SAN RAMON, Calif. & SAN FRANCISCO--(BUSINESS WIRE)--Brightmark LLC and Chevron U.S.A. Inc. today announced the second expansion of their previously announced joint venture, Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane, a renewable natural gas (RNG).
Brightmark RNG Holdings LLC’s subsidiaries currently own RNG projects in New York, Michigan, Florida, South Dakota and Arizona. Additional equity investments by each company in the joint venture will fund construction of infrastructure and commercial operation of 10 dairy biomethane projects, including new sites in Iowa and Wisconsin and additional sites in Michigan and South Dakota. Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural gas.
“This latest expansion with Brightmark advances our strategy of higher returns and lower carbon,” said Andy Walz, president of Chevron’s Americas Fuels & Lubricants. “Opportunities like these not only reaffirm our commitment to investing in ways that are good for the environment, our consumers and our stockholders, they also bolster our previously announced objective to increase RNG volumes tenfold by 2025 over 2020 volumes.”
"Brightmark’s expanded partnership with Chevron is another positive step forward in the decarbonization of the farming industry,” said Bob Powell, founder and chief executive officer of Brightmark. “Our carbon-negative projects are successfully reimagining waste and delivering significant environmental benefits while improving economics for our dairy farm partners. We look forward to executing on these new RNG projects with Chevron and partnering with dairy farmers to expand our RNG footprint across the country.”
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
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 plastics renewal (plastic waste-to-fuel) 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. For more information, visit www.brightmark.com.
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 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” 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; 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; technological developments; 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 other 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.
Cory Ziskind, Brightmark External Affairs
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t. 646-277-1232
Tyler Kruzich, Chevron External Affairs
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t. (925) 549-8686
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that John Chandler, senior vice president and chief financial officer, has indicated his intent to retire, effective March 31, 2022. Chandler assumed his current role in September 2017, overseeing all financial aspects for the company. Prior to rejoining Williams in 2017, he served as Chief Financial Officer of Magellan Midstream Partners, L.P. beginning that role in 2002 in advance of Magellan’s spinoff from Williams in 2003. He retired from Magellan in 2014.
"Four years ago, Williams was fortunate enough to coax John out of retirement to join our executive team. He has been a diligent steward of our financial operations and is well-respected in the financial and investment community for his sound fiscal discipline, strategic ideas and strong professional drive,” said Alan Armstrong, Williams president and chief executive officer. “I’ve had the pleasure of knowing John for many years, and he is a man truly driven by his faith and love of his family and community. We're happy for him as he chooses to enter this new chapter of his life, but we're equally as sad to say goodbye to someone who's been an integral part of our company's growth and strong financial performance."
During Chandler’s tenure, Williams strengthened its balance sheet, improved across many key credit rating metrics and achieved significant deleveraging, driving consistent value to Williams shareholders.
“A little over seven years ago, I retired from Magellan to dedicate more time to my family and community. And while the time away was incredibly rewarding, I came back to Williams to be part of exciting change and an incredible management team,” said Chandler. “With its forward-looking strategy, strong balance sheet and ability to self-fund opportunities, there are many great things ahead for Williams, but I’m now ready to redirect more of my time back to my family and community. I will forever be grateful for the opportunity to serve in this role and am excited to see how the future unfolds for Williams as it continues to lead in an evolving energy environment.”
Chandler serves on the Board of Directors for Matrix Services Company as well as the boards of several community organizations.
Efforts are underway to identify a suitable successor, and Chandler will be engaged in that process.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating, and industrial use.
MEDIA:
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(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
Blockchain-Powered Smart Contract Network, GumboNet™, Automates Invoice Approval and Billing Reconciliation for Operator
Operator and Supplier Experience 95% Fewer Touches; Reduce Service-to-Invoice from 72 Days to Two, Enables Real-Time Financial Visibility
HOUSTON--(BUSINESS WIRE)--#blockchain--Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain, today announced the completion of a successful pilot to automate production chemical delivery with a Texas-based hydrocarbon exploration company and a multinational chemical company. The results of capturing and leveraging chemical data at various points along the path of delivery included the elimination of transactional inefficiencies, decreased costs of doing business such as manual administrative burdens, and real-time lease operating expense (LOE) visibility into cash flow.
The project, which occurred at approximately 200 locations, included the delivery of several chemicals and services in a 30-day period. As demonstrated by the project, full implementation will result in scalable benefits including:
This Data Gumbo implementation shows that smart contracts backed by an immutable blockchain record can comprehensively and autonomously match invoices using Internet of Things (IoT) and SCADA data, then integrate directly into leading ERP systems.
A Visible Advantage: Real-Time LOE
Smart business decisions based on operational cost and individual asset profitability are hindered by a lack of visibility into spending caused by payment delays, disputes and complicated reconciliations. Instead of relying on estimates while expenses are stuck in manual paper ticket workflows or long invoicing cycles, GumboNet taps existing operational field data to aggregate exact information and measurements, supplying continuous visibility into actual spend for real-time LOE and easier financial health management.
“Real-time LOE is an imperative for oil and gas companies,” said Andrew Bruce, Founder and CEO, Data Gumbo. The project’s successful implementation demonstrates that real-time LOE is a realistic business expectation that enables a company to know their financial position at all times using real data.”
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.
To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and with L37, a hybrid venture capital and private equity company. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.
Gina Manassero
Data Gumbo
VP of Communications
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Small changes create life-long habits the entire family can keep year-round.
SAN FRANCISCO--(BUSINESS WIRE)--The start of a new school year is upon us which means summer is coming to an end and cooler temperatures are on the horizon. With change in the air, there is much customers can do to adjust their energy habits at home.
Ways to Save at Home as Students Head Back to the Classroom
PG&E encourages customers to put these tips into action as kids head back to school in hopes of forming life-long habits the entire family can keep year-round.
To find out how much energy goes to cooling, hot water, appliances, and other uses take PG&E’s 5-minute Home Energy Checkup. For more ways to save at home, visit pge.com/summer.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
ANNAPOLIS, Md.--(BUSINESS WIRE)--bp and CleanBay Renewables announced a 15-year agreement where bp will purchase renewable natural gas (RNG) processed from poultry litter—a mixture of manure, feathers and bedding—and sell it as fuel for the US transportation sector.
CleanBay manages this process by mixing poultry litter with water in a closed system known as an anaerobic digester. One of the end products is biogas, which includes methane. The biogas can be processed into RNG and used to fuel vehicles.
CleanBay’s approach builds on the sustainability efforts of the agriculture community by re-purposing poultry litter into RNG and a controlled-release fertilizer designed for optimized nutrient management.
Through this agreement, bp’s trading and shipping team will sell the fuel to its customers, initially in California. There is strong demand for RNG fuel in the state due to incentives from its Low Carbon Fuel Standard. RNG-fueled vehicles are estimated to result in up to 95 percent lower greenhouse gas (GHG) emissions than those fueled by gasoline or diesel on a lifecycle basis, according to a US Department of Energy study.
Michael Thomas, vice president biogas origination, bp: “Working with innovative companies like CleanBay will be key for bp to reach our net zero ambition. As one of the largest suppliers of RNG to the US transportation sector, this agreement will help us continue delivering competitive, reliable energy solutions.”
Thomas Spangler, executive chairman, CleanBay Renewables: “By collaborating with bp, we continue taking steps to positively impact our environment. Not only will our process improve the air, soil and water quality around our agricultural facilities, but our RNG is a sustainable, environmentally-friendly way to help reduce GHG emissions.”
CleanBay is an environmental technology company focused on the production of sustainable RNG and engineered organic fertilizers. This agreement with bp directly supports the financing for its first active bio-conversion facility, planned in eastern Maryland.
CleanBay is actively exploring sites for future facilities in the Mid-Atlantic, Southeast and California. Its goal is to establish a portfolio of RNG and power facilities that reduce local emissions and provide farmers with an alternative use for their poultry litter and a fertilizer to increase their food production. Each of the 30 proposed CleanBay facilities is expected to generate enough sustainable energy to power 9,200 cars per year by recycling more than 150,000 tons of poultry litter annually.
CleanBay has incorporated measures to further reduce its carbon footprint, including co-located solar power fields to meet the onsite power needs and the production of alternative products like green hydrogen.
Donal Buckley, CEO, CleanBay Renewables: “RNG is a necessary energy transition approach in the near-term, but green hydrogen and the use of RNG to power electric vehicle charging stations will be the backbone of a fast transition to a net zero future.”
About CleanBay Renewables Inc.
Founded in 2013, CleanBay Renewables is an enviro-tech company that harnesses science, technology and economics to tilt the balance back in favor of nature, while protecting the agricultural sector that provides a vital service to humanity. For more information, visit https://cleanbayrenewables.com.
About bp
bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting more than 125,000 additional jobs through its business activities. For more information on bp in the US, visit www.bp.com/us.
For more information:
Andy Hallmark
Director of Corporate Communications
CleanBay Renewables
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that it will hold a virtual Carbon Storage Update on Wednesday, October 6, 2021, at 1 p.m. ET (10 a.m. PT). Adoption of carbon capture technologies is critical to achieving greenhouse gas emission reduction goals around the world. This event will provide details on the launch of CRC’s Carbon TerraVault I, a carbon capture and storage (CCS) project focused on the capture and permanent storage of carbon dioxide (CO2) emissions, an update on CalCapture, the carbon capture, utilization, and storage (CCUS) project focused on the capture and utilization of CO2 for additional enhanced recovery, and an insight into CRC’s strategic carbon capture advantage and efforts to aid the energy transition in the State of California. Participants are encouraged to preregister for the virtual Carbon Storage Update here or can access the webcast in the Investor Relations section on www.crc.com on the day of the event.
About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing Carbon Capture and Storage (CCS) and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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Estimated $7.2m in projects carries organization closer to its growth, guidance targets.
BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it has been awarded a portfolio of projects for Engineering, Procurement and Construction (“EPC”) services in the state of New Hampshire. iSun estimates that the five-project portfolio will have a combined contract value exceeding $7.2 million with four projects commencing prior to the end of 2021.
HIGHLIGHTS:
“These awards are an important milestone for iSun, for several reasons,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “For our investors, this growth reflects the progress we’ve steadily been making against our three-pronged strategy for growth. Since first announcing this strategy in late 2019, we’ve maintained that our relationships and reputation within regions where we’re more established will provide springboards for continued growth opportunities. These contracts are proof of exactly that.”
“Similarly, as recently as last week, we provided guidance suggesting that iSun would double revenue in 2021,” continued Peck. “The award of these projects moves us closer to these targets.”
“Most important, these contracts reflect iSun’s approach to value creation,” concluded Peck. “For 50 years, we’ve believed that the best way to create value for our partners is to earn their trust. As mentioned in our most recent conference call, iSun was not immune to the challenging operating environment created by COVID during the first two quarters of 2021. Partners new and old were looking for reliable EPC’s they could trust to bring their projects to completion in a timely, cost-efficient manner. iSun’s well-earned reputation as such a partner played no small part in securing these contracts – a trend that we expect to see continue throughout the balance of 2021 and beyond.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
HOUSTON--(BUSINESS WIRE)--PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended June 30, 2021 and 2020:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||
Revenues................................ |
$ |
13,663,000 |
|
$ |
7,278,000 |
|
$ |
28,635,000 |
|
$ |
33,386,000 |
|
||||
Net Loss ................................. |
$ |
(2,403,000 |
) |
$ |
(6,266,000 |
) |
$ |
(3,858,000 |
) |
$ |
(6,436,000 |
) |
||||
Earnings per Common Share: |
||||||||||||||||
Basic.................................. |
$ |
(1.20 |
) |
$ |
(3.14 |
) |
$ |
(1.93 |
) |
$ |
(3.23 |
) |
||||
Shares Used in Calculation of: |
||||||||||||||||
Basic EPS.......................... |
|
1,994,177 |
|
|
1,994,177 |
|
|
1,994,177 |
|
|
1,994,675 |
|
||||
Total assets at June 30, 2021 were $198,505,000 compared to $200,484,000 at December 31, 2020.
Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended June 30, 2021 and 2020 were as follows:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||||||
|
2021 |
2020 |
Increase /
|
2021 |
2020 |
Increase /
|
||||||||||||||
Barrels of Oil Produced............................. |
|
165,000 |
|
144,000 |
|
21,000 |
|
|
328,000 |
|
378,000 |
|
(50,000 |
) |
||||||
Average Price Received............................ |
$ |
64.63 |
$ |
25.09 |
$ |
39.54 |
|
$ |
60.77 |
$ |
37.89 |
$ |
22.88 |
|
||||||
Oil Revenue ............................................. |
$ |
10,664,000 |
$ |
3,613,000 |
$ |
7,051,000 |
|
$ |
19,934,000 |
$ |
14,324,000 |
$ |
5,610,000 |
|
||||||
Mcf of Gas Sold......................................... |
|
780,000 |
|
874,000 |
|
(94,000 |
) |
|
1,445,000 |
|
1,812,000 |
|
(367,000 |
) |
||||||
Average Price Received............................ |
$ |
2.94 |
$ |
0.62 |
$ |
2.32 |
|
$ |
2.73 |
$ |
0.77 |
$ |
1.96 |
|
||||||
Gas Revenue .......................................... |
$ |
2,292,000 |
$ |
543,000 |
$ |
1,749,000 |
|
$ |
3,950,000 |
$ |
1,389,000 |
$ |
2,561,000 |
|
||||||
Barrels of Natural Gas Liquids Sold |
|
109,000 |
|
56,000 |
|
53,000 |
|
|
195,000 |
|
213,000 |
|
(18,000 |
) |
||||||
Average Price Received |
$ |
22.06 |
$ |
5.76 |
$ |
16.30 |
|
$ |
21.28 |
$ |
8.16 |
$ |
13.12 |
|
||||||
Natural Gas Liquids Revenue |
$ |
2,404,000 |
$ |
495,000 |
$ |
1,909,000 |
|
$ |
4,149,000 |
$ |
1,738,000 |
$ |
2,411.000 |
|
||||||
Total Oil & Gas Revenues ........................ |
$ |
15,360,000 |
$ |
4,651,000 |
$ |
10,709,000 |
|
$ |
28,033,000 |
$ |
17,451,000 |
$ |
10,582,000 |
|
||||||
PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas and Oklahoma. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.
Forward-Looking Statements:This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.
Connie Ng
(713) 735-0000 ext 6416.
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been invited to participate in the following two virtual investor conferences in September:
Colliers 2021 Institutional Conference
Thursday, September 9 (one-on-one meetings only)
D.A. Davidson 20th Annual Software and Internet Conference
Thursday, September 9 (fireside chat at 8:30 am PT)
Iteris president and CEO Joe Bergera, and CFO Douglas Groves will be hosting virtual one-on-one meetings with institutional investors at these conferences. For additional information or to schedule a virtual meeting with Iteris management, please contact your representative at the firms hosting the conferences, or Iteris’ investor relations firm, MKR Investor Relations, at This email address is being protected from spambots. You need JavaScript enabled to view it..
To access a live webcast or replay of the fireside chat at the D.A. Davidson conference, please visit the investor relations section of the company’s website at www.iteris.com.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Creates India’s largest publicly-traded renewable energy company by total generation capacity
ReNew’s ordinary shares to begin trading on the NASDAQ tomorrow, August 24, 2021
MIAMI BEACH, Fla. & GURGAON, India--(BUSINESS WIRE)--ReNew Power Private Limited, (“ReNew Power” or the “Company”) India’s leading renewable energy provider, today announced that it has completed its previously announced business combination with RMG Acquisition Corporation II (“RMG II”).
The transaction was unanimously approved by RMG II’s Board of Directors and was approved at the extraordinary general meeting of RMG II’s shareholders held on August 16, 2021 (the “Extraordinary General Meeting”). Approximately 88% of the votes cast on the business combination proposal at the Extraordinary General Meeting were in favor of approving the business combination. RMG II’s shareholders also voted to approve all other proposals presented at the Extraordinary General Meeting.
As a result of the business combination, RMG II has become a wholly owned subsidiary of “ReNew Energy Global plc” (the post-combination entity referred to in the remainder of this release as “ReNew”). Commencing at the open of trading on August 24, 2021, ReNew’s Class A ordinary shares and ReNew’s warrants are expected to commence trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “RNW” and “RNWWW,” respectively.
ReNew Power – India’s Leading Pure-Play Renewable Energy Company
Founded in 2011, ReNew Power is India’s leading renewable energy independent power producer (IPP), and among the 10th largest renewable IPPs globally by capacity, with a portfolio of more than 100 operational utility-scale wind and solar energy projects spread across 9 Indian states. The Company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.
ReNew Power was the first Indian renewable energy company to cross commissioned capacity milestones of 1 gigawatt (GW) and 2 GW, and is presently the only company in the Indian renewable energy sector with over 5 GW of operational capacity. The Company currently has an aggregate capacity of close to 10 GW (including capacity already won in competitive bids).
ReNew Power’s growth has been aided by stable cash flows, secured through long-term contracts with well-regarded counterparties. Currently, ReNew Power’s total utility-scale committed capacity is contracted under power purchase agreements (PPAs) with an average duration of more than 24 years. A bulk of these contracts are with central government agencies, such as the Solar Energy Corporation of India (SECI) and NTPC Limited. Over the last 10 years, ReNew Power has also forged a robust and well diversified network of suppliers, enabling adoption of the best technologies, at optimal cost, across its projects portfolio.
Beyond generation of clean power, ReNew Power has also developed expertise in ancillary areas such as energy storage. In 2020, ReNew Power won two unique tenders floated by SECI to ensure firm, reliable, and affordable supplies of green power. This included India’s first tender for round-the-clock power supply from renewables, and a tender for a renewable energy project to address peak power demand by combining wind-solar hybrid generation with battery storage.
During 2020, ReNew Power also entered into the emerging digital services business, with the acquisition of Climate Connect, a Pune, India-based company, and a leading player in AI-enabled grid management and load forecasting.
Market Overview – Renewable Energy Demand in India Poised to Grow
ReNew Power’s business model is reinforced by recent trends in the Indian power generation market, as well as the Indian government’s green energy targets over the next decade. India’s per capita electricity consumption is poised for rapid growth in the next decade, with approximately two-thirds of this incremental demand being met by power from renewable sources. India’s global climate commitments regarding reduction of carbon emissions will dictate a transformational change in the power generation mix – away from fossil fuels, in favor of renewables. At the same time, the Indian government’s ambitious target of 450 GW of installed renewables capacity by 2030, a 5x increase over current levels, indicates huge market potential. A steady reduction in costs of generation, driven by technological advances and well-attended auctions will further accelerate renewables adoption.
As India’s energy transition gathers pace, ReNew Power’s at-scale, geographically-diversified, multi-technology approach, backed by disciplined project execution and superior financial discipline will help the Company sustain its high growth trajectory.
Management Commentary
“The completion of our business combination with RMG II begins a new era for our company, and is a great step forward for enabling further decarbonization of the Indian power sector,” said Sumant Sinha, CEO of ReNew. “The entire ReNew team has remained laser-focused on maintaining our leadership position in Indian renewable energy throughout this process, and we will continue to work to expand clean power generation across India. We have the ability to do even more in bringing affordable, reliable, green, utility-scale power supply to more people and businesses in India through implementation of our proprietary software and AI-enabled monitoring capabilities. We are excited to continue our work developing wind and solar power across India.”
“We have been proud to partner with the ReNew team throughout this process, and look forward to continuing our relationship as we move into the next phase of growth for ReNew after the close of our transaction,” said Robert Mancini, Chief Executive Officer and Director of RMG II. “ReNew is now well-positioned to maintain and expand its leadership position as the largest renewable power generation company in India, and lead decarbonization efforts in one of the world’s largest and most dynamic economies. With a strong balance sheet, bolstered by over $870 million of cash from the transaction, ReNew offers investors a unique way to play the continued and accelerating clean electrification trend seen across the global economy. I look forward to working with Sumant and the whole ReNew team to bring their vision to reality.”
Transaction Overview
As a result of this transaction ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE), after redemptions and transaction fees. The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt.
ReNew’s senior management team will continue to lead the combined company, including Sumant Sinha (Chief Executive Officer), D Muthukumaran (Chief Financial Officer), Balram Mehta (Chief Operating Officer), Sanjay Varghese (President and Head of Solar), Kailash Vaswani (Deputy CFO and President, Corporate Finance), and Mayank Bansal (Chief Commercial Officer).
ReNew’s Board of Directors will be comprised of ten (10) members, six (6) of whom are “independent directors” as defined in the NASDAQ listing standards and applicable U.S. Securities and Exchange Commission (“SEC”) rules. The Board of Directors will be led by Chairman, Mr. Sumant Sinha and will also include Robert Mancini, CEO of RMG II.
Advisors
Goldman Sachs (India) Securities Private Limited and Morgan Stanley India Company Private Limited (“Morgan Stanley”) served as financial advisors to ReNew in connection with the business combination. Morgan Stanley & Co. LLC acted as joint placement agent to RMG II on the PIPE. Latham & Watkins LLP, Nishith Desai & Associates and Cyril Amarchand Mangladas served as legal advisors to ReNew.
BofA Securities served as exclusive financial advisor to RMG II, and also acted as lead placement agent on the PIPE. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to RMG II. Khaitan & Co LLP served as legal advisor to RMG II on Indian legal aspects.
Ropes & Gray LLP served as counsel to the placement agents on the PIPE.
About ReNew Power
ReNew Power is India’s leading renewable energy independent power producer (IPP) by capacity and is the 10th largest global renewable IPP by operational capacity. ReNew Power develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total capacity of approximately 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew Power has a strong track record of organic and inorganic growth. ReNew Power’s current group of shareholders contain several marquee investors, including GS Wyvern (part of Goldman Sachs Asset Management), CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.
For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power
About RMG Acquisition Corporation II
RMG Acquisition Corporation II (NASDAQ: RMGB) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. RMG II raised $345 million in its December 14, 2020 IPO, which was upsized due to strong demand and included the underwriters’ full over-allotment option. RMG II is sponsored and led by the management team of Jim Carpenter, Bob Mancini, and Phil Kassin, who together have over 100 years of combined principal investment, operational, transactional, and CEO and public company board level leadership experience. www.rmgacquisition.com/
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of US federal securities laws with respect to the proposed business combination between RMG II, ReNew and ReNew Power, including statements regarding the expected date on which ReNew’s shares and warrants will start trading, the services offered by ReNew Power and the markets in which it operates, and ReNew Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement and plan of merger, (ii) the effect of the announcement or pendency of the transaction on ReNew Power’s business relationships, performance, and business generally, (iii) risks that the proposed transaction disrupts current plans of ReNew Power or diverts management’s attention from ReNew Power’s ongoing business operations and potential difficulties in ReNew Power employee retention as a result of the proposed transaction, (iv) the outcome of any legal proceedings that may be instituted against ReNew, ReNew Power, RMG II or their respective directors or officers related to the business combination agreement and plan of merger or the proposed transaction, (v) the amount of the costs, fees, expenses and other charges related to the proposed transaction, (vi) the ability to maintain the listing of ReNew’s securities on The Nasdaq Stock Market LLC, (vii) the price of ReNew’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which ReNew Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting ReNew Power’s business and changes in the combined capital structure, (viii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, including the conversion of pre-orders into binding orders, (ix) the ability of ReNew to issue equity or equity-linked securities in connection with the transaction or in the future, (x) the risk of downturns in the renewable energy industry and (xv) the impact of the global COVID-19 pandemic on any of the foregoing. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of ReNew’s registration statement on Form F-4, the proxy statement/consent solicitation statement/prospectus discussed below, RMG II’s amendment no. 2 to its Annual Report on Form 10-K/A and other documents filed by ReNew or RMG II from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ReNew, ReNew Power and RMG II assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither ReNew, nor ReNew Power nor RMG II gives any assurance that either ReNew, ReNew Power or RMG II will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by ReNew, ReNew Power or RMG II or any other person that the events or circumstances described in such statement are material.
ReNew Power
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Former U.S. Secretary of Transportation and Secretary of Labor brings extensive knowledge in transportation innovation and infrastructure
AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that the Honorable Elaine Chao will join its board of directors.
A highly experienced leader of large public, private and non-profit organizations, Elaine Chao brings an invaluable perspective on global competitiveness, workforce development, trends in governmental policies, and corporate governance. While Secretary of Transportation, she advanced an agenda of American innovation in building the transportation system of the future. During her time at the Department of Labor, Elaine Chao focused on increasing the competitiveness of America’s workforce in the global economy.
“Elaine Chao has had an incredibly distinguished career promoting innovation and American excellence, and we are fortunate to have her join our board,” said Thomas Healy, Founder and CEO of Hyliion. “She brings a wealth of knowledge and experience from both a transportation and competitiveness viewpoint that will support Hyliion as we continue to move along our path to commercialization and work toward our vision of a global net-carbon-negative commercial trucking industry,” Healy added.
Outside of her roles in the public sector, Elaine Chao has also served as President and Chief Executive Officer of United Way of America, head of the Peace Corps, and was a banker with Citicorp and Bank of America. She is an experienced board member, having served on a number of Fortune 500 public boards, and now serves on the board of Kroger Company.
Elaine Chao earned her Masters of Business Administration at Harvard Business School after graduating with an economics degree from Mt. Holyoke College. Recognized for her outstanding achievements, she is the recipient of 37 honorary Doctorate degrees.
About Hyliion
Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
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HAMILTON, Bermuda--(BUSINESS WIRE)--August 23, 2021 – Triton International Limited (NYSE:TRTN) (“Triton” or the “Company”) today announced that its Board of Directors has declared an initial dividend on its 5.75% Series E Cumulative Redeemable Perpetual Preference Shares (NYSE: TRTN PRE). The cash dividend of US$0.1078125 per share is payable on September 15, 2021 to holders of record at the close of business on September 8, 2021 and covers the period from and including August 18, 2021, to but excluding September 15, 2021.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.9 million twenty-foot equivalent units (“TEU”), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical information, including statements regarding the Company’s expectations regarding the timing and amount of future payment of dividends, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words “expect,” “intend,” “plan,” “seek,” “believe,” “project,” “predict,” “anticipate,” “potential,” “will,” “may,” “would” and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, economic, business, competitive, market and regulatory conditions and other risks and uncertainties, including those risk factors set forth in the section entitled “Risk Factors” in our Form 10-K filed with the SEC on February 16, 2021 and other filings with the SEC. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
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Shop System Binder Jetting Enables Cost-Effective Batch Production of High-Quality 316L Stainless Steel Parts Via Additive Manufacturing
BOSTON--(BUSINESS WIRE)--#316L--Desktop Metal (NYSE: DM), a leader in mass production additive manufacturing (AM) solutions, today announced it has qualified the use of 316L stainless steel for the Shop System™, the world’s first metal binder jetting system designed for machine shops. With an expanded materials portfolio, users can now leverage affordable, high-quality binder jetting technology to print end-use parts in 316L stainless steel with throughput, print quality, and productivity unattainable via legacy additive manufacturing processes.
Known for its corrosion resistance, high ductility, and excellent mechanical properties at extreme temperatures, 316L is an austenitic stainless steel well-suited for demanding environments and applications, such as parts exposed to marine, pharmaceutical, or petrochemical processing, food preparation equipment, medical devices, surgical tooling, and consumer products such as jewelry.
“The launch of 316L for the Shop System is a part of an aggressive and extensive materials roadmap to broaden our AM 2.0 portfolio and address a rapidly expanding set of use cases for our print platforms,” said Jonah Myerberg, co-founder and CTO of Desktop Metal. “We are fully focused on developing opportunities for our customers to produce parts competitively with conventional manufacturing, and we are excited to be able to extend our binder jetting technology to meet this need and address key existing and emerging killer applications for 316L in the market.”
316L Stainless Steel - Key Applications
The Desktop Metal materials science team has validated that 316L stainless steel printed and sintered using the Shop System meets MPIF 35 standards set by the Metal Powder Industries Federation.
Examples of key use cases include:
“Wall Colmonoy is excited to have 316L as a new option for the Desktop Metal Shop System,” said Michael Shreeve, Business Development Manager, Precision Components, Wall Colmonoy Limited UK, a global powder and components manufacturer. “We look forward to opening up the additive route to many more customers and component types. This will be of particular interest to our customers as we support them with maintaining supply chains across a wide range of industry sectors, such as petrochemical, power generation, automotive, aerospace and more. As we build upon our existing expertise with wear-resistant alloys such as Colmonoy® and Wallex®, 316L on the Shop System will be a welcome addition to our additive manufacturing portfolio of materials.”
“Availability of 316L stainless steel on the Shop System is excellent news, both for us and our customers,” said Patrick Chouvet, CEO of EAC Metal Ornaments, a renowned French-based metallic ornament manufacturer of worldwide designer collections in footwear, leather goods, apparel and cosmetics. “Some of our customers and applications require the excellent corrosion resistance the steel offers, and it is particularly well suited to the polishing and plating processes we use for luxury goods.”
The Shop System - Affordable, Batch Production of Metal Parts
Featuring the most advanced single pass print engine in the binder jetting market, the Shop System offers a turnkey solution for producing complex, end-use metal parts in a fraction of the time and cost of conventional manufacturing and comparably priced legacy AM technologies. The Shop System includes all the equipment machine shops need to begin binder jetting—from printing through sintering—and is designed to scale throughput with a range of build volume configurations. In addition, Desktop Metal software for build preparation and sintering simulation, in combination with metal powders and process parameters optimized to deliver exceptional part quality and repeatability, make it easy for businesses to get up and running with binder jetting in days instead of weeks or months.
Other key Shop System benefits include:
The Shop System also supports 17-4PH stainless steel and chrome cobalt. A broad portfolio of additional materials is in active R&D with additional releases slated to roll out this year.
To learn more about the Shop System and applications for 316L stainless steel, visit https://www.desktopmetal.com/products/shop.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies. For more information, visit www.desktopmetal.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Media Relations:
Caroline Legg
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BALTIMORE--(BUSINESS WIRE)--Whiteford, Taylor & Preston announced that Alexander M. Giles has joined the firm in Baltimore. With more than 20 years of experience in the maritime sector, Mr. Giles has been recognized as one of the leading maritime lawyers in the region.
“Alex is a tremendous addition to an already highly regarded maritime practice,” said Managing Partner Martin Fletcher. “He has built a well-deserved industry reputation for exceptional service and commitment to an historically important and increasingly active sector of economic activity.”
Named “Lawyer of the Year for Admiralty & Maritime Law” in Baltimore by Best Lawyers in 2021, Mr. Giles has counseled clients on maritime matters of virtually every description. An experienced advocate, he has represented clients on maritime and commercial litigation matters before the U.S. Supreme Court, the U.S. Court of Appeals for the Fourth Circuit, the Maryland Court of Appeals, the Maryland Court of Special Appeals, the Federal Maritime Commission and the U.S. Coast Guard. He has been a frequent advisor to clients in the clean energy sector, who increasingly seek his counsel on matters at the intersection of maritime law and offshore wind.
“I am excited to join Whiteford,” said Mr. Giles. “It has a superb lineup of maritime lawyers and a deep, full-service bench. It’s an ideal platform for serving clients in this rapidly growing sector.”
About Whiteford, Taylor & Preston LLP: With over 175 attorneys, Whiteford, Taylor & Preston provides a comprehensive range of sophisticated, cost-effective business law and litigation services to clients ranging from innovative start-ups to middle market companies to global enterprises. Its growing Mid-Atlantic footprint includes seventeen offices in Delaware, D.C., Kentucky, Maryland, New York, Pennsylvania and Virginia. Visit www.wtplaw.com for more information.
Mindee Mosher
410.659.6437
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Transaction represents firm’s largest ever multiple of invested capital on single investment
LAKE FOREST, Ill.--(BUSINESS WIRE)--Private equity firm Parallel49 Equity today announced the successful closing of the sale of Indianapolis-based Kinetrex Energy to Kinder Morgan, Inc. (NYSE – KMI) for $310 million. Parallel49’s Fund V acquired Kinetrex in December 2016.
Kinetrex is the leading supplier of liquefied natural gas in the Midwest and a rapidly growing player in producing and supplying renewable natural gas (RNG) under long-term contracts to transportation service providers.
Under Parallel49 ownership, Kinetrex completed a significant expansion into landfill-based RNG production, transforming Kinetrex into a leading alternative energy company and helping its customers achieve carbon negative mandates as well as their environmental, social and governance objectives.
“This successful investment is a tribute to a strong partnership with an exceptionally talented and expert management team,” said Jack Westerman, managing director at Parallel49. “Kinetrex has found an incredible owner in Kinder Morgan and is well positioned to accelerate its strategy of becoming a leading platform in renewable energy.”
“Our collaboration with Kinetrex generated a tremendous outcome for our investors,” said Jonathan Dries, managing director at Parallel49. “The transaction represents the largest multiple of invested capital on a single investment in our firm’s 25-year history. We could not be more pleased with this incredible result.”
About Parallel49 Equity
Based in Lake Forest, Ill., Parallel49 Equity invests in profitable, well-managed lower middle-market companies in North America. Parallel49 Equity investment efforts are focused on the industry sectors of specialty manufacturing and business services. For more information, please visit p49equity.com.
Sarah Holsapple
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New X-Class Jack-up Vessels Will Have the Largest Jacking Capacity in the Industry
HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today announced the signing of a contract with COSCO SHIPPING Heavy Industry and Cadeler to supply two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessel designs, which will be known as the Cadeler X-Class.
The Cadeler X-Class is designed with 5,600 m2 of deck space and a carrying capacity of more than 17,600 tons, the largest in the industry. This new hybrid, DNV-certified, cyber-secure jack-up vessel is designed to transport and install seven complete 15 MW turbine sets or five sets of 20-plus MW turbines, a significant upgrade from prior designs. This expanded carrying capacity will reduce the number of vessel trips required per development and accelerate installation speed, thereby improving project economics while reducing the total carbon footprint of the installation process.
In addition to the overall jack-up design, NOV will supply the jacking system that lifts the vessel and cargo above the waterline to safely install wind turbines. The jacking systems will incorporate NOV’s proprietary advanced regenerative power system technology that will provide fuel savings and emission reductions.
The first NG-20000X jack-up vessel is contracted for one of the largest offshore windfarms in the world—RWE’s 1.4 GW Sofia wind park – and is scheduled for delivery in the third quarter of 2024.
Mikkel Gleerup, CEO of Cadeler A/S, says: “The expansion of our fleet is an important strategic priority for Cadeler to ensure that we can meet the demand we are seeing from clients for greater installation capacity. In order to provide energy efficient vessels with very advanced technical specifications, we need to ensure that the new vessels will be as cutting-edge as the turbines we will be installing. Therefore, we have chosen to collaborate with the best sub-suppliers in the market. NOV has proven to be a good partner in connection with other projects in the past and we are therefore confident that NOV will provide the right jacking systems for the new X-class vessels, to support the current and future demand of the industry.”
Clay Williams, Chairman, President, and CEO, added, “NOV is honored to partner with Cadeler and COSCO as we design and deliver the next generation of wind turbine installation jack-up vessels. These vessels, which will be a key part of the next stage in the evolution of offshore wind energy, are a perfect example of what comes from close collaboration with our customers and an unending desire to seek improvement.”
In parallel, NOV is supplying new heavy-lift cranes for Cadeler’s existing O-Class vessels, Wind Orca and Wind Osprey, to upgrade the existing fleet’s capabilities to handle the next-generation of turbines. With the upgraded O-Class and new X-Class vessels, Cadeler’s fleet will lead the industry in both loading capacity and the ability to transport, service, and install the next-generation offshore wind turbines.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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Tigo TS4-A-S combines the safety of rapid shutdown with the convenience of remote, module-level monitoring.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced a new offering of the Tigo TS4-A-S rapid shutdown with module level monitoring device for industry-leading solar modules up to 700-watts. This product release completes the Tigo Energy portfolio of MLPE solutions which provide installers maximum flexibility and choice to pair with leading inverters and modules, and through the Energy Intelligence (EI) software.
The comprehensive portfolio of 700W Flex MLPE also includes the TS4-A-F products for fire safety and the National Electrical Code where applicable and the full-featured TS4-A-O for optimization, monitoring, and fire safety. The TS4-A-S provides a solution for solar installers who have a minimal need for optimization due to a lack of shade or other module mismatches, but desire to maximize site uptime, minimize operations and maintenance (O&M) costs, and enhance the homeowner experience. For just a few dollars more than the base model (TS4-A-F), the TS4-A-S unlocks the full power of the EI software to enable all these benefits, plus the ability to provide remote upgrades over-the-air as required.
“Nothing hurts the profitability of solar installers more than needless truck rolls,” said Cathal McCarthy, chief customer officer, at Tigo Energy. “The TS4-A-S with Energy Intelligence monitoring is a cost-effective way to ensure first responders are safe with rapid shutdown and lower the cost of operations and maintenance with a state-of-the-art monitoring platform.”
The Tigo EI software is specifically designed for solar installers to manage their fleets, easily sorting and analyzing installed systems. When combined with the power flow diagramming, interactive charts, advanced performance alerts, and the kiosk view, this hardware-plus-software solution helps solve customer problems with operations and maintenance for all of their on-site components.
The new high-power 700W Tigo TS4-A-S Flex MLPE will be available for purchase directly and from Tigo channel partners starting on August 30, 2021. Interested parties should contact the Tigo sales team at www.tigoenergy.com/contacts.
To learn more about the 700W Tigo TS4-A-S Flex MLPE solution, please see the product overview page here. For greater in-depth material regarding this solution and the EI monitoring platform, we recommend attending this webinar either live or on-demand.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
John Lerch
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PG&E, Operator of One of the Largest Privately-Held Hydroelectric Systems in the U.S., has Helped Power California with Water for More than 125 Years
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company’s (PG&E’s) 25,000 coworkers, operators of one of the largest privately-held hydroelectric systems in the United States, are pleased to join the National Hydropower Association (NHA) in celebrating National Hydropower Day, on Tuesday, Aug. 24.
PG&E’s hydro system, established in 1895, now is spread across 140,000 acres of land, and includes ownership of 168 dams, 64 powerhouses, with about 200 miles of canals and flumes, providing California with more than 3,800 megawatts capacity of clean, reliable and affordable electricity.
National Hydropower Day celebrates hydropower’s undeniable contributions to America’s clean energy infrastructure and future.
Jan Nimick, vice president of PG&E’s Power Generation organization, said, “As a leader in generating hydroelectric power for more than 125 years, PG&E is pleased to join the NHA in celebrating National Hydropower Day. Given that our hydro projects have been helping to keep the lights on in northern and central California for so long, the value they provide can sometimes go unnoticed. As a hydropower generator, we are proud to provide this clean, reliable source of energy to power our communities’ homes, schools and businesses.”
Nationwide, in 2019, hydropower represented nearly 6.6% of total U.S. electricity generation and 38% of renewable electricity generation. The U.S. hydropower fleet is comprised of approximately 2,200 power plants with a total capacity of roughly 80 gigawatts (GW), which includes 91% of U.S. storage capacity (23 GW) of pumped storage.
Hydropower is also a major job creator, employing approximately 66,500 workers in the U.S.
Safety is PG&E’s most important responsibility. For more information on PG&E’s hydroelectric system, including tips to keep the public safe near our water facilities, please visit pge.com and type “Hydroelectric System” into the search bar.
For more specific information on National Hydropower Day, you can browse the NHA web page at https://www.hydro.org/hydroday/.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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DUBLIN--(BUSINESS WIRE)--The "United States Wind Turbine Inspection Drones Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2026" report has been added to ResearchAndMarkets.com's offering.
United States wind turbine inspection drones market report is a customer intelligence and competitive study of the United States market.
Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the United States market. Also, factors that are driving and restraining the wind turbine inspection drones market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market.
Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of wind turbine inspection drones market in the United States.
Highlights of the Report
The report provides detailed insights into:
The report answers questions such as:
Key Topics Covered:
1. Report Overview
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
2. Executive Summary
3. Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. PEST-Analysis
3.4. Porter's Diamond Model for the United States Wind Turbine Inspection Drones Market
3.5. Growth Matrix Analysis
3.6. Competitive Landscape in the United States Wind Turbine Inspection Drones Market
4. United States Wind Turbine Inspection Drones Market by Product Type
4.1. Fixed Wings Drones
4.2. Rotary Wing Drones
4.3. Others
5. United States Wind Turbine Inspection Drones Market by Application
5.1. Offshore Wind Energy
5.2. Onshore Wind Energy
6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/no3wnr
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MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto and Sumitomo Corporation today announced a partnership to study the construction of a hydrogen pilot plant at Rio Tinto’s Yarwun alumina refinery in Gladstone and explore the potential use of hydrogen at the refinery.
The two global companies have signed a letter of intent that focuses on Yarwun as the location for a Gladstone hydrogen plant that Sumitomo has been studying. If the project proceeds, the pilot plant would produce hydrogen for the recently announced Gladstone Hydrogen Ecosystem.
The study supports the efforts of Australian, Queensland and local governments to establish Gladstone as a clean hydrogen hub of the future.
Rio Tinto Australia Chief Executive Kellie Parker said “Rio Tinto has a long relationship with Sumitomo and we are delighted to partner with them to explore the possibilities of hydrogen, not only for our own refinery, but for Sumitomo to supply industry more broadly in Gladstone.
“Reducing the carbon intensity of our alumina production will be key to meeting our 2030 and 2050 climate targets. There is clearly more work to be done, but partnerships and projects like this are an important part of helping us get there.”
Sumitomo Corporation’s Energy Innovation Initiative Director Hajime Mori said “We are excited about working together with Rio Tinto as our long-term partner to develop this hydrogen project in Gladstone and working toward our company’s vision of achieving carbon neutrality by 2050.
“We believe the pilot plant will play a significant role in establishing the Gladstone Hydrogen Ecosystem.
“Sumitomo has commenced the Design Study and Preliminary Master Planning to build the Gladstone hydrogen ecosystem and we will continue to work towards future hydrogen exports from Gladstone.
Deputy Premier and Minister for State Development Steven Miles said Gladstone is an industrial powerhouse and this partnership presents a great opportunity for the region and for Queensland.
“This is only the beginning of a wave of international collaborations that will lead to new industries and new jobs underpinned by the supply of renewable energy,” Mr Miles said.
“With the Palaszczuk Government’s strong commitment to creating more jobs in emerging industries, we will work to keep Queensland at the forefront of renewable hydrogen and the opportunities that come with it.”
Minister for Energy, Renewables and Hydrogen Mick de Brenni said the Palaszczuk Government was developing Queensland’s Energy Plan to reinforce our platform for international partnerships focused on new technology and a stronger Australia.
“This is a plan to create a renewable energy ecosystem that will power our low-carbon ambitions to transform industry, create thousands of jobs for Queenslanders, and decarbonise not only Queensland but the nation.”
Minister for Regional Development and Manufacturing and Minister for Water Glenn Butcher said the partnership would provide important economic opportunities for the entire Central Queensland region.
“Gladstone’s world-class deep water port, water security through Awoonga Dam, and industry attraction via the local State Development Area have set Gladstone up to become the hydrogen capital of Australia, providing massive employment and supply chain opportunities both locally and in the Central Queensland region.”
The Sumitomo partnership complements a recently announced feasibility study into using hydrogen to replace natural gas in the alumina refining process at Yarwun and provides the potential for larger-scale implementation if the studies are successful.
About Rio Tinto:
Rio Tinto produces high-quality iron ore, copper, aluminium, and minerals that have an essential role in enabling the low-carbon transition. We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 percent in the decade to 2020. We have set 2030 targets to reduce our absolute emissions by 15% and our emissions intensity by 30% relative to our 2018 baseline. These targets are consistent with a 45% reduction in absolute emissions, relative to 2010 levels, and the Intergovernmental Panel on Climate Change (IPCC) pathways to 1.5°C. They are supported by our commitment to spend approximately $1 billion on emissions reduction initiatives over the first five years of the ten-year target period. In 2020, we set new Scope 3 emissions reduction goals to guide our partnership approach across our value chain. Read more about our approach to climate change: www.riotinto.com/invest/reports/climate-change-report
About Sumitomo Corporation:
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 135 locations (Japan: 22, Overseas: 113) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilising worldwide networks, provides customers with financing, serves as an organiser and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include six business units: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics, and one initiative: Energy Innovation.
Sumitomo Corporation established a new business organisation entitled the Energy Innovation Initiative (EII) in April 2021 which will carry this Gladstone project. In order to greatly contribute to the achievement of our long-term goals toward climate change mitigation, "Carbon neutralisation in 2050" and "Realisation of a sustainable energy cycle", we will accelerate our efforts for the materialisation of a hydrogen society by promoting hydrogen related businesses.
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