All Logitech products and operations will be carbon neutral in 2021
LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--#CarbonNeutral--Logitech International (SIX: LOGN) (Nasdaq: LOGI) announced today that it is adopting a climate positive approach, addressing its carbon footprint across the entire value chain (Scope 1, 2, and 3) to achieve carbon neutrality this year and setting the company on a path to net zero by 2030, and beyond that, climate positive. The world needs faster climate action to combat climate change and its impacts. Therefore, Logitech is accelerating its previous commitments in support of the Paris Agreement and RE100 and is committing to remove more carbon than the company creates, shifting to renewable energy sources and investing in restoration programs.
“Climate change is one of the biggest challenges of our generation. Yet reduction of the net carbon output levels caused by human action isn’t happening fast enough – we need to do more now to help shape a climate positive future,” states Bracken Darrell, CEO of Logitech. “We are accelerating our climate strategy to be carbon neutral this year, across all of Logitech activities and products. We will be net zero by 2030 with an ultimate goal to become climate positive. We’re going beyond what countries have committed to in the Paris Agreement and we’re doing it 20 years earlier because it’s work that cannot wait.”
Accelerating action towards the 2050 goals of the Paris Agreement and the UN Framework Convention on Climate Change demands an expanded climate action strategy. In order for Logitech to adopt the more ambitious goal of net zero by 2030 and climate positive thereafter, the company is taking action with science-based targets that support a Reduce - Renew - Restore strategy with specific programs focused on minimizing energy-intensive products and activities across the company’s product portfolio, operations, value chain and product lifecycle.
Reduce, Renew, Restore Strategy
Reduce: Logitech’s commitment to Design for Sustainability is reinforced throughout all stages of the design and engineering process to reduce a product's potential carbon footprint with innovation in materials, energy efficiency, packaging, production processes, circularity and more - essentially eliminating carbon impact before it arises. The intention is also to revise and update existing products and processes to reduce the impact of existing activities year-on-year. Many Logitech products have already switched to using post consumer recycled plastics and recyclable packaging among other lower carbon options.
Renew: Utilizing renewable electricity is an integral component to Logitech’s energy strategy. Where absolute energy demand cannot be reduced, it will be transitioned to renewable energy sources such as Solar and Wind. Logitech uses a science-based approach in conjunction with life-cycle analysis capability to determine the company's direct carbon emissions (Scope 1 & 2) and indirect value chain emissions (Scope 3). Work is already underway with suppliers and other stakeholders to transition Logitech’s footprint to renewable electricity via direct access to renewable utilities, on-site generation, and purchase of energy attribute certificates (EACs).
Restore: Adopting a climate positive approach involves a commitment to balance the full scope of emissions (Scope 1, 2, and 3). Over the next nine years, Logitech will progressively increase investments in third-party certified, nature-based, renewables and social projects to avoid carbon emissions, as well as remove carbon out of the air. With climate impacts becoming apparent, Logitech recognizes the urgent need to invest in and support forestry conservation, renewable energy infrastructure, new carbon sinks and climate-impacted communities. This year, Logitech is expanding its restoration investments through a multi-year carbon sequestration project in Fangcheng County, Henan Province, China - planting over 40 million trees. Logitech will eliminate more than 1 million tCO2 year-on-year, with our Reduce-Renew-Restore strategy in 2021 alone. Logitech plans to progressively increase investment in projects that capture and remove carbon, to rectify the damage caused over the last century and restore natural environments.
“We have reaffirmed our commitment to climate action and accelerated our program to reach the 1.5oC goal in support of the Paris Agreement 20 years earlier than anticipated,” states Prakash Arunkundrum, Head of Global Operations and Sustainability. “Science-based reduction targets are driving our momentum and we recognize that business as usual must fundamentally change, to adapt to the changing environment around us. Driving innovation in materials, measurement tools, and technical design processes, as well as collaborating across industries, helps us along our path towards reducing carbon emissions and accelerating towards a decarbonized economy.”
Logitech has the ambition to positively impact sustainability in the consumer electronics industry and is proactively taking an innovative approach to environmental and social sustainability. In addition to the company’s climate positive approach, Logitech is the first consumer electronics company to commit to providing detailed carbon impact labeling on product packaging across the entire portfolio. Learn more about all of Logitech’s sustainability initiatives in the 2021 Sustainability report or on the website.
About Logitech
Logitech helps all people pursue their passions by designing experiences so everyone can create, achieve, and enjoy more. Logitech designs and creates products that bring people together through computing, gaming, video, streaming and creating, and music. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones, Ultimate Ears and Jaybird. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.
(LOGIIR)
Nicole Kenyon
Head of Global Corporate & Employee Communications - USA
(510) 988-8553
Marie Perriard
Head of Sustainability Communications - USA
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Ben Starkie
Corporate Communications - Europe
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The research also reveals super-majority of California voters strongly support transitioning away from the use of diesel-fired generators
SAN JOSE, Calif.--(BUSINESS WIRE)--A new survey of 600 likely California 2022 voters finds both a growing concern about key energy issues facing the State and increased support for government efforts to shift California to cleaner and more renewable sources of energy. More specifically, these poll results show that California voters broadly support a range of State policies to encourage decarbonization efforts and facilitate the development of fuel cell microgrids.
California voters are increasingly concerned about climate change and its impacts, with 85 percent surveyed ranking wildfires as an extremely or very serious problem. Only homelessness was seen as a more serious problem in the survey conducted by California-based FM3 Research.
Also of growing concern to likely 2022 voters is the effects of drought, with four out of five of those surveyed listing it as an extremely or very serious problem. The impact of climate change and extreme weather on California has also grown to historic highs, with two-thirds of voters now ranking it as an extremely or very serious problem.
As voters focus on the problems of fire, drought and climate change, they are showing a growing uneasiness with the negative effects of diesel-generated solutions being used to provide backup power across the State. The poll shows that only 22 percent of voters supported increasing diesel generation to provide emergency back-up power, with 58 percent expressing a desire to see diesel generation reduced.
In contrast, two-thirds of voters would like to see an increase in non-combustion fuel cells that virtually eliminate local smog-forming air pollution as a back-up power option.
“As soon as voters understand how fuel cells work and how the technology reduces harmful local pollution, they demonstrate strong support for using fuel cells to make the grid more resilient and safer,” said FM3 lead researcher Dave Metz.
When the science of fuel cells was explained to voters in the following language, support for their widespread adoption rose to 80 percent:
“Next, I’d like to tell you a bit more about non-combustion fuel cells. Fuel cells are a technology that generate electricity from natural gas, biogas, or hydrogen found in water, without releasing local air pollution like smog and particulate matter. Fuel cells installed at local sites are designed to serve as an alternative to the electric grid, providing reliable, locally-generated clean energy that is available 24 hours per day at locations such as hospitals, grocery stores, universities, and data centers – as well as other businesses and homes. The technology continues to evolve and has recently been adapted to use hydrogen, with no CO2 emissions, to generate electricity. Do you support or oppose increasing the use of non-combustion fuel cells in California?”
Voters also broadly support increasing the use of non-combustion fuel cells as part of the State’s transition to 100 percent clean energy, expressing preference for the use of fuel cells over diesel generators. By a 62-point margin, voters also expressed strong support for the specific benefits of wider adoption of fuel cell technology, particularly making the electricity grid more resilient, reducing the threat of wildfires by supporting microgrid technology, and providing reliable energy during Public Safety Power Shutoffs.
The poll was commissioned by Bloom Energy and conducted by FM3 Research to assess voters’ attitudes toward key California energy issues and understanding of the role fuel cells can play in meeting critical capacity needs in the State, bolstering power resiliency, and providing a pathway to greener and cleaner forms of energy. The poll was conducted from August 2nd to 5th, before the Caldor Fire, which has likely increased concern over extreme weather and the impacts of climate change.
The solid oxide fuel cells manufactured in California by Bloom Energy use natural gas, biogas or hydrogen to generate on-site electricity without combustion and virtually no harmful, smog-forming emissions. The technology is dramatically cleaner now than alternatives and is engineered to use 100 percent greenhouse gas-free sources, like hydrogen and biogas, as they become available. Bloom Energy’s fuel cells consume almost no water during operation, which is particularly critical during times of drought. Since 2011, Bloom Energy’s systems have saved more than 291 billion gallons of water.
Considering these facts, voters see non-combustion fuel cells as the smarter alternative to air polluting diesel generation during power outages, with an overwhelming 72 percent of voters preferring fuel cells and just 17 percent supporting diesel.
As a part of building decarbonization policies, seven in ten voters support allowing continued use of non-combustion fuel cells as an alternative to natural gas-fired power plants and diesel generators. Voters also strongly supported policies making it easier and more affordable to install fuel cell technology – particularly when the issue was explained in the following manner:
“Next, let me ask you about another issue. State government is currently considering a policy that would make it easier for property owners to install non-combustion fuel cells on their property, based on a long-term agreement for how the energy they produce would be connected to and integrated with California’s energy grid. Does this sound like something you would support or oppose?”
Furthermore, FM3 Research’s survey shows that approximately two-thirds of California voters oppose allowing utilities to charge a fee to customers who want to install a non-combustion fuel cell to generate clean energy locally.
“This research underscores the fact that Californians embrace non-combustion fuel cell technology, which brings clean, resilient and cost-predictable energy to help the State address the growing danger of extreme weather, power blackouts, droughts and climate change,” said Carl Guardino, executive vice president of government affairs and policy, Bloom Energy. “The distinct advantages offered by non-combustion fuel cells – namely the virtual elimination of local emissions, lack of water use and ability to use clean hydrogen as a fuel source – are preferred over diesel generators and natural gas-fired plants as part of the State’s energy transition.”
FM3 Research’s full report on the survey findings can be found at: https://www.bloomenergy.com/wp-content/uploads/fm3-research-ca-vote-views-of-key-energy-issues-aug-2021.pdf
About FM3 Research
FM3 Research is a California-based company that has been conducting public policy-oriented opinion research since 1981. With offices in Los Angeles and Oakland, the firm conducts research for businesses, non-profit groups, elected officials and ballot measure campaigns across the country. FM3 has provided polling to hundreds of California legislators, members of Congress, and local elected officials over its four decades conducting research in the state.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding our solid oxide fuel cells and the potential application of fuel cells; and the distinct advantages offered by non-combustion fuel cells. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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project44 partners with telematics providers to offer exclusive solutions and discounts to carriers of all sizes
CHICAGO--(BUSINESS WIRE)--project44, the leader in real-time supply chain visibility, unveiled its new Preferred Telematics Program, accessible to carriers through the project44 website. The industry-first Preferred Telematics Program reduces the cost of purchasing and installing telematics devices on vehicles by delivering discounted fleet management solutions and dedicated sales channels for project44 carriers through the program’s partners. In addition, carriers can take advantage of industry-leading fleet management, driver performance, and workflow automation solutions. The program’s inaugural partners include Astrata, Ruptela, SafeFleet, Webfleet Solutions, and ZF (through its Transics FMS).
According to industry research and project44’s ongoing value engineering initiatives with customers, lack of visibility is costing the industry up to €50/$68 per load in operational effort and administration in the form of inefficiencies – such as the ability to plan and manage exceptions – and is hindering digitalization efforts. Carriers can use these technologies to navigate supply chain disruptions and save upwards of 10% of their operating costs through more efficient utilization of fleets.
“project44 continues to lay the groundwork for the most data-intensive global transportation ecosystem yet,” said Jett McCandless, CEO and founder of project44. “The Preferred Telematics Program opens a new path to digitalize the trucking industry, transforming it into a truly efficient space with visibility software at the core of global road freight tracking.”
Carriers in project44’s network can take advantage of exclusive solutions and discounts offered only by program partners. One such technology solution, project44 One-Click OnboardingTM, accelerates integrations between leading telematics systems and project44’s global supply chain visibility platform via native integration, allowing carriers to get connected in a single click instead of relying on manually generated API keys to establish connections. The innovation cuts carrier integration times from weeks to seconds and expedites time to value for project44 customers.
According to the European Fleet Management Market Report, the installation base of fleet management systems in the European Union is expected to grow at a compound annual growth rate of 14.1 percent, reaching 17.6 million units by 2023, with the penetration rate in non-privately owned commercial vehicles and cars estimated to increase from 17.4 percent in 2018 to 32 percent in 2023.
“Through the Preferred Telematics Program, project44 can get carriers connected and send their customers high-quality data by giving small- and medium-sized fleets access to similar solutions and pricing as large fleets,” said Anjuli Steffen, vice president of global networks at project44. “Telematics vendors are an essential part of the project44 ecosystem, and we are excited to deepen our collaboration with these strategic partners to simplify the data sharing experience for carriers and instantly meet the visibility requirements of leading LSP and shipper customers.”
Trusted Partners
Collectively, the Preferred Telematics Program’s inaugural members provide products and services to more than 15,000 carriers operating over 825,000 assets throughout Europe. All partners in the program have been integrated with project44 for at least 12 months, and were selected based on their existing market reach, newly dedicated onboarding resources, and willingness to build technological or commercial solutions for project44’s network. Additional partners will be considered for the program in 2022.
Taco van der Leij, vice president of Webfleet Solutions Europe said, “We are excited to partner with project44 to offer our transport customers additional value in shipment visibility. The one-click concept provides easy, quick, and secure access for data sharing and management. When using WEBFLEET for data exchange, carriers have complete control over what information they share, when, and how.”
Peter Bal, Business Leader Digital Customer Services EMEA, ZF Commercial Vehicle Control Systems said, “Operators are increasingly turning to digital solutions to enable them to remain competitive in the market as road haulage becomes ever more complex, driven by new regulations, rising cost pressures and an expectation that fleets can deliver ever more quickly, safely, sustainably and reliably. Through our partnership with project44, ZF is enabling transparency across entire logistics flows. This contributes significantly to making the logistics industry leaner, safer and greener in their daily operational activities.”
Claudiu Suma, CEO of SafeFleet said, “In the extremely competitive field of telematics, there is no workaround to excellence other than quality service, a customer-centric approach and a continuous strive for improvement. This has been our guiding principle for over two decades. We are beyond excited to share this vision with project44 and strongly believe that together we can provide unmatched value to the carrier community.”
Andrius Rupšys, founder and CEO of Ruptela said, “We are honored to be amongst the first members of project44’s Preferred Telematics Program and share project44’s vision for enabling carriers of all sizes with the technology to provide shippers and LSPs with the real-time visibility they need. With Ruptela‘s affordable solution and local presence, we ensure carriers get quick and easy onboarding.”
Martijn Koch, Global OEM sales at Astrata said, “We are proud to partner with project44 and enrich their Advanced Visibility Platform with Astrata’s strong foundations and knowledge in geolocation, telematics and fleet management systems. We are also beyond excited to add value to project44’s vision in supply chain visibility with our mobile workflow management application Mission Planner and provide real-time driver feedback for all stakeholders.”
Click here or to learn more about project44’s Preferred Telematics Program or to apply to become a preferred provider.
About project44
project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional Amazon-like experience to their customers. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit www.project44.com.
Media Contact
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Solar rooftops installed on temples and industrial parks saw a 30% reduction in energy costs compared to a traditional wired solution
CAMARILLO, Calif.--(BUSINESS WIRE)--#Chip--Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, announced its collaboration with Cloud Energy, a leading Internet of Things (IoT) solution provider in Vietnam, for the development and deployment of a network running on the LoRaWAN® standard for a wireless solar power system installed on facility rooftops. A wired energy solution did not fit a rooftop solar power system due to higher hardware and installation costs as well as a higher level of ongoing required maintenance, particularly in rural areas of Vietnam where rodent damage to cabling is a particular issue. Cloud Energy’s wireless solar power system featuring Semtech’s LoRa® devices and LoRaWAN connectivity provides comprehensive, accurate and independent data management from inverters, electricity meters and sensors to inform site owners. According to Cloud Energy, the solar power system solutions saved their customers more than 30% on initial investment for a monitoring system.
“We believe that the future of monitoring solutions will largely adapt to LoRaWAN wireless technology, which is highly scalable, simple to deploy and provides a reliable wireless connection. Solar power monitoring solutions that use LoRaWAN technology may be a new future trend that not only solves the problem of reliable wireless connectivity, but also provides additional benefits of IoT standardization, scalability, data analytics, and interoperability,” said Tuan Anh Pham, Cloud Energy founder.
The Cloud Energy wireless solar power system is a plug-and-play solution consisting of multiple wireless Cloud Energy modules, 1 Kerlink gateway using LoRaWAN and a Cloud Energy web-app to monitor real-time data to review and forecast performance independently across meters, inverters and sensors. Through the integration of LoRaWAN, the Cloud Energy solar power system is a true wireless solution offering stable data transmission for end users to manage energy usage across wide areas.
“Cloud Energy’s successful implementation of the LoRaWAN standard for its wireless solar power systems showcases the versatility of the Internet of Things technology to adapt to nearly any setting and budget. The robust connectivity from LoRaWAN is creating smarter buildings for more informed business decisions,” said Marc Pégulu, vice president of IoT product marketing and strategy for Semtech’s Wireless and Sensing Products Group.
For more information on Cloud Energy’s smart solar solution with LoRaWAN, please visit here.
About Semtech’s LoRa® Platform
Semtech’s LoRa device-to-Cloud platform is a globally adopted long range, low power solution for IoT applications, enabling the rapid development and deployment of ultra-low power, cost efficient and long range IoT networks, gateways, sensors, module products, and IoT services worldwide. Semtech’s LoRa devices provide the communication layer for the LoRaWAN® standard, which is maintained by the LoRa Alliance®, an open IoT alliance for Low Power Wide Area Network (LPWAN) applications that has been used to deploy IoT networks in over 100 countries. Semtech is a founding member of the LoRa Alliance. To learn more about how LoRa enables IoT, visit Semtech’s LoRa site.
About Cloud Energy
Cloud Energy Company is a startup in Vietnam, established in 2019, specialized in IoT (Internet of Things) energy management for smart cities. The company has successfully developed solutions for smart energy building management, smart utilities management and smart solar monitoring systems. Our mission is to contribute to the future smart and sustainable cities development. For more information, visit www.cloudenergy.sg.
About Semtech
Semtech Corporation is a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.
Forward-Looking and Cautionary Statements
All statements contained herein that are not statements of historical fact, including statements that use the words “believe,” “designed to” or other similar words or expressions, that describe Semtech Corporation’s or its management’s future plans, objectives or goals are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors are further addressed in Semtech Corporation’s annual and quarterly reports, and in other documents or reports, filed with the Securities and Exchange Commission (www.sec.gov) including, without limitation, information under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its affiliates.
SMTC-P
Linh Dinh
Semtech Corporation
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– Rochester Hub and Arizona Spoke Continue to be on Track –
– Li-Cycle will Add a Fourth Spoke in Alabama to Meet Demand; Pace of New Battery Mega-factory Deployment Far Exceeding Expectations –
– Li-Cycle Reports Third Quarter Revenue Increasing 840% Year-Over-Year to $1.7 Million –
– Subsequent to Fiscal Q3 2021, Li-Cycle Successfully Completed its Public Listing in August 2021, Resulting in Net Proceeds of $527 Million –
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced financial results for its third quarter ended July 31, 2021.
Founded in 2016, Li-Cycle utilizes its patented Spoke & Hub Technologies™ to achieve industry-leading resource recovery rates and produce the critical battery materials underpinning the global growth in electric vehicle (“EV”) proliferation. The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the exponential growth of battery manufacturing with an average of 5% to 10% of new battery production being rejected/scrapped. Li-Cycle’s two-stage battery recycling model enables customers to benefit from an economically sustainable, safe and environmentally friendly solution for the recycling of all types of lithium-ion materials.
“I am incredibly proud of what the Li-Cycle team has accomplished so far in 2021, continuing our mission to solve the global battery manufacturing scrap and end-of-life lithium-ion battery problem by creating a secondary supply of critical battery materials, while also ensuring a sustainable future for our planet. Since announcing our business combination with Peridot Acquisition Corp. in February, we signed significant commercial agreements with Ultium Cells LLC (the joint venture between General Motors and LG Energy Solution) and Univar Solutions Inc.; we began construction of our Arizona Spoke; and just yesterday, we announced plans to build an incremental fourth Spoke in Alabama. With the funds from our business combination transaction completed in August 2021, we believe that Li-Cycle is primed to capitalize on the significant growth opportunities created by the continuing mobility revolution,” said Ajay Kochhar, President and Chief Executive Officer of Li-Cycle.
Key Fiscal Q3 2021 Highlights
Spoke and Hub Roll-out Plans Responding to Increasing Market Demand
Demand for lithium-ion battery recycling has continued to exceed the Company’s projections and, in order to meet this growing demand, Li-Cycle plans to increase and accelerate its investment in the build-out of the Company’s recycling capacity. In addition to the Arizona Spoke project, Li-Cycle has announced the development of the Alabama Spoke, increasing its North American processing capacity beyond that of previous plans and projections. The Company is confident in its ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025 (measured as tonnes of lithium-ion battery equivalent input per year). The Company expects to provide fiscal year 2022 guidance in conjunction with the reporting of full fiscal year 2021 results.
Commercial highlights
Fourteen additional battery supply customers were onboarded during fiscal Q3 2021, bringing Li-Cycle’s battery supply customer base to a new total of over 70. This demonstrates continued Li-Cycle technical and commercial validation, alongside continued market acceleration. New battery supply customers include the following (as previously announced):
Hub capital project execution highlights
Spoke expansion highlights
Spoke operations highlights – Kingston Spoke and Rochester Spoke
Financial Results for Third Quarter 2021
Revenues grew 840% to $1.7 million, compared to $0.2 million in the prior-year period, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Rochester Spoke and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $1.6 million, while revenues from recycling services were approximately $0.1 million.
Operating expenses increased to $7.9 million, compared to $1.9 million during the prior-year period driven by increased personnel costs, a ramp-up of operations at the Kingston and Rochester Spokes, increases in raw materials and supplies, increased R&D spending, and non-recurring expenses related to the business combination between Li-Cycle and Peridot Acquisition Corp. completed in August 2021 (the “Business Combination”). The year-over-year changes in R&D expenditures were primarily due to the fact that R&D expenses in 2020 were largely funded by government grants, the amortization of which offset the applicable R&D expense for accounting purposes.
Net loss was approximately $6.9 million, compared to approximately $1.8 million in the prior-year period.
Adjusted EBITDA (loss) was $(5.2) million, compared to $(1.3) million for the prior-year period1.
Cash flows used in operating activities were approximately $5.2 million, compared to $2.2 million during the prior-year period, primarily driven by increased personnel costs, a ramp up of operations at the Kingston Spoke and Rochester Spoke, increases in raw materials, supplies and finished goods, increased R&D spending, and consulting costs relating to the development of the Rochester Hub. Cash, cash equivalents and marketable securities were approximately $2.4 million as of July 31, 2021. Subsequent to quarter end, Li-Cycle completed the Business Combination, resulting in net proceeds of $527 million.
Shares outstanding as of August 31, 2021 were 163,179,553 common shares.
Financial Results for the Nine Months Ended July 31, 2021
Revenues grew approximately 824% to approximately $3.0 million, compared to approximately $0.3 million in the prior-year period, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Kingston and Rochester Spokes and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $2.7 million, while revenues from recycling services were approximately $0.3 million for the nine-month period ended July 31, 2021.
Operating expenses increased to approximately $20.8 million, compared to approximately $5.0 million during the prior-year period, driven by increased personnel costs, a ramp up of operations at the Kingston and Rochester Spokes, increases in raw materials, supplies and finished goods, increased R&D spending, and non-recurring expenses related to the Business Combination. The year-over-year changes in R&D expenditure were primarily due to the fact that R&D expenses in 2020 were largely funded by government grants, the amortization of which offset the applicable R&D expense for accounting purposes.
Net loss was approximately $21.6 million, compared to approximately $4.8 million in the prior-year period.
Adjusted EBITDA (loss) was approximately $(12.6) million for the first nine months of 2021, compared to approximately $(3.7) million for the prior-year period.
Cash flows used in operating activities were approximately $16.6 million, compared to approximately $7.7 million during the prior-year period, primarily driven by increased personnel costs, a ramp up of operations at the Kingston Spoke and Rochester Spoke, increases in raw materials and supplies, increased R&D spending, and consulting costs relating to the development of the Rochester Hub.
Fiscal Year 2021 Outlook and Previously Disclosed Projections
Li-Cycle’s fiscal year 2021 business outlook is provided as follows:
Li-Cycle included certain projected financial information in the F-4/proxy statement initially filed with the SEC on July 15, 2021 in connection with the Business Combination (as amended, the Proxy/Registration Statement).
As highlighted above, demand for lithium-ion battery recycling has continued to exceed the Company’s projections. In order to meet this growing demand, the Company plans to increase and accelerate investment in the build-out of its recycling capacity, including through the development of the Alabama Spoke, increasing its processing capacity beyond that of previous plans and projections. As a result of such developments, the assumptions underlying the projections included in the Proxy/Registration Statement, including a number regarding capital expenditures and the timing of the roll-out of new facilities, no longer reflect a reasonable basis on which to project Li-Cycle’s future results and therefore such projections should not be relied on as indicative of future results. The Company’s actual results could differ materially relative to the projected financial information contained in the Proxy/Registration Statement. The Company is confident in its ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025 (measured as tonnes of lithium-ion battery equivalent input per year). As noted within this press release, the Company expects to provide fiscal year 2022 guidance in conjunction with the reporting of full fiscal year 2021 results.
Webcast and Conference Call Information
Company management will host a webcast and conference call on September 9, 2021, at 9:00 a.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s first quarter update presentation by logging onto the Investor Relations section of the Company's website at https://investors.li-cycle.com/.
The conference call can be accessed live over the phone by dialing 1-877-407-0784 (domestic) or + 1-201-689-8560 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 (domestic) or +1-412-317-6671 (international). The conference ID for the live call and pin number for the replay is 13722615. The replay will be available until 11:59 p.m. Eastern Time on September 21, 2021.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles Adjusted EBITDA (loss) to net profit (loss):
Three months ended |
|
Nine months ended |
||||||
July 31, |
|
July 31, |
||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||
(U.S. dollar amounts in thousands) |
||||||||
Net loss |
(6,897) |
(1,811) |
(21,591) |
(4,842) |
||||
Depreciation, gross |
698 |
328 |
1,831 |
717 |
||||
Interest expense (income), gross |
428 |
162 |
900 |
307 |
||||
Share-based compensation |
298 |
57 |
1,308 |
220 |
||||
Foreign exchange (gain) loss |
(214) |
(74) |
536 |
(109) |
||||
Fair value loss on restricted share units |
509 |
- |
2,433 |
- |
||||
Forfeited SPAC transaction cost |
- |
- |
2,000 |
- |
||||
Adjusted EBITDA loss |
(5,178) |
(1,338) |
(12,583) |
(3,708) |
||||
Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards (“IFRS”). The Company makes references to certain non-IFRS measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company’s financial information reported under IFRS.
Forward-Looking Statements
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993, as amended, Section 21 of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “continue”, “anticipate”, “expect”, “would”, “could”, “plan”, “future” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to Li-Cycle’s ability to capitalize on growth opportunities, Li-Cycle’s ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025; the expected recycling capacity of the Arizona Spoke and the Alabama Spoke and the development of a second processing line at the Alabama Spoke, the expected date of the commencement of operations for the first and second processing lines at the Arizona Spoke and the first processing line at the Alabama Spoke; continued increasing ramp-up at the Kingston Spoke and Rochester Spoke during H2 2021; and procurement of the Rochester Hub mechanical equipment during fiscal 2021. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the SEC. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Li-Cycle Corp. |
||||
Condensed consolidated interim statements of financial position |
||||
As at July 31, 2021 and October 31, 2020 |
||||
(Unaudited - expressed in U.S. dollars) |
||||
|
|
|||
July 31, 2021 |
October 31, 2020 |
|||
$ |
$ |
|||
Assets |
||||
Current assets |
||||
| Cash | 2,350,722 |
663,557 |
||
| Accounts receivable | 3,255,981 |
890,229 |
||
| Prepayments and deposits | 7,911,436 |
963,951 |
||
| Inventory | 1,502,921 |
179,994 |
||
15,021,060 |
2,697,731 |
|||
Non-current assets |
||||
| Plant and equipment | 18,113,712 |
5,602,580 |
||
| Right of use assets | 16,277,652 |
3,859,088 |
||
34,391,364 |
9,461,668 |
|||
49,412,424 |
12,159,399 |
|||
Liabilities |
||||
Current liabilities |
||||
| Accounts payable and accrued liabilities | 15,778,982 |
4,364,372 |
||
| Restricted share units | 3,259,010 |
171,849 |
||
| Lease liabilities | 1,190,086 |
591,355 |
||
| Loans payable | 1,688,853 |
1,468,668 |
||
21,916,931 |
6,596,244 |
|||
Non-current liabilities |
||||
| Lease liabilities | 15,044,408 |
3,021,815 |
||
| Loans payable | 9,776,681 |
779,210 |
||
| Restoration provisions | 332,420 |
321,400 |
||
25,153,509 |
4,122,425 |
|||
47,070,440 |
10,718,669 |
|||
Shareholders' equity |
||||
Share capital |
37,805,879 |
15,441,600 |
||
Contributed surplus |
952,441 |
824,683 |
||
Accumulated deficit |
(36,119,724) |
(14,528,941) |
||
Accumulated other comprehensive loss |
(296,612) |
(296,612) |
||
2,341,984 |
1,440,730 |
|||
49,412,424 |
12,159,399 |
|||
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SAN RAMON, Calif. & LAKE MARY, Fla. & HOLLADAY, Utah--(BUSINESS WIRE)--#BESS--Chevron U.S.A. Inc., through its Chevron New Energies division, announced it has agreed on a framework to acquire an equity interest in ACES Delta, LLC (ACES Delta), which is a joint venture between Mitsubishi Power Americas Inc. (Mitsubishi Power) and Magnum Development, LLC (Magnum) that owns the Advanced Clean Energy Storage project. This project will produce, store and transport green hydrogen at utility scale for power generation, transportation and industrial applications in the western United States.
The joint venture is located in Delta, Utah, adjacent to the Intermountain Power Plant, which will use green hydrogen to produce electricity with lower lifecycle carbon emissions. Future anticipated projects include the expansion of green hydrogen supply to other Western states and the construction of connecting hydrogen infrastructure to build a regional hydrogen production, transportation and supply network. Chevron is working to build demand for hydrogen — and the technologies that support it — in heavy-duty transportation and industrial sectors in which greenhouse gas emissions are hard to abate.
“Chevron New Energies was created to grow new competitive business lines in areas like hydrogen,” said Jeff Gustavson, President of Chevron New Energies. “The potential to partner with Mitsubishi Power and Magnum Development on the Advanced Clean Energy Storage project presents an exciting opportunity that would bring together our unique strengths and would provide a scalable platform to supply our customers with affordable, reliable and ever-cleaner energy.”
Paul Browning, President and CEO of Mitsubishi Power Americas, said, “For several years, we’ve been working with early adopters of green hydrogen in the power sector that have easy access to salt domes or existing hydrogen infrastructure, such as the Intermountain Power Agency and Magnum Development. Now it’s time to connect massive geologic hydrogen storage in Delta, Utah, to power, transportation and industrial users throughout the western United States. Chevron’s footprint and expertise in the transportation and industrial sectors make them an ideal partner for this next phase of expansion. Together with our customers and partners, we are creating a Change in Power.”
“I look forward to the opportunity to collaborate with Chevron as a strategic partner in our ACES Delta venture. Chevron’s participation will add tremendous value as we develop a world class — and world’s largest — green hydrogen production and storage facility,” said Craig Broussard, President, CEO and Board Chairman of Magnum Development, LLC. “Combined with Chevron’s in-depth capabilities, the ACES Delta facility will serve as a platform to deliver on our shared vision and continue building our robust pipeline of high quality, actionable projects that will help decarbonize multiple sectors of the U.S. economy.”
ACES Delta is co-owned by Magnum, which is a Haddington Ventures portfolio company, and Mitsubishi Power. Chevron, Magnum and Mitsubishi Power are negotiating definitive documentation outlining Chevron’s participation in the joint venture. The terms of this transaction are subject to the negotiation of definitive agreements, and closing of the transaction will be subject to customary closing conditions.
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 Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
About Magnum Development
Magnum Development, LLC is developing multiple businesses utilizing the only known gulf style salt dome in the West. Magnum businesses include: hydrogen production and storage, compressed air energy storage (CAES), NGLs & refined products storage, crude oil storage, natural gas storage, storage of other industrial gases and salt sales. Located in Millard County, north of Delta, Utah, the 10,000-acre site is strategically located at the crossroads of existing and developing renewable electric, natural gas, petroleum liquids, rail and highway infrastructure.
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.
Chevron
Tyler Kruzich
+1 925-549-8686
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Mitsubishi Power Americas
Christa Reichhardt
+1 407-484-5599
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Magnum Development
Michelle Judd
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INDIANAPOLIS & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--#CrexaCapital--Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS) (“Novus”), a U.S. publicly-traded special purpose acquisition company, and Energy Vault, Inc., the company creating gravity-based, grid-scale energy storage solutions with its proprietary technology, today announced that they have entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Energy Vault Holdings, Inc. and is expected to be listed on the NYSE under the ticker symbols “GWHR” and “GWHR WS,” respectively. The combined company will be led by successful entrepreneur Robert Piconi as Chairman and Chief Executive Officer.
Company Highlights
Clear Market Need for Energy Vault: Demand for clean energy is growing globally, with renewables expected to become 90% of total energy generation by 2050, according to a recent IRENA report. To support this transition, grid-scale energy storage capacity will need to increase tenfold in the next ten years, with over $270 billion of investment expected over that timeframe. While demand is expected to continue to grow, current storage solutions are insufficient; pumped hydro - which is approximately 90% of the current global storage capacity market - and chemical batteries, both face significant challenges with scalability, levelized economics, safety and environmental risks.
Major Energy Storage Breakthrough: Energy Vault has developed a gravity energy storage platform that is designed to be cost-efficient, reliable, safe to operate and environmentally sustainable in order to outperform alternatives and be well-positioned to meet market demand. It is inspired by pumped hydro plants that rely on the power of gravity to store and discharge energy, combined with Energy Vault’s own material science and software innovations: it has replaced water with custom-made composite blocks, made with locally sourced soil or waste material, which are lifted and lowered to store and release energy on-demand. This proprietary system is orchestrated by Energy Vault’s AI-enabled software platform that incorporates advanced computer control and machine vision. The end result is a resilient supply of power and storage capacity with a system designed to have greater operational flexibility for both short and long duration storage, high round-trip-efficiency, lower capital and operating expenses, and an overall higher asset efficiency than competitors given the lack of degradation in the storage medium over time.
Rapidly expanding, global blue-chip engagements: Over the last two years, Energy Vault has worked closely with large, global utilities and independent power producers to optimize its energy storage technology platform, ensuring additional flexibility and addressing both higher power and flexible duration needs. After successfully connecting its first commercial scale, 5 MW energy storage system to Switzerland’s national grid in 2020, Energy Vault completed comprehensive operating due diligence with some of the largest utilities and independent power producers in the world, with a specific focus on ancillary service performance, system round trip efficiency, and continuous power dispatching protocols. All of these core and proven technology elements were incorporated into its latest design of a modular, flexible, higher power and compact product architecture, the new EVx™ platform, which was announced earlier this year with Saudi Aramco. The EVx™ is forecasted to have a 35 year technical life, 80-85% round-trip efficiency and flexibility to address the need for both higher power and shorter duration storage applications while seamlessly supporting longer duration needs, in both cases at low levelized costs. As the system does not require HVAC to operate, or have limitations on operating temperature ranges, it is designed to operate efficiently in more extreme weather environments such as deserts with high ambient temperatures.
In the near term, Energy Vault has a strong pipeline of customer engagements and letters of intent for its new platform, including eight executed agreements and letters of intent totaling more than 1,200 MW hours of storage, with additional projects under negotiation for multi-GW hours of energy storage expected to begin deployment in the next 12-24 months. The combined company currently expects to start generating recognized revenue in 2022 and in the intermediate to longer term, positive impacts on its operating results from volume deployments, further technology integration and economies of scale.
Accelerating the clean energy transition while eliminating environmental liabilities: Energy Vault is addressing the issue of waste from existing energy generation assets by utilizing a circular economic approach to the supply chain that is built on recyclability and environmental sustainability. The company’s technology is capable of recycling waste materials - such as coal combustion residuals and glass fibers from decommissioned wind turbine blades as previously posted jointly with Enel Green Power - that would otherwise end up in a landfill. By utilizing advanced material science in collaboration with CEMEX’s material science lab, Energy Vault can sequester these waste materials within the composite blocks of its gravity-based energy storage systems. Energy Vault’s pipeline of customers includes many that are also trying to address the problem of sustainable disposal and/or beneficial re-use of coal combustion residuals, which is the largest industrial waste stream generated in the U.S. every year. Finally, the supply chain and construction of these systems are primarily localized, inclusive the on-site block fabrication, which de-risks the overall material supply and minimizes green house gas (GHG) emissions from the transportation sector, thereby reducing Energy Vault’s carbon footprint while maximizing the positive impact to local economies and new job creation.
Management Commentary
Robert Piconi, CEO & Co-Founder of Energy Vault stated: “Energy Vault’s technology is designed to provide a cost-efficient, flexible and sustainable energy storage solution to meet the immediate needs of utilities, power producers and large industrial energy consumers that must solve the problem of power intermittency that is inherent with wind and solar energy generation. We developed our energy storage solution to get to market quickly given the urgent and global imperative to accelerate the decarbonization of the energy sector. Through the deployment of our transformative technology, which can store clean energy for grid-scale deployments while uniquely utilizing waste materials for beneficial reuse in the process, Energy Vault is re-defining the role that energy storage companies can and should play within a circular economic framework. We are excited to announce our business combination with Novus and look forward to becoming a public company given our recent advances in commercial scale technology validation and rapid customer adoption, which require additional capital to meet the global, multi-continent demand. As we focus now on the execution and deployment phase of the technology, we are thrilled to partner with the team at Novus who fully supports our mission of decarbonization and brings a deep experience set in new technology market development on a global scale.”
Robert Laikin, CEO of Novus added: “Energy Vault is bringing an entirely new energy storage solution to the energy market and will lower the costs for utility companies and power producers that are transitioning to renewables but who need to maintain consistent energy supply to deliver dispatchable power. Their unique approach to addressing the need for dispatchable power delivery through their creation of transformative technologies while reusing waste materials in their process, sets them apart from any other player in the market, and makes them an obvious choice as a partner. We are thrilled to be joining Rob and his team at such a pivotal moment for the company and have every confidence in their ability to capture the rapidly growing energy storage opportunity. Since our IPO in early 2021, we looked at over 100 companies and we found a fantastic company, with a public company ready management team addressing a massive global market need that is underserved with existing solutions today. In our view, Energy Vault is the only grid-scale pure ESG energy storage company that exists in the market today.”
Bill Gross, CEO and Chairman of Idealab Studio, and Co-Founder of Energy Vault commented: “We founded Idealab 25 years ago to find technological solutions to the world’s biggest challenges, and then build companies with great leadership and talent to drive those solutions to market. One of the biggest challenges the world faces today is cost-effective, large-scale energy storage, and Energy Vault is the gravity-storage breakthrough to achieve that. I look forward to supporting Rob and his team as they take this technology globally as a public company.”
Transaction Overview
The transaction values the combined company at an implied pro-forma enterprise value of $1.1 billion. Pursuant to the proposed business combination, the combined company is expected to receive up to $388 million in gross cash proceeds from a combination of cash from a $100 million committed stock PIPE and $288 million in cash held in Novus’ trust account, assuming no public stockholders exercise their redemption rights at closing.
Net cash from the transaction is intended to be used to fund growth of the combined company and global deployment of Energy Vault’s breakthrough technologies. This is in addition to a recent private Series C financing of approximately $100 million, which was led by Prime Movers Lab, with participation from SoftBank Vision Fund 1, Saudi Aramco Energy Ventures, Helena, Idealab X, Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford.
The PIPE is anchored by institutional investors including funds and accounts managed by Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures (NYSE: CX), Palantir Technologies Inc., (NYSE: PLTR) and other investors. Affiliates and associates of Novus Capital also participated in the PIPE investment. Current Energy Vault stockholders will become the majority owners of the combined company at closing. All existing stockholders and investors will continue to hold their equity ownership, including Idealab, Cemex Ventures, Neotribe, SoftBank Vision Fund 1, Helena, Saudi Aramco Energy Ventures as well as all previously announced Series C investors.
The boards of directors of both Energy Vault and Novus have unanimously approved the proposed transaction. The closing is subject to the approval of Energy Vault’s stockholders, Novus’ stockholders and other customary closing conditions, including Novus’ registration statement being declared effective by the Securities and Exchange Commission (the “SEC”) and the expiration of the HSR Act waiting period. It is currently anticipated that the transaction will be completed, assuming satisfaction or waiver of such closing conditions, in the first quarter of 2022.
Additional information about the proposed transaction, including a copy of the business combination agreement will be filed by Novus in a Current Report on Form 8-K to be filed by Novus with the SEC and available at www.sec.gov.
Advisors
Goldman Sachs served as the lead placement agent along with Cowen and Guggenheim Securities, LLC in the PIPE transaction. Guggenheim Securities, LLC, Goldman Sachs and Stifel served as financial advisors to Energy Vault. Cowen is serving as lead capital markets advisor and sole financial advisor to Novus. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal advisor to Energy Vault. BlankRome LLP is serving as legal advisor to Novus. ICR is serving as investor relations advisor for Energy Vault. Milltown Partners LLP is serving as strategic communications advisor for Energy Vault.
Investor Conference Call Information
Energy Vault and Novus Capital will host a joint investor conference call to discuss the proposed transaction on Thursday, September 9, 2021 starting at 8:30 a.m. ET. Interested parties may listen to the prepared remarks call via telephone by dialing 1-877-407-0792, or 1-201-689-8263 for international callers, and providing the conference ID: 13723042. To listen to the webcast, please click here. A telephone replay will be available for approximately 14 days. The replay can be accessed by dialing 1-844-512-2921 (domestic toll-free number) or 1-412-317-6671 (international) and providing the pin number: 13723042.
About Energy Vault
Energy Vault is the creator of sustainable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Utilizing 100 percent eco-friendly materials with the ability to integrate waste materials for beneficial re-use at unprecedented economics, Energy Vault is accelerating the shift to a circular economy and a fully renewable world.
In June 2020, Energy Vault was named a Technology Pioneer by the World Economic Forum. The company was created at Idealab Studio, the leading technology incubator founded by Bill Gross.
About Novus Capital Corporation II
Novus Capital raised $287.5 million in February 2021 and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus Capital is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, customer growth and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and the Current Report on Form 8-K filed on September 9, 2021 and other documents of Novus filed, or to be filed, with the SEC.
Important Information and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the proxy statement/prospectus, and 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 Energy Vault, Novus and the business combination. The definitive proxy statement will be mailed to stockholders of Novus 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. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSE: OSG), a public company focused on providing energy transportation services for crude oil and petroleum products primarily in the U.S. Jones Act market, announced today that the strategic process to explore, review and evaluate a range of strategic alternatives available to the Company to enhance shareholder value that OSG’s Board of Directors had previously commenced, is continuing.
As noted in its previous announcement, the Company’s Board of Directors has not set a timetable for the strategic process, nor has it made any decisions related to strategic alternatives. There can be no assurance that the exploration of strategic alternatives will result in a sale of the Company, or in any other strategic change or outcome. The Company’s current intention is not to disclose developments with respect to the strategic process unless and until the Board has approved a specific course of action, on the recommendation of the special transaction committee, or otherwise determines that disclosure is necessary or appropriate.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts should be considered forward-looking statements. Words such as “may”, “will”, “should”, “would”, “could”, “appears”, “believe”, “intends”, “expects”, “estimates”, “targeted”, “plans”, “anticipates”, “goal”, and similar expressions are intended to identify forward-looking statements but should not be considered as the only means by which these statements may be made. Such forward-looking statements represent the Company’s reasonable expectations with respect to future events or circumstances based on various factors and are subject to various risks, uncertainties, and assumptions relating to the Company’s operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors, many of which are beyond the control of the Company, that could cause the Company’s actual results or outcomes, or the timing of certain events, to differ materially from the expectations expressed or implied in these statements, including as a result of the uncertainty associated with being able to identify, evaluate and complete any strategic transaction or alternative, the impact of the announcement of the special transaction committee’s review of strategic alternatives, as well as any strategic transaction or alternative that may be pursued, on the Company’s business, including its financial and operating results and its employees. Undue reliance should not be placed on any forward-looking statements and, when reviewing any forward-looking statements, consideration should be given to factors including, but not limited to, those factors discussed in the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2021, and those factors discussed in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2021. Investors should carefully consider these risk factors and the additional risk factors outlined in other reports hereafter filed by the Company with the SEC under the caption “Risk Factors.” The Company assumes no obligation to update or revise any forward-looking statements except as may be required by law. Forward-looking statements in this press release and written and oral forward-looking statements attributable to the Company or its representatives after the date of this press release are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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Increase near top of stated annual growth range of 6 to 10 percent
WALL, N.J.--(BUSINESS WIRE)--The board of directors of New Jersey Resources (NYSE: NJR) unanimously approved a 9 percent increase in the quarterly dividend rate to $.3625 per share from $.3325 per share. The new quarterly rate will be effective with the dividend payable October 1, 2021 to shareowners of record on September 20, 2021. This dividend replaces the previously announced dividend of $.3325 per share approved on July 14, 2021 for shareowners of record on September 20, 2021.
The new annual dividend rate will be $1.45 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 28th dividend increase over the last 26 years.
“Today’s action by our board of directors reflects our continued commitment to provide value for shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “The larger increase in our dividend this year reflects NJR’s strong results and our confidence in our strategic outlook,” Westhoven said.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
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NJR
Media Contact:
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Investor Contact:
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732-938-1229
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Lydie Hudson speaks with IHS Markit Senior Vice President and Chief Energy Strategist Atul Arya for a new edition of CERAWeek Conversations – available at https://ondemand.ceraweek.com/cwc
WASHINGTON--(BUSINESS WIRE)--There is an “enormous amount of momentum” leading up to the UN Climate Change Conference of the Parties (COP 26) in Glasgow this November with governments in different regions “getting into the business of being a force for disclosure,” says Lydie Hudson, CEO of Sustainability, Research and Investment, Credit Suisse in the latest episode of CERAWeek Conversations.
In a conversation with Atul Arya, IHS Markit Senior Vice President and Chief Energy Strategist, Hudson says “disclosure is good for capital markets, disclosure is good for investors; it leads to transparency.” While the thrust of disclosure continues to be around climate and climate change, Hudson says that COVID-19 and social unrest of the past year “really pushed the social topic to be almost equal to some of the environmental topics.”
Younger generations will increasingly drive this ESG momentum, Hudson says. “One of the greatest wealth transfers in history is happening or about to happen. The younger generation will be taking up money to invest and they’ll be looking more on ESG factors overall. ESG is much higher on the water fall for the younger generation that is coming.”
Hudson also shares her thoughts on the U.S Securities and Exchange Commission’s forthcoming rules on climate risks and financial disclosures; pursuing “just energy transitions” that account for differences between the developed and developing worlds; and the future evolution of the corporate ESG movement.
“We know that the transition is going to be hard, take a long time and likely be messy,” she says. “But endeavoring on it with transparency and engagement is quite important and I expect that to persist.”
The complete video is available at: https://ondemand.ceraweek.com/cwc
Podcast version available: CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
Selected excerpts:
Interview Recorded Monday, August 30, 2021
(Edited slightly for brevity only)
Watch the complete video at: https://ondemand.ceraweek.com/cwc
Recent CERAWeek Conversations segments also include:
About CERAWeek Conversations:
CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.
The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.
The complete episode library is available at https://ondemand.ceraweek.com/cwc.
CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
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
IHS Markit
+1 202 463 8213
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Backed by Clearlake Capital, Unifrax’s new proprietary battery technology provides promising results with real-world application testing
BUFFALO, N.Y.--(BUSINESS WIRE)--Unifrax, a leading manufacturer of high-performance specialty materials will feature their latest innovation, SiFAB™ Silicon Fiber Anode Battery Technology, at next week’s Battery Show in Novi, Michigan. Unifrax launched SiFAB earlier this year, and will feature the new silicon fiber technology during a technical presentation and exhibit during this year’s The Battery Show and Electric & Hybrid Vehicle Technology Expo at Suburban Collection Showplace, September 14-16.
Bruce Zoitos, senior scientist and manager, materials research, Unifrax, will present data obtained following advanced testing of SiFAB, which has demonstrated promising performance in multiple battery systems. SiFAB, uniquely structured for high-capacity performance, enables significantly higher energy density in lithium-ion battery systems and has successfully been tested with incremental Si loadings of greater than 40 percent. Zoitos will present these findings during a technical session on Wednesday, September 15 at 2:30 p.m. in the Crystal Room.
“Lithium-ion batteries are playing a pivotal role in our everyday life,” said Zoitos. "Along with greater energy density, SiFAB will provide faster charges and longer battery life for applications including electric vehicles, portable electronics, power tools, energy grid storage, and aerospace. With SiFAB, our recent testing shows our technology can provide a drop-in solution that can be incorporated as early as 2022, enabling better and longer-performing applications.”
The data, collected in part by Wildcat Discovery Technologies, and the Battery Innovation Center, support SiFAB’s promising performance with significantly higher capacity and fast charging capability in various electrode formulations.
According to advanced testing performed in 2021, SiFAB has demonstrated:
“After working with reputable battery labs and partners to test SiFAB, we’re excited to share SiFAB testing results at The Battery Show next week,” said Chad Cannan, senior vice president of research and development, Unifrax. “Our data shows SiFAB delivers strong performance in realistic cell conditions and real-world applications. With SiFAB’s promising performance, and Unifrax’s ability to scale up manufacturing with our first SiFAB manufacturing line being built at our Indiana manufacturing site now, our plan is on track for producing tens of metric tons in early 2022 with hundreds of metric tons capacity planned for 2023, making SiFAB a reality for customers,” said Cannan.
In addition to the SiFAB technical session with Bruce Zoitos, Unifrax will be available at booth #1431 during the 2021 Battery Show September 14-16, to discuss SiFAB technology with interested attendees.
To learn more about SiFAB, and to request a sample, visit www.sifab.com.
About Unifrax
Unifrax develops and manufactures high-performance specialty materials used in advanced applications, including high-temperature industrial insulation, electric vehicles, energy storage, filtration and fire protection, among many others. Unifrax products are designed with the ultimate goal of saving energy, reducing pollution and improving safety for people, buildings and equipment by delivering on our commitment to our customers of greener, cleaner, safer solutions for their application challenges. Unifrax has 37 manufacturing facilities operating in 12 countries and employs 2,700+ employees globally. More information is available at www.unifrax.com. For updates, follow us on Twitter, LinkedIn and Facebook.
About Clearlake
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials, technology and consumer. Clearlake currently has approximately $39 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
Media:
For Unifrax:
Deborah L. Myers
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716.812.48020
NEW YORK & PHOENIX--(BUSINESS WIRE)--Blade Air Mobility, Inc. (Nasdaq:BLDE, “Blade” or the “Company”), a technology-powered global air mobility platform, today announced that it has entered into a definitive agreement to acquire Trinity Air Medical, Inc. (“Trinity”), a nationwide, multi-modal organ logistics and transportation company. The transaction is expected to close during the week of September 13, 2021, subject to customary closing conditions.
“Trinity’s long-term relationships with organ procurement organizations and transplant centers are a testament to their high-touchpoint approach to organ air transportation, providing seamless solutions for their clients, a perfect fit with Blade’s culture of 24/7 availability and mission redundancy,” said Rob Wiesenthal, Blade’s Chief Executive Officer. “Trinity’s end-to-end services integrate air missions with ground transport. Given the existence of landing pads at most hospitals today, we have the ability to immediately replace Trinity’s ambulances with helicopters on certain hospital-to-hospital missions, while preparing for a transition to both existing ‘last-mile’ cargo drones as well as Electric Vertical Aircraft, as soon as they become available.”
“Recent advances in organ preservation technology have resulted in consistently increasing demand for point-to-point organ air transport over longer distances,” said Seth Bacon, CEO of Trinity. “Blade’s scale in air transport missions coupled with their aerospace manufacturer relationships position us to continue expanding share in today’s growing market, while laying the groundwork to deploy forthcoming drone and Electric Vertical Aircraft technology, which will reduce transit times and improve patient outcomes.”
“Like Blade, Trinity is asset-light and neither owns nor operates aircraft, thus rapid expansion is not capital intensive. We expect the combination of Trinity’s substantial flight volume with Blade’s fast-growing MediMobility business to create the largest dedicated organ air transport company in the United States and enable us to secure more dedicated aircraft, resulting in better availability and pricing for the hospitals we collectively serve,” said Will Heyburn, Blade’s Chief Financial Officer. “Trinity’s consistent growth and positive EBITDA contribution will fortify Blade’s financial position while providing additional operating leverage for the broader Blade platform.”
“We are already working hand-in-hand with Blade’s MediMobility team on organ air transport missions,” said Scott Wunsch, COO of Trinity. “We look forward to implementing best practices from both organizations, which I am confident will result in faster, more efficient and more cost-effective service for our collective client base.”
Transaction Highlights:
About Blade Urban Air Mobility
Blade is a technology-powered, global air mobility platform committed to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in the U.S. and abroad. Today, the company predominantly uses helicopters and amphibious aircraft. Its asset-light model, coupled with its exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft ("EVA" or “eVTOL”), enabling lower cost air mobility to the public that is both quiet and emission-free.
For more information, visit www.blade.com.
About Trinity Air Medical
Trinity Air Medical, with headquarters in Tempe, Arizona, was founded by healthcare professionals who recognized a need for a professional and reliable organ logistics and transportation service. Trinity’s mission is to partner with organ procurement organizations and organ transplant centers around the United States to maximize organs available for transplant.
For more information, visit www.trinityairmedical.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Blade’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the benefits of the transaction involving Blade and Trinity, including future financial and operating results, the combined company's plans, objectives, expectations and intentions. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blade’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: risks associated with the ability to consummate the Trinity transaction and the timing of the closing of the transaction; the ability to successfully integrate Blade and Trinity operations and employees; the ability to realize anticipated benefits and synergies of the Trinity transaction; the potential impact of the announcement of the Trinity transaction or consummation of the transaction on relationships, including with employees, customers and competitors; the ability to retain key Trinity personnel; the ability to achieve performance targets; loss of our customers; decreases in our existing market share; effects of competition; effects of pricing pressure; the inability of our customers to pay for our services; the loss of our existing relationships with operators; the loss of key members of our management team; changes in our regulatory environment, including aviation law and FAA regulations; the inability to implement information systems or expand our workforce; changes in our industry; heightened enforcement activity by government agencies; interruptions or security breaches of our information technology systems; the expansion of privacy and security laws; our ability to expand our infrastructure network; our ability to identify, complete and successfully integrate future acquisitions; our ability to remediate any material weaknesses or maintain effective internal controls over financial reporting; the ability to continue to meet applicable listing standards; costs related to our business combination; the possibility that we may be adversely affected by other political, economic, business and/or competitive factors; the impact of COVID-19 and its related effects on our results of operations, financial performance or other financial metrics; the inability or unavailability to use or take advantage of the shift, or lack thereof, to EVA technology; pending or potential litigation; and other factors beyond our control. Additional factors can be found in our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today said it made a discovery at Pinktail in the Stabroek Block offshore Guyana. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality hydrocarbon bearing sandstone reservoir separate from the 75 feet (23 meters) of high quality, oil bearing sandstone reservoir pay encountered in the original Turbot-1 discovery well. This follows the additional pay in deeper reservoirs encountered at the previously announced Whiptail discovery. These results will be incorporated into future developments.
“These discoveries are part of an extensive well program in the Stabroek Block utilizing six drillships to test play extensions and new concepts, evaluate existing discoveries and complete development wells for the Liza Phase 2 and Payara projects,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “Our exploration successes continue to increase the discovered resource and will generate value for both the Guyanese people and our shareholders.”
Separately, the Liza Unity floating production storage and offloading (FPSO) vessel set sail from Singapore to Guyana in early September. The FPSO will be utilized for the Liza Phase 2 development and is expected to begin production in early 2022, with a capacity to produce approximately 220,000 barrels of oil per day. ExxonMobil anticipates at least six projects online by 2027 and sees potential for up to 10 projects to develop its current discovered recoverable resource base. The Liza Destiny FPSO vessel is currently producing approximately 120,000 barrels of oil per day.
The Pinktail discovery is located approximately 21.7 miles (35 kilometers) southeast of the Liza Phase 1 project, which began production in December 2019, and 3.7 miles (6 kilometers) southeast of Yellowtail-1. Pinktail was drilled in 5,938 feet (1,810 meters) of water by the Noble Sam Croft. The Turbot-2 discovery is located approximately 37 miles (60 kilometers) to the southeast of the Liza phase one project, and 2.5 miles (4 kilometers) from the Turbot-1 discovery announced in October 2017. Turbot-2 was drilled in 5,790 feet (1,765 meters) of water by the Noble Sam Croft.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; restrictions in trade, travel or other government responses to current or future outbreaks of COVID-19; reservoir performance; the outcome of future exploration efforts; timely completion of development and construction projects; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K and quarterly reports on Form 10-Q. References to “recoverable resources,” “oil-equivalent barrels,” and other quantifies of oil and gas include estimated quantities that are not yet classified as proved reserves under SEC definitions but are expected to be ultimately recoverable. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
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Innovative Digital Financial Platform Simplifies Payment for Payer and Merchant
ATLANTA--(BUSINESS WIRE)--RoadSync, the digital financial platform for the logistics industry, announces its partnership with FYX Fleet, a network of expedited fleet roadside assistance. Through this partnership, RoadSync is simplifying payment acceptance for both the payer and the merchant in roadside assistance transactions. This integration is another step towards streamlining payments in the $800B trucking and logistics industry.
As the leading provider of emergency roadside assistance for the intermodal and over-the-road trucking industries, FYX Fleet is a fitting partner for RoadSync. When a FYX Fleet repair service is provided, the customer is now able to pay FYX Fleet directly via RoadSync’s user-friendly solution, including customized invoices that are texted directly to the customer. The customer can pay the invoice via their preferred method, whether that is debit, credit card or fleet check. In addition, RoadSync recently added WEX EFS and Fleet One cards to its solution, offering more ways to pay and meeting its customers where they are. Upon payment, RoadSync completes the transaction with the provider, ensuring they receive funds quickly.
“At RoadSync, we’re eager to partner with like-minded companies, those who are working to simplify each piece of the supply chain and the trucking industry as a whole,” says Robin Gregg, CEO, RoadSync. “The logistics industry is historically burdened by manual processes, and it is our mission to change that. By partnering with FYX Fleet, we’re able to continue delivering efficiencies that help get drivers back on the road to keep our economy moving.”
RoadSync’s technology dramatically reduces payment processing time, maximizes revenue collection, and improves profitability for the transportation industry. FYX Fleet customers and providers can now utilize the optimized payment process to pay and get paid, faster.
“Roadside assistance is a key component of the transportation industry and any efficiencies we can create at this point of the supply chain has a positive, compounding impact across the board,” says John Detlefsen, COO, FYX Fleet. “By helping our network process their payments quickly, we’re saving everyone time and money that were previously spent on cumbersome processes. We’re thrilled to begin this partnership with RoadSync and implement their innovative platform with our customers.”
As a leader in providing financial solutions in the logistics space, RoadSync continues to innovate and drive the industry forward with a mission to streamline invoice and payment collection. This partnership with FYX Fleet is the latest advancement in the organization’s strategy to support and enhance the industry’s shifting reliance on contactless and digital payment technologies.
About RoadSync
RoadSync is the digital financial platform for the logistics industry. By removing paper and phone calls from business transactions, RoadSync offers a fast, convenient, and secure way to move and manage money and conduct business, dramatically reducing payment processing time and maximizing revenue collection. RoadSync offers payment products for the entire supply chain – warehouses, trucks/carriers, repair/tow merchants, and brokers – integrating and automating the financial systems fueling the logistics industry. For more information, visit www.roadsync.com.
About FYX Fleet Roadside Assistance
FYX (https://fyxfleet.com), formerly TRAC Interstar, has been providing expert roadside assistance solutions to the trucking industry for over 35 years. With 24/7 operations, an extensive vendor network of over 1,000 preferred partners and advanced road service technology designed for fleet managers and owner-operators, FYX is a one-stop solution for all fleet road service needs.
Media Contact
Elisa Suri
Trevelino/Keller
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Acquisition Adds Unique Application Expertise to Accelerate Adoption of Additive Manufacturing 2.0 by Major OEMs in Hydraulics, Oil & Gas, Aerospace, Machinery, and Other Industrial Sectors
BOSTON--(BUSINESS WIRE)--#3DP--Desktop Metal (NYSE: DM) today announced it has acquired Aidro, a pioneer in the volume production of next-generation hydraulic and fluid power systems through metal additive manufacturing (AM) across a wide range of industries, including oil & gas, agricultural equipment, aerospace, and mobile and industrial machinery, among others.
Founded in 1982 and based in northern Italy, Aidro has almost 40 years of experience in the design and production of valves, manifolds, and various hydraulic components and fluid power systems. Aidro offers best-in-class expertise in design for additive manufacturing, including finite element analysis simulation and topology optimization techniques. Aidro engineers leverage these technical capabilities to redesign traditional hydraulic components for AM production using complex geometries to reduce weight, save space, and consolidate multiple components into one, eliminating assembly and welding requirements. Hydraulic components produced by Aidro using AM improve performance versus conventional manufacturing by optimizing flow channel placement and geometry to increase flow capacity and decrease pressure drops.
To offer customers innovative and custom solutions, Aidro has invested in AM facilities and processes alongside its conventional manufacturing capabilities. The company’s dedicated AM department features metal 3D printers, 3D scanning technologies, and ISO9001 and AS/EN9100 certifications, all leveraged to deliver high-performance products to customers, including industry-leading original equipment manufacturers (OEMs), while reducing production lead times for volume quantities of end-use components, spare parts, or on-demand rapid prototypes.
“This acquisition advances Desktop Metal’s strategy to support our major OEM customers with proprietary design and application know-how as well as through a combination of best-in-class AM products and high-value parts production across killer applications for AM 2.0,” said Ric Fulop, Founder and CEO of Desktop Metal. “Aidro brings a talented team with decades of experience in hydraulics and fluid power systems and a passion for leveraging AM to deliver performance advantages to their customers. We’re excited about the acquisition and look forward to advancing AM 2.0 for high-volume production of hydraulics, valves, fluid power systems, and many more end-use parts in development with Aidro.”
“Additive manufacturing offers benefits unmatched by conventional manufacturing, and once Aidro realized the advantages of leveraging AM, we quickly allocated resources to develop expertise and take advantage of the opportunity,” said Valeria Tirelli, Co-CEO and President of Aidro. “This partnership is the next step in our AM evolution, and now, with access to Desktop Metal’s scale and industry-leading AM 2.0 technology portfolio, including its volume production-focused metal binder jetting solutions, we’re thrilled at the growth potential for Aidro.”
“We are thrilled to join forces with Desktop Metal,” said Tommaso Tirelli, Co-CEO and VP Business Development of Aidro. “This partnership will enable us to continue investing in the expansion of AM for next-generation hydraulic solutions to disrupt massive industries such as oil & gas and aerospace.”
“With the collaboration and support of Desktop Metal, we will be able to take our AM capabilities in hydraulics to the next level,” said Alberto Tacconelli, GM of Aidro. “We are ready to embrace AM to develop innovative products for our customers, leveraging mass production technologies to achieve affordable part costs and high-performance designs that overcome the limitations of conventional manufacturing.”
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.
About Aidro
Aidro s.r.l., founded in 1982 and headquartered in Italy, is a pioneer in design and production of components for hydraulic and fluid power systems via additive manufacturing. The Company offers innovative and custom solutions that leverage the benefits of additive manufacturing including lightweighting, assembly consolidation, and performance improvements, to customers across sectors such as oil & gas, industrials, agriculture, aerospace, and mobile and industrial machinery, among others.
For more information, visit www.aidro.it
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 and 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.
Investor Relations
Jay Gentzkow
(781) 730-2110
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Media Relations
Lynda McKinney
978-224-1282
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ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--AD Ports Group, the region’s premier facilitator of logistics, industry, and trade, and France-based CMA CGM Group, a world leader in shipping and logistics, have announced the signing of a 35-year concession agreement.
Under the terms of the agreement, a new terminal will be established in Khalifa Port, the first semi-automated container port in the GCC region, which will be managed by a joint venture owned by CMA CGM’s subsidiary CMA Terminals (with a 70 percent stake) and AD Ports Group (30 percent stake). The partners are expected to commit approximately AED 570 million (USD 154 million) to the project.
A state-of-the-art terminal to accompany the growth of Khalifa Port
With construction starting in 2021, the new terminal is set to be handed over in 2024 with, in phase 1, an initial quay length of 800 metres and an estimated annual capacity of 1.8 million TEUs. AD Ports Group will be responsible for developing a wide range of supporting marine works and infrastructure. This includes up to a total of 1,200 metres of quay wall, a 3,800-metre breakwater, a fully built-out rail platform, and 700,000sqm of terminal yard.
The terminal will provide CMA CGM with a new regional hub and will enable the Group to develop its service offering between Abu Dhabi and South Asia, Western Asia, East Africa, Europe and the Mediterranean as well as the Middle East and the Indian sub-continent.
With this major investment, the CMA CGM Group pushes ahead with its global expansion strategy as a leading terminal operator. The Group currently operates 49 port terminals in 27 countries via its subsidiaries CMA Terminals and Terminal Link.
Khalifa Port, a hub for three of the world’s top four shipping companies.
CMA CGM Group is the third of the world’s top-four shipping entities to join forces with Abu Dhabi’s leading facilitator of trade, logistics and industry. The agreement confirms Khalifa Port’s standing as one of only a few major ports in the world providing hubs for three of the world’s top shipping lines, as well as serving as an instrumental part of the global maritime trade connecting markets from east to west.
CMA CGM, a committed partner to the UAE’s economy
The UAE and Abu Dhabi’s central geographical location, at the center of international trade routes, enables the CMA CGM Group to implement strategic development plans, strengthening its position in the Gulf and providing the best services to meet its customers’ needs.
Present in the UAE for 15 years, the CMA CGM Group employs around 450 people working within 10 offices to provide customers with the best maritime and logistics service solutions. The Group connects the UAE to the world with 13 weekly services to 9 ports.
H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “One of the key factors that has greatly contributed to the economic growth of Abu Dhabi and the UAE has been our stable economic environment that is ripe for foreign investment. Coupled with competitive free zone and business engagement initiatives that aid foreign businesses in establishing a presence in the country with ease, the UAE has become a key investment destination among many of the world’s leading players seeking to extend their reach into the Middle East.
“This landmark agreement with the CMA CGM Group is a prime example of those continued efforts and one that will significantly accelerate trade and the development of industry in the UAE and beyond.”
“As well as driving increased trade volumes through our port and elevating the UAE’s economic development, we expect the facility’s capacity and added trade links with other high-profile port destinations will drive investment into local businesses and our industrial zones, fast-track the development of key sectors including manufacturing and logistics, and raise demand for manpower.”
“This agreement will aid us to realise our long-term ambitions to become a top 10 ports, industrial, and logistics operator by expanding our capacity and growth across the region and beyond. In all, we project that over the next five years the CMA Terminals joint venture will drive the further development of the Khalifa Industrial Zone Abu Dhabi (KIZAD), while simultaneously contributing significantly to the national GDP.”
Captain Mohamed Juma Al Shamisi, Group CEO, AD Ports Group, said: “The addition of a new container terminal at Khalifa Port, which will be managed by a joint venture formed in collaboration with CMA Terminals, opens a new chapter in our organisation’s efforts to become a key facilitator of global trade, and elevates Abu Dhabi’s standing as both a regional and an international hub for maritime trade.
“With the addition of another leading worldwide shipping group company, will make Khalifa Port a hub for three of the world’s top four shipping companies. This addition creates opportunities to open trade routes to new markets in Europe, Africa, Western Asia, and South Asia. At home, we expect the presence of the shipping line terminal, which will link directly to Khalifa Port’s upcoming rail terminal and utilise its services, to accelerate trade flows moving in and out of the UAE, while also encouraging CMA CGM Group’s customers to consider establishing a presence in Abu Dhabi.”
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “The ambitious project we are launching today in Abu Dhabi marks an important milestone in CMA CGM’s development strategy in the region.
This state-of-the-art terminal will contribute to enhancing Khalifa Port’s position as a leading global hub and to boosting the region's economy, accelerating trade flows in and out of Abu Dhabi.
It will also enable our Group to expand its shipping and logistics network in the region, where we see a lot of growth potential.”
To view a video on the agreement, please visit: https://youtu.be/hvW0sgIOonY.
About AD Ports Group:
About AD Ports Group:
For more information, please visit: adports.ae
Twitter @AbuDhabiPorts
LinkedIn: linkedin.com/company/abudhabiports
Instagram: instagram.com/AbuDhabiPorts
Facebook: facebook.com/AbuDhabiPorts
About CMA CGM
Follow the CMA CGM Group on:
https://www.linkedin.com/company/cma-cgm
https://www.facebook.com/cmacgm
https://www.youtube.com/channel/UCAMAVVaqikbzeE3znzw6lVQ
*Source: AETOSWire
AD Ports Group
Sana Maadad
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CMA CGM
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With a Focus on Reducing Operational Emissions by 42 Percent by 2030, Western Digital’s Goals Will Put It on a Trajectory to Meet or Exceed the Guidance in the Paris Climate Agreement
SAN JOSE, Calif.--(BUSINESS WIRE)--Western Digital (NASDAQ: WDC) announced today that the Science Based Targets initiative (SBTi), has approved its greenhouse gas emissions reduction goals, which are in line with the Paris Agreement and SBTi criteria and requirements. Science-based targets are emissions reduction goals in line with what the latest climate science says is needed to prevent the worst impacts of climate change.
“Committing to these aggressive science-based targets is the right thing to do for the planet, society, our customers and employees. The next few years are critical, and companies have a vital role to play in helping achieve transformation at the pace and scale that is needed,” said Joshua Parker, senior director, Corporate Sustainability, Western Digital. “We are already making rapid progress in reducing our emissions, demonstrating our commitment to building a sustainable economy.”
A partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature, the SBTi helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy.
SBTi offers organizations two different ambition levels in its pursuit to reduce greenhouse emissions: the Standard Commitment to limit global warming to well below 2°C above pre-industrial levels and a more demanding 1.5°C trajectory commitment, consistent with the conclusions in the Paris Climate Agreement.
Western Digital has committed to the more aggressive 1.5°C path.
"We congratulate Western Digital on setting science-based targets consistent with limiting warming to 1.5°C, the most ambitious goal of the Paris Agreement," said Alberto Carrillo Pineda, Managing Director, Science Based Targets at CDP, one of the Science Based Targets initiative partners. "By setting ambitious science-based targets grounded in climate science, Western Digital is taking action to prevent the most damaging effects of climate change."
Under its new targets, Western Digital commits to reduce its Scope 1 and 2 emissions by 42% by 2030, from a 2020 base year. The company is also adopting a Scope 3 target to reduce the emissions intensity of its products by 50% by 2030.
To achieve these goals, Western Digital will focus primarily on energy reductions through increased operational efficiencies, adoption of on-site solar, and direct procurement of renewable energy. The company is making progress in several areas:
To learn more about Western Digital’s sustainability activities, please visit the Western Digital sustainability website.
About Western Digital
Western Digital creates environments for data to thrive. As a leader in data infrastructure, the company is driving the innovation needed to help customers capture, preserve, access and transform an ever-increasing diversity of data. Everywhere data lives, from advanced data centers to mobile sensors to personal devices, our industry-leading solutions deliver the possibilities of data. Western Digital data-centric solutions are comprised of the Western Digital®, G-Technology™, SanDisk® and WD® brands.
Forward-Looking Statements
This news release contains certain forward-looking statements, including the company’s Scope 1, 2 and 3 greenhouse gas emission reduction goals. There are a number of risks and uncertainties that may cause these forward-looking statements to be inaccurate including, among others: future responses to and effects of the COVID-19 pandemic; volatility in global economic conditions; impact of business and market conditions; impact of competitive products and pricing; our development and introduction of products based on new technologies and expansion into new data storage markets; risks associated with cost saving initiatives, restructurings, acquisitions, divestitures, mergers, joint ventures and our strategic relationships; difficulties or delays in manufacturing or other supply chain disruptions; hiring and retention of key employees; our substantial level of debt and other financial obligations; changes to our relationships with key customers; disruptions in operations from cyberattacks or other system security risks; actions by competitors; risks associated with compliance with changing legal and regulatory requirements and the outcome of legal proceedings; and other risks and uncertainties listed in the company’s filings with the Securities and Exchange Commission, including the company’s most recently filed periodic report, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Lisa Neitzel
+1-408-717-7607
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T. Peter Andrew
Western Digital Investor Relations
1-800-695-6399
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SAN RAMON, Calif. & ENGLEWOOD, Colo.--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Gevo, Inc. (NASDAQ: GEVO) today announced a letter of intent to jointly invest in building and operating one or more new facilities that would process inedible corn to produce sustainable aviation fuel, which can lower the lifecycle carbon intensity of fuels used in the aviation industry. The new facilities would also produce proteins and corn oil.
Through the proposed collaboration, Gevo would operate its proprietary technology to produce sustainable aviation fuel and renewable blending components for motor gasoline to lower its lifecycle carbon intensity. In addition to co-investing with Gevo in one or more projects, Chevron would have the right to offtake approximately 150 million gallons per year to market to customers.
“Chevron is providing our customers with next-generation renewable fuels that can help them lower their overall carbon footprint,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “This potential investment leverages Gevo’s innovative approach to producing sustainable aviation fuel, complementing other renewable fuels investments we are making as part of our higher returns, lower carbon strategy.”
“We are pleased to collaborate with Chevron, who is willing to co-invest in building out Gevo's capacity to produce renewable, high-performing hydrocarbons that can be used in existing equipment and engines. Chevron’s advantaged market position would allow it to offtake production from this venture, helping to place sustainable aviation fuel with airline customers,” commented Dr. Patrick Gruber, chief executive officer of Gevo.
The proposed investment is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval. Further information regarding the letter of intent between Gevo and Chevron U.S.A. can be found in the Current Report on Form 8-K filed by Gevo with the U.S. Securities and Exchange Commission on September 9, 2021.
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 Gevo, Inc.
Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.
Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI. Learn more at Gevo’s website: www.gevo.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.
Forward-Looking Statements Regarding Gevo, Inc.
Certain statements in this press release may constitute “forward-looking statements” regarding Gevo, Inc. (“Gevo”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to expectations of the agreements between Gevo and Chevron, the potential investment in Gevo’s projects, and the volume of sustainable aviation fuel to be produced under the agreement, Gevo’s technology, Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further 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 Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
Tyler Kruzich, Chevron
Phone: 925-549-8686
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Gevo Investor and Media Contact
Phone: (720) 647-9605
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New Consultancy Exclusively for Climate Tech Companies and Initiatives is Led by Josh Garrett, a PR Professional with 17 Years Experience and Masters in Environmental Science and Policy from Columbia University.
NEW YORK--(BUSINESS WIRE)--Redwood Climate Communications launched today to bring a uniquely impact-focused approach to public relations for climate tech startups, companies, and corporate initiatives. Redwood will focus on the climate and business impact its clients are making through communications initiatives and building the right combination of activities to realize those goals, whether they are measured in dollars, CO2 emissions removed or avoided, customers earned, or all of the above. Redwood will provide four essential communications services: strategic counsel, writing, strong media relations, and marketing content and consultation.
Redwood Climate Communications is led by Josh Garrett, an expert in climate tech and 17-year veteran of the communications profession, with over a decade focused solely on climate technology and initiatives. Garrett has diverse experience in the nonprofit and private sectors, and counts Google Nest, Sunrun, QuantumScape and Stem among the companies he has worked with.
“The climate crisis is humanity’s greatest challenge, and every profession has a role to play in meeting that challenge,” said Garrett. “For communications professionals, our role is to educate diverse audiences about what’s required to curb the crisis, and which organizations are offering the most effective and promising solutions. That’s why we founded Redwood--to devote an entire firm, stocked with communications professionals who are also experts in the science and economics underlying climate solutions, to tell the fascinating stories of the people and organizations behind them.”
With climate change-driven disasters ravaging the U.S. and the world, the need for developing and deploying new technologies to mitigate the crisis and adapt to a new reality has never been more urgent. At the same time, global markets are recognizing this need and the value of the companies addressing it; climate tech companies have raised $14.2 billion in capital in just the first half of 2021, and global investors have already closed as many climate-focused funds as were raised during the previous five years combined. With environmental, social and governance (ESG) considerations shifting from an outlier investment class to a central rubric for measuring performance and growth potential of all companies, participants in this investment boom range from retail investors to world’s largest hedge funds. And the future looks bright for climate tech businesses: the global green technology and sustainability market is expected to grow from $11.2 billion in 2020 to $36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.6%.
Innovators around the world have made amazing progress on creating and deploying climate technologies over the last 20 years, but many require expert guidance to help tell their organizations’ stories and reach key audiences like investors, corporate partners, policymakers and customers. To provide that guidance to climate tech organizations at all growth stages, Redwood brings unmatched knowledge of climate technology and business, as well as its team’s proven track record of planning and executing successful campaigns, to its clients. Redwood works with any organization whose central function contributes to climate change mitigation or adaptation, including the clean energy, advanced mobility, grid management, distributed energy resources (DER), ag tech, water tech and circular economy sectors, among many others.
Redwood launches with clients across the CO2 capture, mobility, and non-profit sectors. Redwood Climate Communications is a Strange Brew Strategies company, able to leverage the resources and talents of an award winning PR agency that works with many of the biggest and most powerful companies in technology today. Strange Brew Strategies co-founders Dave Donohue and John O’Brien serve on Redwood’s board of directors.
About Redwood Climate Communications
Redwood is a communications and PR consultancy that combines deep understanding of climate tech with expertise in strategic communications and media relations. We have worked with startups in renewable energy, grid edge, battery tech, EV and EV charging; we’ve also helped some of the biggest brands in cleantech and sustainability tell their stories at pivotal points in their evolution. We provide climate mitigation and adaptation organizations with the strategy, writing, media relations and marketing content they need to enhance their climate impact and grow their revenue. Learn more at www.redwoodclimatecomms.com.
About Strange Brew Strategies (SBS)
SBS is a technology public relations agency with deep expertise in artificial intelligence, enterprise software, financial services, fintech, robotics, silicon and chips, among other next-frontier technologies. SBS has stripped the bland, programmatic, and systematic nature of PR engagements down to focus on business strategy, creative thinking, big stories, real results, and impactful content marketing for many of the biggest and most powerful technology companies in the world. SBS is headquartered in San Francisco with resources in Denver, Los Angeles, New York, Portland, Seattle, and Washington D.C.
Josh Garrett
Redwood Climate Communications
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MOUNTAIN IRON, Minn.--(BUSINESS WIRE)--Heliene, a Customer-First provider of North American made solar modules, today announced a $21 million investment in a new manufacturing facility located in Mountain Iron, Minnesota, bringing the company’s total manufacturing capacity to 900 megawatts (MW). Heliene has experienced significant growth since starting its U.S. operations in Mountain Iron in 2017. Construction will commence this September, adjacent to the existing facility, with manufacturing set to begin in June 2022. The expansion will enable Heliene to meet accelerating solar demand while ensuring certainty and high quality of the U.S. solar supply chain, in alignment with the Biden Administration’s clean energy goals.
“The State of Minnesota is proud to collaborate with Heliene and the City of Mountain Iron to expand Minnesota’s largest solar panel manufacturer to bring jobs to the region. This is a good day for the Iron Range, and a good day for Minnesota’s clean energy economy,” said Minnesota Governor Tim Walz.
The construction of a new building will expand the Mountain Iron campus to a total of 95,000 square feet and will bring an additional 60 high paying clean energy jobs to the area, further diversifying employment opportunities in the region. The manufacturing line will feature advanced automation technologies to enhance production efficiency, product quality and safety, while providing employees the opportunity to upskill, focus on higher order tasks and adapt to the Industry 4.0 era. Production will focus on the manufacturing of solar modules with M6, M10 and M12 size super high efficiency Monocrystalline PERC cells.
“Amid consistently strong solar demand and trade volatility, our customers seek peace of mind that they are receiving the highest quality, competitively priced solar modules exactly when and where they need them,” said Martin Pochtaruk, chief executive officer, Heliene. “The investment in this ultra-efficient new manufacturing line will significantly increase the rate of American Made module delivery while eliminating costly supply chain risks for customers.”
“A strong manufacturing industry is key to our state’s economic prosperity,” said U.S. Senator Amy Klobuchar. “The expansion of this plant will make Heliene the second largest solar panel manufacturing plant in the U.S., creating good-paying jobs and enhancing our supply chains. I’m committed to supporting our country’s transition to a clean energy future and will continue working to strengthen this sector in Minnesota.”
As part of efforts to grow clean energy markets in the region and create manufacturing jobs, several public organizations provided funding to Mountain Iron’s Economic Development Authority (EDA) to support Heliene’s expansion. The Minnesota Department of Employee and Economic Development and Iron Range Resources & Rehabilitation, each provided a $2.75 million loan to the EDA.
In addition, Heliene received a $5.5 million grant from the State of Minnesota’s Renewable Development Account, which funds projects that boost the state’s electrification and climate change abatement efforts. St. Louis County, where the Mountain Iron plant is located, awarded Heliene a $1 million grant as well.
“Heliene is one of the fastest-growing producers of solar panels in North America and we could not be happier that they are expanding production in Mountain Iron, Minnesota,” said State Senator David Tomassoni. “The state’s investment in Heliene will create jobs on the Iron Range and help us to deliver solar energy to the rest of the state and nation.”
“Minnesotans know that clean energy is key to our economic future. With this expansion, Heliene will create more Minnesota jobs while building up manufacturing supply chains in the solar industry,” said Senator Tina Smith of Minnesota. “We can either lead or follow when it comes to the clean energy transition, and projects like this show that Minnesota is ready to lead.”
“This significant investment in Minnesota’s legendary Iron Range further highlights the need to responsibly develop our abundance of critical minerals located here in the Duluth Complex to be used in renewable energies like the ones produced by Heliene. I look forward to the day when we can say that these goods are manufactured in Minnesota and mined in Minnesota,” said Congressman Pete Stauber (MN-08).
In August, Heliene announced its third North American manufacturing facility located in Riviera Beach, Florida. Heliene’s Florida facility is the only solar module plant in the U.S. to produce super high-efficiency heterojunction solar cell modules for commercial and residential applications.
As a member of the Solar Energy Manufacturing for America (SEMA) Coalition and the Minnesota Solar Energy Industries Association (MnSEIA), Heliene is committed to generating well-paying manufacturing jobs in the U.S. and strengthening America’s solar supply chain to accelerate clean energy adoption and reach national decarbonization targets.
About Heliene
Heliene is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene consistently ranks as a Bloomberg New Energy Finance Tier 1 module manufacturer and has production facilities located in Canada, Minnesota and Florida. For more information, visit www.heliene.com.
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