI) today announced the successful deployment of the BHC3 Production Optimization enterprise AI application at MEG Energy, an Alberta, Canada-based energy company, to improve operational efficiency, productivity, and to better visualize risk across the company’s upstream production operations.
MEG Energy leverages innovative technology to reduce energy and water use, along with greenhouse gas intensity, while improving the efficiency and sustainability of thermal oil production. The adoption of BHC3's enterprise AI solutions will accelerate MEG Energy’s use of digital solutions to further improve the efficiency of steam-assisted gravity drainage (SAGD) production.
MEG Energy has worked with energy technology, data science, and AI experts at Baker Hughes and C3 AI to train, develop, and apply machine learning models and analytics using historical and real-time data. The enterprise AI-based BHC3 Production Optimization application monitors moment-to-moment operations, allows seamless integration between engineers and field staff, and creates actionable predictive insights to enhance the daily operational workflow for production engineers and operators, with customized analytics-based alerts and virtual meters providing measurements for emulsion, gas, and vapor across more than 300 thermal production wells.
“BHC3’s advanced enterprise AI-based solutions will further enable the differentiated, proprietary technology we utilize to ensure safe, sustainable production of energy,” said Chief Technology Officer Chi-Tak Yee, MEG Energy. “Enterprise AI has successfully demonstrated it can improve visibility, workflow management, and overall productivity of operations.”
“Enterprise AI software creates new pathways to efficiency and productivity for today’s upstream industry,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “This is an exciting deployment, as BakerHughesC3.ai solutions are now serving MEG Energy’s technology and operational excellence objectives with scaled, domain-specific enterprise AI.”
“Extracting significant economic value from complex production data requires enterprise AI,” said C3 AI Chief Technology Officer Ed Abbo. “The BHC3 Production Optimization application, powered by the underlying capabilities of the BHC3 AI Suite, is tried, tested and proven to deliver predictive intelligence at scale to increase productivity, reduce risk, and help meet the environmental targets that are critical to ensuring future energy and climate security.”
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai
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Funding to reinforce company leadership position in electrification, decarbonization innovations
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely today announced the closing of a $26M round of strategic financing to bolster its utility electrification and decarbonization innovations deployed around the world. Led by Moore Strategic Ventures (MSV), the round is joined by Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian and Constellation Technology Ventures.
“The investment in Bidgely supports MSV’s strong track record of advancing the energy transition,” said James McIntyre, senior managing director and COO of Moore Strategic Ventures. “Bidgely and its suite of solutions are uniquely positioned to empower utility customers while increasing their focus on the climate and reducing environmental and economic waste.”
Bidgely, a pioneer of disaggregation, holds 17 patents for its technology, including EV disaggregation techniques. Bidgely partners with nearly 40 global utilities and energy retailers to glean valuable customer energy insights using data from smart meters already installed in the home. As the only SaaS company in the energy market that purely uses smart meter (AMI) data to provide visibility into which homes have EVs and when they are charging, Bidgely is actively aiding the adoption of EVs with time-of-use (TOU) rates and load shifting strategies. This requires no dependency on Department of Motor Vehicles (DMV) or opt-in methods of data collection for EV ownership.
“The integration of distributed energy resources, or DERs, will continue to be critical in the next decade for effective distribution grid management as decarbonization efforts intensify worldwide,” said Hoveida. “In absence of direct DER metering, Bidgely’s energy disaggregation technology can accurately identify DERs, such as EVs, rooftop solar and batteries, behind the utility meter to provide critical data with the highest accuracy to Advanced Distribution Management Systems. Accurate renewables and load data, including accurate forecasts, are essential for effective and predictable operation of the distribution grid.”
Bidgely CEO Abhay Gupta commented, “Adding new strategic and experienced investors to our roster renews our mission to be the clean energy accelerator for utilities. Our recent recognitions are underscored by this new capital, such as being an Inc. 5000 award recipient; our industry leadership in the HEM market and Smart Meter Analytics space, as recognized by Guidehouse Insights; and our CX space leadership, recognized by IDC. This collectively illustrates our strong position to bring forward electrification and decarbonization progress at scale.”
Bidgely will be using the new funding to continue innovating around decarbonization and beneficial electrification solutions for both utilities and their customers. This includes next-generation digital customer engagement and home energy reports (HERs) as well as grid load management and load research advancements. The company will also continue integration strategies with partners like Salesforce, Itron and more.
Bidgely raised its last $27M Series C round in 2018. The company has now raised a total of $77 million in funding.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
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Enhanced Quality Control, Safety and Reliability across Romeo Power’s Battery Value Chain
LOS ANGELES & LOVELAND, Colo.--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, and Dynexus Technology, a leader in battery sensing solutions and data-driven battery intelligence, today announced a collaboration to integrate Dynexus Technology’s actionable battery performance and health sensors into Romeo Power’s battery ecosystem.
The technology developed by Dynexus will initially be utilized for incoming cell quality control and end-of-line verification, as well as module and pack diagnostics and prognostics, enabling multiple opportunities to reduce total cost of ownership for Romeo Power’s customers.
“As part of our holistic approach, we’re committed to being first movers in progressing battery safety and performance technology and features,” said AK Srouji, CTO of Romeo Power. “Dynexus generates critical data that can accelerate the qualification process of cells and batteries, including cell screening and matching, further improving quality control, safety and reliability of our battery systems. We look forward to collaborating with Dynexus to advance the electrification of commercial vehicles.”
Dynexus’s award winning and patented Inline Rapid Impedance Spectroscopy (iRIS®) sensors generate near real-time, rich, frequency-based battery data that provide information about the state of the battery physico-chemistry. Traditional measurement methods treat the battery as a blackbox. The Dynexus sensor “looks” inside the battery and generates a “fingerprint” or signature that uniquely describes a battery’s health, degradation, and therefore safety.
Romeo Power will integrate iRIS into its proven battery systems, providing a new class of battery data that, until now, was only available for research purposes and was not practical as a commercial sensor or tool. This cutting-edge technology enables measurements that typically take 30 minutes, to be reduced to 10 seconds or less. As a result, this game changing technology provides significant commercial application opportunities for Romeo Power’s advanced electrification solutions.
Dynexus Technology’s iRIS system has been validated in Romeo Power’s in-house testing lab and demonstrates superior accuracy and repeatability. The iRIS system also has high voltage capability and enables measurements under dynamic battery conditions. In addition to screening and quality control applications, Romeo Power intends to implement iRIS inside its next-generation battery systems and is expected to start road testing in 2022. This integration is also additive to Romeo Power's sustainability efforts as it may enhance reuse and battery second life assessment.
“We are excited to work with an energy technology leader like Romeo Power as we enable advanced diagnostics and prognostics for lithium-ion batteries,” said David Sorum, CEO of Dynexus Technology. “Integrating our in-line and on-board battery sensing solutions will not only reduce diagnostic times, but will also maximize performance, safety and the overall lifetime value for end users.”
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social media @romeopowerinc or visit romeopower.com.
About Dynexus Technology
Founded in 2015 and headquartered in Loveland, Colorado, Dynexus Technology is a leader in data-driven battery intelligence sensors. With the goal of creating a safer and smarter electrified world, Dynexus Technology is on a mission to provide efficient and accurate in-line battery data for advanced diagnostic and prognostic solutions. Our vision is to optimize the value of electrified platforms, and ensure they perform safely and predictably throughout their lifecycles. For more information, please visit www.dynexustech.com.
Notice Regarding Forward Looking Statements
Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Romeo Power in general, see the risk disclosures in Romeo Power’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other filings made with the SEC by Romeo Power. Forward-looking statements speak only as of the date they are made and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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The upcoming Glasgow climate conference in November culminates energy transition’s rise as a defining global issue and sets the stage for what comes next—the challenges of turning climate ambitions into climate action for the United States and world leaders alike
WASHINGTON--(BUSINESS WIRE)--The global focus on energy transition—coupled with the international embrace “net zero carbon” goals—is shaping the “New Map” of energy and geopolitics, especially in light of a global pandemic and rising U.S.-China tensions, says Daniel Yergin, IHS Markit Vice Chairman and author of The New Map: Energy, Climate and the Clash of Nations, now available in paperback from Penguin Press with a new epilogue that embodies Biden administration policies and an appendix on the South China Sea.
When world leaders, including U.S. President Joe Biden, convene at the UN Climate Change Conference of the Parties (COP 26) in Glasgow this November they will usher in the “next phase” on that map, one defined by the task of turning climate ambitions into practical action.
“Geophysical maps change very slowly. But political, technical and economic maps can change quickly, revealing new topographies that present multiple challenges and need to be traversed with care and thought,” Yergin writes in the new epilogue. “We are on such terrain today.”
In The New Map, Yergin, author of The Quest and The Prize (for which he received the Pulitzer Prize) surveys an energy world being reshaped by myriad forces—from the remarkable change in the energy position of the United States, to geopolitical tension with China and Russia, to the reappearance of the electric car and the growing global role of renewables—amid the added disruption of the COVID-19 pandemic.
The book chronicles the rise of energy transition as a potent global issue and, in the new epilogue, one of President Biden’s most ambitious goals—reducing U.S. emissions by 50 percent by 2030, decarbonizing electricity by 2035 and achieving net zero carbon for the entire United States by 2050—representing an enormous change of direction for the United States.
Yergin points to the inherent tensions in the Biden administration. It is seeking to make “climate” a major criterion in every policy—from infrastructure to financial regulation—and pressuring the oil and gas industry in a way that could lead to increased oil imports. Yet Biden himself, in contrast to his major Democratic rivals, pledged not to “ban fracking” and, when he was a U.S. Senator, warned against dependence on foreign oil.
By the spring of 2021, more than 70% of the world’s total CO2 emissions—and 80% of world GDP—were under the net zero umbrella, Yergin writes.
“The very fact that so many nations have voluntarily embraced something so fundamental and so challenging as carbon neutrality is remarkable. What makes it even more remarkable is that much of this was done during COVID-19 time, when lockdowns became ubiquitous and economic activity, suppressed,” writes Yergin.
“Alignment with Paris”—the 2015 Paris climate agreement—has become a clarion call outside of government as well, Yergin observes. Financial firms, representing many tens of trillions of dollars of assets, have added “climate risk” to the criteria by which they make investment and lending decisions. More than 30 central banks have elevated “climate” into their mandates. “Climate disclosure”—aiming to demonstrate how company strategies align with the Paris goal—has become a requirement of company reporting.
Now the world is moving from the “after Paris” era to a new and challenging “post-Glasgow” phase, posing tough questions that will be on the global agenda for years, Yergin says.
“By now the ‘What’ has become clear in terms of energy transition—net zero carbon,” he writes. “But what remains uncertain is the ‘How.’ How to get all the way to carbon neutrality in a global economy that currently relies on fossil fuels for 80 percent of its energy.”
In many ways the acceleration of energy transition overshadowed several remarkable events across the energy spectrum during a tumultuous year, Yergin writes. Among them:
The situation is rendered more complex by a new era of great power competition and strategic rivalry—particularly between China and the United States, Yergin writes. The Biden administration has proved to be even more forward-leaning on this than Trump’s—seeking to mobilize the European Union and the Quad (the security dialogue among the United States, India, Japan and Australia) in Asia in the increasingly-tense stand-off.
“Here is where the geopolitical and energy maps overlap,” he writes. “The great power rivalry will create challenges for the world economy, including intensified competition for resources and additional pressures on what will become the increasingly stressed supply chains for net zero carbon.”
A new global “North/South” divide is also emerging, creating new tensions between developed and developing countries, he writes. “Energy transition certainly means something very different to a developing country such as India, where hundreds of millions of impoverished people do not have access to commercial energy, than to Germany or the Netherlands,” he adds.
All this adds up to a new era in the relationship between energy and nations—one marked by the emergence of climate change as one of the defining features of the New Map.
“The drive for net zero carbon in a matter of just a few decades will mean remaking the global economy—and doing so in a remarkably short time. It will require huge investment, bring dislocations, add to financial burdens on governments and impose heavy costs on some parts of the economy,” Yergin writes. “At the same time, it will create major new economic opportunities, open new frontiers for technology and innovation and stimulate entrepreneurship and creativity. While it will present new avenues for cooperation, it will also create risks for conflict.”
Follow Daniel Yergin on Twitter: @DanielYergin; LinkedIn: www.linkedin.com/in/daniel-yergin
For interview requests and media inquiries contact:
IHS Markit: Jeff Marn, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Praise for The New Map:
“Mandatory reading for President-elect Joe Biden’s incoming team.” — Admiral James Stavridis
“A master class on how the world works.” — NPR
“Supremely readable—no mean feat among geostrategy tomes.” — Wall Street Journal
“At a time when solid facts and reasoned arguments are in retreat, Daniel Yergin rides to the rescue. (★★★★ out of four) Yergin provides an engaging survey course on the lifeblood of modern civilization — where the world has been and where it is likely headed.”— USA Today
“A tour de force of geopolitical understanding.” – Washington Post
As Daniel Yergin writes in The New Map, which I highly recommend to you, climate change will have enormous impact on how energy….and in strategies and investment, in technology and infrastructure, and in relations between countries.” – Hon. Scott Morrison, Prime Minister of Australia
“Brisk and authoritative, an impressive combination.” — The Economist
“Admirable, well-researched, highly readable examination of all the changes that have turned the rock-solid certainties of the past into today’s dangerous combustibility.” — Foreign Policy
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
Jeff Marn
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HOUSTON & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) and C3 AI (NYSE:AI) today announced the successful deployment of the BHC3 Production Optimization enterprise AI application at MEG Energy, an Alberta, Canada-based energy company, to improve operational efficiency, productivity, and to better visualize risk across the company’s upstream production operations.
MEG Energy leverages innovative technology to reduce energy and water use, along with greenhouse gas intensity, while improving the efficiency and sustainability of thermal oil production. The adoption of BHC3's enterprise AI solutions will accelerate MEG Energy’s use of digital solutions to further improve the efficiency of steam-assisted gravity drainage (SAGD) production.
MEG Energy has worked with energy technology, data science, and AI experts at Baker Hughes and C3 AI to train, develop, and apply machine learning models and analytics using historical and real-time data. The enterprise AI-based BHC3 Production Optimization application monitors moment-to-moment operations, allows seamless integration between engineers and field staff, and creates actionable predictive insights to enhance the daily operational workflow for production engineers and operators, with customized analytics-based alerts and virtual meters providing measurements for emulsion, gas, and vapor across more than 300 thermal production wells.
“BHC3’s advanced enterprise AI-based solutions will further enable the differentiated, proprietary technology we utilize to ensure safe, sustainable production of energy,” said Chief Technology Officer Chi-Tak Yee, MEG Energy. “Enterprise AI has successfully demonstrated it can improve visibility, workflow management, and overall productivity of operations.”
“Enterprise AI software creates new pathways to efficiency and productivity for today’s upstream industry,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “This is an exciting deployment, as BakerHughesC3.ai solutions are now serving MEG Energy’s technology and operational excellence objectives with scaled, domain-specific enterprise AI.”
“Extracting significant economic value from complex production data requires enterprise AI,” said C3 AI Chief Technology Officer Ed Abbo. “The BHC3 Production Optimization application, powered by the underlying capabilities of the BHC3 AI Suite, is tried, tested and proven to deliver predictive intelligence at scale to increase productivity, reduce risk, and help meet the environmental targets that are critical to ensuring future energy and climate security.”
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.
C3 AI Public Relations
Edelman
Lisa Kennedy
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Aiming to deliver sustainable solutions for end-of-life plastic, advancing the circular economy
LONDON & SAN FRANCISCO--(BUSINESS WIRE)--bp, an international oil company transitioning into an integrated energy company, and Brightmark, a global waste solutions company with a mission to reimagine waste, have signed a Memorandum of Understanding (MOU) to jointly evaluate opportunities for development of the next generation of plastic waste renewal plants in Germany, the Netherlands, and Belgium.
The MOU brings together bp’s extensive knowledge and trading experience in refining, and petrochemical markets, with Brightmark’s proprietary advanced recycling technology. The companies will evaluate opportunities for projects that convert end-of-life waste plastics otherwise destined for incineration, landfill, or export, into valuable petrochemical feedstocks for plastics and other industrial applications.
Brightmark’s proprietary plastics renewal process recycles plastic waste that has reached the end of its useful life. This includes items not currently recyclable using conventional mechanical processes (types 3-7), such as plastic film, flexible packaging, styrofoam, plastic beverage cups, car seats and children’s toys. Each prospective plastics renewal plant could divert up to 400,000 tonnes a year (kt/yr) of waste plastic from disposal to create sustainable products and potentially create 100+ full-time jobs supporting the circular economy.
“Bringing our plastics renewal solution to Europe is a key next step in delivering on our mission to Reimagine Waste and create a circular economy globally,” said Bob Powell, Founder and Chief Executive Officer of Brightmark. “bp has been a terrific partner with Brightmark and we’re looking forward to expanding on our combined initiatives to scale our environmentally and economically sustainable circular solutions in Europe.”
Carol Howle, executive vice president trading and shipping, bp said, “Promoting circularity and unlocking new sources of value are part of our sustainability frame. We are excited to extend our work with the team at Brightmark as we seek to develop new sustainable products and supply chains. Their innovative technology complements our refining and trading businesses while providing opportunities for a more sustainable future, enabling materials to be kept in use for longer.”
Brightmark and bp are closely aligned in their approach to the circular economy. bp aims to unlock new sources of value through circularity as set out in its Sustainability Report 2020. Through its plastics renewal projects, Brightmark’s goal over the next five years is to divert 8.4 million tonnes of plastic from landfills and the natural environment and use plastic to produce the feedstock necessary to remake plastics, creating a truly circular solution.
As a first step, Brightmark and bp intend to work together to develop plans that could lead to the construction of an initial European plant.
This new MOU is a further development of the relationship between Brightmark and bp. bp is the offtaker for Brightmark’s landmark 100kt/yr plastics renewal plant in Ashley, Indiana USA, which is currently undergoing final commissioning. In addition, Brightmark recently announced plans for the world’s largest plastics conversion plant in Macon, Georgia USA with a 400kt/yr capacity.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on circular plastics renewal and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. The Macon project will utilize patented Brightmark majority-owned RES Polyflow technology. For more information, visit www.brightmark.com.
ABOUT bp
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy to achieve this. Among its aims is unlocking new sources of value through circularity. bp wants to keep materials in use for longer and value them throughout their life cycle, by using resources responsibly and embracing circular principles in design, operations, and decommissioning. It aims to work with partners and its joint ventures to create opportunities.
For more information visit bp.com.
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Tel: +44 (0) 207-496-4076 or +44 7919 217511
For Brightmark enquiries contact:
Cory Ziskind
ICR
646-277-1232
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The SHARROW PROPELLER™ design, which increases efficiency 9-15 percent, now has 36 patents
DETROIT--(BUSINESS WIRE)--With a new patent granted in New Zealand, Sharrow Engineering now has a total of 36 patents to protect embodiments of the unique SHARROW PROPELLER™.
“This is a landmark moment for Sharrow Engineering that we have been working toward for over 10 years,” said Greg Sharrow, founder, and CEO of Sharrow Engineering. “I’m proud of the work that our dedicated legal and engineering teams have achieved.”
Patents have been granted in the following jurisdictions:
The SHARROW PROPELLER™ has garnered widespread attention for its innovative, new design that offers some of the largest improvements in fuel efficiency and performance that the boating industry has ever seen. Sharrow Engineering won the coveted Innovation Awards at the 2020 Miami International Boat Show.
Consumer excitement over the new SHARROW PROPELLER™ is rooted in the fact that the design offers a host of performance improvements including higher speed per rpm, better handling, reduced vibrations, and a stronger propeller in general, and that it is 9-15% more efficient than the industry-leading propeller designs.
To learn more about Sharrow Engineering and its innovative products, you can go to www.sharrowengineering.com
About Sharrow | www.sharrowmarine.com
Sharrow Engineering LLC - a nautical and aeronautical engineering company dedicated to the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. Sharrow Engineering is the parent company for Sharrow Marine LLC and Sharrow Commercial Marine LLC. Company offices are headquartered in Detroit, with additional offices in Philadelphia, PA. Sharrow Engineering LLC has assembled a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers to assist with the company’s core mission to reinvent the methodologies and technologies used for propulsion in the 21st century.
Maren Sharrow, Director of Marketing and PR, (O) +1 (313) 251-4220
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LEVERKUSEN, Germany & EMERYVILLE, Calif.--(BUSINESS WIRE)--Leaps by Bayer, the impact investment arm of Bayer AG, today announced that it has co-led a USD 15 million Series A investment round in agriculture and biotechnology innovator, Andes, with Cavallo Ventures. Other new investors Builders VC, Germin8, Accelr8 and Wilson Sonsini participated, alongside existing investors KdT Ventures and Endurance.
Through its novel seed treatment technology, called ‘Microprime’, Andes is reducing the need for synthetic fertilizers. The California-based company has developed a process for seamlessly integrating seeds with a unique library of microbes that colonize the seed’s root structure. This kick-starts a process known as biological nitrogen fixation, enabling the crop to draw down nitrogen from the air instead of relying on synthetic nitrogen fertilizers.
By developing self-sustaining Microprime seeds, Andes reduces the need for synthetic fertilizers, which require huge amounts of energy to produce and account for 3%, or 1.5 gigatons, of global greenhouse emissions. In enabling microbes to ride along with the seeds as they get planted, Andes’ Microprime technology provides a highly scalable solution that saves growers time and money.
The first generation of Microprime treated corn seeds will provide the equivalent of 30 to 50 lbs/acre of nitrogen through biological nitrogen fixation. The company is creating second generation microbes that target doubling the amount of nitrogen provided by the Microprime seeds.
Andes is also developing microbial strains for nature-based permanent carbon capture solutions to sequester and store CO2 from the atmosphere into the soil. This initially focuses on capturing carbon via microbial-powered corn crops. If deployed successfully at scale, it could capture gigaton-levels of carbon from corn and other crops. With the world’s total annual greenhouse gas emissions estimated to be 50 gigatons, nature-based carbon capture could make a sizeable contribution to global decarbonisation.
Agriculture currently consumes 50% of habitable land and 70% of the earth’s fresh water. Andes and Leaps by Bayer are committed to better using these resources through more efficient and sustainable agricultural practices.
Dr. Jürgen Eckhardt, Head of Leaps by Bayer said: “We invest in paradigm-shifting advances that can radically reduce the environmental impact of agriculture. Andes is an exceptional example of that: using novel seed technology to reduce the use of synthetic fertilizers and developing the next generation of agricultural carbon capture solutions. It’s exciting that our funding will help the Andes team scale its current offering and explore the possibilities of truly world-changing technologies like carbon capture.”
“We are well past the need for sustainable products and practices. We can only avoid an irreparable climate disaster through solutions that are highly scalable and reliable,” Gonzalo Fuenzalida, Andes CEO, explained. “At Andes we are seamlessly integrating the power of microbes within seeds to dramatically cut the need for synthetic fertilizers. This investment will allow us to expand on this success, as well as expand our technology to utilize the millions of acres of agricultural land to capture and store carbon emissions.”
Andes will use part of the funds to scale its self-sustaining, nitrogen-fixing seeds across the U.S. market and expand into South America. The balance of funding will be invested to advance further research and development into Andes’ complementary nature-based permanent carbon capture technology.
About Bayer and Leaps by Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.com.
Leaps by Bayer, a unit of Bayer AG, leads impact investments into solutions to some of today’s biggest challenges in health and agriculture. The investment portfolio includes more than 40 companies. They are all working on potentially breakthrough technologies to overcome some specific challenges such as, e.g. Provide sustainable organ & tissue replacement, reducing the environmental impact of agriculture, preventing or curing cancer, and others. For more information, go to leaps.bayer.com.
About Andes
Andes is a biotechnology company founded in Emeryville, CA, in 2018. Andes develops biological solutions that enable positive action for fighting climate change. Andes empowers microbes by engineering them and has developed a process for seamlessly integrating microbes into the agriculture process.
Andes first generation of solutions focus on the agricultural industry. Through its novel microbial seed treatment technology called Microprime, Andes is reducing the need for synthetic fertilizers by enabling the seed to draw down nitrogen from the air. Andes is also developing microbes that thrive in plant roots and can create nature-based permanent carbon capture solutions to sequester and store CO2 from the atmosphere into the soil. Both solutions have the potential to reduce annual CO2 emissions by the gigaton. For more information go to www.andes.bio.
Find more information at www.bayer.com.
Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Bayer contact for media inquiries:
Alexander Hennig, +49 175 3089736
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Andes contact for media inquiries:
Andes Ag, Inc., +1 628 333 0340
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BOSTON--(BUSINESS WIRE)--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced that it has launched an interactive map (https://www.4air.aero/saf-map) to show private jet owners and operators where to find Sustainable Aviation Fuel (SAF). Although SAF reduces emissions contributing to climate change, it can be hard to find because of limited distribution and fragmented marketing. 4AIR solves this problem with this map – the first aggregator of where a user of private aircraft can find SAF, regardless of the airport, fixed-base operator (FBO) or fuel provider.
“Sustainable Aviation Fuel is an efficient and effective way to reduce the impact private jets have on climate change,” said Kennedy Ricci, 4AIR’s president. “This is the single best way for aviators to find this climate-beneficial fuel. And, by making it easier to find SAF, we hope to promote its use and expand its availability.”
The map features nearly 20 verified SAF fuel locations with supply points geared towards business aviation. 4AIR excludes locations if they have uplifted SAF only once, maintain supply only for a particular customer or do not have gallons available for purchase to the business aviation community. Each active listing includes a street address, link to the FBO’s website and a contact telephone number for ease in reaching the fuel provider. The map will be updated continuously as new locations are verified or new announcements are made.
Sustainable Aviation Fuel is a “drop-in” fuel, meaning it has a similar chemical composition to fossil fuels, and therefore the same tailpipe emissions, but it can be pumped, stored and used within the existing fuel infrastructure. The hydrocarbons come from more sustainable sources such as used or waste cooking oils, tallow (waste animal fats), waste biomass and municipal solid waste (MSW). This results in a net reduction of emissions when compared to fossil jet fuel on a total life cycle basis. In addition, some emissions of sulfur oxides (SOx), particulate matter (PM) and nitrous oxides (NOx) may be reduced depending on the feedstock for SAF.
As direct uplift locations for SAF proliferate, 4AIR also can facilitate its benefits to private jet users under its program by assisting with SAF uplift documentation tracing to feedstock sustainability, offering accurate CORSIA-based emissions reduction calculations and compile other data necessary for a SAF claim.
“The future of sustainability within private aviation depends on the increasing demand and availability of SAF,” said Scott Cutshall, SVP of Development and Sustainability at Clay Lacy. “We’re excited for 4AIR’s interactive map to make it easier for operators to locate SAF as it rolls out at more and more of their destination FBOs, including Clay Lacy locations.”
The interactive SAF map is the latest example of how 4AIR is simplifying the ability of users of private aviation to make its use more environmentally friendly.
About 4AIR
4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.
All carbon credits through 4AIR are quantified and verified through the most respected and international leading bodies that issue and register credits, including the American Carbon Registry, Climate Action Reserve, Verified Carbon Standard (VERRA) and The Gold Standard. Additionally, end-of-year commitment audits are independently verified by third parties. 4AIR also serves the demand signal working groups with the World Economic Forum’s Clean Skies for Tomorrow Coalition.
For more information, visit us at www.4air.aero.
Media Contact:
Sarah Churbuck
The Hubbell Group, Inc.
Mobile: (561) 289-6362
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